‘Chilling effect’ spreads to European asset managers over climate even as risks rise

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Financial Times 1d ago

‘Chilling effect’ spreads to European asset managers over climate even as risks rise - Financial Times

Quick Summary:

Several European asset managers said they had received letters from Republican states threatening legal challenges to their focus on ESG issues including any potential exclusion of fossil fuel investments.

The industry’s Net Zero Asset Management voluntary group on climate action this month suspended its public activities after litigation against US counterparts such as BlackRock forced their withdrawal from the coalition.

Natasha Landell-Mills, head of stewardship at Sarasin & Partners, a UK asset manager, said: “The chilling effect from the increasing politicisation of climate change in the US is certainly spreading to Europe and beyond.“The danger is that we end up harming ourselves and future generations by pulling back.