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In its new strategy, the company claims it will invest US$10-US$15 billion between 2023-2025 in low-carbon energy solutions, such as electric vehicle charging, biofuels, renewable power, and carbon capture and storage. Last year, it invested US$5.6 billion in low-carbon solutions – 23% of its total capital spending.
Global asset manager AXA Investment Managers (AXA IM) announced today that it has updated its corporate governance & voting policy with more stringent ESG expectations for companies, including a pledge to target high emissions companies lobbying against the goals of the ParisAgreement.
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? Nest also views climate change as a systemic risk.
Move follows decision by Dutch pension fund PFZW to divest from nearly all of its fossil fuel holdings. PGGM has announced it would shift its engagement focus from the supply to the demand-side of the energy sector, following a decision from its largest client PFZW to divest from most of its fossil fuel holdings.
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.
Ninety-one of them were recorded in 2023 alone. “The world’s most vulnerable populations face the greatest risk from climate breakdown, but also the greatest risks from companies extracting transition minerals,” Caroline Avan, Head of Natural Resources and Just Transition at the BHRRC, told ESG Investor.
Now they must wait to see how signatories to the ParisAgreement act on the commitments outlined in the official response to the Global Stocktake, as well as multiple other pledges announced across the two weeks before that final text was signed, sealed and gavelled.
Research will span the introduction of the ParisAgreement in 2016 to the conclusion of the 2023 proxy season, with the aim of comparing the voting patterns of asset owners and managers. The UK’s Financial Conduct Authority’s consultation from the Vote Reporting Group closes on 21 September 2023.
His resignation was even more impactful given he is the author of the government-commissioned review, ‘ Mission Zero – Independent review of net zero’ , published in January 2023 and looking at how the UK could deliver on its climate targets in a manner is more affordable, and pro-business.
The new indicator includes metrics to see whether any emissions reductions have been due to actions such as divestment. CA100+ has also issued a list of proxy votes it will be concentrating on in the 2023 season at focus firms. are due to be released in the September-October timeframe.
Divest or wind down? In 2023, the coal division contributed over CA$5 billion (US$3.64 With the expansion of the coal portfolio comes an opportunity for Glencore to provide investors with a credible plan to responsibly wind down its coal assets in line with the ParisAgreement.”
n December 2015, the world took a vital step in tackling climate change by adopting the ParisAgreement. In 2023, the UK Transition Plan Taskforce aims to finalise its disclosure framework and implementation guidance and will develop sectoral pathways. C pathway by the end of 2023.
In our progress report this year [following the new protocol], we hope to have deeper insights on emissions reductions that can be shared ahead of COP28 and the global stocktake of the ParisAgreement,” said Bolli. In 2022, NZAOA introduced a member-led process to review members’ published and report targets on an anonymised basis.
As we move further into 2023, it can take a lot of energy to think about energy. C threshold (above pre-industrial levels) stipulated in the ParisAgreement. These case studies are available for purchase at 50% off their regular price through March 31, 2023 , using the discount code ENERGETIC.
Mining major Glencore’s shareholders are demanding answers over its coal strategy and its Paris-alignment at its 2023 annual general meeting (AGM), held 26 May. Rising investor demands for detail on transition planning and coal phase-out from mining firm come amid attempts to acquire Canadian rival. At the meeting, the US$64.8
In late 2022 and early 2023, a significant number of Article 9 funds were downgraded to Article 8 due to stricter regulatory guidance. Initiatives such as divestment from fossil fuels, engagement with companies on sustainability issues, and the launch of dedicated ESG funds demonstrate their commitment to driving positive change.
The DWP will assess whether further guidance is needed in H2 2023. . It emphasised the importance of trustees raising their climate stewardship ambitions by using Paris-alignment metrics to inform their engagement efforts to ensure they are truly contributing to the goals of the ParisAgreement. .
Oil and gas major Shell is under increasing pressure ahead of its annual general meeting (AGM) on 23 May, with asset owners like PGGM and the Church of England Pensions Board announcing their support for a shareholder proposal calling for the company to align its Scope 3 emissions target with the ParisAgreement. Car manufacturer Toyota is facing (..)
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.
If we went a step further than putting a stop to ripping out our forests and mangroves and started to restore them, we could get almost 40% of the way to our ParisAgreement goals by 2030. degrees is the speed at which we invest, not divest.
Financial organisations thus have a major role to play in the decarbonisation of the global economy, yet it is estimated that since the ParisAgreement in 2015, the 60 largest banks have instead invested $5.5 They can also divest from high-emitting industries such as thermal coal production. trillion USD in fossil fuels.
HSBC Asset Management unveiled a new policy today to phase out its investments in coal-fired power and thermal coal mining, with plans to ramp engagement with companies on transitioning away from thermal coal, and to divest from companies over time with inadequate transition plans. C objectives or clear divestment pathways.
Pension fund makes case for divestment, against backdrop of increasingly positive climate policy across major markets. Eight years since the ParisAgreement was adopted, the energy transition remains “stuck”, according to Spaargaren.
ShareAction has subsequently outlined its recommendations for investor reporting guidance, which it says should be implemented during the initiative’s next five-year cycle, commencing 2023. . Companies falling short of these red lines will be subject to either divestment or the asset manager voting against company directors. .
And while there are instructive parallels with the catalytic impact of the ParisAgreement on identifying and mitigating climate risks by the private sector, there are also important differences. Nietsch agreed: “Nature issues tend to be so complex and systemic that divestment may have less of an effect than it might for climate.
Buffeted by critics on both sides, finance sector alliances may need to refresh their tactics to progress toward net zero goals in 2023. The alliance says: “Companies need to work now to develop and implement credible transition plans aligned with the ParisAgreement.”
The 10 Big Things To Watch Across World’s Energy Markets in 2023. Wed, 01/11/2023 - 14:05. BloombergNEF has analyzed these and other key developments, and here we look forward to what might be coming in 2023. As road and air traffic rebound, the International Energy Agency estimates China’s 2023 oil demand to climb by about 0.78
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.
The final agreement requests parties to come to COP27 next year in Egypt with updated plans on how to slash greenhouse gas emissions by 2030. Under the ParisAgreement, countries were only obliged to update their goals by 2025. trillion in assets, have committed to divest. In a first-of-its-kind lawsuit in the U.S.,
In June that year Texas Republican Governor Greg Abbott signed into state law one of the country’s first pieces of anti-ESG legislation, requiring state entities – including pension funds – to divest from companies that boycotted fossil fuel and firearms. Since then, anti-ESG legislation has become a craze among Republican-controlled states.
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