(Tuesday 14th January) Reacting to the news that the Net Zero Asset Managers initiative (NZAMi) is suspending its activities, Lewis Johnston, Director of Policy at ShareAction, said:

“As deadly wildfires rage on in Los Angeles, the threat of climate change and the extreme weather it can bring has never been more clear. Climate risk is financial risk, and any approach to responsible investment must address the ongoing climate crisis.

“Collaboration is critical for addressing this global challenge, and whilst voluntary initiatives have limitations, they can play an important role in sharing best practice and encouraging commitments. The announcement that NZAMi is suspending operations is a backwards step.”

“Alongside this we need regulators to set ambitious policies to raise standards and ensure that the financial sector is playing its part in driving the transition to net zero economies that the world needs.”