The top executive at one of the world’s largest asset managers and proponents of ESG investing says divesting from fossil fuels is the wrong way to persuade oil and natural gas companies to go green.
State Street Chairman and CEO Ron O’Hanley said engagement-style investing — putting more money into high-polluting industries to gain leverage — is how behemoth firms like his can wield influence and force change.
“The reality is,” he continued, “that if you want to get at the problem, you have to identify the high-emitting industries, and you have to invest in them, so they become low-emitting industries.” Conservatives argue the climate change and social justice politics that are factored into ESG investment decisions hurts fossil fuels and increases energy prices.
Conversely, blue states like California and climate activists have accused investment managers of not going far enough and want state money completely divested from fossil fuels. “Given that we’re long term, we’re very concerned not just about what happens next quarter, but over the next decade. What are you — company — doing to actually make sure that you’re thriving and that your activities are leading to a better world? The only way to get there is through engagement,” he said.
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