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Aldi's plastic-free tea and a £61.5bn net-zero pension pledge: 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.

Leeds (pictured) is hosting the new Bank

UK's National Infrastructure Bank launches, with tackling climate change as key objective

The UK's National Infrastructure Bank (NIB) is launching in Leeds today (17 June), with Chancellor Rishi Sunak promising that it will funnel billions of pounds into the UK's net-zero transition.

The main G7 Summit will take place between 11-13 June in Carbis Bay, Cornwall, with business meetings on day one

Green finance tools and net-zero sector coalitions: CEOs present climate initiatives to world leaders at G7

EY, HSBC and Heathrow Airport are among the 300 businesses presenting three new solutions to help the private sector play its role in tackling the climate crisis to G7 leaders on Friday (11 June).

Pictured: Chancellor Rishi Sunak at the recent G7 Finance Ministers' Meeting. Image: HM Treasury, CC BY-NC-ND 2.0 (https://www.flickr.com/photos/hmtreasury/51224385548/)

UK Government launches new taskforce to tackle greenwashing in finance sector

The UK Government is set to launch a new advisory group tasked with creating a 'green taxonomy' for finance, in a bid to crack down on greenwashing in the investment space.

Image: George Rex, CC BY SA (https://www.flickr.com/photos/rogersg/22573356606)

Bank of England's 'fiendishly complicated' climate stress tests launched for financial sector

The Bank of England has released new information on the requirements of its upcoming climate stress tests, which will require large banks and insurers to measure and disclose climate-related risks.

The TNFD has officially launched today

Can the Taskforce on Nature-related Financial Disclosures solve the global ecological crisis?

The Taskforce on Nature-related Financial Disclosures (TNFD) officially launched on Friday (4 June) with an overarching aim to align corporate reporting and financial spending to alleviate nature-related risks. Here, edie explores whether the new initiative can generate enough momentum to deliver tangible change.

Kingfisher is already working with partners including the Forest Stewardship Council, British Retail Consortium and the Rainforest Alliance to deliver its updated sustainability and community goals

Kingfisher enters £550m sustainability and community-linked loan

Screwfix and B&Q's parent firm Kingfisher has signed for a £550m revolving credit facility agreement (RCF) with interest rates linked to environmental and community targets.

Pictured: Kingspan workers at the V&A Museum, Dundee. Image: Kingspan

Kingspan signs for €700m sustainability-linked loan

Building materials and design giant Kingspan has signed for a new €700m revolving credit facility with interest rates linked to environmental targets.

Certain firms will be required to disclose in line with TCFD recommendations in the UK from 2022, but investors are arguing the case for a joined-up global approach 

Give us sector-specific guidance on net-zero transition, investment giants tell G7 nations

A group of investors with £8.5trn of assets under management has called on G7 nations to introduce new climate disclosure and action mandates for big businesses - and to provide more detail on how their long-term climate goals will be delivered.

Sir Roger helped the Green Finance Institute to focus on growing the contribution of the financial sector to the G20 climate agenda

Green Finance Institute chair Sir Roger Gifford passes away

Green Finance Institute chair and senior banker for Skandinaviska Ennskilda Banken (SEB), Sir Roger Gifford, has passed away aged 65.

American and Chinese firms fared worse than their European counterparts, but no firm received one of the top two grades overall 

'Concerning for shareholders': World's biggest insurers failing to tackle ESG risks

A new ranking of the world's 70 largest insurance firms has found that none exclude companies driving biodiversity loss and just 13% exclude firms knowingly in breach of human and labour rights requirements.

The report reveals the extent of strings-free financing to high-emitting sectors, often in misalignment with the Paris Agreement or with banks and investors' own climate commitments

WWF: UK banks and investors financing projects with double nation's climate impact

UK banks and asset managers collectively financed projects emitting 805 million tonnes of greenhouse gases in 2019 - around twice the UK's annual national carbon footprint.

Taking place on Thursday 20 May, the Countdown to COP26 event features speed networking and panel discussions with an array of sustainability and climate leaders

Taking place today: Last chance to register for edie's flagship Countdown to COP26 event

The UK Cabinet Office's director of partnerships and engagement Matt Toombs has joined the likes of WBCSD director Claire O'Neill and O2's head of corporate responsibility and sustainability Tracey Herald among the headline speakers at edie's Countdown to COP26 virtual event Thursday (20 May). 

Covid-19 was cited as the biggest barrier to sustainability-related action from banks

Survey: Sustainability prioritised by less than one-third of UK bank boardrooms

In a survey of 300 executives at some of Europe's biggest banks, less than one-third of UK respondents said their business is framing sustainability and a board-level priority.

The latest RECAI warns that future renewables deployment will require a further $5.2trn of investment

UK climbs energy investment rankings, but concerns persist over green finance availability

The UK has climbed one position to fourth in the rankings for EY's national attractiveness of renewable energy investment, but the organisation has warned that global green finance efforts need to improve considerably to meet clean energy demand for existing climate commitments.

The UK's pensions sector covers some £3trn of investment

Ikea and BrewDog among backers of new green pensions commitment

A string of 50 major businesses, NGOs and trade bodies have pledged to ensure their pension plans are 'green' this year, and are urging others to follow suit.

Image: Amazon

Amazon launches inaugural sustainability bond, priced at $1bn

E-commerce giant Amazon has issued a $1bn sustainability-focussed bond, with funds raised set to assist the delivery of the firm's low-carbon and social sustainability targets.

Transport is the UK's most emitting sector 

Road to net-zero: UK business giants team up to accelerate investment in low-carbon transport

Uber and Lloyds Banking Group are among the founding members of a new business coalition working to unlock investment into low-carbon road transport systems.

#SustyTalk​: Counting down to COP26 with green finance expert Sir Roger Gifford

With COP26 less than six months away, edie has launched a new series of videos with high-level speakers, designed to inspire and empower your preparations for the conference. First up, Green Finance Institute chair Sir Roger Gifford.

The analysis comes after the recent 'tax day' provided few climate-related announcements

Report: Just 6% of UK's tax revenue is 'green'

The share of UK tax revenue directly raised from supporting businesses and individuals to reduce their environmental footprint was just 6% in 2020, new analysis has revealed, as the Treasury faces mounting pressure to align with net-zero.

The sustainability targets cover Natura & Co's four brands: Avon, Natura, The Body Shop and Aesop.

The Body Shop owner raises $1bn for first sustainability bond

Natura & Co, the parent company of the Body Shop and Avon, has issued what it claims is Latin America's largest sustainability bond to date, priced at $1bn.

Of the businesses that do report on financed emissions, most disclose less than half of their overall impact

CDP: Three-quarters of finance giants not disclosing climate impacts of portfolios

The average finance firm’s financed emissions will be 700 times higher than those of their direct operations- but just one in four companies are measuring and disclosing them.

After this year's Budget and the first 'Tax Day', further announcements are due in the second half of the year

MPs accuse Treasury and HMRC of shirking climate responsibilities

The Treasury and HMRC are failing to respond to a "climate storm breaking all around us", failing to make the necessary changes to tax systems and short-term funding packages needed for the 'just' transition to net-zero.

The report is published to mark Earth Day, with the final publications due later this year 

Treasury could mandate UK financial firms to add climate labels to products

HM Treasury has today (22 April) published the results of its two-year review on how the financial system must change to support the net-zero transition, recommending changes to tackle greenwash, empower consumers and properly prepare government departments for future costs.

Citi and HSBC, pictured here at Canary Wharf, are among the banks being called upon by the investors

Ditch fossil fuel finance, $11trn investor coalition tells big banks

A coalition of 35 major investors with $11trn of assets under management collectively are calling on banks to "enhance" their climate targets, backing up long-term visions with action in the short-term.

Earlier this year, the bank set a 2050 target for net-zero financed emissions

JP Morgan Chase pledges $2.5trn to climate and sustainability this decade

US-based finance giant JP Morgan Chase has unveiled plans to provide more than $2.5trn of finance to sustainable development projects by the end of 2030.

Investors are facing mounting pressure to raise climate ambitions, including from changing legislation on net-zero

CISL calls for standardised climate disclosure framework for investors

While most investors are measuring and disclosing their climate performance, it is hard to compare progress between companies because there is not a universal framework. This makes it more challenging for investors to be held to account or to accelerate progress.

 The partnership believes it can raise $1bn initially

Additional $600m for low-carbon solutions as BlackRock forms new investment partnership

The world's largest investor, BlackRock, has forged a new partnership with Singapore-based Temasek to scale up investment in low-carbon technologies.

Three ESG lessons from Covid-19 for the climate crisis

None of us coming out of the Covid-19 pandemic unchanged. The crisis has forced everybody to respond to new challenges and, largely, we have adapted well - parish council and cat filtered lawyer zoom calls notwithstanding.

The report shows how fossil fuel investments have begun to underperform, while renewable energy investments increasingly outperform

Report: Investors ditching fossil fuel stocks as value drops by billions of dollars

The value of share offerings in fossil fuel firms has plummeted by $123bn since 2012, a new report has revealed.

Taking place on Thursday 20 May, 8.45am-3pm (BST), Countdown to COP26 is the perfect primer for the official UN climate talks scheduled for November 

Countdown to COP26: edie launches bumper virtual event ahead of climate talks

Registration is now open for a brand-new edie event which aims to help businesses seize the opportunity of the UN's COP26 climate summit later this year, with a stellar speaker line-up including senior representatives from BEIS, ClientEarth, Green Alliance, We Mean Business and the High-Level Champions for Climate Action.

The decision could impact more than 1,500 businesses

Government ponders mandatory TCFD requirements for businesses in 2022

The Government is considering creating a legal requirement for private UK companies to outline and disclose climate-related risks to their business in line with Taskforce on Climate-related Financial Disclosures (TCFD) recommendations, with a mandate potentially coming into force next year.

Image: NGN

Northern Gas Networks launches green bond to support hydrogen transition

Northern Gas Networks has launched its first green bond, in a bid to raise capital to prepare for hydrogen heating. The move comes as Hitachi Capital UK prices its own debut green bond at $40m.

#SustyTalk​: Thai Union's Darian McBain on sustainable corporate finance

edie's #SustyTalk interview series continues with an exclusive discussion with Thai Union's global director of corporate affairs and sustainability Darian McBain.

Pictured: Mangroves, which could provide an investment opportunity for those seeking biodiversity and carbon sequestration

Is biodiversity being forgotten in sustainable corporate finance?

EXCLUSIVE: The issuance of sustainability bonds and sustainability-linked loans in the private sector is gathering pace, but are businesses using them to help avert the nature crisis?

The banks warn that a piecemeal, short-term approach would hinder the amount of finance that is funnelled into retrofitting efforts

Retrofit revolution can cut emissions and deliver £7.5bn energy savings for UK

Retrofitting the UK's building stock with low-carbon solutions could reduce national energy costs by £7.5bn a year, create more than 150,000 jobs over a 10-year period and cut carbon emissions by 20%, MPs have been told.

Pictured: Octopus Renewables' onshore wind farm in Fraisethrope, East Riding of Yorkshire.

Brunel Pensions Partnership targets net-zero as Nest accelerates renewable energy investment

The UK's largest Government-backed pension scheme, Nest, has pledged £250m to renewable energy projects this year, while Brunel Pension Partnership has outlined a new net-zero target.

What does the EU Sustainable Finance Disclosure Regulation (SFDR) mean for corporates?

2021 is set to be a momentous year in terms of funds regulation as Sustainable Finance Disclosures Regulation (SFDR) comes into place. The SFDR forms part of the EU's Action Plan on Sustainable Finance, with the goal of eliminating greenwash and emphasizing the impact that asset managers' investments have, particularly in relation to climate change.

One-fifth of net revenue will be reinvested back into The Big Issue

Big Issue launches climate solutions fund as CaixaBank issues €1bn SDG green bond

The Big Issue Group (TBIG) has partnered with Aberdeen Standard Investments to create a new climate solutions investment fund, while Spanish retail bank CaixaBank has issued a €1bn green bond in alignment with the Sustainable Development Goals (SDG).

The framework is designed to help investors deliver long-term net-zero financed emissions goals

Major investors apply net-zero alignment framework to $8trn of assets

A coalition of 35 big-name investors has become the first to apply a new net-zero investment framework to their portfolios, with $8trn of assets covered.

Almost one-quarter of the directors analysed have a close link to the fossil fuel sector

'Climate conflict': 4 in 5 UK bank directors have connections to high-emitting corporates

An analysis of the activities of directors at the UK's biggest banks has revealed that almost 80% have close ties to corporates in industries linked to climate change and pollution - which could undermine their net-zero commitments.

Anthesis' corporate clients include Amazon, Tesco and Cisco

Anthesis targets three gigatons of carbon mitigation and removal by 2030

Impact investor and consulting firm Anthesis is aiming to support projects that collectively avoid, reduce and remove three billion tonnes (three gigatons) of carbon by the end of the decade.

Bond proceeds will be spent on projects relating to clean transportation, energy efficiency, pollution prevention and control and renewable energy.

Daimler prices €1bn green bond to help finance EV transition

Mercedes-Benz's parent company Daimler has priced its second major green bond at €1.02bn, with funds set to be spent on delivering its climate and electric vehicle (EV) targets.

Mastercard built on its SDG-aligned sustainability strategy last year with new climate targets

Mastercard issues $600m sustainability bond to help finance net-zero transition

Mastercard has issued a $600m sustainability bond and is planning to use proceeds to further its alignment with the UN's Sustainable Development Goals (SDGs) and deliver its 2050 net-zero pledge.

While the 2021 Budget's green facets have been broadly welcomed, key groups want more information and some believe funding stops far short of what is needed

Green growth or greenwashing? Business leaders react to Rishi Sunak's 2021 Budget

After Chancellor Rishi Sunak opened his red Budget box to provide more detail on green bonds and net-zero innovation finance, there has been a mixed reaction from green economy leaders - as edie summarises in this article.

Sunak will open his red Budget box on Wednesday afternoon

Budget 2021: Rishi Sunak 'set to unveil green savings bonds and net-zero innovation programmes'

Chancellor Rishi Sunak has confirmed that he will launch green savings bonds at the Budget on Wednesday. There are also media reports of a £1bn portfolio to support innovations that will accelerate the UK's net-zero transition.

The BII whitepaper charts particular opportunities in sectors like renewable energy generation, technology and healthcare

BlackRock Investment Institute: Tackling climate change will provide a financial boost, not a net cost

BlackRock's insights arm is forecasting that the net-zero transition could create a cumulative output gain of almost 25% by 2040, if delivered in an "orderly" fashion.

Natalie joined Grosvenor in 2015, where she combines her expertise in sustainability management with her experience as an analyst and surveyor

Meet edie's 30 Under 30 Class of 2020: Natalie Orde, Grosvenor Europe

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. Up next: Grosvenor Europe's sustainability manager Natalie Orde.

The requests reveal the pension investment trends of more than 80 UK councils

As Trinity College Cambridge divests, UK council pensions still hold £10bn in fossil fuels

Freedom of information requests by environmental campaigners have revealed that UK local government pensions held almost £10bn in fossil fuel companies last year, despite the trend towards climate emergency declarations.

The bond has an 8.5-year maturity

H&M Group issues €500m sustainability bond

Fashion giant H&M Group has launched a bond that will finance initiatives to reduce emissions and improve resource efficiency, priced at €500m.

AB InBev owns dozens of the world's most popular beer brands, including Stella Artois, Corona, Becks and Budweiser 

AB InBev announces $10.1bn sustainability-linked loan

The world's largest brewer has announced what it claims is the world's largest corporate sustainability-linked loan to date, priced at $10.1bn.

Image: Thai Union

Thai Union launches its first sustainability-linked loan package, priced at $400m

The world's largest seafood firm, Thai Union, has announced a new $400m loan package with interest payments linked to climate, sustainability and due diligence targets.

BlackRock made a major U-turn on its climate approach last year, joining the Climate Action 100+ after previously voting against the group

BlackRock presses energy companies to set 'rigorous' emissions targets

The world's largest investor, BlackRock, has urged energy firms and other high emitters to disclose the full extent of their emissions and set climate targets in line with science. It is warning that failure to do so could result in stranded assets.

Pictured: Leeds town hall

Leeds and London to host new green finance research hubs

A new government-backed body dedicated to green finance research is set to launch in April, with physical "hubs" in Leeds and London.

Pictured: Jersey City, where Goldman Sachs Tower is located

Goldman Sachs issues first sustainability bond, priced at $800m

US-based finance giant Goldman Sachs has issued its inaugural sustainability bond, priced at $800m, as it strives to mobilise $750bn in green finance by 2030.

The Bank of America is one of the biggest players in the US market, with more than $2.1trn of assets under management 

Bank of America targets net-zero financed emissions and supply chains by 2050

After being accused by investors and green groups of continuing to finance high-carbon projects, Bank of America has pledged to reach net-zero emissions across the projects it finances and its supply chain by 2050.

The fund will support key legislative frameworks, including the 25 Year Environment Plan

Defra unveils £10m fund for nature-based climate solutions

The Government has unveiled a new £10m fund to support nature-based projects that combat the climate crisis, in the same week that Oxford University launched a new venture studio designed to uncover similar solutions.

Sunak additionally launched a £4bn “levelling up” fund, designed to help cities, towns and regions improve infrastructure and skills

Green groups call for assurances over National Infrastructure Bank

A host of green groups have written to the Chancellor of the Exchequer Rishi Sunak, urging for the implementation of a UK National Infrastructure Bank (NIB) to de-risk private investment into low-carbon solutions.

Scottish Widows has some six million UK customers

Green pensions: Scottish Widows charts pathway to net-zero financed emissions

Pensions and insurance giant Scottish Widows, which manages funds totalling £170bn, has committed to halving financed emissions by 2030 on the pathway to net-zero.

Fewer than 25% reference the impact that the climate crisis will have on future and current business models

Business giants' climate disclosure 'clearly inadequate', lawyers warn

Lawyers have warned that the majority of FTSE 100 and the largest companies on the FTSE 250 are failing to disclose adequate climate-related data as part of annual corporate reporting frameworks, with some potentially breaching UK law.

The move comes as the UK Government prepares to price its first sovereign green bond

Whitbread issues green bonds totalling £550m

Hospitality giant Whitbread, which owns brands including Premier Inn, has priced two major green bonds at £300m and £250m respectively.

A host of green finance experts met virtually on day one of the Sustainability Leaders Forum

Finance and policy: The external drivers forcing businesses to take climate action

Sustainability professionals have often found frustration when trying to embed CSR across an entire organisation, but the mainstreaming of Environmental, Social, and Governance (ESG) investing looks set to create new momentum behind the green recovery.

The bank doubled its corporate bond programme in response to Covid-19. Image: George Rex, CC BY SA

Bank of England's high-carbon financing a 'moral hazard', MPs warn

The Bank of England risks creating 'moral hazard' by continuing to finance high-carbon projects and companies and providing no-strings-attached financing to carbon intensives companies, the Environmental Audit Committee (EAC) has warned.

Pictured: Compere Julia Bradbury (right) and the Green Finance Institute's Emma Harvey (left) present the award

What makes a sustainability leader? Meet CBRE Global Investors

With less than two weeks until the 2021 Sustainability Leaders Awards, this feature series showcases the achievements of the 2020 winners and reveals their secrets to success. Up next: The winners of the Investor of the Year Award, CBRE Global Investors.

Tesco was one of the first businesses to set approved 1.5C science-based targets

Tesco's first sustainability-linked bond more than six times oversubscribed

Tesco attracted more than Є5bn of investor demand for its first sustainability-linked bond (SLB), priced at Є750m, according to official advisor BNP Paribas.

Pictured: The Bauhaus office block in Manchester, which is WELL Gold certified

Orchard Street targets net-zero across £4bn portfolio of buildings

Commercial property investment manager Orchard Street, which manages retail units, offices and industrial facilities worth more than £4bn, has outlined plans to reach net-zero ahead of the UK government's 2050 deadline.

InfluenceMap assessed firms which collectively manage more than $50trn of assets

Report: Major asset managers still voting against tougher climate measures

In the same week that BlackRock was widely criticised for continuing to hold $85bn in coal, an analysis of the world's 30 largest fund managers has found that the global sector is failing to translate high-level climate commitments into investment decisions and support for shareholder resolutions.

TSB is developing science-based targets to support its net-zero vision

TSB and Aviva Investors plot pathway to net-zero carbon

Major retail bank TSB has unveiled its plans to reach net-zero by 2030, after cutting operational emissions by 66% during 2020. At the same time, Aviva Investors has revealed its plans to decarbonise its real assets portfolio.

The global biodiversity funding gap could surpass $824bn by 2030, Global Canopy warns

Governments urged to redirect $1trn of 'planet-wrecking' subsidies to nature conservation and restoration

Governments collectively funnel more than $1trn of subsidies into businesses that harm nature, including fossil fuel majors, mining giants and industrial agriculture, every year.

Banks 'have provided $1.7trn of unconditional support to plastic polluters since 2015'

Global banks have been accused of collectively providing more than $1.7trn to businesses across the plastics value chain between 2015 and 2019, largely without attaching environmental conditions to support packages.

The company issued its first green bond in 2017, which raised $100m towards a retrofitting the Republic Plaza

CDL secures $740m green loan for property portfolio

Real estate company City Developments Limited (CDL) has confirmed a new green revolving credit facility totalling $470m that will be used to refinance it's the Republic Plaza commercial property and future low-carbon projects.

edie has highlighted 21 aspirational new goals that professionals can work towards to help drive business prosperity while alleviating some key environmental and planetary concerns

21 New Year's resolutions for sustainability professionals in 2021 and beyond

At last, 2020 has drawn to a close and while the first parts of a new year might not create a respite from a global pandemic and an economic crash, it does create the ideal opportunity to look at the climate crisis with a reinvigorated approach.

Green finance has been a major topic amid the events of 2020

Banks pressured to divest from fossil fuels and deforesters ahead of COP26

MPs, trade bodies and the UN's Environment Programme are urging banks to unify their response to the net-zero transition ahead of COP26 next November and commit to time-bound phase-outs for fossil fuel finance.

Lloyds of London's members have previously supported projects like the Adani thermal coal mine in Australia 

Lloyds of London finally agrees to divest from coal

Insurance giant Lloyds of London has promised to end investment in coal, oil sands and fossil fuel exploration in the Arctic, following years a pressure from climate campaigners.

Green finance has been an increasingly core issue in 2020

Science-based targets and renewable energy investments: Credit Suisse and Nest unveil first steps towards net-zero

Swiss investment bank Credit Suisse has unveiled a string of new climate measures, in the same week that the UK's largest pension scheme, Nest, outlined steps to help it meet its net-zero goal.

#SustyTalk: PepsiCo's Jim Andrew on green bonds and inclusive business

edie's #SustyTalk interview series continues with an exclusive interview with PepsiCo's chief sustainability officer Jim Andrew, who stepped into the role earlier this year.

Legal & General to halve emissions of £81bn pension portfolio by 2030

Legal & General's Retirement arm has pledged to halve the carbon emission intensity of its annuity book, which totals almost £81bn, within a decade.

BlackRock made a major U-turn on its climate approach earlier this year, joining the Climate Action 100+ after previously voting against the group

BlackRock debuts software that assesses climate risk for investors

Investment giant BlackRock has unveiled new software to help investors quantify climate risk and low-carbon opportunities relating to their portfolios.

The NIB has been welcomed across the green economy, but many say the devil is in the details

Green Finance Institute: UK's new National Investment Bank must go beyond energy

The UK's new National Investment Bank (NIB) must have strong net-zero criteria and support the low-carbon transition in the transport, built environment and nature sector as well as energy, the Green Finance Institute (GFI) is urging.

Around one-eighth of the money given to pensioners in the UK is spent on energy and transport

Net-zero pensions 'could deliver £1trn for UK's green recovery'

By re-allocating a proportion of state pensions to low-carbon energy and transport, and giving seniors access to these sectors for free, the UK Government could unlock £1trn for the net-zero transition.

New dawn: The 10-point plan will radically change key industrial sectors in the UK in order to eliminate the nation's contribution to climate change

Boris Johnson unveils £12bn Ten Point Plan for net-zero transition

Clean hydrogen, carbon capture and storage (CCS), zero-carbon transport and offshore wind are all key pillars of Boris Johnson's Ten Point Plan to push the UK towards net-zero emissions, which will be backed by £12bn in Government investment and aim to create 250,000 new green jobs.

Under the EU's Green New Deal, the EIB is planning to become a 'climate bank'

European Investment Bank unveils £1trn green investment plan through 2030

EU member states have approved the European Investment Bank's (EIB) plans to spend €1trn on the green economy within a decade and to ban funding for fossil fuel projects and airport expansions.

#SustyTalk: Global Returns Project's Yan Swiderski on the next generation of climate finance

edie's #SustyTalk interview series continues with the Global Returns Project's co-founder Yan Swiderski discussing how the finance sector is responding to climate change.

Major investors and influential corporate groups had been encouraging the changes

Chancellor Rishi Sunak confirms UK's first sovereign green bond, mandatory TCFD disclosures

Chancellor of the Exchequer Rishi Sunak has made a string of major announcements on green finance, confirming that the UK will issue its first green gilts in 2021 and will introduce new climate disclosure requirements.

Companies recording a significant proportion of revenue from tar sands are among those set to be excluded

Scottish Widows to divest £440m from companies lagging on environmental and social sustainability

Pensions provider Scottish Widows has outlined plans to divest at least £440m from companies that have failed to meet its ESG standards, in what is claims is the most far-reaching exclusions process in the sector.

The EIB is already working to remove fossil fuel production and generation from its loan books

EU bank mulls ban on cash for airport expansions

The European Investment Bank (EIB) could withdraw support for new airports, according to a draft climate roadmap seen by EURACTIV. However, the bank is set to keep funding motorways, as well as approving investments under the old rules until 2022.

Greenwashing is believed to be becoming increasingly common

Survey: Greenwashing 'is the biggest challenge to sustainable investment'

A survey of 650 institutional investors with more than $25.9trn in assets under management globally has found that investor-corporate engagement on environmental issues is growing - but so is frustration over greenwash.

#SustyTalk: Mastercard's Kristina Kloberdanz on collaborating and communicating for sustainability

edie's #SustyTalk interview series continues with Mastercard’s chief sustainability officer Kristina Kloberdanz discussing the company's collaborative work on issues like plastics pollution, deforestation and financial empowerment.

The framework aims to help businesses minimise physical and transition risks 

TCFD gains 500 global supporters amid Covid-19, but full alignment remains rare

The Task Force on Climate-related Financial Disclosures (TCFD) has revealed that more than 500 organisations have pledged support for its recommendations since February, but that reporting remains inconsistent.

The 100 million trees should be planted by 2025

Priceless Planet: Banks and airlines join coalition planting 100 million trees

Businesses including Barclays Bank US, HSBC and Frontier Airlines have joined the Priceless Planet Coalition - an initiative set up by MasterCard to reforest more than 100 million trees.

The IA joins bodies like the Aldersgate Group in calling for stricter TCFD disclosure requirements

Investors worth $8.5trn call for mandatory climate risk reporting for big businesses

Climate risk reporting should be made mandatory for the UK's biggest publicly listed businesses, an influential group of investors has told Ministers and regulators.

Green finance has become an increasingly pressing topic in light of the climate and nature crises and the pandemic

Survey: One in five British investors turning to impact investment amid Covid-19

More than one-fifth (22%) of UK-based investors are planning to invest in dedicated ethical funds in the near future, with the proportion rising to more than one-third (35%) among those aged 35 and under.

Depending on the individuals' net-worth, it could take as little as 5,000 people to meet the $10bn goal

New initiative to help investors funnel $10bn into climate solutions annually

By allocating just 0.25% of their savings and investments to fund not-for-profit projects aiding climate adaptation and mitigation, individual investors could collectively funnel $10bn per year into this space by 2030, a pair of ex-financiers have claimed.

The long-term commitment covers emissions from investments and the supply chain 

City of London Corporation targets net-zero by 2040

The City of London Corporation has committed to reaching net-zero across its investments and supply chain by 2040, with an interim ambition to generate net-zero operational emissions by 2027.

The Government is facing mounting pressure to join-up its approach to financing a green economic recovery from the recession

Issue green sovereign bond to finance UK's Covid-19 recovery, investors urge Government

A group of 30 major investors with more than £10trn of assets under management collectively are calling for the UK Government to launch a green sovereign bond to ensure adequate funding is put behind its mission to deliver a "green" Covid-19 recovery.

2020 could be a record-breaking year for green bonds yet

BNEF: Green bond issuance broke records in September 2020

More than $50bn of green bonds were issued globally in September, making it a record month despite the economic impact of Covid-19, BloombergNEF has revealed.

Aviva Investors is notably represented on the EU High-Level Expert Group on Sustainable Finance and is a founding partner of the World Benchmarking Alliance

Aviva sets 2050 net-zero target for pensions, urges Government to force others to follow suit

Aviva has committed to ensuring that companies held in its auto-enrolment default pension funds generate net-zero emissions by 2050 - and urged the Government to make this a unified commitment across the sector.

The IPCC predicts that energy systems investments must increase by between $1.6trn and $3.8trn annually between now and mid-century to meet the goals of the Paris Agreement.

Science-based targets for financial sector unveiled

Banks, investors and insurance firms will now be able to verify that their climate targets are Paris-Agreement-aligned through the Science-Based Targets Initiative (SBTi).

The fund is thought to be the first with SDG 14 as its sole focus

Credit Suisse raises $212m for 'world's first' ocean health impact fund

Swiss investment bank Credit Suisse has partnered with Rockefeller Asset Management to launch an impact fund that will finance projects improving ocean health, raising $212m pre-launch.

Chanel is the first unrated issuer to have a public set of bonds linked to sustainability ambitions

Chanel links €600m sustainability bond to science-based targets

Luxury fashion and fragrance giant Chanel has issued a €600m transaction for bonds linked to the company's progress against its 1.5C science-based targets.


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