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Sir Chris Hohn says fund giants are acting like sheep on the climate

Hedge fund manager Sir Chris Hohn denounces investment giants for behaving ‘like sheep’ against climate change

Hedge fund manager Sir Chris Hohn has knocked down investment giants for behaving “like sheep” against climate change.

Hohn, whose firm TCI Fund Management invests approximately £ 23 billion on behalf of clients, has written to seven of the world’s largest asset managers, urging them to step up their efforts to force companies to become more environmentally friendly.

Look to the future: Sir Chris Hohn has urged the world's largest asset managers to step up their efforts to force companies to become more environmentally friendly

Look to the future: Sir Chris Hohn has urged the world’s largest asset managers to step up their efforts to force companies to become more environmentally friendly

In the letter, sent through his charity the Children’s Investment Fund Foundation (CIFF), Hohn accused “most asset managers” of “total greenwash.” It was a targeted attack on companies that have recently declared their commitment to reducing CO2 emissions, such as Blackrock and Vanguard.

But Hohn told the Financial Times, “The wealth management industry is a joke about what they actually do [around climate change]. They talk but don’t actually do anything effective. Asset managers are sheep. ‘

Vanguard said it “cares a lot about the long-term effects of climate change.” Blackrock said it has started voting against drivers over climate concerns.

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