ClientEarth,
a green-centred legal firm, said fund managers that make investment decisions
without concern about the environment could face legal action. As the risk of
global warming continues, its effects against the world economy could affect
all kinds of investments. Any investment group
should not be concerned with
profit when the environment is at stake.
I support
this move, truthfully.
“Clients of
investment firms and beneficiaries of pension funds might have a legal case to
bring if those who manage money for them stand idly by as emissions erode the
value of their stock,” said
Howard Covington, the former CEO of a £20bn asset
management company and a trustee of environmental law organisation,
ClientEarth. “We are currently exploring such a possibility.”
James
Thornton, CEO of ClientEarth, said: “To produce a wholesale change in attitude,
a court ruling on the obligations of fiduciary investors to control systemic
climate risk will probably be needed.
Because of the uncertainties in
estimating future climate damage, this will not be an easy case to bring. But
we anticipate that such a case will ultimately succeed.”
ClientEarth
successfully sued the UK government in 2015 over illegal levels of air
pollution. It has also helped investors file shareholder resolutions at the
annual meetings of major mining companies demanding more transparency on the
risks of climate change to their businesses.
Source: The
Guardian.
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