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The findings align with those of a 2023 EY survey of senior corporate finance leaders , which found that while sustainability remained as a top investment priority, it was also the most likely area to experience near-term budget cuts in the current inflationary and geopolitically unstable environment in order to meet short-term earnings goals.
As US and Canadian banking majors begin to publish their 2023 proxy statements, there has been a troubling mischaracterization of climate-related shareholder resolutions, misleading investors into thinking these resolutions are something they’re not. Proponents of the resolutions acknowledge the near-term need for fossil fuels.
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In the statement it referred to metallurgical coal as “carbon steel materials”, drawing accusations of greenwashing. This leaves it heavily exposed to reputational, regulatory and stranded-asset risk, leading many investors to avoid it. In 2023, the coal division contributed over CA$5 billion (US$3.64
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