Investors increased pressure on corporate climate lobbying Monday by launching a 14-point action plan that companies must follow or risk being put to a shareholder vote. The Global Standard on Responsible Climate Lobbying calls on companies to pledge to responsible climate lobbying, to disclose the support given trade groups lobbying on behalf of them, and to take action if it is against the world’s climate goals.
Scientists say that the goal of limiting global warming to 1.5 degrees Celsius above preindustrial norms by midcentury is becoming increasingly impossible to achieve. They call for urgent action in the short-term if they are to be achieved. The standard was created by the Swedish pension scheme AP7. BNP Paribas Asset management and the Church of England Pensions Board. It is supported by investor groups who are involved in climate negotiations with companies whose members total $130 trillion.
“Time must not be allowed to pass on negative climate lobbying. Investors will not tolerate a glaring disconnect between a company’s words and its actions on climate,” stated Charlotta Dawidowski, Sustainability Strategist at AP7. “As active owners, our commitment is to engage collectively with companies around the world to highlight and improve climate lobbying accountability and performance, and to escalate this Stewardship where necessary.”
The investors stated that lobbying to delay, dilute, or block climate action by governments was against their interests. They also warned that resolutions could be filed at shareholder meetings of companies that have failed to act. Clare Richards, Senior Engagement Manager at The Church of England Pensions Board, stated that corporate lobbying can have a significant impact on public climate policy.
“We want the standard set high for companies and encourage positive lobbying. We also want to support policies that align with the Paris Agreement’s goals.
(This story is not edited by Devdiscourse staff.