Today, UBS Asset Management announced that it would divest from five energy companies, including ExxonMobil, because these companies are not adequately addressing climate change concerns.
This action by a private sector actor demonstrates the increasing pressure facing fossil fuel companies, not only due to government regulation, but because of the pressures of the marketplace, as investors are increasingly sensitive to environmental concerns.
UBS Asset Management has excluded Exxon Mobil (XOM.N) and four other "unresponsive" energy companies from its climate aware range of funds, including one managed for UK pension scheme NEST, the firms said on Monday.
The asset management arm of UBS also divested from Imperial Oil, Kepco, Marathon Oil and Power Assets following a three-year engagement programme with 49 oil and gas companies identified as lagging on climate change performance, the firms said in a statement.
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