Top UK fund manager divests from fossil fuels for climate change

Dhaka,  Sun,  25 June 2017
Published : 15 May 2017, 17:46:54
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Top UK fund manager divests from fossil fuels for climate change

One of Britain’s biggest managers of ethical funds is to dump £20m of shares in fossil-fuel companies in one of the biggest divestments so far because of climate change.

Shares in BHP Billiton, the Anglo-Australian mining giant, will be among those sold by BMO Global Asset Management’s range of “responsible” funds, which manage £1.5bn of assets. They were previously known as the “stewardship” funds, the first ethical funds launched in Britain.

The archbishop of Canterbury, Justin Welby, played a crucial role in the divestment, as president of BMO’s responsible investment council, reports the Guardian. 

The Church of England has already pulled out of investing in companies that make more than 10% of its revenues from thermal coal or oil from tar sands.

 
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