US. Pension Funds Point Finger at Lobbyists of Polluting Companies
A group of pension funds that control $2 trillion are pushing for 55 large European energy, mining and transportation companies to scale back their anti-climate lobbying.
Sweden’s AP7, Legal & General Group Plc, the Church of England’s pension fund and Robeco of the Netherlands wrote to the chairman of each company, asking them not to use organizations that try to ease governments’ environmental rules and to be transparent about their own lobbying. The list of recipients includes 10 oil and gas companies such as Royal Dutch Shell Plc and Total SA as well as Renault SA, Glencore Plc and Airbus SE.
“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,” they said in the letter.
Lobbying by large companies and industry associations can have a significant impact on a government’s stance on an issue. A study by Drexel University showed that the oil and gas industry spent $2 billion between 2010 and 2016 to try to influence the U.S. government on climate legislation.
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