Saturday, July 07, 2018

Macron Gathers World's Top Sovereign Funds to Send Climate Signal

French President Emmanuel Macron gestures as he delivers a speech to entrepreneurs at a convention centre in Lagos, Nigeria, July 4, 2018. (Credit: Ludovic Marin/Pool via Reuters) Click to Enlarge.
President Emmanuel Macron, who has cast himself as the guardian of the Paris agreement on climate change since Washington announced it would pull out, is championing the initiative, which will bring together the heads of six sovereign funds to thrash out a pro-environment investment framework.

The guidelines, which funds will ask the companies they invest in to meet, are expected to influence other big asset managers, French presidential advisers said.

“Beyond the colossal amounts these funds manage, it’s the snowball effect we’re betting on,” one adviser at Macron’s office said.  “By getting them to make this joint pledge, there will be a ricochet effect spreading across global finance.”

With five of the funds coming from oil-rich nations - Abu Dhabi, Kuwait, Saudi Arabia, Qatar, and Norway - and the sixth from New Zealand, the Elysee dismissed suggestions the funds could just be opportunistically jumping on the climate bandwagon.

“They could have told us:  that’s none of your business,” the adviser said.  “So a big part of our work has been to create trust and show there is political leadership to get them moving, showcase them. It’s not greenwashing.”

Lawrence Yanovitch, an American national who is coordinating the initiative, said the funds understood it was in their financial interest to take account of the risks of climate change in their investments and that most of their countries were already seeking to transition toward low-carbon economies.

Read more at Macron Gathers World's Top Sovereign Funds to Send Climate Signal

No comments:

Post a Comment