U.K.’s Largest Pension Fund Urges Total to Clamp Down on CO2

The U.K.’s biggest pension fund said it will back a climate resolution asking for France’s Total SA to adopt a tougher stance on climate change at its annual shareholder meeting next week.

The resolution was brought by 11 European asset managers last month, in another example of investors pressuring Big Oil to tackle environmental challenges. Since then, Total has set out bold commitments to eliminate most of its emissions by 2050, joining others such as Royal Dutch Shell Plc and BP Plc.

The French oil major’s latest plan is a step in the right direction, but more needs to be done, said Katharina Lindmeier, responsible investment manager at the National Employment Savings Trust. Total should include additional measures on how it will curb pollution from energy products used by its customers — so-called Scope 3 emissions.

“This shareholder resolution calls for what we believe are vital next steps for Total -– a more ambitious Scope 3 target that goes beyond regions where governments have already committed to net-zero emissions, and providing more information on how it’ll help customers achieve these reductions,” she said.

The fund, known as Nest, was set up by the U.K. government in 2011 to ensure employers offer workplace pensions to employees. It claims to be the country’s biggest pension fund with more than 9 million members and 10.5 billion pounds ($12.8 billion) of assets under management, of which about 12 million pounds is invested in Total.

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