By Dieter Holger

 

State Street Global Advisors joined one of the world's largest investor groups on climate change, adding pressure to corporations to curb their greenhouse gas emissions and meet the Paris Agreement.

The New York-based firm, the third-largest money manager world-wide with around $3.15 trillion under management, said Monday that it has signed onto Climate Action 100+, which has encouraged more than a hundred companies to set more ambitious goals on climate change since it was founded in 2017.

"It is clear we need to work not only side-by-side on these issues, but hand-in-hand," SSGA President and Chief Executive Cyrus Taraporevala said in a blog post on LinkedIn.

Climate Action 100+ said it is now 545 investors strong with SSGA's addition, representing nearly half of the world's managed assets at an estimated $52 trillion. The group is engaged with some 167 companies that emit two-thirds of annual global greenhouse gas emissions.

BlackRock Inc., the world's largest asset manager, and Invesco Ltd. also joined Climate Action 100+ this year.

 

Write to Dieter Holger at dieter.holger@wsj.com; @dieterholger

 

(END) Dow Jones Newswires

November 30, 2020 11:44 ET (16:44 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.