Canadian investors falling short on climate commitments, report suggests – National | 24CA News
A report from an investor-focused advocacy group raises questions on how nicely a few of Canada’s largest traders are assembly their local weather commitments.
The report from Investors for Paris Compliance (IPC) seems to be on the voting information on shareholder proposals by 19 Canadian members of Climate Action 100+, a worldwide coalition with round 700 members representing over $68 trillion in belongings below administration.
The coalition is constructed on the precept that traders’ engagement with corporations on local weather disclosure and emission discount methods important to reaching the objectives of the Paris settlement, and is per their duties as traders.
Read extra:
VIA Rail CEO tells MPs local weather change is leaving transport networks weak
Read subsequent:
Scientist says most Bigfoot sightings boil right down to this straightforward rationalization
But the IPC report discovered that Canadian coalition members took broadly differing approaches to the shareholder voting side of these efforts, with the likes of Batirente, Vancity and Genus Capital Management both supporting or abstaining from all of the shareholder proposals they voted on, whereas others like AIMCo, RBC Global Asset Management, and Guardian Capital LP voted in opposition to all the 14 Canadian proposals analyzed.
The Canadian shareholder proposals, none of which handed, have been dominated by efforts to present shareholders a say on the businesses’ local weather plans, known as “say on climate,” and in addition included efforts to push for a local weather change committee at Scotiabank and for Brookfield Asset Management to undertake greenhouse fuel emission discount targets.
Shareholder proposals for U.S. corporations, targeted solely on adopting emission discount targets, acquired extra assist from Canadian traders, together with some from those that voted in opposition to all the Canadian proposals.
IPC director of analysis and coverage Kyra Bell-Pasht stated in an announcement that large traders must be prepared to escalate their local weather engagement past easy dialogue to ensure that efforts to be efficient.
“Engagement is often held up as the alternative to divestment, but unless investors are willing to vote for climate proposals, engagement is likely to be toothless and ineffective.”
© 2023 The Canadian Press
