THE ASSET MANAGERS FUELING CLIMATE CHAOS

The 2022 scorecard by Reclaim Finance finds that 30 of the world's largest asset managers hold US$ 550bn in major fossil fuel developers and generally fail to restrict investments in new coal, oil, and gas projects. Despite many pledging carbon neutrality by 2050, the report argues their engagement policies are 'toothless,' lacking clear demands for absolute emission reductions or the cessation of new supply projects. Passive investment is highlighted as a significant loophole, with most managers failing to apply exclusion rules to their passive portfolios.

• The 30 assessed asset managers hold significant investments in fossil fuel expansion, totaling US$ 82.5bn in companies involved in coal expansion as of November 2021 and US$ 468bn in 12 major oil and gas companies as of March 2022.
• Asset managers generally lack policies to restrict investments in fossil fuel expansion; 23 of the 30 do not restrict investments in new coal projects, and none restrict investments in new oil and gas projects.
• Passive investment portfolios represent a major gap in climate policy, as none of the 30 asset managers apply their exclusion rules to all passively managed assets, which total over €17 trillion.
• Engagement policies are characterized as ineffective, with none of the asset managers calling for an immediate stop to new fossil fuel supply projects or a decrease in overall production.
• Most asset managers fail to set rigorous demands for their portfolio companies; only eight publicly request short-term (2025) emission reduction targets, and only one requires absolute reductions including scope 3 emissions.
• Despite 25 of the 30 managers pledging carbon neutrality by 2050 via the Net Zero Asset Manager Initiative (NZAMI), none pass the '1.5°C litmus test' of ruling out support for new fossil fuel supply projects, LNG, and unabated fossil fuel power plants.

APA

Cuvelier, L. (2022). THE ASSET MANAGERS FUELING CLIMATE CHAOS. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2022/04/Asset_Manager_Climate_Scorecard_2022.pdf

Chicago

Cuvelier, Lara. THE ASSET MANAGERS FUELING CLIMATE CHAOS. Reclaim Finance, 2022. https://reclaimfinance.org/site/wp-content/uploads/2022/04/Asset_Manager_Climate_Scorecard_2022.pdf.

Wikipedia

{{cite report |last1=Cuvelier |first1=Lara |title=THE ASSET MANAGERS FUELING CLIMATE CHAOS |publisher=Reclaim Finance |date=April 2022 |url=https://reclaimfinance.org/site/wp-content/uploads/2022/04/Asset_Manager_Climate_Scorecard_2022.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{cuvelier2022asset, author = {Cuvelier, Lara}, title = {{THE ASSET MANAGERS FUELING CLIMATE CHAOS}}, institution = {Reclaim Finance}, year = {2022}, month = apr, url = {https://reclaimfinance.org/site/wp-content/uploads/2022/04/Asset_Manager_Climate_Scorecard_2022.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }