Carbon Tracker’s latest report published today found that oil giants will need to cut production by at least a third to meet global climate ambitions and the 1.5°C Paris climate target.
Ashley Hamilton Claxton, head of responsible investment at Royal London Asset Management commented:
“The world needs to stop burning fossil fuels in order to mitigate climate change – that is clear. But this report is just too simplistic.
“While oil and gas majors have their role to play, they can't simply plug off production if there is still demand for their products. In the absence of a technological breakthrough, we need stronger policy signals and infrastructure that allows a shift away from fossil fuel dependence.”
“What we need now is robust government policy backed up by effective economic interventions. This should be the focus of COP26.”
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 £153 billion of assets and employs 126 investment professionals as at 30 June 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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