Big asset managers move away from coal

Article Excerpt

The Glasgow Financial Alliance for Net Zero was launched in April 2021 by Mark Carney, the UN Special Envoy for Climate Action and Finance. The Alliance provides a forum for financial institutions to accelerate the transition to a global economy with net-zero carbon emissions. Members include 450 financial firms in 45 countries responsible for assets of over $130 trillion. Major asset owners and investment managers form part of the alliance and include global leaders such as Blackrock, J.P. Morgan Asset Management and Fidelity. Canadian institutions Brookfield and Quebec’s Caisse des Depots are also among the members of the alliance. Among other goals, the alliance members commit to restrict or phase out their investments in unabated thermal coal power plants (ie, without carbon capture and storage). Members also agree not to provide finance or insurance for new thermal coal power plants and to support clean power generation through their policies and investments. According to Mr. Carney, investments of over $100 trillion will be needed over…