Tag: climate change

BLACKROCK is the latest investor firm to call it quits on thermal coal. In a letter to its clients, the world’s biggest fund manager stated that in response to clients’ concerns about the impact that sustainability factors were having on economic growth, asset values and financial markets, it would no longer invest in companies sourcing more than 25pc of revenue from thermal coal. It marks a 180 degree turn on its previous program of aggressively buying Australian coal stocks in 2019. In outlining its reasons for a new approach to sustainability, BlackRock stated “the most significant of these factors today relates to climate change”. “Namely, how the global transition to a low-carbon economy could affect a company’s long-term profitability. “The...

By Jane Goldsmith Friday, June 19 2015 THE Australian Labor Party has warned the Abbott Government’s climate change policies could alienate Australia from some of the world’s most powerful industrial nations, following the G7 summit pledge to phase out the use of fossil fuels by the end of the century. At the 41st summit meeting at Schloss Elmau in Southern Germany, leaders from Canada, France, Germany, Italy, Japan, the UK and the US addressed the “urgent and concrete action needed to address climate change”, primarily...