Hedge Fund Veteran Criticizes Green 'Echo Chamber' Amid Firm Closure

Hedge fund manager Jeff Ubben, who recently closed his sustainable investing firm, criticizes the "echo chamber" of traditional climate summitry, expressing concern that entrenched points of view are hindering progress in climate talks. Ubben, an advocate for bringing oil companies to the table, joined Exxon Mobil's board in 2021 and is now on the advisory committee of COP28 in Dubai. The COP28 summit has drawn criticism for potentially becoming a deal-making venue for oil majors and the finance industry. Ubben argues that carbon-emitting companies need to be part of the conversation and that company balance sheets are crucial for driving change. His firm's closure coincides with a challenging year for climate investing, as green stocks have slumped.