"Australia’s biggest superannuation fund has joined a protest vote against #WoodsideEnergy’s failure to do more to address the climate crisis, saying it has unanswered questions about the fossil fuel company’s plans.
Norway’s largest pension fund, #KLP, and Britain’s biggest asset manager, #LGIM, are among investors to disclose they will vote against Woodside’s climate report."
"LGIM said it would back proposals for a time-bound policy to phase out lending and underwriting for #FossilFuel #exploration and development at Citigroup, Bank of America, Wells Fargo, Goldman Sachs, JPMorgan Chase and Morgan Stanley"
"All the votes will go against the recommendations of the banks' management, #LGIM said."
LGIM has $1.5 tn under management and is a top-30 #shareholder in all of the banks.
#AGM #MoneyPipeline
https://www.reuters.com/business/finance/lgs-fund-arm-back-climate-votes-us-canadian-banks-2023-04-13/
The catch?
We have to move fast before the window of opportunity closes:
"The global economy will save about $19 trillion by 2050 if the transition process begins in earnest today instead of 2030, according to #LGIM."
#ClimateChange #ClimateAction #EnergyTransition
https://www.bloomberg.com/news/articles/2023-03-28/cost-of-energy-transition-so-low-you-ll-need-magnifying-glass
Climate action is not expensive:
"The £1.2 trillion ($1.5 tn) asset manager #LGIM said that it has undertaken a “root-and-branch review” of all its #climate scenarios and found that, to its surprise, it would cost a “statistically insignificant amount” to limit the increase in global temperatures to less than 2°C. That outcome could be achieved for the equivalent of as little as 1 basis point of global GDP per month over the next quarter century,"
#ClimateChange
https://www.mining.com/web/cost-of-energy-transition-so-low-youll-need-magnifying-glass/
