EU to ban petrol car sales by 2035 and slash aviation fuel tax exemption in massive climate push July 14, 2021 The EU today unveiled a huge package of climate-based reforms including an effective ban on the sale of new petrol and diesel vehicles from 2035. Under the proposals, the European Commission said it was targeting a 100 per cent reduction in emissions from cars by the middle of the next decade. In order to push [...]
Behind the OPEC standoff: Saudi Arabia, the UAE and the rush to decarbonise in the Middle East July 13, 2021 The breakdown of talks between the OPEC+ group of oil producers last week came down to disagreements between Saudi Arabia and the UAE. The two often time allies have found themselves on opposite sides of the fence over production levels of oil, a running source source of tension that has come to the fore more [...]
Responsible investing is not a bubble set to burst, it is a greater structural evolution July 8, 2021 In recent months concerns have grown about responsible investment “bubbles”. In May, MSCI warned that clean energy exchange-traded funds are as crowded as technology stocks were at the height of the 1999 boom. Yet, whether we like it or not, bubbles are exactly what we should expect at this stage of the sustainable economic transition. [...]
Business leaders double down on hitting ESG targets July 8, 2021 British business leaders are strongly committing to hitting their ESG targets, new research published today shows. Figures compiled by Accenture, the global professional services firms, show 88 per cent of UK business leaders would not go back on their environmental, social and government commitments to meet earnings targets. Read more: Sunak reveals new climate impact [...]
Developing economies need more funds to tackle climate change – Carney July 6, 2021 The former governor of the Bank of England has warned that developing countries need more funds to tackle climate change. Speaking to MPs on the Treasury Select Committee, Mark Carney said although private financial markets could fund the investment needed to address climate change in rich countries, emerging markets do not have the same volume [...]
Bank of England to cut staff air travel amid green push July 5, 2021 The Bank of England is considering permanently cutting staff air travel as part of efforts to ramp up its climate change targets and “practise what we preach”. Sarah Breeden, the Bank’s executive director for financial stability and risk and lead on climate change issues, said the Bank was having an “active debate” over how to [...]
London should be the go-to city for green finance as Britain takes on COP26 July 5, 2021 It’s just over four months to go until the UN Climate Change Conference – better known as COP26 – takes place in Glasgow, and few will deny we are at a pivotal moment for our planet, and for the future of finance. With this in mind, we recently held the second of our hybrid Green [...]
City leaders are constantly proposing ‘green initiatives’ but is the Square Mile really doing everything it can for climate change? July 2, 2021 During London Climate Action Week, a series of sustainability initiatives are capturing airtime. The City of London’s ‘Climate Action Strategy’ aims to make the Square Mile net-zero in its carbon emissions by 2040. A group of law firms has adopted a ‘greener litigation pledge’. And financial services, which form the backbone of the City, are keen to [...]
Sunak to set out vision for UK financial services as new green bonds unveiled July 1, 2021 Rishi Sunak will today lay out plans to make Britain the most “advanced and exciting” country for financial services in the world in his first ever Mansion House address. The speech comes after the Treasury revealed the first details of the government’s plan for the UK’s first ever green sovereign bond – or gilt – [...]
Danske Bank launches UK’s first carbon-neutral mortgage June 29, 2021 Danske Bank has launched the UK’s first carbon-neutral mortgage, to tackle emissions generated throughout the mortgage life cycle. The mortgages, certified as carbon neutral by the Carbon Trust, will ensure physical paperwork is limited and recycled in Danske’s offices. The Carbon Trust calculated that each mortgage produces around 96kg of carbon, equivalent to driving 241 [...]