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Marina Schwarz

Funds Quit Energy Investments on Climate Fears

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Mounting climate change fears push U.S. investors to assess geographical risks

With an above-average percentage of its power generated from renewable sources and one of the largest battery storage operations in the United States, utility Sempra Energy seemed to check all the boxes for portfolio manager Todd Ahlsten, who manages more than $18 billion (£14.2 billion) for Parnassus Investments based on each company’s environmental, social and governance attributes.

But he sold his shares in the San Diego-based company earlier this year because of his conviction that its location in California will put it in the crosshairs of increasingly severe weather patterns, no matter how environmentally responsible it may be.

This is just getting better and better.

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