A member of a United Nations-backed coalition of insurance firms and pension funds seeking to tackle climate change told Reuters it was considering quitting after disagreements about curbing investment in the oil and gas sector split the group.
Danish pension fund AkademikerPension may leave the Net Zero Asset Owner Alliance because new requirements detailed in a position paper for its 85 members do not attach enough strings to owning the shares and bonds of publicly listed oil and gas companies, its chief investment officer, Anders Schelde, said.
The row is the latest in a string of policy splits among major climate coalitions of financial firms.a requirement for its members to sign up to a United Nations emissions reduction campaign after some pushed back.that members of the Partnership for Carbon Accounting Financials were divided over how to report on carbon emissions linked to their capital markets business.
Dorris Kirui, senior environmental, social and governance manager at Gothaer Asset Management AG, a NZAOA member, said she supported the position paper but acknowledged its language was not as strict as some members wanted. A Munich Re spokesperson said the insurer planned to stick with NZAOA, without elaborating why it was not as concerned about the antitrust risks in that instance.
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