Meet the UN's new corporate voice at COP

A slew of questions about whether fund firms will exit a key United Nations-based industry climate group makes this a good time to speak to its new U.S.-based leader.

You can find our interview below. It's also a big week for Norwegian investment policy questions, based on two of our stories about the country's sovereign wealth fund so I have included some copy Straight Out Of Oslo. 
    
You'll also find a story about the risks of equity ownership by Uncle Sam, and one on how Exxon and Qatar are pushing back on the EU.
           
Please follow me on LinkedIn and/or Bluesky. You can reach me via ross.kerber@thomsonreuters.com. And you can subscribe to our Sustainable Switch newsletter to keep tabs on news from the COP30 climate summit in Brazil.

With revenue of $55 million and the backing of the United Nations, the Principles for Responsible Investment group has become a key organizer helping big investment firms make use of environmental, social and governance investment tools and report on their progress.

But the efforts have faced setbacks, especially with President Donald Trump back in the White House since January.

New PRI interim CEO Cambria Allen-Ratzlaff takes over at a fraught time. From her Michigan base she needs to keep U.S. signatories inside the tent without frustrating European members looking to push companies harder on climate issues.

You can read my interview with Allen-Ratzlaff and David Atkin, PRI's current CEO who will step down next month by clicking the button below.

A cooling tower is seen at the nuclear-powered Vogtle Electric Generating Plant in Waynesboro, Georgia, U.S. August 13, 2024. REUTERS/Megan Varner

It's been a busy week in Oslo, where the mood toward sustainable investment practices from the world's largest sovereign wealth fund has run both hot and cold.
    
On one hand Norges Bank Investment Management said it would vote against the potential $1 trillion pay package of Tesla CEO Elon Musk, citing its size and dilution, and also against two of the electric vehicle maker's three directors up for election at the company's annual meeting on Thursday.
    
On the other hand the country's parliament voted to pause ethical divestments by the $2.1 trillion fund while it updates guidelines. The U.S. State Department had criticized the fund's decision to divest from Caterpillar over Israel's use of its armored bulldozers and other machinery.

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