Public-private partnership must be at the heart of tackling climate change ahead of COP26 April 19, 2021 Later this year, representatives of over 190 governments will gather at COP26 to voice their commitments to tackling the climate crisis, confirm a “landing zone” on net zero and negotiate the intricacies of the Paris Agreement rulebook. But it’s an illusion to think that government commitments are enough to kick-start climate recovery. Since the global [...]
Entrepreneurs and businesses – not politicians – will drive ESG forward June 6, 2021 When COP26 brings the world’s leaders together in Glasgow later this year, expect to hear plenty of talk about proposed regulation, but little in the way of real, strong action. The gap between rhetoric and result is best illustrated by the current approach to ESG, which risks flopping before it can even become the standard. [...]
Explainer: What are green bonds? And how will the UK’s first green gilts work? November 15, 2020 Chancellor Rishi Sunak announced yesterday that Britain will issue its first green government bond next year, in a bid to capitalise on growing investor demand for assets that fund environmentally-friendly projects. The market for investments with an environment, social, or governance (ESG) focus has increased exponentially in recent years. Around $250bn (£189bn) of green bonds [...]
Barclays faces fresh shareholder showdown over fossil fuels ahead of COP26 March 2, 2021 Barclays faces a second consecutive year of shareholder pressure on its position as Europe’s largest fossil fuel financier, after a shareholder resolution has been filed for the bank’s upcoming AGM on 5 May. The resolution calls for financing and exposure to coal, oil and gas to fall in line with the Paris Agreement’s climate goals. [...]
COP26: Three-year green savings bonds launched by Treasury-backed NS&I October 22, 2021 Green savings bonds giving savers across the UK the chance to back the Government’s environmental projects are being made available to take out online. Savers aged 16 or over can take out the bonds, which pay a fixed annual rate of 0.65% over a three-year term, via Treasury-backed savings provider NS&I’s website. The bonds, unveiled [...]
Barclays faces renewed shareholder challenge on fossil fuels February 26, 2021 Barclays faces a second consecutive year of shareholder pressure on its position as Europe’s largest fossil fuel financier, after a shareholder resolution has been filed for the bank’s upcoming AGM on 5 May. The resolution calls for financing and exposure to coal, oil and gas to fall in line with the Paris Agreement’s climate goals. [...]
Blackrock still invests in $85bn worth of coal assets despite sustainability pledge January 13, 2021 It is almost a year since Blackrock’s chief executive warned about the climate crisis, but new research reveals that $85bn worth of its managed assets remain exposed to the coal sector. In his annual letter to CEOs last year, Larry Fink said climate change had become a “defining factor in companies’ long-term prospects… I believe [...]
Green Bonds are misguided, counter-productive, and an investment handicap November 12, 2020 On Monday, the chancellor announced that the UK government will soon be issuing “Green Bonds”. In separate but related news, Scottish Widows will dump £400m of stocks that don’t meet Environment, Social and Governance (ESG) criteria. ESG compliance has become the first thing discussed at investment committee meetings. Everyone wants to show how green they [...]
EU watchdog: Commission failed in vetting Blackrock climate contract November 25, 2020 The EU watchdog has given the European Commission a slap on the wrist for failing to weigh up possible conflicts of interest when it hired Blackrock to help look into green banking rules. EU ombudsman Emily O’Reilly asked the Commission – the executive branch of the bloc – to consider toughening up its conflict of [...]
UK banks provided over $50bn in financing for coal-exposed firms from 2018 to 2020 May 4, 2021 The UK’s biggest banks provided $56bn worth of financing for firms involved in the coal industry between 2018 and 2020, new research today has found. Of the top five banks exposed to the sector, Barclays provided by far the most financing to firms on the Global Coal Exit list, with $27bn. HSBC and Standard Chartered [...]