people in cafe

New briefing casts doubt on Aviva coal engagement strategy

Today, the Unfriend Coal network released its report “Aviva and Coal: a very long engagement”.

The briefing casts doubt on the success of the company’s engagement policy with coal companies. It says it has more than £920 million invested in companies developing new coal projects and operating in the tar sands industry.

ClientEarth lawyer Stephanie Morton said: “This report, which suggests Aviva is not making substantive progress with its engagement policy, raises troubling questions for a company that has been vocal about the risks posed by climate change.

“This leaves its own portfolio vulnerable to stranded asset risk and could also fail to protect the assets it manages for third parties. This is compounded by the fact that Aviva’s divestment decisions don’t apply to third party assets when engagement fails.

“In order to meet its legal duties, Aviva should ensure it is adequately managing stranded asset risk. This may also afford protection from legal actions which could otherwise be grounded in a failure to do so.”

 

 

Share this...
Share on Facebook! Tweet this! Share on LinkedIn! Email!

Joseph Pearson

Follow us

You can help

Your support helps us use the law to protect your environment.