New research from InfluenceMap into the extent to which corporations are influencing climate policy shows that industry lobby groups are increasingly out of alignment with the growing sense of urgency over climate change in Europe.
Whereas concern from scientists, investors, regulators and corporations in Europe is growing, powerful industry lobby groups have been slow to reform their negative lobbying on ambitious and decisive policy action from the European Commission since 2015.
The report assesses eight key industry associations* on their lobbying across a range of EU climate and energy policies from 2015 to the present, noting significant opposition to climate policy, despite increased scrutiny from key institutional shareholders on climate lobbying by corporate trade groups against the ambitions of the Paris Agreement.
“The case for more ambitious policy action and leadership on climate in Europe and globally is now clear and being articulated by all parts of society, including investors such as BNP Paribas Asset Management and other Climate Action 100+ signatories. It is absolutely essential that the corporate sector reforms their trade groups to ensure their climate goals are reflected in the detailed lobbying of these groups. The report’s finding that Eurelectric, representing the crucial power sector, now appears to be on board with stronger climate policy is highly encouraging.” said Helena Vines Fiesta, Global Head of Stewardship and Policy at BNPP AM
A summary of the report’s findings is available here:
The full report is available here:
*The eight associations are:
Investments in the aforementioned fund are subject to market fluctuation and risks inherent in investing in securities. The value of investments and the revenue they generate can increase or decrease and it is possible that investors will not recover their initial investment. Source: BNP Paribas Asset Management.
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