Climate action investor group adds Saudi Aramco to focus list

By Simon Jessop LONDON (Reuters) - One of the world's leading investor groups pushing for more corporate action on climate change said it has added Saudi Aramco, 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.

Reuters November 19, 2020 00:08:30 IST
Climate action investor group adds Saudi Aramco to focus list

Climate action investor group adds Saudi Aramco to focus list

By Simon Jessop

LONDON (Reuters) - One of the world's leading investor groups pushing for more corporate action on climate change said it has added Saudi Aramco, 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 and BP, 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 and Colombian industrial company Grupo Argos.

Australian chemicals companies Incitec Pivot and Orica, Papua New Guinea-focused Oil Search, Indian construction company UltraTech Cement, German power utility Uniper and Mexican state oil company PEMEX round out the new additions.

Two companies were removed: U.S. miner Southern Copper was replaced by its parent, Grupo Mexico, while Australian retailer Wesfarmers was cut after a fundamental restructuring of the company, the investor group said, leaving 167 companies on the focus list.

(Reporting by Simon Jessop; Editing by David Goodman)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.