After BP takes a hit, investors widen climate change campaign

(Reuters, 22 Jun 2020) The effort aims to press oil majors to better reflect climate risks in their accounting, and will soon target other businesses with heavy fossil fuel exposure.

Investors managing £1.8 trillion ($2.2 trillion) in assets are widening a campaign pressing oil majors to better reflect climate risks in their accounting, and will soon target other businesses with heavy fossil fuel exposure, the group said on Monday.

The investors believe their campaign is working, noting the "hugely important" news of BP joining other oil majors in lowering the value of its assets amid a global transition to cleaner energy, said Natasha Landell-Mills, head of stewardship at asset manager Sarasin & Partners.

"The question all company directors and their shareholders now need urgently answered is, 'Where else might company positions be overstated?'" the group of more than 20 leading funds said in a joint statement seen by Reuters.

External link

Reuters, 22 Jun 2020: After BP takes a hit, investors widen climate change campaign