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Lena Nunkoo
PR Manager

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RLAM welcomes EDF's Just Transition strategy ahead of COP26

Published  29 October 2021
   5 min read

Responding to the publication today of EDF’s Just Transition strategy, Carlota Garcia Manas, Head of Engagement at Royal London Asset Management (RLAM) said:

“EDF is now the fourth energy utility company to respond to our1 call to publish a Just Transition strategy, ahead of the COP26 summit2.

“It is vital that the summit focuses on maintaining support for overcoming poverty in emerging markets during the energy transition. EDF’s strategy shows that this is possible, through the social benefits of their projects in the developing world; including off grid projects in rural areas in Africa, the installation of a hydropower plant in Laos which has reduced child mortality3 and a doubling in house revenues in the Nakai area, where the Nam Theun 2 dam was built.

“Since 1995, EDF has closed 30 coal-fired plants and redeployed its employees by working closely with its trade unions. In the UK, EDF’s West Burton A coal plant is set to close in 2022, the second last remaining coal plant.

“The strategy calls for the European Union to ensure the Emission Trading Scheme is revised to support a  fair transition and mitigate the impacts of higher carbon prices on consumers.  

“EDF’s strategy sets the precedence of our engagement expectations, ensuring Just Transition leaves nobody behind. The strategy aims to ensure fairness towards workers, communities, supply chains and customers as well as protecting nature for the benefit of  future generations.”

 

About Royal London Asset Management (RLAM):

Established in 1988, Royal London Asset Management (RLAM) is one of the UK's leading fund management companies, providing investment management solutions to both wholesale and institutional clients such as not-for-profit organisations, local authorities and the insurance sector.

RLAM manages £164 billion of assets and employs 129 investment professionals as at 31 December 2021. It invests in all major asset classes including UK and overseas equities, government bonds, investment grade and high yield corporate bonds, property and cash.

For professional clients only, not suitable for retail investors.

Issued by Royal London Asset Management Limited, registered in England and Wales number 2244297; authorised and regulated by the Financial Conduct Authority. Registered Office: 55 Gracechurch Street, London, EC3V 0RL.

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Lena Nunkoo, PR Manager

Notes to Editors

1. RLAM and Friends Provident engaged with the top seven utilities companies (Centrica, E.ON, EDF, National Grid, RWE, SSE and Scottish Power) and asked for formal commitments to be put in place by November 2021. Prompted by RLAM’s and Friends Provident’s engagement, SSE were the first to announce a formal Just Transition strategy in October 2020. RLAM and Friends Provident requested the other leading companies in the sector to also develop strategies that address their expectations ahead of the UNFCCC COP26 meeting in November 2021.
2. The COP26 summit will bring parties together to accelerate action towards the goals of the Paris Agreement and the UN Framework Convention on Climate Change.
3. Taken from EDF’s Just Transition document, pg 18 Impact of Actions - Just Transition (edf.fr).