A Major New Index Fund Should Unnerve Climate-Skeptical CEOs

Posted On: May 24, 2022   |   Posted By: The Atlantic

Every week, our lead climate reporter brings you the big ideas, expert analysis, and vital guidance that will help you flourish on a changing planet. Sign up to get T he Weekly Planet , our guide to living through climate change, in your inbox. Last month, a tiny hedge fund called Engine No. 1 staged a coup of sorts at ExxonMobil -a shareholders' revolt that unseated three members of the oil company's board of directors and replaced them with more climate-concerned candidates. The putsch was the first centered on climate change at an American oil company. Now the financial group is ready to recruit ordinary investors-people with 401s, Robinhooders , the macroprudentially curious-into its army. Tomorrow it is launching an exchange-traded fund, or ETF, that will track the performance of the 500 largest public companies in America, the firm told The Atlantic. The new Engine No. 1 Transition 500 Fund is, in other words, a low-fee, diversified index fund of the type that now dominates the American stock...

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