| When questioned in Parliament on Thursday about why the Future Fund has not divested from fossil fuels, Chairman Peter Costello was quick to respond that the fund’s only mandate is to deliver investment returns.
Costello’s response is typical of a generation of money managers who don’t yet appreciate the enormous risk that climate change poses to financial markets. So far, it has fallen largely upon the shoulders of environmentalists to draw investors’ attention to this risk, however the issue is now rapidly spreading to the senior levels of global money managers like Goldman Sachs and the world’s largest fund manager, BlackRock.........................................Full Article: Source
|