From 1 January 2021, this option excludes all companies deriving any revenue “from the production or exploration of coal, oil or gas”, or “from fossil fuel power generation (unless they are predominantly renewable energy companies and have a clear pathway to reduce emissions consistent with the Paris Agreement)”, or more than 10% of revenue “from fossil fuel distribution or services.”
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Calling for Paris-alignment
AMP has not demonstrated any evidence that it has called on any specific company to alter its strategy to bring it into line with the climate goals set out in the Paris Agreement. AMP has had multiple opportunities to do just that by voting on shareholders resolutions calling on companies including Origin Energy to align with Paris, but the fund has not disclosed any votes in favour of these resolutions.
AMP is a member of the Climate Action 100+, which aims to encourage 100+ emissions-intensive companies to “Take action to reduce greenhouse gas emissions across their value chain, consistent with the Paris Agreement’s goal of limiting global average temperature increase to well below 2-degrees Celsius above pre-industrial levels.”
Scenario analysis
AMP Capital has conducted and disclosed scenario analysis, which quantified greenhouse gas emission investment risk in the ASX200 Index and AMP’s own Sustainable Australian Equity Fund. While this is a good start, this research must be extended to encompass all asset classes (not just shares) and all options. AMP Capital has also conducted and disclosed research into the carbon footprint of the fund’s investment portfolio. The fund’s research and analysis should demonstrate an active reduction of AMP’s exposure to fossil fuels over time.
Climate voting record
AMP Capital voted for just 18% of climate-related shareholder resolutions from 2017 to 2019.
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