BlackRock, Vanguard, State Street sued by Republican states over climate push

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8. FT: Vanguard refuses to end new fossil fuel investments

https://www.ft.com/content/435a9384-8711-4b99-95a8-d55e962343c6

Vanguard refuses to end new fossil fuel investments

World’s second-largest asset manager cites its duty to maximise returns for clients

Chris Flood MAY 25 2022

The world’s second-largest asset manager Vanguard has refused to stop new investments in fossil fuel projects and end its support for coal, oil and gas production.

Chief executive Tim Buckley said the group, which manages $8.1tn for more than 30mn investors and is the largest investor in coal companies globally, was determined to safeguard its clients from climate risks but this would not require it to end new commitments to fossil fuel industries.

“Vanguard does not seek to direct company strategy. We engage with companies on climate change, ask them to set goals and to report how they are mitigating climate risks. That transparency will ensure that climate risks are priced appropriately by the market,” Buckley said in an interview with the Financial Times.

Companies that have a large carbon footprint now could play a critical role in the transition to a low-carbon future, he added.

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