The outgoing chair of Aberdeen Group Douglas Flint claimed asset managers made a “huge mistake” by overstating their role in environment, social and government issues at a City of London conference this week. He suggested that recently deployed ESG strategies have diverted attention from the industry’s more practical contributions to sustainability and left asset managers vulnerable to legal risk. The Financial Times reports on the story.
Meanwhile, Barclays’ head of sustainable and transition finance Daniel Hanna has criticised climate finance practices for falling short on social commitments. He warns that a lack of consideration for the impact of policies on local communities when tackling issues such as emissions reductions has led to the alienation of local communities and increased political tensions. Bloomberg reports on the story.
