Industry is still focused on strategies designed mostly to maximise economic returns, says Christiana Figueres
The world’s sovereign wealth funds, representing about $10- trillion in combined assets, will end on the wrong side of history if they cling to strategies that fail to acknowledge how rapidly the planet is overheating, according to the woman who presided over the Paris Agreement.
The industry’s failure to meet the moment means that trillions of dollars that could be mobilised to fight rising temperatures are still being channelled into strategies designed mostly to maximise economic returns, according to Figueres. Wealth funds “need to take an active role in reducing their portfolio carbon footprints”, she said.
Like other countries with sovereign investment vehicles, Norway has not signed up its $1.4-trillion fund to the Net-Zero Asset Owner Alliance. Figueres says that if Norges Bank Investment Management , the world’s biggest wealth fund, became a signatory it would be a game changer. Figueres said that “choosing not to have emissions targets for the fund is at least as much a political act as adopting such targets”.
A 2020 study by the forum showed that just more than one-third of wealth funds had a formal climate change strategy in place. It said Norway’s sovereign investment vehicle was among “early adopters”.
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