LGIM blasts ‘dangerous’ netting of short positions on carbon emitters

Exxon signage — US oil major ExxonMobil is one of the world's largest greenhouse gas emitters

Alamy/Jonathan Weiss

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Investors that use their short positions on oil producers and airlines to reduce the carbon emissions of their portfolios – a practice adopted by AQR – are distracting themselves from taking the actions that will help avert the climate crisis, according to Legal & General Investment Management.

Reporting low or even negative carbon emissions on funds does little to increase companies’ cost of capital and could stymie efforts to meet the Paris Agreement’s goal of reducing global warming to “well

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