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Just before the launch of COP26, the UN climate conference in November, the DivestInvest network calculated that endowments, portfolios and pension funds worth nearly US$40 trillion have now committed to divesting their fossil fuel holdings. Eroding public support for the sector has been considered valuable work in itself.
The UK government’s Department for Works and Pensions (DWP) announced today the launch of “Green Nudge”, a new three-week trial aimed at encouraging pension savers to make green investment choices and increase engagement on the sustainability of pension investments.
"We are excited to join PCAF and to support the important work they are leading to build a methodology for global banks' efforts to track and measure climate change risks," said Audrey Choi, Morgan Stanley's chief sustainability officer and CEO of the Morgan Stanley Institute for SustainableInvesting.
Sustainableinvestments should grow as divestment from carbon-intensive industries intensifies. As a result, we can expect to see personal, political and business incentives tilt in favor of more action to combat climate change. Faster private- and public-sector innovation to get emissions down should follow.
Tan added: “We seek to make a difference not only through direct corporate dialogue but in collaboration with the industry through system-wide stewardship, helping to shape an enabling policy and regulatory environment which places a fair value on natural capital and the ecosystem services from which we all benefit.” ”
The Financial Conduct Authority (FCA) has published its much-anticipated consultation outlining measures to tackle greenwashing, including the introduction of three categories for sustainableinvestments. The UK financial markets watchdog also plans to regulate providers of ESG data and scores. .
The recent COP26 global climate change conference adjourned with a first-ever multinational agreement for trading standards. But a planned move toward more uniform global administration—another COP26 takeaway—should prevent this. It will take time before carbon offsets become asset allocation options for the average investor.
This year’s COP26 summit is widely viewed as one of the last chances to fulfil the 2015 Paris climate agreement and ensure meaningful progress is made towards tackling our net zero targets and the climate emergency. By Bill Ireland, Logan Energy.
The ruling referred to ads displayed in bus stops in London and Bristol in October 2021, in the run-up to the COP26 climate conference, promoting HSBC’s initiatives to provide up to $1 trillion in finance and investment to help clients transition to net zero, and to help plant 2 million trees.
The G7 Communique shows a patchwork approach that failed to live up to the promise made just a few months ago at COP26. The G7 leaders welcomed the International Sustainability Standards Board which is a strong signal to all reporting standards to refer to the ISSB as the global baseline.
The IFRS Foundation Trustees announced today the appointment of Sustainalytics founder and former CEO Michael Jantzi and SASB Standards Board Chair Jeffrey Hales as members of the International Sustainability Standards Board (ISSB). Jeff and Michael bring significant sustainability, investment and standard-setting expertise to the ISSB.
Alice Evans, Co-Head of BMO GAM (EMEA)’s Responsible Investment team, said: “COP26 in November last year served to further highlight the scale of the challenge in addressing climate change.
While Environmental, Social, and Governance (ESG) ratings are becoming more prominent with over $120 billion funneled into sustainableinvestments in 2021 (more than double the $51 billion from 2020), these ratings are an imperfect effort for sharing relevant information with investors.
These long-held principles of sustainability have filtered down to the world of investment. According to figures published by The Global SustainableInvestment Alliance in 2021, Japan’s total sustainablyinvested assets stood at US$42,874 billion in 2020, representing a more than fivefold increase from 2016.
This week, the ISSB delivered its long-awaited sustainability standards, to overwhelming but not universal acclaim. Double trouble – Undoubtedly, the most significant development in sustainableinvestment this week was the release of its first two standards by the International Sustainability Standards Board (ISSB).
The International Organization of Securities Commissions (IOSCO), the global standard-setter for securities markets, has now published important recommendations to foster confidence in this key link in the sustainableinvestment chain.
End of Week Notes Another reason to redouble active ownership efforts The sense of optimism that permeated the first week of the COP26 global climate summit in Glasgow took a sobering turn this week as overall commitments appeared to fall short of the goal of limiting global temperatures from rising more than 1.5 degrees Celsius.
End of Week Notes While governments struggle to act The COP26 summit in Glasgow underscored two big things for me: One is that the world’s sovereign nations are not yet able to muster a fully coordinated and cooperative response to climate change, despite the scientific consensus on the causes?—?the the burning of fossil fuels?—?and
All this work was featured in our virtual Zero Emissions Solutions Conference alongside the first week of COP26. The Networks program also issued two new SDG Action publications to support the UN’s Decade of Action : the SDGs Edition in July for the High-level Political Forum and the Climate Action Edition for COP26.
“Here, the taxonomy could play a pivotal role in how these entities communicate their investment shifts and progress,” she said. Levick added that several national entities, including the UK Infrastructure Bank and the British Business Bank plan to utilise the green taxonomy to guide investment decisions.
trillion annually but attracted just US$13 billion in sustainableinvestment over the past decade; achieving SDG 14 will require US$174.5 They pointed to the inclusion of oceans in discussions at COP26 and COP27 , with the latter issuing a commitment to protect coastal zones and oceans from the physical impacts of climate change.
In the circumstances, others noted , preventing backsliding from COP26 was no mean achievement, nor were the efforts of Indonesia and India to maintain the G20 leaders ’ commitment to climate action last week in Bali.
This achievement was one of several high points in the pension fund’s 2023 sustainableinvesting (SI) report , published in April. The Net Zero Asset Owner Alliance , which CDPQ co-founded with Allianz, and the Sustainable Markets Initiative, is another good example.
At COP26, the Glasgow Financial Alliance for Net Zero ( GFANZ ) declared a sector-wide commitment of US$130 trillion – a number that has increased over the year to US$150 trillion – of private capital to transition the global economy to net-zero greenhouse gas emissions. On this critical issue, there has been no absence of good intent.
Developed countries have also been asked to prepare a report on doubling by COP29. Bureaucratic barriers The failure in scaling blended finance in a meaningful way is well known – flows are decreasing with volumes falling to a 10-year low in 2022, according to the latest Convergence report.
“Forests are essential both for preventing dangerous climate change, catastrophic biodiversity loss, and for securing the human rights and livelihoods of more than a billion people,” said Vemund Olsen, Senior Analyst – SustainableInvestments at Storebrand Asset Management.
UK asset owners are feeling the squeeze from sustainability reporting, but they are working on ways to ease the pinch. The UK hosted COP26 in 2021 and, therefore, wanted to be viewed as a climate leader. “It It was easier to push on pension funds’ door than on asset managers’ door,” one organisation told ESG Investor.
In the wake of COP26, and with the 27 th edition in sight, the latest IPCC assessment reports [1,2] starkly highlight the risks we are facing if we fail to curb greenhouse gases emissions. This article was co-authored by Jaakko Kooroshy, Global Head of SustainableInvestment Research at FTSE Russell, an LSEG business.
Carney, the former governor of the Bank of England (and Canada) established GFANZ with billionaire Michael Bloomberg at the COP26 UN climate summit last November in Glasgow. and Canadian banks and large investment managers. . says Baltej Sidhu, an analyst with National Bank of Canada, in an interview with The Globe and Mail.
Sustainableinvestment experts predicted an even greater emphasis by investors on public policy, at a recent roundtable held by S&P Global Sustainable1 and ESG Investor. First, our roundtable participants surveyed the existing regulatory landscape for sustainableinvesting. Positive trajectory.
COP27 deadline for Green Finance Strategy likely to be missed, as investors await details on sustainableinvestment framework. According to some experts, the UK’s COP26 presidency, which ends in November, risks losing momentum if the UK is no longer seen as a global leader on measures to mitigate climate change.
The UK’s proposed regime for mandatory transition plans should require firms to explain their approach to managing biodiversity as well as climate risks, according to the country’s leading sustainable finance organisation. Tackling twin crises.
At COP26 in Glasgow the International Financial Reporting Standards (IFRS) Foundation announced the creation of the International Sustainability Standards Board (ISSB) to develop a comprehensive global baseline of sustainability disclosures.
“Global standards and interoperability are at the heart of our approach to green finance, minimising the cost to firms operating across multiple jurisdictions, and crucially, providing investors with comparable and consistent information to inform capital allocation,” said Penn, reiterating the vital role that governments will play in maintaining the (..)
Many of the tools in the sustainableinvesting toolbox are not up to the job, he argued, which is why universal owners are bound to fail when they try to internalise climate targets within their portfolios. “So-called
SustainableInvestment and ESG ratings. The rise of intangibles that are much more sensitive to environmental and social issues has played a crucial role in the growth of investment which considers Environment, Social and Governance factors (ESG investment).
Management of nature-related risks, impacts and dependencies could soon become central to asset owners’ sustainableinvestment strategies. Alongside its many harrowing and destructive impacts, Russia’s invasion of Ukraine has provided an unintentional boost to the aims of COP26.
UKSIF banks “phased approach “ to sustainability disclosures for SMEs to reduce compliance burden of UK ’s proposed non-financial reporting requirements. The FCA’s consultation on SDR closed on 25 January, with the regulator intending to publish a policy statement in Q3 this year.
Consistent data on sovereign climate risks is crucial, says Victoria Barron, ASCOR Chair and Head of SustainableInvestment, BT Pension Scheme. In the run-up to COP26, the FAIRR Initiative investor network flagged the lack of detail about emissions reduction in the agricultural sector in the NDCs of 16 Group of 20 countries.
At COP26, Indian Prime Minister Narendra Modi pledged to reduce the country’s emissions by one billion tonnes by 2030 and promised to raise the percentage of renewables in its energy mix to 50%, growing India’s non-fossil fuel energy capacity to 500 gigawatts (GW) by the end of the decade, achieving 175 GW by the end of 2022. .
ESG Investor’s weekly round-up of news on technology and tools in the sustainableinvesting sector, including FTSE Russell, BondLink, Moody’s, Intercontinental Exchange and more. .
Among investors, sustainableinvesting is evolving from negative screening toward engaging with companies. Impact investing is getting traction and, in 2022, reached 1.2 trillion in AUM, according to a report by the Global Investing Network. In this context, the case to demonstrate impact has gained in popularity.
Customers and investors should exert greater influence over the tropical timber and pulp sectors, sustainableinvestment experts have said, in light of leading sector firms’ failure to reduce and report their exposure to deforestation risks.
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