Legal & General Investment Management will increase the number of companies covered by its Climate Impact Pledge.
The firm says it will target 1000 companies, up from 100 now, and make its climate ratings for companies available on its website.
The LGIM Climate Impact Pledge involves engaging with the largest companies to meet the goals of the 2015 Paris Agreement on climate change. Covering the oil and gas, mining, electric utilities, automotive, food retail and financials sectors, LGIM said it would potentially divest their shares from certain funds. It will also begin coverage of the cement, steel, chemicals, technology and telecoms, apparel, property, transport and food sectors.
“We thought it was really important that our own engagement framework really addresses this challenge of decarbonising very, very rapidly in the next 30 years,” said Meryam Omi, LGIM’s head of sustainability and responsible investment strategy.