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Putin told to clean up on climate or risk losing investors

Backed into a catch-22 situation on green investing, veteran emerging-market money manager from Swedbank Robur Elena Loven made a public plea to the one man who could help: Vladimir Putin.

Vladimir Putin. Photo: ALEXEY NIKOLSKY/AFP / SPUTNIK

Her dilemma is one felt by investors everywhere with pressure mounting to keep pension and insurance money out of companies, and countries, that contribute to global warming. But what do you do if the fund you manage can only invest in a country like Russia, where many listed companies are in the business of digging up and selling fossil fuels?

"The weighting of oil, gas and metals companies in the market is so big in Russia that you can’t avoid those stocks," Loven, who manages USD 1.1 billion in Russia and Eastern Europe stock funds at Swedbank Robur, told Putin at an online investment forum. “I want to know how much big companies will contribute to complying with the Paris Agreement and global targets for carbon neutrality.”

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