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So let’s set the record straight: these shareholder resolutions call for banks to adopt responsible guardrails for transition financing, and to insure against both greenwashing and over-exposure to risky lending practices. Proponents of the resolutions acknowledge the near-term need for fossil fuels.
Alongside the progress of a bill in California calling for fossil fuel divestment by public-sector pensions, and the SEC’s plans for climate-risk disclosures , this new assault on greenwashing moves US policy closer to its European counterparts, where fund disclosure rules are already reshaping the market.
In the statement it referred to metallurgical coal as “carbon steel materials”, drawing accusations of greenwashing. Anglo American sold its thermal coal portfolio in 2021, while BHP announced in 2022 that it would close its last such mine in 2030. BHP sold its oil and gas business to Woodside in 2022 in an all-share deal.
Will a company’s investment take it a step closer towards a net zero world, or will it be a strandedasset tomorrow? For more discussion of how to accelerate the transition to a net zero economy, join the COP27 Business Pavilion in person or via livestream, November 8-17, 2022. What are the barriers to action?
Over the course of 2022-2023, the TPT will be making recommendations, preparing detailed sectoral templates, creating guidance on third-party verification, and producing a pathway for future work on transition plans for consultation. . The UK isn’t the only part of the world considering mandatory transition plans. .
The US regulator, which issued draft proposals for mandatory climate reporting last week, is expected to uphold fewer objections from issuers this 2022 proxy season, having rescinded Trump-era guidance in November which? Risk of strandedassets . at Trillium Asset Management.? “In degrees Celsius.
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