Big oil investors say more needed to tackle climate change

Bloomberg

Some of the world’s biggest fund managers are ratcheting up the pressure on oil and gas companies, expressing fear that a lack of action over tackling climate change could risk their investments.
The comments come days before Big Oil kicks off annual shareholder meetings, where they are already facing calls from smaller investors to set clear targets on climate change and even cut their investments in fossil fuels. That could now gain momentum with the nudge from large investors who manage trillions of dollars of funds.
Companies must take tougher action on emissions if they want to survive the energy transition and make a success of the Paris climate deal, according to a letter from a group of investors, including Standard Life Aberdeen Plc and Legal & General Group Plc, which together oversee about $10.4 trillion of funds. They plan to take up the issue with the world’s biggest oil companies at their upcoming AGMs, the investors said in the letter published in the Financial Times. “Investors are embracing their responsibility for supporting the Paris agreement,” they said. “It is time for the entire oil and gas industry to do the same.”
Royal Dutch Shell Plc’s shareholders will on May 22 vote on a resolution that wants the company to set specific
targets to tackle climate change.