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Are lawyers and accountants doing enough on climatechange? When it comes to the climate crisis, it’s not just what you make and sell, it’s what you do, and for whom you do it. According to the group’s scorecard , Vault 100 firms: litigated 286 cases exacerbating climatechange (versus three cases mitigating it).
Divesting from fossil fuels isn’t just good for the planet. billion in returns over the last 10 years by not divesting from fossil fuels. And in 2018, Ireland became the first country to divest its national investment fund completely from fossil fuel companies. It can be good for financial returns, too.
Pressure on creatives: PR, advertising firms targeted by fossil fuel divestment movement. As fossil fuel companies' social license to operate becomes increasingly frayed, more industries in their orbit are getting entangled in the reputational quagmire that is now part and parcel of any activity that exacerbates the climate crisis.
According to a statement from the Treasury, the divestment comes in response to reports that “BlackRock has urged companies to embrace “net zero” ESG (Environmental, Social and Governance) investment strategies,” which would harm the state’s fossil fuel industry.
In August of that same year, reinsurance company Munich Re published a report on the devastating impacts of recent floods, warning of the risks of climatechange. It’s the result of rapidly increasing underwriting losses to climate-driven events that insurers and reinsurers are seeing worldwide.” In Canada, that year saw $2.1
EE: The debate about divestment versus engagement in fossil fuels is probably more heated now than ever. MH: Choosing among responsible investment tools – positive and negative screening, divestment and engagement – is complicated. The “clean hands” approach of divestment best expressed the moral outrage of activists over apartheid.
By pledging to grow its portfolio of oil and gas assets, CPPIB is making an alarming bet on the world failing to limit global heating to safe levels, putting the CPP at risk from an accelerating energy transition and our retirement security at risk from catastrophic climatechange. This “consensus” is imaginary.
The guidelines set out MAS’ supervisory expectations for the financial institutions to have a sound transition planning process, enabling effective climatechange mitigation and adaptation measures by their customers and portfolio companies to manage the transition to a net zero economy, as well as the physical effects of climatechange.
Some previously untargeted companies, brands, institutional investors and geographies will be thrust into the limelight as central problems in the battle against climatechange. As a result, we can expect to see personal, political and business incentives tilt in favor of more action to combat climatechange.
A decade of pressure on companies to report on and reduce their contribution to climatechange has created something of a blueprint for investors to demand the same in terms of the separate but interconnected biodiversity crisis.
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.
has opted to pull investments from five energy corporations, joining other faith-based groups in targeting fossil fuel companies over what they say are failures to address climatechange. The Presbyterian Church (U.S.A.)
How did the fossil fuel industry manage to raise a generation of climatechange deniers? A research group has just identified a big component of that attitude shift: the fossil fuel industry’s decades-long campaign to bury the truth by cozying up to universities and discrediting climate science.
ImpactAlpha, June 22 – The Vatican’s call last week urging Catholic congregations to divest from fossil fuels came in a 225-page manual meant to provide practical steps for implementing Pope Francis’ 2015 encyclical on climatechange. Journeying Towards Care For Our Common Home’ calls for the world’s 1.2
Timing and influencing the market are vital considerations for asset owners when divesting ESG assets. Since the success of the South African apartheid divestment campaign in the 1980s, investors must contend with similar pressure on other ESG issues, such as the growth of campaigns encouraging them to exit fossil fuels or tobacco.
An investor’s decision to divest “doesn’t mean an end to all ESG-focused engagement with that company”, according to Eric Nietsch, Head of Sustainable Investing for Asia at Manulife Investment Management. . There’s ultimately a place for both engagement and divestment,” said Nietsch. “If Multi-year effort .
According to Polman, businesses today are called upon to help find answers for the two major challenges we are facing: climatechange and growing inequality. According to Polman, companies should put themselves on the front line and support governments that cannot solve these problems alone.
More than half of divestments by Norges Bank Investment Management (NBIM) last year were the result of unacceptable social and governance-related risks. This can escalate action to voting, and, when necessary, resort to risk-based divestment. trillion in assets under management (AUM). trillion in assets under management (AUM).
Institutional and wholesale investors are increasingly willing to divest oil and gas firms and other carbon-intensive holdings to meet net zero commitments, according to a new global study. . Divestment appetite . Both institutional and wholesale investors said they expected to increase their divestment of carbon-intensive assets.
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
Florida will divest $2 billion of assets managed by BlackRock by the end of the year, according to a statement released Thursday by state Chief Financial Officer Jimmy Patronis, citing the investment manager’s integration of ESG considerations in its investment process. The state’s assets included in the divestment include $1.43
They also recommended that OSFI require institutions to set aside capital buffers (which would hit their bottom line) as protection against climate risks. Implementing their suggestions could force Canadian financial institutions to divest their fossil fuel company loans or refuse to insure oil and gas companies.
To capture unrealized value and move toward net zero, investors should continue to invest and prioritize active engagement with ESG laggards on their response to climatechange and management of greenhouse gas (GHG) emissions. But this approach misses out on untapped value and potential in the companies that have room to improve.
Achieved through marginal changes in portfolio allocations and the opportunistic divestment of just a few stocks, such reductions can be used to present an unjustifiably favourable image of the environmental credentials of a portfolio. A theory of (climate) change. The post Divested Interests? C ambition.
According to the report, 82% of asset managers currently have voting policies on climatechange, compared to only 56% in 2020. Divestment action was much more common in Europe, reported by 74%, than among asset managers in the Americas, at 40%, or in Asia Pacific, at 31%.
Launched in 2017, Climate Action 100+ is an investor initiative that has targeted the world’s largest corporate greenhouse gas (GHG) emitters to promote taking necessary action on climatechange, and align their business strategies with net zero in order to help limit average global temperature rise to 1.5 degrees Celsius.
The sustainable finance industry is facing a growing battle on two fronts as Republican lawmakers ramp up a culture war against “woke capitalism” and investors demand more decisive action on climatechange. . The company holds more than US$300 billion in fossil fuel investments, including more than $100 billion in Texas companies.
Blocking climate policy Categorized by the InfluenceMap lobbying red flag metric, which highlights companies that are engaged in corporate lobbying on climatechange. Cement carbon laggards Companies in the cement industry that were divested by NBIM. Source: CK) 1. Source: CK) 1. Source: CK, AYS) 10. Source: CK, AYS) 11.
Read the full story from NPR. About ten percent of all investments in the world are now in some kind of environmental or socially aligned fund. And big financial firms like BlackRock – under pressure from shareholders – have joined the trend, attracting investors and positive media coverage by touting environmentally responsible strategies.
The proposal follows decisions by the pension funds to divest from fossil fuel reserve owners in their public equities portfolio in 2018, and to exclude upstream fossil fuel investments, including exploration and extraction, in their private markets investments in 2023.
As the Intergovernmental Panel on ClimateChange and the International Energy Agency have made clear, limiting global heating to 1.5? It is deeply entangled with the fossil fuel industry through its board and staff. A long-time member of CPPIB’s global leadership team is now CEO of the Canadian Association of Petroleum Producers. .
The sharpened strategy will prioritise investments in Norwegian hydropower, market operations, and growth in solar, wind, and batteries in Europe and selected international markets. Statkraft will c.
BlackRock, as the largest global investment management company, and a leading voice in the investment community on climatechange and energy transition-related themes, has found itself at the center of many of these efforts. The announcement marks the latest move in an ongoing anti-ESG push by Republican politicians in the U.S.,
BlackRock, as the largest global investment management company, and a leading voice in the investment community on climatechange and energy transition-related investment themes, has found itself at the center of a vocal anti-ESG movement by Republican politicians in the U.S., So you tell me.”.
on understanding how environmental regulation affects investor behavior and the implications for climatechange. When environmental regulations, such as the NAAQS, come into effect, investors know it means their companies will take a hit — so, they divest. I’ve focused my Ph.D. This sell-off can be big. Simon Xu is a Ph.D.
As a member of the Executive Committee, Gwenaelle will preside over developing and deploying strategic, sustainability and quality & customer satisfaction initiatives, while steering all mergers, acquisitions and divestment activities globally. as a consultant.
Climate risk and resilience are largely modeled by insurance companies, looking at how a company’s assets may be affected by rising sea levels, extreme heat, increasing natural disasters and other future climate events as climatechange worsens. said Free.
In 2016, we created the Clean200 in response to investors saying, If we divest fossil fuels, there is nothing to invest in, says Andrew Behar, CEO of As You Sow and co-author of the Carbon Clean 200 report that accompanies the ranking. They include sustainably certified tech hardware, electric vehicles and electric rail equipment.
McMurdo says it is critical that large institutional investors unite if they are to realise change. He says: “It’s harder to find [climate] transition plans that are aligned with Paris than it is to find ones that aren’t. Disputing divestment. And McMurdo’s caution about divestment is not limited to the energy sectors.
DESCRIPTION: Last year marked a global shift in corporations adopting low-carbon and net-zero pledges as experts at the United Nations ClimateChange Conference , COP26, declared that the climate crisis is at a critical inflection point. KEYWORDS: antea group, Energy Transition, climatechange, Net Zero, Carbon Neutral.
The Danish pension fund for academics has joined the European asset owners opting for divestment, as fossil fuel companies remain at odds with the Paris Agreement. P+, which has more than 110,000 members, recorded a 78.2% P+, which has more than 110,000 members, recorded a 78.2%
BlackRock, as the largest global investment management company, and a leading voice in the investment community on climatechange and energy transition-related investment themes, has found itself at the center of a vocal anti-ESG movement by Republican politicians in the U.S., and holding back energy companies from producing oil.
Nadja Picard, Global Reporting Leader, PwC Germany, said: “We are seeing significant steps towards more consistent reporting from companies around climatechange, however there is a need for improvement.”
BlackRock, as the largest global investment management company, and a leading voice in the investment community on climatechange and energy transition-related themes, has found itself at the center of many of these efforts. The publication of the new site follows a growing anti-ESG push by Republican politicians in the U.S.,
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