LONDON (Reuters) – Global asset managers controlling trillions of dollars are failing to invest in a way that will protect climate, biodiversity and people, despite efforts by the industry to promote its sustainable finance credentials, the corporate responsibility group ShareAction said on Sunday.
Investment strategies which consider environmental, social and governance (ESG) risks, or invest in companies which look to have a positive impact on climate, people and the natural world, have raised trillions of dollars globally.
Yet, two-thirds of 77 asset managers surveyed, which control $60 trillion of assets, had “serious gaps in their responsible investment policies and practices,” the group found based on an analysis of their policies.
These include a failure to assess and prevent negative impacts on nature or include Scope 3 emissions, those tied to a company’s value chain, in climate targets.
“As managers…
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