ClimateAction100+ turns attention to ‘opportunity’ stocks as well as high emitters

ClimateAction100+ has widened its focus, with its $30trn member base committing to engage with firms they feel “have significant opportunities to drive the clean energy transition”, as well as those they consider to be major carbon emitters.
Unilever, Danone, Coca-Cola, L’Air Liquide and RWE Aktiengesellchaft are just some of the 61 new names added to the initiative’s list of companies for targeted engagement, plus a number of car companies, airlines and utilities. For a full list, see right.

The group now represents assets under management of $30.2trn

“The ‘plus’ list is comprised of companies that represent both climate-related risks and opportunities,” Stephanie Maier, Director of Responsible Investment at HSBC Global Asset Management and a member of the initiative, told RI.
“The list was compiled via an investor nomination and consultation process, whereby investors identified companies with either a significant opportunity to drive the transition to a low-carbon economy at the global or region level or those exposed to climate-related financial risks, including risks to physical assets, that are not captured solely by emissions data,” she explained.
“Investors recognise that climate change risks can be material, but they also understand that solutions to these risks also present opportunities to protect the long-term value of their investment portfolios,” said Laetitia Tankwe, Responsible Investment Advisor at Ircantec.
Investor commitments have also grown, with Australia’s $64bn pension fund UniSuper and $43bn UK pension pool Borders to Coast joining the ClimateAction100+, alongside Mitsubishi UFJ Trust and Bank Corporation and Alliance Bernstein. The group now represents assets under management of $30.2trn.
“The growth of ClimateAction100+ among the global investment community in the last six months is more than we ever expected,” said Anne Simpson, Investment Director of Sustainability at CalPERS and one of the founding members of the campaign.
A snapshot of ClimateAction100+’s first six months in action shows that support among its target companies for the Taskforce on Climate-related Financial Disclosures (TCFD) has tripled, with 18% of the 161 names officially endorsing or committing to implement the Recommendations. 22% of the companies have set, or have committed to setting, science-based targets for emissions reductions or an “equivalent long-term target” beyond 2030.h6. List of additions to the ClimateAction100+ target companies

ADELAIDE BRIGHTON
AGL ENERGY LIMITED
AIR FRANCE KLM
AMERICAN AIRLINES
ANTAM
Bayerische Motoren Werke Aktiengesellschaft
BLUESCOPE STEEL
BORAL
Bumi Resources
BUNGE
CEMEX
CEZ
China Steel Corporation
COLGATE–PALMOLIVE COMPANY
COMPAGNIE DE SAINT–GOBAIN
CRH
Daimler
Dangote Cement
DANONE
DELTA AIR LINES
DEVON ENERGY CORPORATION
DOMINION ENERGY
Enbridge
ESKOM HOLDINGS
FIBRIA CELULOSE
FIRSTENERGY
Fortum
HeidelbergCement
Iberdrola
KINDER MORGAN
L’AIR LIQUIDE
NATIONAL GRID
NEXTERA ENERGY
NRG ENERGY
OCCIDENTAL PETROLEUM
ORIGIN ENERGY
PEUGEOT
PGE
Power Assets Holdings
PPL
QANTAS AIRWAYS
RENAULT
RWE Aktiengesellschaft
SANTOS
SEVERSTAL’ PAO
SOUTH32
SSAB