By: msn
Jan 27, 2020
A £30bn ($39.3bn) pension fund has said it will vote down boards and sack asset managers whose investments fail to meet climate targets.
The Brunel Pension Partnership, which represents local government pensions across the South West, said on Monday its money managers must move towards carbon-neutral investments by 2022 or risk being axed.
Brunel will pressure managers it works with to change their investment policies to reflect climate risk and said it would ‘stress test’ investments based on environmental concerns.
“Climate change is a rapidly escalating investment issue,” Brunel’s chief investment officer Mark Mansley said. “We found that the finance sector is part of the problem, when it could and should be part of the solution for addressing climate change.