BMO Global Asset Management has recently committed to divesting £20 million in fossil fuel investments including its shares in BHP Billiton. The company is planning to exclude all companies with fossil fuel reserves from it Responsible Funds Range. According to BOM’s new company policy, it “comes as investors in ethically screened funds increasingly look to avoid investing in companies involved in fossil fuel extraction, with over $5 trillion in institutional assets having some form of divestment strategy in place.” Vicki Bakhshi, Director in the Governance and Sustainable Investment team said,” If all current known reserves are extracted and burnt, we know that the world would not meet the 2 degrees temperature limit established under the Paris Agreement. As such, we have come to the view that investment in companies with fossil fuel reserves is increasingly incompatible with the ethical and sustainability objectives of the Responsible Strategies range that we run.”
Clean Technica
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