Included in the massive legislation is a nationwide clean-electricity program that is intended to eliminate climate-damaging fossil fuel emissions from U.S. power plants by 2035 catching up to requirements already set in some states.
The proposal would spend billions to install 500,000 electric vehicle charging stations and upgrade the power grid to make it more resilient during hurricanes and other extreme weather events that are increasing and intensifying as a result of climate change.
The six investors include BMO Global Asset Management EMEA, Fidelity International, Dutch pension fund PGGM, Britain-based Local Authority Pension Fund Forum, Aviva Investors and Legal & General Investment Management.
Initial engagement will focus on carbon risk and coal at banks and coal-exposed power companies, the group of investors, facilitated by Singapore-based advisor Asia Research & Engagement (ARE), said in a statement.
The move comes as investors become more active in the field of environmental, social and corporate (ESG) governance, helping to shape firms’ climate commitments to better manage that risk for their clients. ESG-related steps they have taken include backing activist shareholder resolutions and voting on board members and remuneration.
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