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The proposal follows decisions by the pension funds to divest from fossil fuel reserve owners in their public equities portfolio in 2018, and to exclude upstream fossil fuel investments, including exploration and extraction, in their private markets investments in 2023.
While the non-profit acknowledged that economic prosperity is linked to energy access, it argued that transitioning the globaleconomy doesn’t hinge on demand being met, but rather on how it is met. Such resolutions averaged 22% of support in 2022 but dropped to 16% last year.
Originally posted on GFANZ on September 19, 2023 The Glasgow Financial Alliance for Net Zero (GFANZ) Secretariat today launched a consultation on its work to further refine the definitions of its transition finance strategies and support financial institutions to forecast the impact of these strategies on reducing emissions.
C no/low overshoot scenarios to set the ambition level for sub-portfolio and sector targets. At the global level, IPCC 1.5°C billion invested by Alliance members in 2023, primarily directed towards the building and energy sectors. “As we head towards at least 2.4°C
Charlotta Dawidowski Sydstrand , Head of ESG at AP7, explains how universal owner s can exert collaborative pressure to drive sustainable outcomes in the globaleconomy. This, says Sydstrand, creates a “ripple effect” in the globaleconomy.
It is through good stewardship that corporate engagement can drive high carbon emitting companies to develop and implement a net zero transition plan, which will ultimately help to decarbonise the globaleconomy,” says Stephanie Pfeifer, CEO at the Institutional Investors Group on Climate Change (IIGCC). .
Clean200 data show that for the large companies that make up 80% of global market capitalization, sustainable revenues and capital expenditures are growing more than twice as fast as all other revenues over the past five years. trillion in sustainable revenue in 2023 (the most recent year for which full-year results are available).
Financial organisations thus have a major role to play in the decarbonisation of the globaleconomy, yet it is estimated that since the Paris Agreement in 2015, the 60 largest banks have instead invested $5.5 They can also divest from high-emitting industries such as thermal coal production. trillion USD in fossil fuels.
However, CDPQ was identified as a climate leader following its decision to divest firms involved in oil production and refining and coal mining in 2022. ‘Green’ assets now make up 12.5% of CDPQ’s total C$452 billion (US$329.7 billion) in AUM.
In its latest synthesis report , the Intergovernmental Panel on Climate Change (IPCC) issued a “final warning”, calling for swift and decisive action to keep global average temperature rise to <1.5°C Averting this cataclysm requires the reduction of global anthropogenic greenhouse (GHG) emissions to net zero by 2050.
The fossil fuels divestment movement continues to grow and as indicated in a recent report by DivestInvest, 1,500 investment institutions, responsible for $39.2 trillion in assets, have committed to divest. Student divestment movements have succeeded in removing fossil fuels from a number of universities in 2021.
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