Large U.S.-based asset managers have shown waning interest in encouraging companies in which they invest to phase out fossil fuels since 2021, while their European counterparts have remained more active, think tank InfluenceMap said on Monday.
Managers globally hold almost three times more equity in fossil fuel companies than in green investments and have not made significant progress toward commonly agreed goals such as cutting carbon emissions to net zero by 2050, the report said.
North American managers' support for climate resolutions at large or high-emitting companies that were not backed by management and that aimed to limit global temperature rises in line with the Paris Agreement dropped to 36% at shareholder meetings in 2022 from 50% in 2021, while European groups supported 76% of resolutions of that kind, InfluenceMap said.
The researchers did not look for the cause of the shift, but noted it coincided with moves by Republican state governors to discourage investing using environmental, social and governance principles, which have prompted some on Wall Street toFocusing on the world's four largest asset managers, InfluenceMap said Vanguard and Fidelity Investments supported 4.5% and 4.8% respectively of resolutions the think tank describes as "climate-relevant" in 2022.
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