Money Talks. Will Big Oil and Its Political Handmaidens Listen?
Ten trillion dollars is a tidy amount of money.
We may soon see whether that kind of cash is enough to tame the fossil fuelers and their political enablers.Investors managing more than $10-trillion on Wednesday published an ambitious blueprint for energy companies seeking to tackle climate change, including sharp cuts to greenhouse gas emissions and a winding down of oil and gas production.
The unprecedented initiative – dubbed the Net Zero Standard for Oil and Gas – details 10 required standards to help money managers compare companies’ strategies and understand whether they are aligned with United Nations-backed efforts to reduce global carbon emissions to net zero by 2050.
With the next round of global climate talks taking place in November, concern is growing that too many plans are flaky and unlikely to provide material help by reducing absolute emissions at the rate needed to limit global warming.
“We need to have a level playing field now on disclosure because it’s not possible to compare and contrast across the sector,” said Adam Matthews, who is head of responsible investment at the Church of England Pensions Board and chaired the investor-company process to develop the new initiative.
Other investors to back the plan include Amundi, Europe’s biggest asset manager, along with Britain’s Legal & General Investment Management, HSBC Global Asset Management and state-backed Canadian investor Caisse des Depots among others.
Getting access to the group, the International Investors Group on Climate Change (IIGC) and their report is very difficult. Most of the information is behind some daunting firewalls. The UN Environment Programme, however, lists the group's affluence at 20 trillion dollars.