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The sale marks the third time in the last year that OMERS has divested a major fossil fuel asset. . As pension plan members, we’ve been asking OMERS to either demonstrate how its fossil fuel assets have credible decarbonization pathways or divest them. And OMERS might finally be listening. . appeared first on Corporate Knights.
Clean200 data show that for the large companies that make up 80% of global market capitalization, sustainable revenues and capital expenditures are growing more than twice as fast as all other revenues over the past five years. They include sustainably certified tech hardware, electric vehicles and electric rail equipment.
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.
The guidelines set out MAS’ supervisory expectations for the financial institutions to have a sound transition planning process, enabling effective climate change 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 climate change.
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
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.
Pretorius and Free agreed and claimed investors will expect even more from companies than mere divestment from non-renewable assets. Beyond divestment, “emissions can be reduced by funding greener companies on public and private markets, but also on fixed income markets, sustainable bonds, green bonds, etc.”
In his most recent annual CEO letter , Fink further detailed the climate-focused investment case, forecasting a “tectonic shift” in capital towards sustainable investing, and calling the decarbonization of the globaleconomy “the greatest investment opportunity of our lifetime.”.
While the non-profit acknowledged that economic prosperity is linked to energy access, it argued that transitioning the globaleconomy doesn’t hinge on demand being met, but rather on how it is met.
Financial organisations thus have a major role to play in the decarbonisation of the globaleconomy, yet it is estimated that since the Paris Agreement in 2015, the 60 largest banks have instead invested $5.5 They can also divest from high-emitting industries such as thermal coal production. trillion USD in fossil fuels.
They can also serve as safeguards to verify that the reduction of emissions in their portfolios corresponds to actual emissions reductions in the real world, rather than being achieved solely through divestment from high-emitting assets. We strongly encourage all stakeholders to take part in the consultation.”
C no/low overshoot scenarios to set the ambition level for sub-portfolio and sector targets. At the global level, IPCC 1.5°C “As we head towards at least 2.4°C
Charlotta Dawidowski Sydstrand , Head of ESG at AP7, explains how universal owner s can exert collaborative pressure to drive sustainable outcomes in the globaleconomy. This, says Sydstrand, creates a “ripple effect” in the globaleconomy.
Earlier this year , a benchmark study warned that several Canadian pension schemes have fallen behind global climate transition progress. However, CDPQ was identified as a climate leader following its decision to divest firms involved in oil production and refining and coal mining in 2022. ‘Green’ assets now make up 12.5%
Divestment, while a contentious strategy, should be considered a last resort. This approach is vital not only for protecting nature and our climate but also for ensuring the sustainability and resilience of pension investments for members, steering us towards a more sustainable globaleconomy.
The resources included deep-dive guidelines for seven sectors – including asset owners, asset managers and banks; high-level guidance for 30 sectors of the globaleconomy; and advice on how to undertake a transition planning cycle.
Russia’s invasion of Ukraine and the corresponding energy crisis, inflation spike and political instability it inflicted on the globaleconomy brought into question whether this act of military aggression should be seen as a help or hindrance to the energy transition. “In
In its latest synthesis report , the Intergovernmental Panel on Climate Change (IPCC) issued a “final warning”, calling for swift and decisive action to keep global average temperature rise to <1.5°C Averting this cataclysm requires the reduction of global anthropogenic greenhouse (GHG) emissions to net zero by 2050.
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 globaleconomy to net-zero greenhouse gas emissions. Engagement ring.
It is through good stewardship that corporate engagement can drive high carbon emitting companies to develop and implement a net zero transition plan, which will ultimately help to decarbonise the globaleconomy,” says Stephanie Pfeifer, CEO at the Institutional Investors Group on Climate Change (IIGCC). .
Pension funds are confronted with immense pressures such as meeting their liabilities, managing deficits, navigating turbulent globaleconomies, and coping with growing regulatory burdens. California’s proposed divestment laws addresses the systemic risk of climate change, he says. It can be an uneasy relationship.
Note that any divestment or transfer of covered debt or equity must be to a non-U.S. As with General License 9A, any divestment or transfer must be to a non-U.S. Without access to SWIFT, these Russian banks are effectively cut off from participating in the globaleconomy. 14024, until June 24, 2022.
The ongoing COVID-19 pandemic has brought our globaleconomy to a standstill, with fears of the worst recession since 1929. Economies around the world are reeling from the cascading shocks wrought upon them since the beginning of March. (This post was published earlier this year on Medium.
The fossil fuels divestment movement continues to grow and as indicated in a recent report by DivestInvest, 1,500 investment institutions, responsible for $39.2 trillion in assets, have committed to divest. Student divestment movements have succeeded in removing fossil fuels from a number of universities in 2021.
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