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The Royal Bank of Canada is out with a long-awaited net-zero strategy that sets a far softer target than the emerging international standard for financial institutions, while touting its ability to engage with clients in the fossil fuel sector and beyond to drive emission reductions. Brooks asked in an email.
Last month there was a rare meeting, where the chief executives of Canada’s five largest banks testified before Parliament about their climate commitments. Policymakers confronted the banks’ credibility on their stated climate targets. Canada should follow suit.
million pounds of plastic from flights; KKR, ECP to invest $50 billion in datacenter capacity and power generation; law firms ramp up ESG training for lawyers; capital raises for sustainable heating, industrial decarbonization, energy sector emissions solutions, and more.
Some landlords have struggled to comply with strict decarbonization regulations cropping up in jurisdictions like British Columbia and California, among them building code requirements to “fuel switch” (i.e., That means it is tapping the earth’s heat, rather than conventional gas-fired boilers, to warm and cool the building’s interior spaces.
The ESAs include The European Banking Authority (EBA), The European Insurance and Occupational Pensions Authority (EIOPA), and The European Securities and Markets Authority (ESMA). Banking regulator EBA found a “clear increase in the total number of potential cases of greenwashing.”
Jessye Waxman, Senior Campaign Representative, Fossil-Free Finance Campaign, Sierra Club, says climate-related shareholder resolutions give banks necessary guardrails for transition financing. These claims are a misrepresentation of resolutions that simply aim to reduce banks’ exposure to climate-related risks.
This week in ESG news: Germany’s €50 billion industrial decarbonization plan; U.S. This week in ESG news: Germany’s €50 billion industrial decarbonization plan; U.S.
Billion for Sustainable Food Chain Fund Infrastructure Tech Startup Neara Raises $24 Million to Help Utilities Deploy Renewable Energy, Reduce Climate Risk InterContinental Energy Raises $115 Million to Develop Green Hydrogen Projects
Then there is the world’s leading fossil fuel project financier — the Royal Bank of Canada — and its push for increased Canadian LNG production , the latest in a regrettable stream of greenwashing exercises. LNG is not a climate solution in a world that desperately needs to decarbonize as quickly as possible.
Apple to Track Suppliers’ Emissions, Targeting a Decarbonized Supply Chain by 2030. UK Regulator Targets Greenwashing with New Sustainable Investment Labels and Disclosure Rules. Deutsche Bank Sets Scope 3 Emissions Reduction Targets for Carbon-Intensive Sectors. Government & Regulators. Private Equity & Venture Capital.
See below for the highlights of the past week, and get all your ESG news at ESG Today: Sustainability Goals, Initiatives and Achievements American Airlines Signs Carbon Removal Agreement with Cleantech Startup Graphyte Dow to Build $6.5
To that end, the COP28 Presidency unveiled the Global Decarbonization Accelerator , a set of initiatives focused on scaling up new energy systems, targeting noncarbon greenhouse gas emissions and decarbonizing energy systems today. Some institutions are stepping up their involvement in climate finance. MDBs provided about US$5.5
This week in ESG news: EU adopts new law against greenwashing; Walmart reaches 1 billion ton supply chain emissions reduction milestone; S&P forecasts $1 trillion sustainable bond market in 2024; Airbus, TotalEnergies launch sustainable aviation fuel partnership; Verizon invests $1 billion in renewable energy; EU lawmakers agree to certification (..)
bank to commit to net-zero emissions generated from its financing activities by 2050. . Signatories agree to implement decarbonization strategies in line with the Paris Agreement. Because yahoos such as me write critical columns about how they’re greenwashing or failing to do enough. Morgan Stanley became the first major U.S.
Index provider S&P Dow Jones Indices (S&P DJI) and Bank of China Hong Kong (BOCHK) announced today the launch of the first climate transition index covering companies in the China Hong Kong Greater Bay Area (GBA).
In this paper, we describe our process for assessing ESG-labeled bonds and show that, by systematically applying this framework, investors can help set a gold standard for the market, avoid surprises from controversy and greenwashing, and potentially generate more alpha over time. Less Greenwashing Can Mean More Alpha.
Australian Securities Regulator Warns it’s on the Lookout for Greenwashing. Citi, ING, SocGen to Develop Finance Framework to Decarbonize Aluminum Sector. Bank of America Sources 160 MW of Solar Energy to Power Operations. UK Launches “Green Nudge” Initiative to Encourage Sustainable Investment Choices. Sustainable Finance.
With the World Bank, the World Trade Organization, and environmental groups all in agreement, he added, “getting rid of inefficient fossil fuel subsidies is now a common sense bottom line.” “The simple reality is that it’s no longer free to pollute in Canada,” Guilbeault told media Monday morning. “We
Were an individual able to get an allocation of primary shares of a B Corp (or a traditional company directly engaged in decarbonization) that would qualify as a way to invest for impact. Most often, these vehicles enable companies to raise capital with interest rates tied to delivery of certain decarbonization or nature restoration targets.
This year's event built off the learning from the SDSN's Roadmap to 2050 A Manual for National to Decarbonize by Mid-Century report published in partnership with Fondazione Eni Enrico Mattei (FEEM). The event’s panels on the first day were focused on the decarbonization of the power, transport, industry, and buildings sectors.
Delta works toward decarbonizing in the aviation industry, including purchasing Sustainable Aviation Fuel (SAF) offsets, exploring the potential for hydrogen-powered aircrafts, and providing electric flight services for Delta customers from their homes to the airport. The Washington Post covers the FTC’s expected crackdown on ‘greenwashing.’
Thomae sees some evidence of transition costs becoming more tangible to investors, such as the investment required to finally address methane flaring, as promised by the Oil and Gas Decarbonization Charter (OGDC), part of the GDA. The cost profile [of transition] is going to become centre stage,” he notes.
As customers demand greener products and services, investors seek out the next big climate solution, and governments legislate to cut emissions, companies know they need to decarbonize, and fast. Ambition: Has the company set the right decarbonization targets?
None of these hopeful developments will avert the accelerating climate crisis in the near term, for this crisis manifests the carbon dioxide and other greenhouse gases already banked in the atmosphere, oceans and terrestrial ecosystems that will require multiple generations to reverse.
The SBTi believes that direct decarbonization must remain the priority for corporate climate action,” Alberto Carrillo Pineda, SBTi’s chief technical officer, said in a statement. C above pre-industrial levels.
Biden Turns to Private Sector to Ramp Building Decarbonization Efforts. Australia Financial Industry Body Sets Anti-Greenwashing Expectations for Fund Managers. Carlyle Launches Decarbonization-Linked Finance Program for Private Credit Market. India Commits to 45% Emissions Intensity Reduction by 2030. ESG Services and Tools.
This week in ESG news: Incentive comp for top RBC execs tied to climate strategy; Deloitte launches software solution to drive decarbonization strategies; Morgan Stanley to strengthen deforestation policies for clients; Kansas anti-ESG bill runs into headwinds when $3.6
European Regulators Launch Greenwashing Study. Major Banks Join Pledge to Mobilize $20 Billion to Support Indonesia’s Clean Energy Transition. Maersk Sources 100,000 Tonnes of Green Methanol to Support Fleet Decarbonization Goals. Biden Allocates $20 Billion to Reduce Methane Emissions. Government & Regulators. Exec Moves.
Net zero signals of change this week include billions of euros for industrial decarbonization in Germany. Net Zero Economy / Finance The European Securities and Markets Authority (ESMA) has published a new report that helps to define ‘greenwashing’ from the authority’s point of view.
Cities Government & Regulators Australia to Launch Decarbonization Plans for Key Sectors Biden Launches $20 Billion Climate and Clean Tech Project Financing Programs Australia Releases Rules for Sustainability Claims to Fight Greenwashing by Companies ESG Reporting & Disclosure Norway’s $1.3
Most of this new capacity will be directed toward decarbonizing industrial emitters such as cement and petrochemicals, and the power sector. The price signal from the biggest market in term of traded value, the European Union, will be muted as lawmakers eye carbon as a piggy bank to fund the bloc’s shift from Russian gas.
The report attributed this decline to methodology changes made by Alliance member US Sustainable Investment Forum, which tightened its standards regarding what qualifies as a sustainable investment in an attempt to address rising concerns about greenwashing.
This week in ESG news: BNP Paribas faces first-ever commercial bank climate lawsuit; HSBC unveils new financed emissions goals; Republicans urge Congress to block ESG investing rule; Allianz to vote against companies who don’t tie pay to ESG goals; United Airlines launches venture fund for sustainable aviation fuel startups; India proposes ESG investing (..)
I spent a large part of my career working on international finance at the World Bank and the United Nations and now advise public development and private funds and teach climate diplomacy focusing on finance. Getting to net-zero – without greenwashing. One year on, something is stirring. degrees Celsius – a pledge to net-zero.
This week in ESG news: BCG launches sustainability and climate policy & regulation center; Congress votes down Biden ESG investing rule; Deutsche Bank eyes big sustainable finance opportunity; Canada government to require suppliers to disclose emissions, set targets; Citi sets climate goals for carbon-intensive sectors; EU lawmakers agree to new (..)
Morgan Stanley, along with Bank of America and Citigroup, has agreed to deeper disclosure.) While I am grateful for every company that commits to taking practical, meaningful, un-greenwashed action, the common thread of the visions advanced above is that they set the bar higher — even if just a little bit.
Million Tons by 2030 Government & Regulators Canada Invests $350 Million in Sustainable Aviation Technology Biden Announces $2.9 Million Tons by 2030 Government & Regulators Canada Invests $350 Million in Sustainable Aviation Technology Biden Announces $2.9
CPPIB s greenwashing and contradictory actions are all the more problematic in light of the fund s apparent sophistication on many elements of managing climate-related risk, the report says. President Donald Trump and many Republican governors are openly hostile to the climate action by banks, pension funds and other financial institutions.
While gas companies insist they can decarbonize their operations and protect their business model by repurposing their infrastructure to transport and use hydrogen, these flimsy claims dont stand up to due diligence. Hydrogen may well play a niche role in the energy transition in hard-to-decarbonize industrial processes.
Words including decarbonization, net-zero, anthropogenic or carbon footprint dont work. Richard Brooks, the Toronto-based climate finance director of Stand.earth, an environmental organization, notes the slippery shift from big banks. Instead, lean into pollution, overheating and extreme weather.
This includes sanctions against Russian banks (access to SWIFT), and bans on exports (electronics, refining equipment, military supplies etc.). The consistent growth of clean energy is attributable to solid positioning , that includes its capacity to decarbonizing energy and deleverage tyrants.
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