Just 10 Big Shareholders Hold Key To Controlling The Climate Crisis | IFLSciencehttps://www.iflscience.com/just-10-big-shareholders-control-50-percent-of-fossil-fuel-reserves-645622022 Ten financial actors can accelerate a transition away from fossil fuels
https://www.sciencedirect.com/science/article/abs/pii/S2210422422000636 just 200 companies (known as the Carbon Underground 200 or CU200) own 98 percent of the potential emissions from the world's remaining oil, gas, and coal reserves – the vast majority of which must remain in the ground if we are to avert a full-blown climate catastrophe
CU200 fossil fuel reserves have the potential to produce 674 gigatons of carbon emissions, more than enough to push global average temperatures beyond 1.5°C above pre-industrial levels.
Within the CU200 group, just 10 shareholders own 49.5 percent of the potential emissions from the world's largest energy firms and have a gargantuan influence over the fossil fuel market.
These actors included:
Blackrock, Vanguard, the Government of India, State Street, the Kingdom of Saudi Arabia, Dimensional Fund Advisors, Life insurance Corporation, Norges Bank, Fidelity Investments, and Capital Group. It's these actors, the researchers argue, who are key to solving the climate crisis and ending the era of fossil fuels.
“Without them, we simply won't have what it takes to meet our emissions targets and avoid catastrophe."
"If they're serious, capital markets can enable a low-carbon transition within the top coal, oil and gas reserve owners in the world," said Dordi. "Recent pledges to reduce carbon exposure in investment portfolios and engagement with the fossil fuel industry indicate we may already be moving in that direction."