Brunel, which manages the investments of ten local government pension schemes, promised today to challenge the “not fit for purpose” asset management industry to deliver more climate-friendly investments.
In addition, Brunel promised to challenge investment managers to demonstrate they have reduced exposure to climate risk and effectively engaged with corporates on climate change. Managers who fail to comply risk having their mandates removed, Brunel warned.
The Partnership said it had adopted the new stance because it believes the finance sector is “part of the problem” when it comes to the climate crisis. It accused the sector of focusing too much on short term performance rather than long-term value, of failing to invest enough in the low-carbon economy, and not accurately analysing and responding to climate risk.
Read more at Business Green here