CALLS FOR the oil business to decarbonise are growing louder everywhere, and not just from governments and environmentalists. Moody’s, a rating agency, reckons that half of the $1.8trn in the energy industry’s global debt stock that it evaluates is held by asset managers and insurers who face increasing pressure on environmental, social and governance (ESG) fronts, notably the climate. An annual survey of 250 big institutional investors published on January 6th by the Boston Consulting Group (BCG) found that more than four in five think it is important for firms to establish targets for long-term emissions reductions. Nearly as many “feel increased pressure” to apply green filters to investments.
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