Member

If we are going to do this for pension funds, which typically invest in equities, this is not new money that is going in and funding the coal mines. It is coming from the banks and bond markets. I would caution a little against dismissing what has been done as a result of engagement. Indeed, on this I would say that by far the most effective investor group has been Climate Action 100+, which is now under huge pressure—including legal pressure—in the United States, with its opponents claiming that it has been responsible for a reduction in the production of coal by the companies with which it has engaged.