25 investors ask global firms to justify membership of EU trade associations allegedly undermining climate policy

Author: Ben Fagan-Watson, The Guardian (UK), Published on: 14 September 2015

“BP, EDF and Procter & Gamble face pressure over climate change lobbying », 10 Sept 2015

A group of 25 investors with €61bn in assets has written to a number of multinational companies, including BP, EDF, Glencore, Johnson Matthey, Procter & Gamble, Rio Tinto, Statoil and Total asking them to justify their membership of prominent EU trade associations…We investigated eight influential trade associations including BusinessEurope, which has argued that EU climate targets undermine industrial competitiveness, and the European Chemical Industry Council (Cefic), which has stated that strengthening the EU emissions trading system would force businesses to move overseas because of high energy costs in Europe. BusinessEurope… published a response describing the concerns expressed by investors as “inaccurate”, “misleading” and “biased”…[N]ew website InfluenceMap…scores BusinessEurope as one of the most obstructive trade groups on climate policy, alongside, ACEA (automotive), the German chemical industry association (the VCI), Cefic (chemicals) and in last place MEDEF, the powerful French industrial federation…If BusinessEurope wants to retain credibility with both businesses and European policymakers, it needs to seriously rethink its approach to climate change policy to play a positive, constructive and sustainable role in the transition to a low-carbon future.

Read the full post here

Related companies: BP EDF Equinor (formerly Statoil) Glencore Johnson Matthey Procter & Gamble Rio Tinto Total