Global climate change
The Co-operative Asset Management is co-ordinating an investor letter to large oil and gas companies involved in oil sands. The letter is supported by major UK investors and is being drafted in conjunction with Ethical Funds of Canada and other U.S. investors active in this arena. The letter will focus on:
- Carbon intensity targets and viability of mitigation options
- Local environmental management including tailing ponds and water use
- Respect for First Nations legal rights and other stakeholder engagement
- Conservation areas and land-use planning
- Greater disclosure for shareholders on how all of the above are to managed to protect their licence to operate.
TCAM also supported a letter drafted by OilchangeInternational to the U.S. Securities & Exchange Committee urging it to press ahead with draft plans to implement new rules on how oil and gas companies should disclose their reserves and any associated liabilities. We have also joined North American investors in conversations with Chevron Corporation and asked the company to justify why further investment in unconventionals remained in shareholders interest in view of the collapse of the oil price and the imminent internalisation of environmental and social costs.
Do we practice what we preach?
Why not find out? Environmental sustainability is a big part of running a good business
We believe that the long-term stability of our economy depends on an appropriate response to climate change, and it is to the benefit of all that insurance companies incorporate the risks from climate change and the need for migration into our business strategies.
As a result The Co-operative Insurance and Investments has joined together with the Association of British Insurers (ABI) and other businesses from the insurance sector to become signatories to a set of six principles called ClimateWise:
- Lead in risk analysis
- Inform public policy making
- Support climate awareness amongst our customers
- Incorporate climate change into our investment strategies
- Reduce the environmental impact of our business
- Report and be accountable.
To see how The Co-operative Insurance and Investments has progressed against these principles to date, download the documents below:
Please read:
