Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

Climate action investor group adds Saudi Aramco to focus list

Published 19/11/2020, 02:59 am

* Climate Action 100+ aims to curb greenhouse gas emissions

* Grupo Mexico, Pemex and Uniper also added to focus list

By Simon Jessop

LONDON, Nov 18 (Reuters) - One of the world's leading investor groups pushing for more corporate action on climate change said it has added Saudi Aramco (SE:2222), the world's largest oil producer, to its list of target companies.

Climate Action 100+, the 450 members of which manage more than $47 trillion in assets, seeks to engage with the companies responsible for much of the world's greenhouse gas emissions to encourage the transition to a low-carbon economy.

Specifically, it wants each company to commit to emissions cuts in line with the Paris Agreement on climate change, implement strong climate governance frameworks and improve climate-related disclosures.

The group has already achieved some success with its strategy, including at oil majors Royal Dutch Shell RDSa.L and BP BP.L , which this year announced long-term strategies in response to climate change.

Climate Action 100+ has accelerated engagement with impressive results, the group's chair, Laetitia Tankwe, said after it announced the new additions to its list of targeted companies.

"These additions present a strategic opportunity to further curb emissions and enable the transition to a net-zero future by 2050," she said. "We welcome the opportunity to support signatories in these new engagements."

In a periodic review of the companies covered by the inititative, CA100+ said it had added eight others to the focus list, including copper miner Grupo Mexico GMEXICOB.MX and Colombian industrial company Grupo Argos ARG.CN .

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Australian chemicals companies Incitec Pivot IPL.AX and Orica ORI.AX , Papua New Guinea-focused Oil Search OSH.AX , Indian construction company UltraTech Cement ULTC.NS , German power utility Uniper UN01.DE and Mexican state oil company PEMEX round out the new additions. companies were removed: U.S. miner Southern (NYSE:SO) Copper SCCO.N was replaced by its parent, Grupo Mexico, while Australian retailer Wesfarmers WES.AX was cut after a fundamental restructuring of the company, the investor group said, leaving 167 companies on the focus list.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.