Funds demand science-based emissions targets from 1,600 firms

Simon Jessop
·2 min read

* 220 financial institutions call for 'urgent' action

* Companies responsible for 11.9 gigatons of emissions

* Comes ahead of global climate talks in Glasgow

By Simon Jessop

LONDON, Sept 29 (Reuters) - Funds managing nearly $30 trillion in assets called on Wednesday for 1,600 of the world's most polluting companies to "urgently" set science-based emissions reduction targets.

The 220 investors, including Fidelity International and Amundi, said they had written to CEOs of firms they invest in demanding targets that would help cap global warming at no more than 1.5 degrees Celsius over pre-industrial levels by 2050.

Their call comes just over a month before world leaders meet in Britain for the latest round of global climate talks, with all countries challenged to set tougher targets as the impacts of climate change become more pronounced.

The group said in a statement that the companies in question collectively account for 11.9 gigatons of so-called Scope 1 and 2 emissions, those tied to their operations, which totalled more than the European Union and United States combined.

It said Hyundai Motor Company, chemicals company BASF and German airline Lufthansa were among those approached.

A Lufthansa spokesperson pointed to the airline's commitment to be net zero by 2050, and halve its net carbon emissions and be carbon neutral in its ground operations by 2030.

The other two companies did not immediately respond to a request for comment from Reuters.

Coordinated by non-profit disclosure platform CDP, the institutions said they wanted all the companies to set targets through the Science-Based Targets Initiative, an independent body that checks they are robust.

"As long-term investors seeking to allocate capital responsibly, we expect our portfolio companies to develop, commit to and execute on science-based emissions reduction plans aligned with the Paris Agreement," said Barnaby Wiener, Head of sustainability and Stewardship at MFS Investment Management.

The group did not specify in its statement what if any action its signatories would take if companies did not do as asked, but as shareholders they can ultimately use their voting powers to attempt to force change if it is not forthcoming.

(Reporting by Simon Jessop; Editing by Alexander Smith)

  • Up next
  • Up next
  • Up next
  • Up next

Latest Stories

  • Goldie Hawn Looks Back on 'Darling' Daughter Kate Hudson's High School Days for Her 45th Birthday

    The 'Overboard' actress celebrated her daughter's lifelong accomplishments — including her high school track star days!

  • KC-area gymnast training to qualify for Olympic trials

    KC-area gymnast training to qualify for Olympic trials

  • Former Disney “Halloweentown” Costars Kimberly J. Brown and Daniel Kountz Are Married: All the Details! (Exclusive)

    The couple tied the knot in California on April 19, surrounded by 92 guests, including actress Lacey Chabert, who served as a bridesmaid

  • House on the brink of approving Ukraine and Israel aid after months of struggle

    The House is preparing in a rare Saturday session to approve $95 billion in foreign aid for Ukraine, Israel and other U.S. allies, Democrats and Republicans joining together behind the legislation after a grueling months-long fight over renewed American support for repelling Russia's invasion into Ukraine. Republican House Speaker Mike Johnson — putting his job on the line — relied on Democratic support this week to set up a series of votes on three aid bills, as well as a fourth that contains several other foreign policy proposals.

  • Welcome to 'peak boomer' era: A wave of retirees is about to blow through their savings and cling to Social Security to stay afloat

    While more older boomers tend to have a pension, a looming wave of younger retirees are about to strain the economy and Social Security.

  • Senate passes reauthorization of key US surveillance program after midnight deadline

    WASHINGTON (AP) — After its midnight deadline, the Senate voted early Saturday to reauthorize a key U.S. surveillance law after divisions over whether the FBI should be restricted from using the program to search for Americans’ data nearly forced the statute to lapse. The legislation approved 60-34 with bipartisan support would extend for two years the program known as Section 702 of the Foreign Intelligence Surveillance Act. It now goes to President Joe Biden’s desk to become law. “In the nick

  • Heat beat Bulls 112-91 to secure the eighth seed for second straight year

    MIAMI (AP) — Tyler Herro scored 24 points and was an assist shy of a triple-double, rookie Jaime Jaquez Jr. added 21 points and the Miami Heat grabbed the last spot in the Eastern Conference playoffs, running away from the Chicago Bulls 112-91 in a play-in tournament elimination game Friday night. Kevin Love scored 16 and Bam Adebayo added 13 for Miami, which gets this as a reward: a rematch of the last two East finals against the Boston Celtics. It’s Round 1 this time, the Heat set to be huge u

  • Senate Passes Renewal Of Controversial Surveillance Law

    Civil liberties and privacy advocates said the renewal did not do enough to protect Americans from being spied upon.

  • Trump set to gain national delegates as the only choice for Wyoming Republicans

    Republicans in Wyoming will decide Saturday which presidential candidate will get their state's votes at the GOP national convention this summer — but they will have only one choice. Former President Donald Trump will be the only candidate listed on a presidential preference poll at the state Republican convention in Cheyenne. The poll will decide how all 29 of Wyoming's delegates to the Republican National Convention in Milwaukee pledge their first-round votes. Trump clinched the Republican nom

  • California is rolling out free preschool. That hasn't solved challenges around child care

    CONCORD, Calif. (AP) — A year before I-Ting Quinn's son was old enough for kindergarten, she and her husband had the option to enroll him in “transitional kindergarten,” a program offered for free by California elementary schools for some 4-year-olds. Instead, they kept their son, Ethan, in a private day care center in Concord, California, at a cost of $400 a week. Transitional kindergarten's academic emphasis was appealing, but Ethan would have been in a half-day program, and options for afters

  • ‘Still together, win or lose’: Kings fans experience highs and lows at DoCo as season ends

    Fans cheered on the Sacramento Kings during a play-in game in New Orleans at DoCo.

  • Israel and Iran's apparent strikes and counterstrikes give new insights into both militaries

    Israel demonstrated its military dominance over adversary Iran in its apparent precision strikes that hit near military and nuclear targets deep in the heart of the country, meeting little significant challenge from Iran's defenses and providing the world with new insights into both militaries' capabilities. The international community, Israel and Iran all signaled hopes that Friday's airstrikes would end what has been a dangerous 19-day run of strikes and counterstrikes, a highly public test between two deep rivals that had previously stopped short of most direct confrontation. As all sides took stock, regional security experts predicted that Prime Minister Benjamin Netanyahu’s far-right government and the country's allies would emerge encouraged by the Israeli military’s superior performance.

  • Tennessee Volkswagen employees overwhelmingly vote to join United Auto Workers union

    CHATTANOOGA, Tenn. (AP) — Employees at a Volkswagen factory in Chattanooga, Tennessee, overwhelmingly voted to join the United Auto Workers union Friday in a historic first test of the UAW’s renewed effort to organize nonunion factories. The union wound up getting 2,628 votes, or 73% of the ballots cast, compared with only 985 who voted no in an election run by the National Labor Relations Board. Both sides have five business days to file objections to the election, the NLRB said. If there are n

  • Fans, commentators react as Kings lose to miss the playoffs. ‘Only saw two guys with a pulse’

    After the Sacramento Kings’ season evaporated, the TV analysts shared these last words.

  • Jordan Montgomery shines in his delayed season debut with the Diamondbacks

    SAN FRANCISCO (AP) — Jordan Montgomery's debut with the Arizona Diamondbacks went better than is tune-up starts in Triple-A. The 31-year-old left-hander cruised through six innings against the San Francisco Giants, allowing one run and four hits with three strikeouts on 78 pitches on Friday night. Montgomery was the last marquee free agent to come off the board, waiting until days before the season started to sign a one-year, $25 million deal with the Diamondbacks. He had two tune-up starts in T

  • Sacramento Kings | Coach Mike Brown postgame press conference

    Coach Mike Brown addresses the media after the Sacramento Kings fall to the New Orleans Pelicans

  • Ingram, Valanciunas lift Zion-less Pelicans past Kings and into the playoffs

    NEW ORLEANS (AP) — Brandon Ingram scored 24 points, Jonas Valanciunas added 19 points and 12 rebounds, and the New Orleans Pelicans booked a spot in the NBA playoffs with a 105-98 victory over the Sacramento Kings in a play-in tournament elimination game on Friday night. The Pelicans won without leading-scorer Zion Williamson, who strained his left hamstring right as he reached the 40-point mark in a play-in loss to the Los Angeles Lakers on Tuesday night. Undaunted, New Orleans used a balanced

  • 3 rescued after small plane flips at Paso Robles airport

    One person was sent to the hospital after the incident on Friday.

  • Q1 2024 Schlumberger NV Earnings Call

    Q1 2024 Schlumberger NV Earnings Call

  • Astros vs. Nationals Highlights

    Justin Verlander and the Astros take on Riley Adams and the Nationals on April 19, 2024