Finance firms’ claim to be ‘saving the world’ was a mistake, says City veteran | Financial sector

Pension funds and corporate investors made a “big mistake ve and Douglas Fint, the outgoing president of the Aberdeen Group, exaggerated their roles in environmental, social and government (ESG) problems to promote their products.

Flint, who has recently presided on the fund manager who has recently been re -branded since 2019, said that “ridiculous exaggerated claims” was made by some companies, and that their work is “not really about investing money: we are just cheerful good people and the world.

Flint, which also chaired HSBC between 2010-2017, said to a City of London Net Zero conference on Monday that these allegations may be excessive, especially in the United States.

“Our sector made a bigger mistake. This was a marketing issue: Let’s say that we have saved the world, we save the planet,” he said.

Legal risks have increased in recent months after a serious decrease in supporting ESG problems in the United States. Health activists and politicians aimed at supporting financial companies to support climate policies strengthened by policy makers who forced them to revitalize in oil and gas production under Trump.

ESG Backlash frightened some companies, worried that they could be targeted by cases and that they could harm US business. Even before Trump took office in November, Texas added Natwest to a company list accused of boycotting the oil industry with a movement that threatens the British bank’s business with the US state.

For others, ESG Backlash gave the opportunity to scrape the international green initiatives, which some bosses claim to make their jobs less competitive. High -profile investors, including Blackrock and State Street, canceled membership in voluntary plans such as Climate Action 100+ group in recent months.

Although US companies pioneered the accusation of lowering ESG commitments, they have fears that British investors can follow the case, that is, there will be less pressure to reduce carbon footprints on the companies where they hold stocks.

This can be combined to enable the Labor Party’s Manifesto pledge to adopt the “reliable” climatic transition plans in line with the promise of limiting the FTSE 100 companies of the FTSE 100 companies, the banks of the city, the asset managers, the insurance companies and the pension funds – in the global temperatures of the Paris Agreement – to the global temperatures.

Last week, a advisory on these rules showed less meticulous rules as part of the government’s urge to cut bureaucracy and compliance costs. One of the options taken into consideration means that the government does not require an organization to have a separate transition plan or to set its climate targets for a particular climate target ”.

“The environment and climate remain on the planet, not the effect of the environment and the climate on the planet, but the effect on the work profits, Mark “Considering the lack of clarity in its climatic plans, this will lead to more return to businesses’ commitments to climate action, although the United States and elsewhere.”

Last week, Energy Safety and Net Zero spokesman said the government was determined to make Britain the world’s sustainable financial capital.

“The consultation we have started is looking for stakeholders’ views on a series of approaches to transition plans, including climate harmony, as part of our commitment to fully proposing the manifesto commitment.”