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Green Finance: Academics Accuse Large Financial Services Organization of Greenwashing
October 21, 2022A large financial services organization and its asset-management arm are the subject of a complaint letter sent to the UN Principles for Responsible Investment (PRI) by almost 300 academics. TIAA and Nuveen collectively manage approximately $1.2 trillion and allegedly have approximately $78 billion of AUM invested in fossil fuels. PRI is an investor group, working in collaboration with the United Nations, whose signatories (including TIAA and Nuveen) commit to incorporate PRI’s six principles into asset management decisions. The letter requests that PRI launch a formal investigation into TIAA’s investment practices and, if PRI finds that such investments violate PRI’s principles, expel TIAA from PRI’s global sustainable investment initiative.
