A thread on why #ESG +ethical #capitalism is going to define so much of #2020
- from the #CityofLondon + your pension fund, to #COP26
- #ESG + consequential actions, not #divestment, is the weapon in combatting #climatechange 1/ ftadviser.com/pensions/2019/…
In October 2019 the #ESG = Environment,Social, and Governance regs, which passed through @HouseofCommons on a x party basis a year earlier, became law: put simply they require investment to take due account of climate risk. More explanation here ⬇️ 2/
gov.uk/government/spe…
These last 7 days have shown how we are driving forward #ESG: - meetings with 100 pension trustees + asset managers in the city of London, discussions with Mark #Carney / #BankofEngland, the @AmntOrg +@UKSIF ⏩ pressure for the UK to comply with ESG 3/ google.co.uk/amp/s/www.city…
But there is real change:
From the @churchofengland to individual fund managers to @nestpensions who I met with on Tuesday, there is a change in investment policy by pension funds to a below 2 degree, net zero by 2050 world 4/. churchofengland.org/more/media-cen…
Two campaigns will dominate 2020 + drive forward #ESG =
- #TCFD = more transparent disclosure of the investments made on your behalf and
- #Makemymoneymatter, led by Richard Curtis + a v capable team, which launches April 5/:
makemymoneymatter.co.uk
And do not underestimate the power of #COP26 in November 2020: - the commitment of the @10DowningStreet is clear on this issue from this weeks launch, and the recent appointment of Mark Carney by the PM is crucial to real change 6/: bankofengland.co.uk/news/2020/janu…
But we finish on #Divestment or ethical #Capitalism?
Who will create a green industrial revolution? Divestment fixes nothing.
Govt has a big role ... but it will be business that =key in getting us to net zero by 2050. This means Shell, BP etc have a big role to play 7/
I,for one, am an optimist that the UK ...with ESG driven ethical #Capitalism, + our pension funds / asset managers changing their approach can get us to #netzero.
2020 from #COP26 to a changing investment approach will tell us a lot more 8/
thetimes.co.uk/article/pensio…
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