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Pressure on creatives: PR, advertising firms targeted by fossil fuel divestment movement. Almost immediately in response to the Clean Creatives campaign, communications consultancy Porter Novelli announced it would end its working relationship with the American Public Gas Association from 2021. Michael Holder. Mon, 11/30/2020 - 01:00.
As a group, over the course of the past decade (2012 to 2021) these 20 companies slashed their net GHG emissions (Scope 1 and 2) by 43%, from 862 million tonnes to 489 million tonnes. Yet the pace and scale of their reductions is in the realm of what every company and country must do by 2030 to keep the faith of the ParisAgreement.
The oil and gas major’s Scope 3 commitments are muted but welcome, as expansion plans continue to prevail over sustainability targets. When Shell published its first energy transition strategy in 2021, investors and climate-focused NGOs alike were underwhelmed , with some even co-signing an open letter denouncing the plan.
trillion) in AUM co-filed a climate resolution at Shell, calling for the European oil and gas major to align its medium-term Scope 1 to 3 decarbonisation targets with the ParisAgreement. Earlier this month, 27 institutional investors with €4 trillion (US$4.6 Hold or fold?
Pledge to divest over next two years follows mounting pressure from protesters. Pensioenfonds Zorg en Welzijn (PFZW) has announced it will stop investing in companies in the fossil fuel sector that do not commit to the ParisAgreement and ambitions outlined at COP26. Setting a 1.5°C
Over the past decade, many asset owners have made divestments out of fossil fuels. In fact, the total value of the institutions divesting is estimated to be US$40.5 trillion, according to data provided by the Global Fossil Fuel Divestment Commitments Database.
UK pension schemes will be required to demonstrate alignment with the ParisAgreement from October, but will also be given greater flexibility to make climate-positive investments as well as new stewardship guidance, Work and Pensions Secretary Therese Coffey confirmed today. degrees Celsius.
Second, the Paris Aligned Investment Initiative (established by IIGCC) published their Net Zero Investment Framework in March 2021, which provides a set of recommended actions, metrics and methodologies for investors to maximise their contribution. Paris Aligned Investment Initiative. Mitigation strategies incl.
The targets of 24 of the companies were found to not be aligned with the goals of the ParisAgreement. This follows a legal complaint filed against Aramco by environmental law firm ClientEarth in 2021.
The benchmark launched in March 2021 to assess the performance of focus companies against the initiative’s three high-level goals: emissions reduction, governance and disclosure. The new indicator includes metrics to see whether any emissions reductions have been due to actions such as divestment. Benchmark 2.0’s
Asset owners have been urged to “scrutinise” the investment practices of their managers, following new research highlighting that asset managers committed to net zero have billions invested in oil and gas companies failing to align with the goals of the ParisAgreement.
oriented investment funds in 2021. [1] Other states have passed or introduced legislation designed to divest from industries like fossil fuels. ESG states has passed or introduced laws requiring divestment from companies that “boycott” the fossil fuel industry. Indeed, more than US$500 billion poured into ESG?oriented
Divest or wind down? Anglo American sold its thermal coal portfolio in 2021, while BHP announced in 2022 that it would close its last such mine in 2030. The company said it would continue the “responsible decline of its thermal coal operations over time”.
Data gaps shouldn’t prevent large pension schemes from beginning to measure and disclose the extent of portfolio alignment with the ParisAgreement, said the UK government following its consultation on climate and investment reporting. C temperature pathway.
n December 2015, the world took a vital step in tackling climate change by adopting the ParisAgreement. It was originally launched in March 2021 to assess corporates on their net zero transition against the initiative’s three core goals: emissions reduction, governance and disclosure.
C threshold (above pre-industrial levels) stipulated in the ParisAgreement. The University of Michigan Endowment Fund: Divesting from Fossil Fuels (Published 9.9.2020) In September 2019, there were climate change strikes at the University of Michigan. housing market typically works.
The DWP simultaneously published a response following its consultation on proposals to amend the Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021. Plotting a path to Paris . Other initiatives have been working to improve stewardship alignment between asset owners and managers. .
Regulators recently published results of their analyses of UK corporates’ 2021 filings on climate risks and governance. In extreme cases, he said, firms refusing to supply trustees with TCFD information would have to be divested from the portfolio in question. Cabove pre-industrial levels. Responsible stewards.
Subsidies for the production and consumption of coal, oil and natural gas was already increasing in 2021 before the invasion of Ukraine. That does not mean divesting to ensure the portfolio looks good in the quarterly report.
As of 2021, the collective assets under management represented by all PRI signatories – a group committed to incorporating environmental, social and governance (ESG) factors into their investment decisions – was more than US$121 trillion. We buy and sell companies all the time for a variety of reasons, quite frankly.”
The Church of England has announced it will divest from Shell, finally acknowledging the failure of more than a decade of investor efforts to convince the oil and gas sector to align with global climate goals. The respected investor is now divesting from all fossil fuels by the end of 2023 and will no longer try to engage with oil and gas.
The country says based on 2021 emissions projections it is on track to reduce emissions by up to 35% below 2005 levels by 2030. The government appears intent on replacing fossil fuels with fossil fuels: the 2021-22 budget allocates large sums (A$52.9 billion in 2021. Where does Australia stand on climate disclosure regulation?
It assesses the climate-related commitments and performance of 166 focus companies – typically the world’s highest emitters – against its Net Zero Company Benchmark , which was launched in March 2021 and covers emissions reduction, governance and disclosure themes. .
billion), UPP was founded in 2021 and is jointly sponsored by member universities and faculties from several Ontario universities. . reduction in UPP’s portfolio carbon footprint by 2025 and 60% by 2030 compared to a 2021 baseline. . Responsible for managing C$11 billion in assets (US$8.4 Multi-pronged climate engagement .
In the UK, the Competition & Markets Authority (CMA) gave detailed guidance in January 2021 to businesses and trade associations on the treatment of sustainability agreements under UK competition law. At a national level, Germany’s Federal Cartel Office is seen as treating green cooperative initiatives on a case-by-case basis.
The alliance says: “Companies need to work now to develop and implement credible transition plans aligned with the ParisAgreement.” Rooke says these are “encouraging signs” and asserts that GFANZ’s focus is on engaging with carbon-intensive firms rather than divestment. “We
million barrels per day (b/d) in 2021 from some 11.3 Global solar deployment will continue to grow in 2023 to about 316 gigawatts, up from about 268GW in 2022 and 182GW in 2021. The World Bank estimates that a carbon price of $50 to $100 per ton of CO2 is required by 2030 to meet the temperature goals of the ParisAgreement.
Few would-be leaders are planning their rise to power on the strength of their nationally determined contributions (NDCs) to the ParisAgreement. Fellow Californian public pension scheme CalPERS, owner of 9.2
University activists are increasingly citing the oil and gas industry’s targeting of kids in the classroom as another reason to divest from fossil fuels. The divestment solution. Divestment is an increasingly popular approach to combating the fossil fuel industry’s influence. The case for divestment is persuasive.
You cannot be faulted for failing to notice the long list of environmental wins that occurred in 2021. As 2021 drew to a close s 35-year-old leftist and former student leader Gabriel Boric, defeated his right-wing opponent to become president of Chile. Despite unnerving headlines, democracy is far from dead.
Flying high, sinking low For Daniel Fugere, California-based President and Chief Counsel of NGO As You Sow, 2021 marked a high watermark for investor action on sustainability. In the 2021 proxy season, environmental and social shareholder resolutions received on average a record 33% of votes in favour. Back then, ESG was flying high.
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