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Photographer: Bartek Sadowski/Bloomberg
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Investors With $4 Trillion Ask Banks to Raise Climate Ambitions

Aviva, Fidelity International and M&G Investments are among the firms increasing pressure on the world’s biggest lenders. 

A coalition of investors overseeing a combined $4.2 trillion of assets are asking the world’s biggest banks to take more aggressive action in addressing climate change and biodiversity decline.

Aviva Investors, Fidelity International and M&G Investments were among 115 investors that wrote to 63 banks, including JPMorgan Chase & Co., Deutsche Bank AG and Standard Chartered Plc, to take several steps beyond what they’ve already committed to doing, including a complete exit from all coal finance by 2040 at the latest. The investors also requested that banks publish short-term climate targets before their annual shareholder meetings next year, and identify and disclose their impacts and dependencies on biodiversity.