IIGCC BLOG

Over 45 IIGCC members from 6 countries attended our AGM in London on Tuesday 17 May. Chief Executive Stephanie Pfeifer began the meeting by celebrating the Paris Agreement and the key components which were agreed by governments that deliver a strong signal that the low carbon transition is inevitable. There is now great momentum in the investor community to address climate change investment processes and decision-making and IIGCC’s membership growth is testament to that.

The membership also voted in favour of appointing a new board member, Meryam Omi from Legal and General Asset Management, whilst also confirming the re-election of Phlippe Desfossés, CEO at ERAFP – the French Public Service Additional Pension Scheme.

Echoing comments made by UNFCCC chief Christiana Figueres at the start of further climate negotiations in Bonn this week, Stephanie stressed that IIGCC’s focus across all its programmes is now moving to implementation – both of country and EU level policy as well as of investment solutions.

IIGCC will continue to be the investor voice on investable policy in the EU and to the G20, building a strong relationship with the German presidency. Stephanie also explained how IIGCC is feeding in to the G20 Taskforce for Climate-related Financial Risk Disclosure (TCFD). There were presentations from members on pension fund climate policies, IIGCC’s corporate engagement programme, energy efficiency and activity to drive stronger climate action across the property sector.

In a panel held under the Chatham House Rule a lively debate took place about IIGCC’s EU company lobbying initiative. A presentation about ongoing research from Ben Fagan-Watson of the Policy Studies Institute was followed by reactions from guests who’ve worked in Brussels lobbying on behalf of a major corporate client and for a trade association. The ensuing discussion was full of insights about how companies and trade associations develop and evolve their public policy positions and why certain sectors seem to have more power than others. There is cause for significant investor concern that many of the companies contacted by IIGCC members don’t have a public view on a 2 degree pathway. Equally, there are encouraging signs that many companies are making efforts to ensure their trade associations’ positions become more progressive on climate change issues.

In summary: Change is possible, albeit with an uphill battle, and expectations from investors will be crucial to help drive further progress in aligning industry lobbying with the low carbon transition.

Full results of the research being completed for IIGCC in this area will be published later this year.