LONDON — Investors stepped up stress on corporate climate lobbying on Monday, launching a brand new 14-point motion plan for firms to stay to or danger having their actions put to a shareholder vote.
The Global Standard on Accountable Climate Lobbying urges firms to decide to accountable climate lobbying, disclose the help given to commerce teams lobbying on their behalf, and take motion if it runs counter to the world’s climate objective.
That objective, to cap global warming at 1.5 levels Celsius above pre-industrial norms by mid-century, is transferring more and more out of attain, scientists say, with pressing motion wanted within the short-term to have any hope of reaching it.
Developed by Swedish pension scheme AP7, BNP Paribas Asset Administration, and the Church of England Pensions Board, the standard is backed by investor teams main on climate talks with firms whose members handle a collective $130 trillion.
“Time must be called on negative climate lobbying. Investors will no longer tolerate a glaring gap between a company’s words and their actions on climate,” mentioned AP7 Sustainability Strategist Charlotta Dawidowski Sydstrand.
“As active owners we are committed to engaging collectively and individually with companies globally to highlight and improve their climate lobbying accountability and performance and to escalate this stewardship where required.”
In a press release, the traders mentioned that lobbying that sought to delay, dilute, or block climate motion by governments ran counter to their pursuits and will lead to resolutions being filed on the shareholder conferences of corporations that did not act.
“Corporate lobbying can significantly influence public climate policy,” mentioned Clare Richards, Senior Engagement Supervisor on the Church of England Pensions Board.
“We want the standard to set a high bar for companies, and to encourage a move away from ‘negative lobbying’ towards actively engaging in ‘responsible lobbying’ through supporting policies aligned with the goals of the Paris Agreement.” — Simon Jessop/Reuters