The Church of England Pensions Board is leading a powerful coalition of investors which is challenging multinational companies to stop supporting trade associations and lobbying groups opposed to the Paris climate agreement.
The $2-trillion worth of investors, led by the Church and the Swedish national pension fund AP7, have targeted 55 companies with high greenhouse-gas emissions who were found to be inconsistent in their climate policy by a charity that monitors lobbying activity.
Companies targeted include some of the world’s best-known car producers, including Volvo and BMW, the energy firms E.ON and Centrica, and the food producer Nestlé.
The coalition of investors has asked the companies to review the “insidious” lobbying practices that are being adopted by their trade associations and lobbying companies, to ensure that they are consistent with the company’s own stated support for the Paris climate agreement.
The letter to the chair of each company said: “We would ask you to review the lobbying positions being adopted by the organisations of which you are a member. 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.”