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3 Jan 2016

Tom Bawden, Independent (UK)

UK: Pension funds & law firms urge fossil fuel companies to disclose climate risks following Paris climate agreement

"Climate change targets 'have huge implications for UK pensioners'",

Britain’s biggest carbon polluters stand to lose billions of pounds from tough new climate targets…the country’s biggest pension funds have warned…Analysts say that more than three-quarters of the world’s known coal, oil and gas reserves will have to stay in the ground…leaving them in the ground threatens to decimate their profits and share prices…Yet many “carbon-intensive” companies are behaving as though it is “business as usual”…This approach is completely untenable, say pension funds and law firms, now that the Paris agreement has removed any doubt that companies could carry on as normal…The environmental law firm ClientEarth has made it its mission to compel carbon-intensive companies to detail their exposure to climate change...Rhian Kelly, the business environment director at the CBI…said that the Paris agreement would require all nations to “take tough domestic action” to curb global warming, and what business needed was for “the Government to send a long-term price signal so firms can get on and invest in low-carbon technologies, especially in diverse low-carbon, affordable and secure energy generation…[Also refers to Aviva, ExxonMobil, Glencore Xstrata, and Peabody Energy.]