Back in December, Vanguard, a fund-management giant with some $8 trillion under management, pulled out of the Net Zero Asset Managers ...

BY ANDREW STUTTAFORD February 25, 2023 BY ANDREW STUTTAFORD February 25, 2023 ESG: More Cracks in the Narrative Back in December, Vanguard, a fund-management giant with some $8 trillion under management, pulled out of the Net Zero Asset Managers [NZAM] initiative. This "initiative" — a word that in this context reeks of self-importance (self-importance, needless to say, with other people's money) — was formed by a group of asset managers. Today its members have around $60 trillion under management. They are committed to achieving net-zero carbon emissions by 2050, a commitment that extends, in ways set out here, to their investment portfolios. Simultaneously, Vanguard pulled out of the Glasgow Financial Alliance for Net Zero (Gfanz), an umbrella climate finance organization set up by Mark Carney, a former central banker and an authoritarian on the make. I wrote about all this here. Naturally, Vanguard's decision caused outrage from many of the usual suspects. Bloomberg, December 12 (Michael Bloomberg, another authoritarian, is a co-chair of Gfanz): Vanguard Group Inc. is under pressure to reassure stakeholders that it still cares about the climate, after becoming the target of fierce criticism from high-profile environmental advocates including Al Gore. The former US vice president, who now chairs Generation Investment ...   READ MORE

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