Climate Action 100+ launched in 2017 as a five-year investor-led initiative to ensure the world's largest corporate greenhouse gas emitters take necessary action on climate change. Currently more than 450 investors with over US $40 trillion in assets collectively under management are engaging companies to curb emissions, improve governance and promote adherence to the Financial Stability Board TCFD's Recommendations on climate-related financial disclosures.
Climate Action 100+ is now seen as the world’s largest group of investors, by assets, pressuring companies to act on climate change. BlackRock Inc., one of the most influential asset managers, became one of the most recent signatories in January 2020.
The initiative's 2019 Report highlighted 161 focus companies who in 2018 accounted for over 80% of corporate GHG emissions and were critical to the decarbonisation of investment portfolios and the global economy.
Investors have been developing and implementing company specific engagement priorities and strategy. These have included holding one-to-one meetings, group meetings, supporting shareholder resolutions on climate risk and voting for the removal of directors seen to be failing in their accountability for climate risk.
The group has worked with Shell in producing a joint statement with leading investors committing to set carbon reduction targets.
Clyde & Co is running a virtual legal hackathon between 1 July and 4 August 2020 in partnership with The Chancery Lane Project. This post is part of a series of updates posted during the hackathon on business-relevant climate initiatives and innovative solutions to some of the challenges arising from climate change.