The wealth management industry cannot solve climate change on its own, and there were significant elements missing from the Cop26 agreement, said Eoin Murray, head of investment at Federated Hermes.

Speaking on the latest edition of the FTAdviser podcast about the outcome from the Cop26 summit in Glasgow, Murray said the devil was in the detail of the agreement.

“So much of it is promissory and that always makes me nervous,” he said. “We also need to bear in mind that we will never solve [climate issues] ourselves, as investors or as an industry, it always had to be part of a bigger package and I think there are still some significant elements missing from the bigger package in terms of regulation, policy etc, although again, a number of improvements in a couple of areas will have got us further down the path [to net zero].”

Murray was joined on the podcast by Rob Harley, portfolio manager with the sustainable funds group at Stewart Investors.

The FTAdviser Podcast is the weekly podcast for financial advisers, brought to you by FTAdviser. Each week, FTAdviser is joined by guests from the industry to discuss the week in news and pressing industry issues.

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