There might be light at the end of the tunnel, but it ain’t here yet.
CEO Summit: Encourage transition but acknowledge the cost
Exclusion is not enough and asset managers must help companies manage their way through the transition to net zero, say fund group chiefs, but change comes at a price.
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Let’s not kid ourselves or our clients, says one participant at the Citywire CEO Summit. Just having a green portfolio will not save the planet. Nor is there firm evidence that ESG investing leads to better returns, he adds.
What we can do, say other participants, is focus on the transition to a net-zero emissions planet through the way we interact with the companies we invest in. We must help them make the transition, while recognising there are many challenges.
The cost is going to be enormous, one CEO says the equivalent of half corporate profits worldwide. Some clients will be willing to pay the price, for their children’s generation but others will not. Asset managers alone cannot achieve this, they need governments on their side.
Taking part in this discussion were:
- Alexandra Altinger, CEO for the UK, Europe and Asia, JO Hambro Capital Management;
- Hendrik du Toit, founder and CEO, Ninety One;
- Luke Ellis, CEO, Man Group;
- Andrew Formica, CEO, Jupiter Fund Management;
- Hamish Forsyth, president for Europe and Asia, Capital Group;
- Sean Hagerty, managing director, Vanguard Europe;
- Robert Higginbotham, head of global distribution, T Rowe Price;
- Sandro Pierri, CEO, BNP Paribas Asset Management;
- Pete Sanderson, group CEO, GAM Investments
For previous videos from this session, which covered Russia, ESG and pay, please click the related links.
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