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It was 1973 when German insurance firm Munich Re began sounding the alarm on climatechange. That year, Axa became the first major insurer to divest from coal. No one expects the insurance industry to solve climatechange on its own. But it can start by not making things worse.
Between July 1, 2016, and January 15, 2024, Clean200 companies generated a total return of 103.5%. And that’s the big deal, says As You Sow CEO Andrew Behar, who co-authored the 2024 study. “In In 2016, we created the Clean200 in response to investors saying, ‘If we divest fossil fuels, there is nothing to invest in.’”
Last week, Canada’s financial regulator introduced new rules requiring the country’s largest banks and insurance companies to disclose their climate risks and carbon emissions. They also recommended that OSFI require institutions to set aside capital buffers (which would hit their bottom line) as protection against climate risks.
The California State Teachers’ Retirement System (CalSTRS) and the California Public Employees’ Retirement System (CalPERS) have “wildly exaggerated” the costs of divesting fossil fuel holdings, according to climate activist group Fossil Free California (FFC). Counting the costs. The funds have estimated combined holdings of US$11.5
While some investors have chosen to draw a line in the sand and divest from fossil fuels, both van Baal and Lindmeier continue to see the value in remaining invested and engaged. “Selling your shares will have no influence over the oil and gas company,” said van Baal. Hold or fold?
Support for decarbonisation has also been spurred on by Climate Action 100+ , a group of over 570 investors engaging with large organisations to take action on climatechange and drive emission reductions, with further pressure on investment groups anticipated as more focus is placed on their emissions and climate impacts.
This backsliding has increased polarisation between investors, with some choosing to divest and others – in recognition of their responsibility as universal owners – doubling down on engagement with the sector.
The CSRD took effect from the beginning of 2024 for large companies, with the first reports to be issued in 2025, followed by smaller companies in subsequent years. This represents a significant number of funds that may need to consider either divesting from the stocks or rebranding.
C scenario.” It was hoped that Shell’s 2024 energy transition strategy , published this month, would demonstrate sufficient climate ambition and move the needle. No one is advocating for turning the oil and gas taps off overnight, as this would cause massive global economic upheaval.
By divesting its 20% stake in Rosneft, BP also disposed of around a third of its oil supplies. As divestment sceptics know, there’s a big difference between reducing portfolio and real-world CO2 emissions. Its last words will also be ours: “Climatechange is a threat to human well-being and planetary health.
While indirect risks remain predominant, litigation could target asset owners following increased focus on financial institutions. Investors will be increasingly subject to direct climate litigation risk in 2024 rather than indirect risks through investments as the types of cases brought evolve.
A move to a professional trustee model from lay people in the UK was also mooted during a debate on manager selection at the Stewardship Summit 2024. We have to recognise that there are limits to influencing and engaging with corporates, especially if the policy environment is not heading towards 1.5°C.”
However, not much is expected to change on that front. Ofwat is in the process of its 2024 price review ( PR24 ), with final decisions to be published on 13 December. Huxham also questioned whether the utilities have the capability to address new areas, such as climatechange, which is part of PR24’s proposed long-term targets.
Start of the first production line is expected mid-year 2024 followed by up to two more production lines to serve the growing market and continued development of MAGMA. The proximity to key customers in Bourbon country will reduce logistics and further enhance O-I’s customer service, flexibility, and sustainability. i.com. ###.
Climate Action 100+ (CA100+) has increased investor representation on its global steering committee, adding Phoenix Group Head of Stewardship Valeria Piani alongside five others to further expand its geographic experience and expertise.
Earlier, Woods called out CalPERS for its opposition, claiming that climate activist shareholders wanted to “financially hurt” the company. A stronger possibility is that more investors choose to divest from Exxon, following continued examples of climate denial and obfuscating.
Investors will be increasingly subject to direct climate litigation risk in 2024 rather than indirect risks through investments as the types of cases brought evolve. While indirect risks currently remain predominate, litigation could target asset owners following increased focus on financial institutions.
The second meeting of the Intergovernmental Negotiating Committee ( INC-2 ) was supposed to discuss options for legally binding and voluntary measures addressing plastic use as a key step to reaching consensus by the end of 2024. Morningstar described a ‘say-on-pay’ vote as a “ key area of dissent ”.
The limits of fiduciary duty and corporate engagement could see institutional investors embrace systemic stewardship in 2024 to meet 1.5°C-aligned COP28 reminded investors of the difficulties involved in reaching inter-governmental consensus on intensifying climate action. C-aligned objectives.
This compares to a second quarter 2021 Net Loss of $486 million and non-GAAP Operating Earnings of $47 million, which included results of the divested fossil and solar assets. For 2024, PSEG is forecasting nuclear baseload output of 29 to 31 TWh and has hedged 55% - 60% of this output at an average price of $32 per MWh. per share).
2024 wildfire season affected more than 4,100 properties. Taking housing out of the commodity market also reduces reliance on banks and speculators, who often contribute to rising inequality and unsustainable industries, a 2023 study published in the Journal of City Climate Policy and Economy found. Communities across Interior B.C.
PERRYSBURG, Ohio, March 25, 2024 /3BL/ - O-I Glass, Inc. (“O-I dollar, (18) changes in tax laws or U.S. dollar, (18) changes in tax laws or U.S. O-I Glass” or “O-I”) was selected by the U.S.
dollar, (18) changes in tax laws or U.S. dollar, (18) changes in tax laws or U.S. O-I Glass” or “O-I”) plans to install a waste heat recovery system at its Veauche, France operations.
Major advances in sustainability, flexibility, and productivity €55 million for the plant in Gironcourt-sur-Vraine; €40 million for Reims PERRYSBURG, Ohio / VAULX-EN-VELIN, France, February 21, 2024 /3BL/ - O-I Glass, Inc (NYSE: OI) announced today the company is investing €95 million into two of its French glass packaging production facilities.
This should include exiting debt, freezing or divesting equity, calling on governments to drive change, and providing more transparency on their stewardship practices. Last year , MMMM launched a campaign to hold UK-based asset managers accountable on their softening stance on climate stewardship at fossil fuel firms.
Norway-based asset manager Storebrand recently excluded First International Bank of Israel for its involvement in the Occupied Palestinian Territory, while a number of major European banks and pension funds divested from Israeli weapons manufacturer Elbit.
It will make the rule more “defensible when it’s challenged in court,” says Wyatt. The SEC is expected to face legal challenges to its climate disclosure rule, in a country where climatechange denial is rife and a concerted anti-ESG effort is underway.
Environmental successes are easily overlooked in a world ravaged by climatechange, biodiversity loss, an ongoing global pandemic and attacks against democracy. The dystopian legacy of the former president is becoming increasingly clear to all but the willfully ignorant as is his politicization of climatechange and COVID.
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