Saker Nusseibeh, CEO of Hermes Investment Management, has signed two accords committing the company to immediate action on climate change issues such as carbon pricing and risk transparency.
Mr Nusseibeh signed up to two agreements that were signed collectively by more than 33 multinational oil CEOs, asset management CEOs and asset owners during a two-day summit at the Vatican.
At “The Vatican Dialogues: The Energy Transition Care for our Common Home”, an accord on carbon pricing was created. It is centred around the development of meaningful carbon pricing regimes by governments, in order to encourage responsibility, innovation and transparency in the market. Meanwhile, an agreement was also reached on transparency, expressing a collective understanding for an increased transparency in reporting climate risk.
All of the signatories agree that companies need to provide clarity for investors on their plans for the energy transition and encourage companies to recognise the recommendations of the Task Force on Climate-Related Financial Disclosures.
After the meeting, which also looked into the global transition towards a low carbon economy alongside issues with transparency and carbon pricing, the group was addressed by the Pope who emphasised the need to act to protect the environment .Speaking on the issue of carbon pricing, he said it was “essential if humanity is to use the resources of creating wisely.”
Mr Nusseibeh was appreciative of the Pope’s input into the discussion and the support shown across the industry for more action to support measures to risks to the world’s climate.
He said: “The commitment from the CEOs of the major oil companies, the CEOs of some of the largest asset managers and from some of the largest asset owners in the world reflects the importance of this topic and the commitment of all present to tackle it. In this dialogue, the Holy Father’s views were an inspiration and a beacon of moral leadership.”
Hermes Investment Management is headquartered in London and manages £34.1 billion in assets.
