(Thursday 14th November) Commenting as COP29’s Finance Day kicks off in Baku, Azerbaijan, Simon Rawson, Deputy CEO at ShareAction, said: “At a time when many are worried about the potential impact of the US election on climate action, it’s more important than ever that policymakers in the EU, UK and other major economies retain and raise their ambition to protect people and planet, including through introducing robust regulation to raise stewardship standards and legal reform of fiduciary duties for pension trustees to ensure the finance sector is playing its part.

"In the UK, that means ensuring that the Stewardship Code which sets standards for investors is not watered down and clearly references investors' role in addressing social and climate challenges, while in the EU we need to see sustainable finance regulation go beyond disclosure requirements to drive systemic change.

“Successfully shifting our economies off fossil fuels also depends on finance sector leadership and action. In addition to new climate finance, we need to see the finance sector take responsibility for its impact through financing harmful high-carbon activities, and use its huge influence with the companies it owns and finances to steward them to transition at the pace needed.

"Politicians and investors cannot continue to hold back when it comes to fully harnessing the potential of the finance sector to drive the bold action the world needs now to ensure a prosperous and safe future for communities everywhere."

Notes to editors

Recent analysis published by ShareAction has exposed low-ambition and incoherent climate targets at Europe’s 20 largest banks.

ShareAction’s reaction to the Financial Reporting Council’s proposition to amend the definition of stewardship is available here.