{"id":46567,"date":"2023-03-07T13:14:32","date_gmt":"2023-03-07T18:14:32","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/sustainable-finance\/asset-managers-touting-esg-enjoy-a-turbo-charged-coal-boom\/"},"modified":"2024-07-19T12:20:39","modified_gmt":"2024-07-19T16:20:39","slug":"asset-managers-touting-esg-enjoy-a-turbo-charged-coal-boom","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/sustainable-finance\/asset-managers-touting-esg-enjoy-a-turbo-charged-coal-boom\/","title":{"rendered":"Asset managers touting ESG enjoy a turbo-charged coal boom"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a08f1aa51362]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a08f1aa51362'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/data\/\" rel=\"category tag\">\n                    Data\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/sustainable-finance\/\" rel=\"category tag\">\n                    Sustainable Finance\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/technology\/\" rel=\"category tag\">\n                    Technology\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Asset managers touting ESG enjoy a turbo-charged coal boom<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a08f1aa579f2'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg News<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">March 7, 2023<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a08f1aa59d28'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i><span style=\"font-weight: 400\">This article was written by Natasha White and Antony Sguazzin. It appeared first on the Bloomberg Terminal.<\/span><\/i><\/p>\n<p>As one of the world\u2019s top-performing coal companies embarks on an expansion plan, investors who have pledged to target a low-carbon future are helping finance its growth.<\/p>\n<p>Since being spun off by\u00a0Anglo American Plc\u00a0in mid-2021,\u00a0Thungela Resources Ltd.\u00a0has soared close to 900%, which is more than most other major coal stocks. Now, Chief Executive Officer\u00a0July Ndlovu\u00a0is promising to ratchet up production through the end of the next decade at least, as the company\u2019s first\u00a0acquisition\u00a0since its solo listing gives it a controlling interest in the Ensham thermal coal mine in Australia.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Insights for Quant and Data Professionals delivered to your inbox<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up for the newsletter<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_5947420895840394731\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/enterprise-data-and-tech\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Siphelele Mhlongo, an equity analyst at Thungela holder Sanlam Investments, reckons the stock is currently \u201ctrading at an extremely depressed valuation.\u201d But as demand from Asia soars, he says \u201cthermal coal supply is likely to be insufficient\u201d for years to come.<\/p>\n<p>If the analysis holds, Thungela\u2019s coal expansion looks set to enrich a group of investors who have committed to slash their financing of greenhouse-gas emissions over the coming decades. These include\u00a0BlackRock Inc.,\u00a0abrdn Plc\u00a0and\u00a0State Street Corp., all of which are members of the world\u2019s biggest climate finance coalition, known as the Glasgow Financial Alliance for Net Zero.<\/p>\n<p>The United Nations Intergovernmental Panel on Climate Change and the International Energy Agency have made clear there\u2019s\u00a0no room\u00a0for expanding coal production if the world is to achieve net-zero emissions. Ignoring that warning risks driving global warming above the critical threshold of 1.5C, beyond which climate catastrophe lies.<\/p>\n<p>\u201cWhether active or passive, any asset manager that claims to take ESG seriously should be demanding credible 1.5C aligned transition plans from any coal-related investments,\u201d said Peter Uhlenbruch, director of financial sector standards at ShareAction, a nonprofit focused on environmental, social and governance issues.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"721\" height=\"413\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Extremely-depressed.png\" class=\"bbg-single-image__image attachment-large\" alt=\"\" title=\"Extremely-depressed\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Extremely-depressed.png 721w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Extremely-depressed.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Extremely-depressed.png 600w\" sizes=\"auto, (max-width: 721px) 100vw, 721px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>BlackRock, which excludes Thungela from its actively managed and ESG-branded funds, declined to comment on why roughly 2% of the coal producer is in its passive portfolio. Vanguard Group, another Thungela shareholder, quit GFANZ late last year, noting its vast index-tracking business isn\u2019t compatible with net-zero goals.<\/p>\n<p>Abrdn, which according to\u00a0data compiled by Bloomberg\u00a0holds 2.8% of Thungela, is \u201ccontinuing to engage\u201d with the coal producer, according to a spokesperson for the GFANZ member. Abrdn supported all resolutions put forward by Thungela\u2019s management last year, public records show.<\/p>\n<p>\u201cAs an active owner, in order to support the company in its ESG development, we provided our views on best practice,\u201d the abrdn spokesperson said. \u201cWe will review the company\u2019s progress in the first half of 2023.\u201d<\/p>\n<p>State Street, which has also committed to net-zero emissions and holds about 1% of Thungela, declined to comment. Schroders Plc, another GFANZ member, sold its stake in July. A spokesperson for the asset manager declined to comment on the reason for the exit. Thungela is roughly 25% owned by the state-backed Public Investment Corp. Ltd. PIC has said it\u2019s working on a net-zero plan, but didn\u2019t respond to a request for comment.<\/p>\n<p>A spokesperson for Thungela said the company is \u201cactively working\u201d on developing a 2050 net-zero pathway. The Ensham coal mine \u201cwill be incorporated into Thungela\u2019s plan to reduce carbon intensity at existing operations and considered in Thungela\u2019s intermediate emissions reduction targets,\u201d\u00a0according\u00a0to the company. Carbon intensity \u2014 as opposed to absolute measures \u2014 allows a company to continue increasing its emissions as long as its business grows.<\/p>\n<p>Some studies claim to have found evidence that ESG engagement can\u00a0yield results. But ultimately, there\u2019s little to suggest it\u2019s helping to reduce global financed emissions. Scientists estimate 1.5C is looking increasingly hard to achieve, and even warn that the Earth\u2019s temperature may actually be on track to rise double that.<\/p>\n<p>It\u2019s a disconnect that\u2019s led some in the financial industry to dismiss the theory of ESG engagement altogether. Hedge fund manager\u00a0Chris Hohn\u00a0famously paraphrased climate activist\u00a0Greta Thunberg, lambasting engagement as little more than corporate\u00a0\u201cblah, blah, blah.\u201d<\/p>\n<p>Lara Cuvelier, a campaigner at environmental nonprofit Reclaim Finance, said asset managers claiming to target net-zero emissions \u201cstill hold billions in coal developers.\u201d She says the investment industry shouldn\u2019t be allowed to make engagement claims without setting clear, transparent goals to which companies can be held accountable.<\/p>\n<p>\u201c\u2018Behind closed doors\u2019 engagement is simply not enough,\u201d she said.<\/p>\n<p>Katrin Ganswindt, finance campaigner at nonprofit Urgewald, said the continued financing of coal is now undermining the planet\u2019s hopes of achieving 1.5C.<\/p>\n<p>\u201cAs long as large investors shy away from divesting fossil fuel companies like Thungela that are reluctant to transition, net-zero will never happen,\u201d she said.<\/p>\n<p><em>(Michael Bloomberg, founder of Bloomberg News parent Bloomberg LP, is co-chair of GFANZ .)<\/em><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a08f1aa64fa8]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a08f1aa64fa8'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    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Now, let us do that for you.<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_2703296959580933024\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/request-demo\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>As top-performing coal companies embarks on an expansion plan, investors who have pledged to target a low-carbon future are helping finance its 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