- Climate Action 100+ has urged the world's largest greenhouse gas emitters to implement "net zero" strategies by 2050 or earlier.
- The group officially urged 161 companies, including Anglo-Australian miners BHP and Rio Tinto, and oil producers Chevron, BP, Total and Shell, to cut emissions by 45% by 2010 compared to 2010.
- These "focus companies" will be assessed against the targets in a benchmark report to be published early next year.
- Asset managers are increasingly concerned Climate change affects financial investments.
- You can find more stories on the Business Insider homepage.
A group of investors managing more than $ 47 trillion in assets has asked the world's biggest polluters to implement climate-neutral business strategies by or by 2050.
In a letter Climate Action has set 100+ targets for 161 major carbon emitters, against which each company will be assessed in a benchmark report, which is expected to be published in early 2021.
The group said it will evaluate the progress made by each "focus company," which includes oil producers Chevron, Shell, ExxonMobil and BP. Miners BHP and Rio Tinto, car maker Honda and engineering company, and luxury car maker Rolls Royce.
Their assessment will depend on "indicators" that measure whether they plan to achieve net zero emissions by 2050 or earlier, and reduce the emissions released by customers who use these companies' products.
The measures aim to reduce greenhouse gas emissions by 45% by 2030 compared to 2010 in order to achieve a "net zero" target, ie the complete elimination of carbon by 2050.
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"The benchmark will ensure that it is clear which companies are addressing climate change as a business critical issue and embracing a net-zero future," said Stephanie Pfeifer, a member of the Steering Committee at Climate Action 100+.
"Investors will pay particular attention to those who can be shown to fall short."
The group said some companies had made significant progress but stressed the need for defined goals and targets that will help achieve the goals The Paris Agreement global warming limit of 1.5 ° C..
59 companies have formally endorsed recommendations on climate disclosure, the group said.
Climate Action 100+ is an investor initiative supported by 518 members, including investment managers such as BlackRock and Pimco, and institutional investors such as the leading US public pension fund CalPERS.
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