Meryam Omi is to leave Legal & General Investment Management in order to lead a new climate finance organisation seeded by the Children’s Investment Fund Foundation.
Omi, who has been head of LGIM’s Head of Sustainability and Responsible Investment Strategy for more than 10 years and has a reputation for being outspoken on climate finance issues, will step down from her role at the end of the year. Since last summer, she has been on part-time secondment to COP26, to help with the summit’s ‘high level champions’ work on finance.
RI understands that Omi will take the reins at a new body called Climate Arc in the new year, where she will oversee a work programme focused on creating tools and partnerships to decarbonise the economy – including rankings for companies’ climate transition plans.
According to an internal document seen by RI, Climate Arc, which will be funded by a number of foundations including Chris Hohn’s CIFF, “will be unique to the philanthropic community in working with the entire financial system to address climate change”.
The body, scheduled to launch formally in the second quarter of 2022, will channel philanthropic funding to NGOs and projects that will support real-economy decarbonisation through the private sector. It is expected to host a “database platform”, incubate regional initiatives and convene funders and market practitioners to develop relevant solutions.
“Climate Arc is science-led and focuses on objective and neutral information about companies’ plans and financial solutions,” the internal document explains. “It will work closely with financial institutions to find net zero-aligned outcomes.”
“To maximise its impact, it will not get involved in campaigning or enforcements for corporates or financial institutions. Similarly, it will not carry out direct policy advocacy.”
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