#SustyTalk: Lloyds Banking Group's James Wilde on financing the green recovery
edie's #SustyTalk interview series continues with Lloyds Banking Group's head of sustainability James Wilde taking part in a virtual discussion on financing the green recovery, as well as providing an update on the bank's efforts to halve its emissions.
Taking place on Wednesday: edie's green recovery webinar sessions
The first raft of speakers has been confirmed for edie's series of free green recovery-themed webinars and masterclasses taking place on Wednesday 23 September, with sustainable business experts from Aldersgate Group, BT, Bank of England, Ella's Kitchen, UKGBC all among the line-up.
Inclusive recovery: Can a post-pandemic economy shift society and sectors to greener pastures?
The world is still reeling from the continued impacts of the coronavirus pandemic, but the financial decisions that are made now will determine whether all sectors and parts of society are brought along the green recovery.
Banking and finance giants issue support for circular economy investment
More than 30 chief executives from some of the world's largest banks and asset managers, including BlackRock, Barclays, Lloyds, ING and the European Investment Bank, have backed new research from the Ellen MacArthur Foundation (EMF) highlighting how green finance can spur the circular economy.
UK needs 'significant' overhaul of infrastructure investment to reach net-zero, report claims
The Confederation of British Industry (CBI) has claimed that the UK Government needs to "undertake a significant programme of infrastructure investment" to enable regulators and private investment to create funding for critical net-zero infrastructure.
UK emissions still down 14% despite lockdown easing, Carbon Trust analysis finds
The UK's greenhouse gas emissions footprint is down 14% year-on-year per capita basis, new analysis of consumer spending data by the Carbon Trust has concluded.
Treasury defends lack of 'green strings' tied to corporate Covid-19 relief packages
The Government has defended its decision to issue billion-pound bailouts for carbon-intensive companies and sectors, with the Treasury hitting back at accusations that the Paris Agreement and the climate crisis had been cast aside, but a court case still looms.
Bridging the gap between sustainability and finance
The role of an environmental professional on big infrastructure projects has changed dramatically during my career. Now we are approaching a period where sustainability and finance professionals engage on the crucial decisions that will shape the green future.
Private equity investors launch Paris-aligned climate disclosure framework
A group of private equity investors have launched an international network committing to engage with corporates in reducing carbon emissions in line with the needs of the Paris Agreement.
Credit Suisse cuts fossil fuel lending as part of £250bn green finance promise
Swiss investment bank Credit Suisse has unveiled plans to provide more than £250bn in financing geared towards green bonds and the low-carbon economy over the next decade, as well as pledging to limit financing to the oil and gas sector.
Citi targets $250bn environmental financing by 2025, as Moody's unveils science-based targets
Multinational banking giant Citi has pledged to funnel $250bn (£192.5bn) into low-carbon solutions by the end of 2025, in the same week that Moody's unveiled new Paris-Agreement-aligned climate targets.
NatWest to disclose the climate impacts of projects it finances
NatWest Group has pledged to halve the climate-related impacts of its financing by 2030, after becoming the first major UK bank to join the Partnership for Carbon Accounting Financials (PCAF).
Morgan Stanley to disclose climate impact of investments
Morgan Stanley has become the first US-based global bank to commit to measuring and disclosing the environmental impact of its investment portfolio and loan offerings and will join a global partnership to drive climate action across the global accounting sector.
Coronavirus: EU's recovery deal lacking climate spending accountability, green groups warn
Following four nights of negotiations, the European Union (EU) has agreed its biggest joint borrowing plan ever recorded, pledging €750bn to a coronavirus recovery package, but green groups have expressed concerns that focus and accountability on green spending have "taken a battering".
Bankers for Net-Zero: Banks sign up to steer UK green recovery
Barclays and Triodos are amongst the first five banks to sign up to a new commitment exploring how the banking sector can fund the net-zero transition to deliver a green recovery in the UK.
Government urged to spend £5bn to unlock £100bn green recovery
A group of businesses, mayors and political leaders have called on the Conservative government to spend £5bn to deliver on its promised manifesto pledges in order to unlock £100bn in capital investment on energy efficiency and create more than 300,000 green jobs.
Pension funds covering £3trn pressured on fossil fuel investments and net-zero alignment
Comic Relief co-founder Richard Curtis has launched a new campaign pressuring UK pension funds to halve the emissions of their portfolios by 2030 and bring them to net-zero by 2050.
Macquarie issues joint venture on 1GW solar and battery project pipeline
Macquarie's Green Investment Group (GIG) has announced a new UK joint venture with Enso Energy to create one of the largest solar and battery portfolios that will enhance the biodiversity on each project site.
Report: Global carbon budget will be exhausted in 15 years without fossil fuel finance overhaul
Without drastic action from banks, policymakers and regulators, the world risks becoming stuck in a "climate finance doom loop", whereby financial systems support the organisations contributing most to environmental changes which undermine their very security.
Government blocks Vattenfall's offshore windfarm expansion
The Government has refused to grant development consent for Vattenfall's 340MW windfarm extension off the coast of Kent, and has delayed two other planning decisions in the South East, in the same week that Total acquired a 51% stake in the £3bn Seagreen project in the Scottish North Sea.
Fossil fuel profits set to collapse by two-thirds
The global market value of fossil fuels is set to collapse by almost two-thirds, creating heightened economic risk for companies, financial markets and countries failing to embrace new low-carbon technology.
HSBC raises £386m fund for climate mitigation in developing countries
HSBC, in partnership with the World Banks's sister organisation the IFC, has raised £386m ($474m) to support investments into climate mitigation across developing countries and markets.
BNP Paribas accelerates coal phase-out as BlackRock predicts clean energy future
Corporate bank BNP Paribas is speeding up its phase-out of support for coal projects, while BlackRock has claimed that renewables are still the course of action for the global energy mix. However, other investors that have made low-carbon commitments have been accused of supporting a tar sands oil project in Canada.
Unilever's Alan Jope on repairing capitalism, Covid-19 and Sustainable Living Plans
Providing an update to Unilever's flagship Sustainable Living Plan as it enters its 10th and final year, chief executive Alan Jope reflects on the need to double down to protect the planet and society during the pandemic by "driving a new model of capitalism".
Barclays and HSBC blasted over £158bn fossil fuel financing
Banking giants Barclays and HSBC have been accused of financing a combined £158bn into the fossil fuel sector since the signing of the Paris Agreement in 2015, despite both organisations pledging to ramp up sustainable investment portfolios.
Barclays sets 2050 net-zero climate policy, covering operations and investments
British banking giant Barclays has pledged to become a net-zero business by 2050, under new a new climate policy which covers both direct operations and finance allocated externally.
MP's pension fund still investing in fossil fuels
MPs have yet again called for the trustees of the Parliamentary Pension Fund to divest from fossil fuel companies Royal Dutch Shell and BP, having finally integrated investment into renewables into the fund.
Triodos Bank joins Tesco in funding Pod Point's EV charging rollout
Ethical finance firm Triodos Bank has joined Tesco and Volkswagen in providing funding to Pod Point to accelerate access to electric vehicle (EV) charging points across the UK, including 600 supermarket locations.
Corporates and asset managers scrutinised as climate disclosure requirements take shape
As the Financial Conduct Authority (FCA) lines up new corporate disclosure measures, the Treasury Committee and NGO ShareAction have launched separate examinations of the performance of asset managers against key Environmental, Social, and Governance (ESG) metrics.
Cadent Gas launches UK's first 'transition bond' to spur decarbonisation
The UK's largest gas distribution network, Cadent, has agreed to the UK's first 'transition bond' which has been issued to enable heavy-carbon emitters to access funds to decarbonise.
'Investing for net-zero must go mainstream': COP26 finance strategy unveiled
The UK has published its COP26 strategy to help private finance support a global economic transition to net-zero emissions, with a heavy focus on exploring mandatory reporting requirements for climate-related data.
Bank of England under pressure over board member's oil links
Environmental groups have called into question the Bank of England's commitment to tackling the climate emergency while it retains one of Britain's most senior oil company executives on its governing board.
G20 sounds alarm over climate emergency despite US objections
The G20 group of the world's wealthiest nations have agreed for the first time to collectively sound the alarm over the threat to the financial system posed by the climate emergency.
RBS's climate goals and Aldi's plastic bag crackdown: The sustainability success stories of the week
As part of our Mission Possible campaign, edie brings you this weekly round-up of five of the best sustainability success stories of the week from across the globe.
RBS to rebrand, plans for 'climate-positive' operations by 2025
The Royal Bank of Scotland (RBS) has unveiled plans to go beyond net-zero emissions for its operations by 2025 and to at least halve the climate impact of its financial decisions and activities by 2030, as part of the organisation's rebrand to the NatWest Group.
'Climate risk is financial risk': TCFD surpasses 1,000 global supporters
The Task Force on Climate-related Financial Disclosures (TCFD) has revealed that more than 1,000 organisations are supporting its recommendations, including corporates with a combined market cap of $12trn and investors with $138.8trn of assets under management collectively.
Reports: BlackRock and Barclays to act on climate investment calls
As reports emerge that Barclays is set to agree on shareholder calls to phase-out fossil fuel investments, BlackRock has already made strides on its stance to remove fossil fuel firms from its portfolio.
Lloyds Banking Group commits to net-zero fleets and 100% renewable electricity
Lloyds Banking Group has today (6 February) joined all three of The Climate Group's business sustainability initiatives, committing to source 100% renewable electricity, reach net-zero fleets and improve energy productivity.
Comic Relief among charities pledging to end fossil fuel investments
Comic Relief, Power to Change, and Guy's and St Thomas' Charity are the latest organisations that have committed to end all fossil fuel investment and adopt a new ethical approach to investing, after joining the Funder Commitment on Climate Change.
SDG500: Investors commit $500m to help developing nations achieve SDGs
A new coalition has been launched to mobilise a $500m (£380m) investment platform to help achieve the Sustainable Development Goals (SDGs) by targeting businesses operating in developing countries.
Chief executives see reputational boosts in combatting climate change
Three-quarters of UK business chief executives believe that responding to the climate emergency through new business pledges and initiatives will provide a reputational advantage, with climate change climbing up the corporate agenda according to a new annual survey from PwC.
World Economic Forum calls on business chiefs to set net-zero targets
All business leaders and companies attending the World Economic Forum in Davos this week have been asked to make public commitments to achieving net-zero emissions by 2050 or earlier.
Mark Carney announced as Boris Johnson's finance advisor for COP26
Prime Minister Boris Johnson has appointed the departing Governor for the Bank of England Mark Carney as his Finance Advisor for the COP26 climate summit, taking place in Glasgow at the end of the year.
Will 2020 be the year of mandatory climate disclosure?
Leading experts believe that it is "highly likely" that disclosing climate-related data to the Task Force on Climate-related Financial Disclosures (TCFD's) will become mandatory and have called on business professionals to start collecting and mapping data now.
EIB unveils plans to boost hydrogen investment
The European Investment Bank (EIB) has partnered with a coalition of C-suite executives from the transport, heavy industry and energy sectors in a bid to accelerate financing for hydrogen solutions.
UN appoints Mark Carney to help finance climate action goals
Mark Carney has been appointed as UN special envoy for climate action and finance as he prepares to step down as governor of the Bank of England in January.
UK urged to commit £20bn as 'fair share' of climate adaptation investment
UK thinktank IPPR has called for the UK to provide £20bn to a UN climate fund to account for the nation's "fair share" of ecological degradation and climate change speed-up.
In numbers: What do consumers want from sustainable businesses in 2020?
While many businesses are taking action to reduce emissions and waste, consumers now want them to go further and prioritise people and planet over growth, a new international survey has revealed.
Europe's climate-related investments lagging, EIB warns
The European Investment Bank (EIB) has used its latest annual investment report to warn that financing for green projects across the EU is "lagging" behind levels recorded in markets such as China and the US.
Report: World's largest asset managers failing to champion global climate goals
Some of the world's biggest asset management firms, including the likes of BlackRock, Goldman Sachs and Morgan Stanley, are collectively failing to drive alignment with the Paris Agreement in their business models and policy lobbying.
BNP Paribas vows to end coal financing by 2040
Corporate bank BNP Paribas has pledged to stop all funding for thermal coal globally by 2040, with an interim target of 2030 for EU Member States.
'Blue finance': World Bank and Credit Suisse partner for sustainable water bond
Swiss finance giant credit Suisse has partnered with The World Bank to issue a $28.6m (£22.2m) bond aimed at financing the protection and restoration of fresh and saltwater resources and habitats.
European Investment Bank to end financial support for fossil fuels by 2021
The European Investment Bank (EIB) has unveiled a new energy lending policy that will stop all financing for fossil fuel projects at the end of 2021 and unlock €1trn in sustainable development over the next decade.
Superficial progress: Global banks failing to deliver time-bound climate strategies
A new report has accused the banking sector of superficial progress when it comes to climate commitments, noting that uptake in low-carbon services, green bonds and reporting standards isn't being matched by demands to decarbonise portfolios.
300 MPs call for Parliamentary Pension Fund to divest from fossil fuels
Trustees of the £700m Parliamentary Pension Fund have been urged to respond to the climate emergency by 300 MPs who have asked that the fund divests from holdings in fossil fuel companies such as BP and Royal Dutch Shell.
FCA launches new measures to tackle 'greenwash' as green finance booms
The UK's Financial Conduct Authority (FCA) has unveiled a string of new measures designed to prevent issuers from 'greenwashing', covering challenges such as climate risk reporting and the accessibility of 'green' products such as mortgages.
Total signs cleantech deal to produce hydrogen at refineries
French energy giant Total has signed a cooperation agreement with the Sunfire cleantech company to integrate capture waste heat and CO2 at a German refinery to create synthetic methanol and hydrogen to be used to reduce energy and transport emissions.
Banks representing one-third of global market to align with Paris climate targets
A coalition of 130 banks, representing one-third of the worldwide banking sector, have committed to aligning their actions with the aims of the Paris Agreement.
The Barker Plan: How a former UK Energy Minister used sustainability to transform a sanctioned Russian aluminium firm
EXCLUSIVE: Over the course of a year, Russian aluminium and hydropower firm EN+ Group has gone from being banned on the US market to launching a new sweeping sustainability strategy and having those sanctions lifted. Here, edie speaks to former UK Energy Minister Greg Barker, who has been the surprise driving force behind this transformation.
From climate change to urbanisation: BlackRock's five megatrends that will disrupt society
A new report from BlackRock has found that climate change, resource scarcity and growing consumerism will create disruptive structural shifts across industries as a "confluence of global megatrends" begin to clash.
EIB plans to cut all funding for fossil fuel projects by 2020
The European Investment Bank (EIB) has vowed to end its multibillion-euro financing for fossil fuel projects by the end of next year in order to align its strategy with climate targets.
EU banks launch €10bn circular economy funding pot
Five major banks located and operating within the European Union (EU) have agreed to work with the European Investment Bank (EIB) on a €10bn initiative to promote circular economy projects.
HSBC: Investment in sustainability becoming mainstream for UK businesses
Against a backdrop of new green legislation and increasing consumer demand for low-carbon, resource-efficient products and services, almost half of UK businesses are planning to up their sustainability-related investments over the next two years.
UN launches Green Finance Platform to improve banks and business interactions
The UN's Green Growth Knowledge Platform (GGKP) has launched two new platforms to improve the dialogue and actions between the finance sector and businesses in order to accelerate the growth of green finance.
What does the Green Finance Strategy mean for business?
Following the launch of the UK Government's Green Finance Strategy, the chief executive of the Green Finance Institute has outlined how climate disclosure, policy signals and a robust business case for sustainability will transform how corporates engage with the finance community.
HSBC to support UK businesses with green finance offerings
One day after the Government launched its Green Finance Strategy, banking giant HSBC has launched a new range of green finance services aimed at helping businesses of all sizes strengthen sustainability initiatives.
UK unveils Green Finance Strategy to drive progress towards net-zero goal
The UK Government has unveiled its highly anticipated Green Finance Strategy, outlining how the finance sector and better climate disclosure from corporates can drive progress towards wider action on climate change and the push towards net-zero emissions.
Meet edie's 30 Under 30 Class of 2019: Jonathan Davies, Marston's
This new series profiles the members of edie's 30 Under 30 - a nomination-based community of 30 hugely talented young sustainability and energy professionals who have already achieved great things or are showing fantastic promise. Next up: Jonathan Davies, waste & recycling co-ordinator at Marston's.
Banking giants commit to align maritime shipping investments with climate goals
A group of 11 big-name banks have pledged to align their investments in the shipping sector with the International Maritime Organisation's (IMO) goal of halving emissions by 2050, against a 2008 baseline.
Climate-related financial disclosures 'still insufficient for investors', says TCFD
Efforts to disclose climate-related data aligned to the Task Force on Climate-related Financial Disclosures (TCFD's) recommendations have increased by more than 50%, but concerns remain that companies aren't providing enough information to inform the investor community.
Barclays pledges to source 100% renewable electricity by 2030
Transatlantic banking giant Barclays has pledged to source 100% renewable electricity by 2030, with an interim goal of 90% by 2025.
The Big Business Plastics Debate (Part Two): How can we create a 'ripple effect' of change?
In the second of our two-part feature from the Big Plastics Debate at edie Live 2019, we move the conversation on to explore how businesses and policymakers can harness the momentum of environmental campaigns and protests to drive a new 'social norm' around plastics.
MPs apply pressure on pension funds over fossil fuel holdings
More than one third of MPs have called on pension fund trustees to halt investment in fossil fuels to support a move to a net-zero carbon economy.
World Bank to raise €1.5bn for SDG bond
The World Bank had raised €1.5bn for a new 10-year bond focused on mobilising action towards achieving the UN Sustainable Development Goals (SDGs).
Low-carbon transition puts $10trn at risk for inactive investors
A global coalition of financial investors has warned that more than $10trn (£7.7trn) in portfolio assets could be lost if the sector and governments fail to rapidly transition to a low-carbon economy.
Coalition of central banks urge finance sector to 'raise the bar' on climate action
A coalition of 36 central banks and regulators, including the Bank of England and the World Bank, have issued a rallying cry urging all stakeholders across the global sector to address climate challenges by "greening" the financial system.
Finnish businesses set up 'world's first' marketplace for carbon removal certificates
A group of Finnish businesses have partnered with global financial solutions firm South Pole and Swedish bank SEB to launch a new marketplace for science-based CO2 removal certificates, in a bid to scale methods that can capture and remove carbon globally.
Mark Carney tells global banks they cannot ignore climate change dangers
The global financial system faces an existential threat from climate change and must take urgent steps to reform, the governors of the Bank of England and France's central bank have warned, writing in the Guardian.
Philip Hammond joins finance coalition to spur climate action
Chancellor Philip Hammond has called on global financial leaders to place climate adaptation and mitigation at the heart of future economic policies and planning, after joining a new global coalition to drive action on climate change.
The World Bank accused of dodging 'no-coal' pledge by funnelling billions of dollars into fossil fuels
A large-scale study on hundreds of active energy projects commissioned by The World Bank Group has concluded that the body is currently financing $21bn of fossil fuel projects, compared to $7bn in the renewables sector.
New World Bank chief confirms commitment to environment
Donald Trump's choice to run the World Bank has moved swiftly to allay fears that his appointment will lead to a softening of the organisation's approach to climate change.
Bank of America commits $300bn to sustainable finance
Bank of America has issued its third commitment to sustainable finance, pledging to mobilise an additional $300bn (£230bn) in capital by 2030, with a previous commitment set to be achieved six years ahead of schedule.
BNP Paribas aligns with SDGs and Paris Agreement in new sustainability strategy
French banking giant BNP Paribas has outlined its latest strategy to accelerate its commitment to sustainable development.
How ING achieved boardroom buy-in to launch its second green bond
EXCLUSIVE: Banking giant ING was able to launch its second green bond earlier this month due to its past experience in structuring external green bonds for sustainability-conscious clients, the firm's global head of sustainable finance Leonie Schreve has claimed.
Corporates 'set to lose $1.6trn' without action on natural capital
FTSE100 firms face collectively losing $1.6trn of market capital if they fail to adopt a natural capital approach to decision-making, by assigning a monetary value to natural resources.
Green Investment Group funnels £1.6bn into clean energy projects
The Green Investment Group made or arranged £1.6bn of investments in clean energy projects in the 12-months following its privatisation, according to the company's first annual progress report.
No more 'Greenhush': Sir Ian Cheshire urges business to get vocal on sustainability
The chairman of Barclays UK and Debenhams had suggested that the business community has a "moral imperative" to deliver and communicate real change that brings in new business models to alleviate key climate concerns.
The World Bank launches $1bn energy storage programme for developing nations
The World Bank has launched a first-of-its-kind $1bn funding programme to fast-track deployment of battery storage projects in developing countries, to 'close the gap' on efforts to transition to cleaner energy sources.
Climate disclosure enters 'mainstream', but better reporting required, warns TCFD
More than 500 companies have expressed support for the Task Force on Climate-related Financial Disclosures' (TCFD) recommendations. However, many businesses are failing to translate climate impacts into business risk.
European Investment Bank issues €500m Sustainability Awareness Bond
The European Investment Bank (EIB) has issued a €500m (£448m) Sustainability Awareness Bond designed to boost capital market and private sector transparency for climate-related risks and opportunities.
University of Strathclyde widens sustainability behaviour change programme
The University of Strathclyde is rolling out an organisation-wide behaviour change project to boost sustainable habits among staff, after a five-month pilot saw the institution reduce its carbon emissions by 15,000kg.
European Investment Bank Group halves emissions intensity as staff numbers increase
The European Investment Bank (EIB) Group has announced that it has halved its emissions intensity over the past decade, despite staff numbers increasing more than two-fold over the ten-year period.
UBS doubles sustainable portfolio of assets to almost £2bn
Financial services firm UBS has today (August 14) announced that it now manages £1.93bn worth of assets through its sustainable portfolio, more than double the size from when it first launched seven months ago.
How ING is avoiding greenwash in the new green finance era
EXCLUSIVE: ING's global head of sustainable finance Leonie Schreve believes that stronger internal relations between the finance and sustainability departments within businesses will create more access to green loans and bonds to assist the low-carbon transition.
SDG immersion: Breaking down barriers for business
Four days at the UN High Level Political Forum on Sustainable Development Goals (SDGs) is undoubtedly an immersion process. It's also a good way to gain perspective - I learnt as much by the things that weren't said as those that were.
Innovating with technology and behavioural change to leverage the employee engagement opportunity
Whilst the majority of companies now accept that sustainability is critical to long-term success, many haven't yet figured out how to effectively engage their employees on their sustainability programmes.
Macquarie offers £500m of green loans
Macquarie is offering £500m of green financing to renewable energy, energy efficiency and other environmentally-friendly projects, as part of a new £2bn loan facility.
Dozens of top European banks to trial new green mortgages
European banking giants including BNP Paribas, ING Bank and AXA have joined forces to launch a new green mortgage scheme which focuses on helping consumers drive energy efficiency.
Top pension funds and insurers failing to engage with climate risks
Some of the UK's biggest pension funds are failing to address climate-related impacts, while 25 of the world's largest insurance brokers continue to invest in coal or tar sands projects, two damning reports have claimed this week.
Show me the money… from sustainability
At my keynote at edie Live, I spoke about a vision of a sustainable built environment, how far away from it we currently are and what the industry is doing to move towards it. It's evident that, despite some positive progress, we need to fast-track the level of change and one way of achieving that is by making the business case for sustainability abundantly clear.