28 June 2022
However, as you will see in the update, we do retain concerns about the Institution of Engineering and Technology’s recent record as follows: • continuing financial and other ties to fossil fuel companies, including those involved in some of the most carbon-emitting fossil fuels such as oil sands and thermal coal; • the lack of readily available transparency regarding your investments in specific. [...] in line with the recommendations of the ShareAction report on investment managers5, strengthen the due diligence of your asset manager selection by reviewing their performance in the areas of climate- related voting and engagement, climate-related policy commitments and accounting for impacts of investments, and be aware that signing up to supportive initiatives such as the PRI or Climate Action 1. [...] Of your professional society “colleagues”, the British Psychological Society, Royal College of Physicians, British Medical Association, the Royal College of General Practitioners, the Faculty of Public Health, the Royal College of Emergency Medicine and the Royal College of Paediatrics and Child Health have all now fully divested from fossil fuels, are in the process of doing so, or have committed. [...] For example, the Energy Institute brought in an investment policy that excludes arms and presses for alignment with Paris goals, the Institute of Materials, Minerals and Mining has ceased to invest in arms and the most carbon-emitting fossil fuels, the Geological Society has introduced investment policies that exclude arms and the most carbon-emitting fossil fuels – thermal coal and tar sands – an. [...] We believe the shift in wider expectations about good climate governance means that the reputational sensitivity of the issue has only risen since the publication of the Irresponsible Science? report, especially given the UK’s continued COP26 presidency this year and the resulting international attention on UK carbon emissions, goals and institutions as well as the recent ruling by a Dutch court t.