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BP hits the brakes on transition away from fossil fuels

Corporate Knights

To climate-focused investors, the continued investment in fossil fuels and the scaling back of climate targets is shortsighted given what they see as the need for BP to decouple itself from oil and gas production or face future risks of litigation , regulation and stranded assets. BP did not respond to a request for comment.

Net Zero 337
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CDP Adds Reporting on Plastic-Related Impact and Risks to Disclosure System

ESG Today

Cate Lamb, Global Director for Water Security at CDP, said: “To be able to act effectively, companies must develop a robust understanding of how they contribute to the plastic pollution crisis and formulate equitable and just transition plans to address this.

CDP 137
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Current State of Water Stewardship Practices: Top 5 Questions Answered

3BL Media

The CDP Global Water Report (2020) informs us that, when it comes to water security, “The cost of inaction is five times the cost of action.”. CDP and Planet Tracker’s High and Dry: How Water Issues Are Stranding Assets , May 2022 report recognizes that “Water risk is already stranding assets across major sectors of the global economy.”.

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Canada to Phase Out Public Fossil Fuel Financing

ESG Today

Canada’s Environment and Climate Change Minister Steven Guilbeault said: “By eliminating inefficient fossil fuel subsidies, we are encouraging smart and efficient government investment decisions that can increase Canada’s competitiveness in a decarbonizing global economy, while avoiding creation of stranded assets.

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Let Experts Lead Engagement

Chris Hall

This is, presumably, what the new BlackRock and State Street stewardship programmes offer: the opportunity to have their voices heard at the companies whose business plans will make a meaningful difference to achieving global climate goals and the sustainable growth of the global economy.

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“Huge Disconnect” Between Financiers and Scientists on Climate Risk  

Chris Hall

Minsky Moment Carbon Tracker warned that as a result a wealth-damaging correction or “Minsky Moment” – whereby a sudden decline in market sentiment leads to a market crash – was virtually inevitable.

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Beware the Green Swan

Chris Hall

“The harsh reality is that emissions are continuing to rise,” says Philipponnat, adding that much of the discussion among policymakers has centred around reducing the CO2 intensity of our global economy. As these perilous climate projections unfold, one might expect an inevitable upheaval in the global economy.