Vanguard Group Inc., one of the world’s largest money managers, says it cares “deeply” about the long-term impact of climate change. It joined an investor group that’s announced a netzero-emissions target and oversees pension funds for technology companies, where employees have a long tradition of being environmentally conscious.But Vanguard, with $8.1 trillion in assets, is falling short on addressing climate through its investments relative to its biggest rivals, including BlackRock Inc., the think tank Universal Ownersaid. According to its analysis, Vanguard has just one employee to monitor climate issues for every 300 of its portfolio companies and lacks a policy to divest some funds from coalproducers. The group also said the asset manager has lent millions of dollars to tar sands companies, whose projects are among the most harmful to combatting global warming.
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