From Passive Owners to Planet Savers? Asset Managers, Carbon Majors and the Limits of Sustainable Finance

From Passive Owners to Planet Savers? Asset Managers, Carbon Majors and the Limits of Sustainable Finance
Baines, Joseph and Hager, Sandy Brian. (2022). CITYPERC Working Paper. No. 2022-04. February. pp. 1-17. (Article - Working Paper; English).

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Alternative Locations

https://t.co/BmVcKeMwcX, http://hdl.handle.net/10419/249674, https://capitalaspower.com/2022/02/baines-hager-from-passive-owners-to-planet-savers-asset-managers-carbon-majors-and-the-limits-of-sustainable-finance/

Abstract or Brief Description

This article examines the role of the Big Three asset management firms – BlackRock, Vanguard and State Street – in corporate environmental governance. Specifically, it charts the Big Three’s relationships with the publicly-owned Carbon Majors: a small group of fossil fuels, cement and mining companies responsible for the bulk of industrial greenhouse gas emissions. It finds that the Big Three much more often than not oppose rather than support shareholder resolutions aimed at improving environmental governance. Notably, this is even the case with the Big Three’s environmental, social and governance funds. A more fine-gained analysis shows that the combined voting decisions of the Big Three are more likely to lead to the failure than to the success of environmental resolutions and that, whether they succeed or fail, these resolutions tend to be narrow in scope and piecemeal in nature. Based on these findings, the article raises serious doubts about the Big Three’s credentials as environmental stewards.

Language

English

Publication Type

Article - Working Paper

Keywords

climate finance oil ownership and control

Subject

BN International & Global
BN Money & Finance
BN Power
BN Agency
BN Business Enterprise
BN Capital & Accumulation
BN Conflict & Violence
BN Crisis
BN Distribution
BN Ecology & Environment
BN Institutions

Depositing User

Jonathan Nitzan

Date Deposited

05 Feb 2022 00:07

Last Modified

14 Feb 2022 23:03

URL:

https://bnarchives.net/id/eprint/731

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