Money Managers Pledge to Hit Net Zero. Now the Hard Part
In the past week, Macquarie Asset Management, the New York State Common Retirement Fund and a group of 30 fund management companies have come out with statements saying they’re serious about getting the world to net-zero emissions.
The announcements are welcome news, but now comes the hard part: How will all these investment firms and pension plans put their words into action, and how long will it take?
“It’s fair to be skeptical,” said Kyle Harrison, a New York-based analyst at BloombergNEF. “To get results, investors are going to have to force their portfolio companies to set net-zero targets of their own, or dramatically shift their investment strategy toward less emissions-intensive companies.”
BlackRock Inc. has been among the most outspoken, with Chief Executive Officer Laurence Fink saying at the start of 2020 that companies must step up to tackle climate change. Since then, the world’s largest asset manager has been criticized for failing to support enough shareholder resolutions pressing corporations to do just that.
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