Translating targets into temperature: CDP launches new ratings system for climate crisis
CDP has today (7 July) launched a new set of ratings gauging the temperature pathway of investment portfolios, funds and stock indices in order to outline future climate-related risks to investors.
Just 1 in 10 UK businesses assessing climate risk as a priority, survey reveals
A survey of more than 500 businesses has revealed that while three-quarters are concerned about climate-related risks, just one in ten consider measuring and disclosing their climate-related risks a priority.
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.
edie launches brand new Sustainable Investment Digital Conference for September
edie is launching its first bespoke sustainability conference focused on green finance, with experts from ING, BlackRock and BNP Paribas set to discuss investment and the green recovery at the Sustainable Investment Digital Conference on 7-8 September 2020.
Financing and advising the green recovery
Lloyds Banking Group's sustainable business director Fiona Cannon discussed the organisation's recent sustainability commitment and why sustainability cannot fall down the priority list as nations recovery from the coronavirus pandemic.
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.
Investors target Facebook, Nintendo and other business giants over climate disclosure
More than 1,000 multinational companies have been contacted by a group of more than 100 investors, calling for relevant data on environmental performance and stewardship to be disclosed to CDP.
Refinitiv unveils new SDG-aligned sustainability strategy, including 1.5C science-based targets
After meeting its 2020 ambition of becoming carbon-neutral, Refinitiv has launched a new strategy through to 2030, centred around the UN Sustainable Development Goals (SDGs) and headlined by 1.5C-aligned emissions reduction targets.
Race to Zero: What's set to be included in the UK's green Covid-19 recovery package?
The UK Government's landmark global campaign for mobilising net-zero support ahead of the postponed COP26 summit - 'Race to Zero' - was launched late last week. But what decarbonisation activities are the likes of Boris Johnson, Rishi Sunak and Alok Sharma backing for inclusion in national recovery planning?
NatWest's carbon calculator and Wilko's plastic pledge: The World Environment Day success stories
To mark World Environment Day (5 June) edie's Sustainability Success Stories arrive early, outlining fresh new commitments to sustainability across renewables, resources, the built environment and more.
Coronavirus: EU's €750bn recovery fund to funnel investments towards climate action
The European Union's proposed €750bn fund to help the bloc recover from the coronavirus crisis will have green strings attached, with 25% of all funding set aside for climate action, the European Commission has said.
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.
Government taskforce sets out tools to unlock £65bn investment into green housing
The UK Government's Green Finance Institute (GFI) has found that scaling up green retrofitting of the UK's existing housing stock would require investments of up to £65bn while supporting the economic recovery, as the Green Alliance calls for policy amendments to retrofitting in the UK.
Business giants failing to disclose climate-related risks
Europe's largest businesses are failing to provide relevant climate-related data to investors, which could jeopardise the European Union's aims to deliver a "just" carbon-neutral transition by 2050.
Chief value officers and ESG investors: What could green finance look like in the new normal?
Whatever the new normal looks like once nations have battled their way through the coronavirus, the recent rhetoric around green finance suggests that both internally externally, the value of sustainability to a business is set to grow.
The disclosure digest - Five steps to align sustainability with investor needs
This report is based on a session of discussions and co- creation hosted in association with edie’s 2020 Sustainability Leaders Forum. The half-day event took place on 3 February in London and saw sustainability managers from a wide range of businesses take part in collaborative roundtables. During the discussions, sustainability managers outlined key challenges and discussed the exciting new opportunities in the areas that mattered the most.
ESG bonds rise by 270% year-on-year as finance community assists Covid-19 response
The issuance of Environmental, Social, and Governance (ESG) bonds has increased by 272% year-on-year, as investors and insurance firms take proactive steps to respond to the coronavirus pandemic.
Messages of hope: How world leaders are rallying for a green Covid-19 recovery
The two-day Petersberg Climate Dialogue finished yesterday evening, with ministerial leaders from the UK, Germany, the EU and the UN all delivering rallying cries for nations to focus on climate mitigation as part of any efforts to stimulate the economic downturned caused by the coronavirus outbreak.
EU's climate strategy can spur 'just' and resilient labour market
On the eve of the release of the EU's recovery strategy, a group of business leaders have called for the bloc's climate-neutral target to be coupled with a "just transition" that could deliver job growth against future climate, demographic and technological megatrends.
Petersberg Climate Dialogue: Alok Sharma rallies for global net-zero transition policies
The Secretary of State for Business, Energy and Industrial Strategy (BEIS) and COP26 President, Alok Sharma, spoke at the 11th Petersberg Climate Dialogue to call on nations to "set clear targets and policies" that are aligned to a rapid net-zero transition and will stimulate green economic growth.
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.
EU says green finance will be 'key focus' of post-virus recovery phase
As European countries fight the coronavirus pandemic, they "must not lose sight" of the EU's climate neutrality objective, the European Commission reminded on Wednesday (8 April).
Business giants including Tesco urge ministers to end supply chain deforestation by 2030
Tesco, McDonald's and WWF are among the businesses and NGOs urging the UK Government to set a legally binding 2030 target to end deforestation in agriculture and forest product supply chains.
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.
London tops green finance rankings, for now
London has again topped a ranking list of major cities for the quality of its green finance offerings and services, but looks set to slide down the table over the coming months.
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.
Global banks 'failing miserably' on climate crisis by funneling trillions into fossil fuels, study finds
The world's largest investment banks have funnelled more than £2.2tn ($2.66tn) into fossil fuels since the Paris agreement, new figures show, prompting warnings they are failing to respond to the climate crisis.
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.
Budget: Green groups urge £33bn annual investment to meet UK's net-zero target
Ahead of Wednesday's (11 March) Budget, green groups have put forward their key asks for Chancellor Rishi Sunak. Here, edie rounds up the calls to action - including recent IPPR analysis claiming that £33bn more must be spent annually on decarbonisation to meet the 2050 net-zero target.
Multiple House of Lords committees launch climate change inquiries
Five House of Lords committees will quiz government representatives and external climate experts on topics ranging from internal carbon markets to climate impacts on migration, in a bid to strengthen preparations for the COP 26 climate summit.
Financial Reporting Council launches 'major' review of corporate climate reporting
The Financial Reporting Council (FRC) is set to launch a major review into the quality of how companies and auditors are reporting on climate change impacts and risks, including the pace at which the Task Force on Climate-related Financial Disclosures (TCFD) framework has been adopted.
Britvic signs for £400m sustainability-linked loan
Beverage manufacturing giant Britvic has signed for a £400m loan, whereby it will pay lower margins if it delivers progress against its plastics, emissions and nutrition targets.
'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.
Creating a sustainable food system depends on a shared mentality as well as collaboration
Like most industries, food and drink is grappling with how to create a sustainable and, where possible, circular system. At the heart of that challenge is dealing with the huge and extremely complex global food system, which encompasses the way we grow, make and consume food.
Green bond issuance soared to $185bn in 2019, report reveals
Global green bond issuance last year reached an all-time high in terms of both individual bonds issued and collective value issued, global law firm Linklaters has concluded.
Lloyds Banking Group to halve carbon emissions of investments by 2030
Lloyd's Banking Group has pledged to halve the carbon emissions generated by projects it finances by 2030, in support of the UK's 2050 net-zero target.
Aviva Investors: Better corporate disclosure needed to help sustainable finance go mainstream
EXCLUSIVE: Investment firms are heeding climate warnings and honing their approach to sustainability, but ultimately need more information from the businesses in their portfolios in order to drive transformational change.
Chancellor vows to prioritise the environment as Budget date set
Chancellor Sajid Javid has confirmed that the UK's next Budget will be held on 11 March, promising fresh spending across the nation's green economy.
Bank of England planning mandatory climate 'stress tests' for banks and insurers
The Bank of England has unveiled plans to introduce a mandatory and uniform climate risk test for major banks and insurers in 2021.
Shell links $10bn credit facility to low-carbon progress
Royal Dutch Shell is linking the interest and fees paid on its new $10bn (£7.5bn) revolving credit facility to progress against its carbon targets.
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.
America's Pledge and Europe's Green Deal: What happened on days 8 & 9 of COP25?
COP25 - the UN's annual two-week-long climate summit - has entered its second week in Madrid. Here, edie rounds up all the key news and views from the last few days of the event.
Available to watch on demand: edie's TCFD webinar with Landsec, Avara Foods and CDSB
Experts from Avara Foods, Landsec and the Climate Disclosure Standards Board (CDSB) discussed how businesses should interact with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFDs) to improve sustainability, as part of a webinar that is now available to watch on-demand.
EU reaches milestone by agreeing on green criteria for finance
MEPs and the Finnish presidency of the EU Council have agreed on a taxonomy to determine what economic activities can be considered 'green', paving the way for billions of euros to be invested to fight climate change.
Report: Coal 'becoming uninsurable' as cover withdrawal doubles
The number of insurance firms withdrawing cover for coal companies and assets has more than doubled between 2018 and 2019, a new report 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.
Credit Suisse unveils SDG-aligned consumer fund to accelerate circular economy shift
Swiss investment bank Credit Suisse has launched a consumer fund aimed at spurring progress towards the targets of Sustainable Development Goal (SDG) 12: Responsible Production and Consumption, as consumer demands for green finance grow.
Apple almost doubles green bond offers after £1.7bn fund launch
Apple has issued a new £1.7bn ($2.2bn) green bond offering, nearly doubling its total green bond issuance to almost £3.9bn ($5bn).
Prince Charles: Banks are crucial to 'cracking' the climate crisis
Prince Charles has urged financial institutions to develop a "real understanding" of the influence they have to bring about a net-zero, resource-efficient economy, arguing that the sector has been "closed-minded" and slow to react in the past.
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.
'Draw up climate rules or have them imposed', Bank of England tells corporates
The governor of the Bank of England has warned major corporations that they have two years to agree rules for reporting climate risks before global regulators devise their own and make them compulsory.
PepsiCo prices $1bn green bond to assist with plastics phase-out
PepsiCo has priced its first ever green bond at $1bn, which will be used to fund initiatives to reduce plastic content in packaging, improve supply chain engagement and management and boost water stewardship.
BlackRock launches its first dedicated circular economy investment fund
The world's largest asset management firm, BlackRock, has launched its first investment fund dedicated to accelerating the global development of a circular economy.
Report: Less than half of global banks have sustainable energy finance commitments
Just 23 of the world's largest 50 banks have outlined commitments to invest more in renewable energy and less in fossil fuels, a new report from the World Resources Institute (WRI) has concluded.
Investor pressure slowly pushing firms to set net-zero targets
An investor group overseeing more than $35trn in assets has seen positive responses from corporates on calls to cut net emissions to zero by 2050, despite the group's first progress report finding that just 9% of the companies it has focused on have set targets aligned with a 2C warming.
Survey: Two-thirds of UK public want their investments aligned with the SDGs
A new Government-led study on financing the progress towards the UN's Sustainable Development Goals (SDGs) has found that more than two-thirds of UK investors want their portfolios to solely support projects driving progress against the 17-Goal agenda.
UK banks 'pouring billions into fossil fuels and deforestation', despite green pledges
UK banks have allocated almost £150bn of funding for fossil fuel projects since the start of 2016 and continue to collectively hold 146 investment pots in firms driving significant levels of rainforest deforestation.
EU Council maintains nuclear as eligible for 'green' finance
EU ministers have decided not to exclude nuclear projects from being eligible for sustainable finance grants, despite the demands of a group of member states and the European Parliament.
Boris Johnson unveils £1bn climate aid fund and forest restoration push
UK Prime Minister Boris Johnson has announced a £1bn fund to aid developing nations in transitioning to a low-carbon economy and tackling climate change, alongside a fresh new push to halt deforestation.
Wall Street investment giants 'voting against key climate resolutions'
Some of Wall Street's largest asset management companies are failing to live up to commitments to use their voting power to fight the climate crisis, according to a new report.
E.ON's green bonds and Dundee's solar car park: 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.
Reports: Sustainable finance 'growing rapidly' in Europe
Europe's sustainable finance market experienced "rapid" growth during the first half of 2019, despite a challenging end to 2018, new analyses have concluded this week.
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.
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.
UK Government provides £250m climate aid package for Africa
The UK Government has announced its largest single direct climate investment in Africa, after pledging to provide a £250m aid package to help the continent improve climate resilience.
'World's first' climate-based government bond index launched in London
Global index and analytics giant FTSE Russell has launched a new bond index which weights products on how prepared their respective governments are to mitigate and adapt to climate impacts.
Sustainable Business Covered podcast: The London Climate Action Week relay
Episode 67 of the Sustainable Business Covered podcast sees the edie team travel to numerous events during London Climate Action Week, securing exclusive interviews with the Green Finance Institute, Microsoft, the Green Alliance and more.
UK to put climate crisis and environment at the heart of overseas aid
The UK will have an "ethical" development policy that puts the climate emergency and environmental protection at the heart of overseas aid, with more than £190m to be spent directly on climate-related issues in the first initiative, the Government has announced.
Royal institutions divest from fossil fuels, encourage others to follow suit
To mark London Climate Action Week, the Royal College of Emergency Medicine (RCEM) and the Royal Society of Arts have sold all remaining shares in fossil fuel companies.
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.
Eight reasons why green finance is becoming mainstream
Halfway through London Climate Action Week and it seems that sustainable finance is the hot topic. Here, edie explores the key drivers behind why green finance is growing from a niche interest to a business-critical concern.
IPCC chair: Global transition to net-zero 'not a burden' to the economy
The chair of the Intergovernmental Panel on Climate Change (IPCC), Dr Hoesung Lee, has dismissed fears from investors and nations that reaching net-zero emissions will place too much strain on the global economy.
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.
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.
MPs call for halt on support for fossil fuels in developing nations
Of the £2.6bn which the UK's export credit agency spent supporting energy exports abroad between 2013 and 2018, 96% was funnelled into fossil fuel projects, mostly in developing nations.
Michael Bloomberg announces $500m campaign to end US coal generation
Billionaire businessman and philanthropist Michael Bloomberg has announced a $500m investment aimed at fighting climate change by ending coal-fired electricity generation in the US.
MPs examine how Treasury and finance sector can help decarbonise UK economy
MPs on the Treasury Committee have launched an inquiry scrutinising the climate impacts of the Treasury and the financial services sector, with the aim of determining how these actors can change their ways in order to spur decarbonisation progress ahead of the fourth and fifth carbon budgets.
CDP: Climate risks could cost corporates $1trn, with biggest losses before 2025
A group of 215 of the largest companies in the world risk collectively losing up to $1trn to climate impacts, with most of this risk set to hit within the next five years, new research from CDP has found.
Co-op issues £300m bond supporting Fairtrade movement
Retailer Co-op's parent organisation Co-op Group has raised a £300m green bond which will be used to support the Fairtrade movement's bid for more sustainable farming supply chains.
How SDG alignment helped Tideway engage key investors
EXCLUSIVE: Several companies to have aligned their strategies with the UN's Sustainable Development Goals (SDGs) have claimed that doing so has improved communications and created a more joined-up approach - but for Tideway, a further benefit has been gaining investor buy-in.
The Big Brexit Questions podcast: What next for green finance in the UK?
In the wake of Prime Minister Theresa May's decision to delay the deadline to organise a departure from the European Union, edie's new podcast mini-series explores the impact of Brexit on key areas of the UK's green economy. Up next: Green finance.
Three-quarters of UK FTSE All-Share firms 'highly dependent' on natural capital
Almost three-quarters (74%) of UK businesses listed on the FTSE All-Share Index have been dubbed "potentially highly dependent" on natural resources such as clean air, water and soil in a new study on nature-related business risks.
Walmart partners with HSBC to launch green finance programme for suppliers
As part of a partnership with HSBC, US-based retail giant Walmart has developed a green finance initiative that rewards suppliers for setting, meeting or exceeding ambitious sustainability aims.
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.
We Mean Business boss: Companies must 'embed' ESG to survive low-carbon transition
EXCLUSIVE: In the face of pressing climate challenges, the business and finance sectors must now collaborate to ensure that environmental, social and governance (ESG) issues are embedded in all financial decisions to spur the creation of a zero-carbon economy.
Yorkshire Water launches sustainability bond
Yorkshire Water has launched its first sustainability bond in a bid to raise £350m from investors.
SDGs becoming a 'new compass' for sustainable investing, survey finds
More than half of institutional investors to have incorporated environmental, social and corporate governance (ESG) issues into their frameworks are using the UN's Sustainable Development Goals (SDGs) as a guideline, a new survey has found.
'The £1bn challenge': Natural capital investment project launched in Scotland
The Scottish Environment Protection Agency (SEPA) and the Scottish Wildlife Trust have teamed up to launch a new project aiming to attract £1bn of investment in protecting the nation's natural capital.
Reports: Policy support for climate adaptation investments 'insufficient'
Insufficient policy support has left investors and lenders across the world struggling to identify, measure and adapt to climate challenges relevant to their portfolios, a pair of new reports have found.
UK Government urged to increase engagement with the SDGs
The CBI and International Chamber of Commerce (ICC) have called on the UK Government to create "clear definitions" and communication plans to act on the UN Sustainable Development Goals (SDGs), using access to green finance to mobilise private sector action.
Sustainable investing is finally 'going mainstream', BlackRock claims
As concerns that the next financial crash may be climate-related grow, impact investment and green finance products are "going mainstream" and ceasing to be classed as a "niche" area, global investment management firm BlackRock has claimed.
Major utilities team up to launch sustainable finance hub for European businesses
Utility giants EDF, SSE and Ørsted are among the 16 companies which have co-founded a new forum aimed at helping Europe's business community champion sustainable finance and impact investing.
European Investment Bank to face legal action over biomass loan
The world's largest multilateral finance firm is set to be taken to the European Union's highest court later this year, after green campaigners argued its decision to loan €60m (£53m) to developers building a biomass facility in Spain.
Reflections from COP24
It's was an interesting week at what was perhaps the most important UN conference since the Paris 2015 deal.