Vanguard S.O.S. disagrees. The climate-change advocacy group is launching a cable television ad campaign designed to push the company to use its investments to fight climate change. A 30-second ad – targeting Vanguard customers with "If it's bad for the environment, it's bad for your retirement" message – will begin this week on cable stations and streaming television platforms in Chester County, Pa., where Vanguard is based. The ad is designed to warn "Vanguard's customers of the risk that climate change poses to their retirement futures," Vanguard S.O.S. said.

The group, an international network of civil society organizations, social movements and financial experts, has conducted a longstanding campaign against Vanguard's investment practices. "Despite acknowledging that climate change is a material risk to investors, Vanguard has failed to release a comprehensive plan that integrates climate risk into its investment strategies," the group said.

In response, Vanguard said, "We consider climate change to be a fundamental risk to many companies and their shareholders' long-term financial success. As an investment manager and steward of our clients' assets, it's our fiduciary duty to ensure investors are aware of material risks and that portfolio companies are taking the appropriate steps to manage and mitigate those risks on behalf of their shareholders."

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Vanguard has outlined its positions on climate research, policy and investing on its website.

"We are addressing this important risk by engaging with the companies held in our funds on their climate risk oversight, mitigation and disclosures; through thoughtful investment products that help investors manage certain climate-related risks and opportunities; and through engagement with policymakers, industry regulators and aligned organizations," according to the website.

Vanguard offers several options for investors who are interested in ESG issues.

"For those clients who seek them, we offer investment products with specific ESG objectives that can help investors manage these risks and opportunities, including several ESG funds that are designed to meet net zero objectives," it said. "For investors who specifically want to limit exposure to carbon-intensive industries, we offer ESG index funds that avoid or reduce exposure to specific industries while seeking to achieve a market-like return."