Church Commissioners support collaborative engagement against the construction of a coal-fired plant in Vietnam

The consortium of investors sent a letter on the 22nd of October urging companies associated with Vung Ang 2 to withdraw from the project citing the high climate-related financial and reputational risks associated with the project. The letter stresses the important role listed companies play in addressing climate change, as well as the risk they pass along to investors when failing to address climate risk exposure.

Harry Ashman, Engagement Analyst for the Church Commissioners for England, said: “Investors have a very real part to play in shaping the transition to a low carbon world. This intervention in Vietnam comes as a warning sign; we must accelerate the energy transition, and new coal capacity like Vung Ang 2 has no place in a world seeking to achieve the goals of the Paris Agreement. Companies that continue to support coal expansion expose our portfolios to transition and physical risks and are likely to experience ever greater investor opposition.”