Kudos to the 70 investment management entities pressuring Fossil Fuel industry to explain their business model in a low-carbon world. The effort includes California’s two largest public pension funds, the New York State and New York City Comptrollers, F&C Asset Management and the Scottish Widows Investment Partnership.
A quote from the letter, reported from the article linked above:
“We would like to understand [the company’s] reserve exposure to the risks associated with current and probable future policies for reducing greenhouse gas emissions by 80 percent by 2050,” the investors wrote in their letter to oil and gas companies. “We would also like to understand what options there are for [the company] to manage these risks by, for example, reducing the carbon intensity of its assets, divesting its most carbon intensive assets, diversifying its business by investing in lower carbon energy sources or returning capital to shareholders.”
Increasingly the establishment is seeing the writing on the wall. That is good news that we welcome.