NZAOA criticises 'cumbersome' stewardship efforts of asset managers

Net Zero Asset Owners Alliance

The Net Zero Asset Owners Alliance (NZAOA), which accounts for $11trn of assets worldwide, has released new guidance for asset owners to support no new direct investments in upstream oil and gas infrastructure.

In doing so, the group has also encouraged its members to engage with asset managers over "cumbersome" efforts concerning investment stewardship activities.  However, much of the ‘Position on the Oil and Gas Sector' guidance is aimed at wider investors beyond the asset owner members, with the group asserting the need for asset managers to "play a driving role" in a successful transition. The guidance expects members, and all investors beyond the Alliance, to align current targets with "credible" 1.5°C net zero scenarios - explicitly stating that targets cannot be achieved if investmen...