Most asset owners and managers continue to resist entreaties to factor climate change into their decisions, even as the Paris climate talks approach and low-carbon product offerings begin to proliferate. Pressure from divestment activists may inadvertently strengthen their resistance by implying that climate change cannot stand on its own merits as an input to security analysis. Hence a paradox of the fossil fuel divestment movement: The stronger it becomes, the more it takes on the coloration of an ethical, nonf inancial driver-noise that many fiduciaries believe they are paid to tune out.
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