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Church of England Pensions Board challenges firms on climate lobbying
Madeleine Cuff
Madeleine Cuff
29 October 2018
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More than 50 companies have been urged to overhaul corporate lobbying habits that have been blamed for stymieing climate progress
The Church of England Pensions Board and Swedish Pension Fund AP7 are today leading an investor charge against companies using their corporate muscle to lobby against more ambitious climate action.
A $2tr group of investors have written a joint letter to 55 high-carbon European companies, urging them to better align their lobbying stance with the aims of the Paris Agreement to limit warming to less than 2C.
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The initiative is also supported by the IIGCC, the European forum for investor collaboration on climate action which boasts over 160 investor members that have €21tr in assets collectively under management.
The 55 firms targeted in the letter were assessed by NGO InfluenceMap according to their overall position on climate policy, their influence on policy makers, and whether their public corporate climate policies are in line with those of the trade associations acting on their behalf.
The investors will now aim to use their influence to try and encourage the firms to reform their lobbying practices and adopt a more climate-friendly stance, starting with the seven companies that are deemed to be the worst-performing.
"Misleading and misaligned corporate lobbying practices undermine the ability of governments to act on climate change and meet the goals of the Paris Agreement," said Adam Matthews, director of ethics & engagement at the Church of England Pensions Board. "The influence of trade associations is often exerted behind closed doors and can be deeply insidious to public policy making on climate change. As the recent report from the IPCC clearly highlighted, the stakes are high and time is against us. It is therefore right that investors are challenging Europe's most high-emitting companies to ensure consistency in their lobbying practices."
The letter, which has been sent to the chair of each company, requests the firms align with a set of 'investor expectations' on lobbying and review their relationships with key trade associations and lobbying organisations.
"We would ask you to review the lobbying positions being adopted by the organisations of which you are a member," the letter reads. "If these lobbying positions are inconsistent with the goals of the Paris Agreement, we would encourage you to ensure they adopt positions which are in line with these goals. More generally, we would ask you to ensure that your lobbying practices align with the ‘Investor Expectations' document you have been sent, and that you are transparent about your own policy positions and how you ensure these are implemented in your direct and in-direct lobbying activities."
The investors warn that failure to align corporate lobbying practice with the goals of the Paris Agreement increases regulatory risk for firms, exacerbates systemic economic risks climate change poses, and makes firms vulnerable to reputational risks if consumers, investors or other stakeholders identify hypocrisy in a lobbying position.
It follows a leaked letter, published in September by Greenpeace's Unearthed, which suggested lobby group BusinessEurope is planning to oppose EU attempts to raise the bloc's carbon reduction targets.
Europe is currently considering boosting its carbon reduction ambitions to deliver net zero emissions by 2050.
A raft of companies that are nominally supportive of more ambitious climate policies have been accused of sending conflicting signals by remaining members of trade bodies that then lobby against such policy moves.
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Topics Investment lobbying climate risk BusinessEurope Europe
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