London (dpa) - Notwithstanding the pressure of environmental initiatives, the fifteen world's largest asset managers use their immense market power, according to a new study so far hardly for climate-friendly investments.
A majority of financial firms continue to invest billions in oil, gas or auto industries, according to the London initiative Influencemap in an analysis published Wednesday. All in all, the 15 companies are now investing $ 37 trillion, or about one-fifth of the global capital market.
One of the few positive exceptions highlighted in the report is the Munich-based Allianz Group, together with the Swiss bank UBS and the British legal and general. Accordingly, these three companies exert a strong influence on their customers to adapt their business models to the Paris Climate Change mitigation targets. According to the Influencemap, these three also have a disproportionately high investment in four carbon-intensive industries measured by the Paris targets: oil and gas production, coal mines, automakers and power plants.
The background of the survey: Environmentalists and climate activists have been putting pressure on the financial sector for years to change their investment strategy and exit high-carbon industries. For example, Allianz CEO Oliver Bäte announced in September an international initiative of large insurance companies and pension funds, which want to invest more than two trillion euros in climate-neutral ways by 2050.
US companies such as Blackrock or the investment bank Goldman Sachs do according to study less for climate-friendly investments than the three European competitors. Blackrock is with six trillion dollars capital investments largest asset manager in the world, chairman of the supervisory board of the German Dependance 2016 was the CDU politician Friedrich Merz.
The study was based on publicly available data in which sectors and companies the asset managers put their money. For example, if a finance company owns three percent of an oil producer's stock, such as Exxon Mobil, that accounts for three percent of its oil production and associated CO2 emissions. The investments of other major institutional investors, such as the large pension insurers and pension funds, were not examined.