green finance

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Carney (pictured) launched the TCFD in 2015 with Michael Bloomberg. Image: Bank of England

'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.

The green bond was led by Morgan Stanley, which launched a dedicated plastics financing platform earlier this year

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.

(L-R): BlackRock fund manager Evy Hambro; Ellen MacArthur Foundation chief executive Andrew Morlet; BlackRock fund manager Sumana Manohar and The Ellen MacArthur Foundation’s executive lead for plastics, fashion and finance, Rob Opsomer.

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.

Less than one-fifth of the banks studied have set time-bound, numerical targets for fossil fuel divestment or clean energy investment. Image: Paulm27/ Wikimedia Commons

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.

The report notes that investor pressure played a key role in net-zero commitments from corporates including Nestlé, ArcelorMittal, Centrica and Thyssenkrupp

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.

"Greenwashing", a lack of information and a lack of products were cited as key barriers to SDG-aligned investing

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.

Pictured: Logging operations in Pomio, New Britain, Papa New Guinea, to make way for agri-food. Image: Fabio Erdos / Panos

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.

In its position, the Council included six objectives that would help to distinguish what represents ‘green finance’

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.

(Image: Wikipedia/Foreign and Commonwealth Office)

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.

Climate resolutions have become increasingly common at stakeholder votes, as investor and public pressure for businesses to act on climate change grows. Image: PXHere

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.

This weekly round-up details how businesses across the world are ramping up ambitions and actions across all areas of sustainable development

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.

H2 of 2018 was widely regarded as a difficult period for green finance, but the market is showing signs of resurgence

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.

The EU’s lending arm financed oil, gas and coal projects in 2018 with more than €2.4bn

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.

The survey covered businesses of all sizes across all major sectors

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.

Aftermath Cyclone Idai and Cyclone Kenneth in Mozambique and Zimbabwe

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.

The index was launched today (8 July) by London Stock Exchange Group subsidiary FTSE Russell

'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.

Hundreds of climate-related events took place across London

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.

The RSA and RCEM hope their commitments will inspire broader action

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.

Thomas noted that businesses needed to get better at providing relevant data to investors. Image: GFI

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 has pledged to provide $100bn in sustainable financing by 2025. Image: HSBC

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.

Dr Lee noted the need for more robust carbon pricing. Image: IPCC

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.

The strategy includes expectations for publicly listed companies and asset owners to disclose climate risk and impact data by 2022

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.

The IMO 's 2050 argets were set in 2018 and are bolstered by a short-term roadmap to 2023

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.

The six-month inquiry began last December

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.

The Committee will examine the role of finance in meeting the UK's fourth and fifth carbon budgets

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.

Around one-quarter of the potential losses were attributed to stranded assets

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.

The issuance is the first in a series of planned green re-financing initiatives for Co-op Group

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.

<p>£1.4bn of the financing for Tideway's £4.3bn 'super sewer' project is accounted for by green bonds</p>

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 second episode in this six-part series explores how Brexit will affect the policy and business spheres' approach to green finance

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.

The oil and gas, consumer goods, industrial and healthcare sectors were deemed to be at high financial risk from natural impacts such as extreme weather events and biodiversity loss

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 hopes the move will encourage greater disclosure and innovation from suppliers. Pictured: Solar arrays operated by Walmart China

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.

The coalition was founded at the Paris One Planet Summit in 2017 and is convened by Banque De France

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.

The We Mean Business Coalition represents 889 companies with $17.6trn in market capitalisation collectively

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.

The bond will mature in 2041, with Yorkshire Water claiming it is the longest dated sustainability bond issued in GBP to date

Yorkshire Water launches sustainability bond

Yorkshire Water has launched its first sustainability bond in a bid to raise £350m from investors.

The UN Global Compact has previously warned that firms which do not communicate both positive and negative contributions to all 17 Global Goals could soon lose out on investment

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 scheme will fund large-scale conservation and restoration activities across Scotland's forests, lakes and coastline

'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.

CISL's findings indicate that in some developing nations, 100% of losses caused by natural disasters were not covered by insurance

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.

Of the 143 targets considered relevant to the domestic delivery of the SDGs, a report notes that the UK is only performing well on 24% of its targets

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.

BlackRock's new report charts the rapid growth of green finance in the US and EU since 2013

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.

The Forum's founding firms have issued two-thirds of Europe's green bonds by volume

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.

The EIB has issued more than €23bn (£20bn) through Climate Awareness Bonds since 2007

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.

Banking giants pledge to align investment portfolios with Paris Agreement

BBVA, BNP Paribas, Standard Chartered and Société Générale have pledged to measure the climate-related impacts of their lending portfolios and assist companies they invest in with aligning their respective sustainability strategies with the Paris Agreement goals.

The bond will be used to finance renewables and built environment projects

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.

None of the companies surveyed by Pinsent Masons were able to confirm specific targets for decarbonising their own operations

Report: Just 5% of UK pension funds possess a climate change policy

Just 5% of the UK's largest pension fund managers have a specific policy on climate change in place, despite almost three-quarters (74%) claiming to acknowledge the risks that climate challenges pose to the finance sector.

Ministers have accepted proposals to improve pension fund governance

Government snubs MPs' calls for mandatory climate-risk reporting

Ministers have rejected recommendations from MPs to introduce mandatory climate-related financial disclosures for large firms and asset owners.

edie brings you the latest green business reaction after Chancellor Philip Hammond unveiled the Autumn Budget for 2018. Image Flickr EU2017EE

Autumn Budget 2018: Live green economy reaction

After Chancellor Philip Hammond opened his red budget box to detail a tax on plastics and a carbon price freeze, edie rounds up what key green economy leaders are making of the new financial measures for low-carbon innovations and resource efficiency.

Abundance has more than 5,000 customers and has raised £77m to help finance 34 projects tailored towards low-carbon innovation and social action

Abundance Investment targets new shareholders to accelerate green project financing

Peer-to-peer finance platform Abundance Investment looks set to accelerate demand for environmental and social projects across the UK, by increasing its number of small shareholders 10-fold.

The funding will be used for both low-carbon technology projects and climate resilience and mitigation efforts

UN pledges $1bn investment to drive climate action in developing nations

Members of the UN’s Green Climate Fund (GCF) have this week approved more than $1bn of funding for 19 projects supporting climate action in developing countries.

The Government will publish the UK’s first ever Green Finance Strategy in Spring 2019

Clean Growth Fund spearheads Government's green finance commitments

As part of Green GB Week, the UK Government has announced a new £40m venture capital fund to help bring innovative clean technologies to market.

London was ranked among the six centres most likely to grow across the rankings over the next two to three years

London slides down rankings for global green finance leaders

London has dropped from first to third place in a global ranking of the world's "greenest" financial centres, with ties to “legacy assets” focusing on “non-green” financial offerings impacting its score.

UBS: UK investors 'more cautious' on sustainable finance than global peers

A new report from UBS has found that UK investors have been more cautious to integrate sustainable financial products into their portfolios, largely due to the uncertainties of Brexit.

ING to align £450bn investment portfolio with Paris Agreement goals

ING has revealed that it will work with the companies covered by its £456m ($600bn) green investment portfolio to help align their respective sustainability strategies with the aims of the Paris Agreement.

The Unfriend Coal briefing has been published during a global reinsurance conference in Monte Carlo, in a bid to drive coal divestment image: Marion Esnault

Fresh warnings over lack of climate action across finance sector

The reinsurance and pension fund sectors are failing to progress the finance sector towards key climate goals by continuing to invest in coal projects over low-carbon alternatives, two reports have claimed.

The London Stock Exchange is currently home to 78 green bonds which have raised more than $24.5bn

City of London Corporation invests £2m in UK's Green Finance Institute

The City of London Corporation has pledged to invest £2m in the UK's new Green Finance Institute once the new body launches next year.

Triodos Bank believes the study proves that • millennials are driving a new ‘resist investing’ trend

UK's ethical investment market to reach £48bn by 2027

An increased focus on sustainability within the UK's investment community will result in the national socially responsible investing (SRI) market growing by 173% by 2027 to reach £48bn.

The first seven-year bond was priced at SEK1bn (£85m)

The World Bank to launch world's first sustainable water bond

The World Bank has revealed plans to launch the world's first series of bonds aimed at advancing water and ocean stewardship and has priced the first bond at SEK1bn (£85m).

The first green bond, worth €600m, was issued last year

SSE issues second green bond to fund renewable sector

SSE has issued a second green bond worth €650m, confirming the big six supplier as the largest issuer of green bonds from the UK corporate sector.

The report calls for a string of global policy changes in order to mobilise the amount of investment needed to reach the aims of the SDGs

Report: Global green finance levels insufficient to underpin SDGs

Despite strong growth in the green finance market in recent times, the current global economic system will not be able to underpin the level of public and private financing needed to meet the United Nations' (UN) Sustainable Development Goals (SDGs).

Moody's Corporation integrated TCFD recommendations throughout its governance and reporting framework after its chief credit officer was invited to sit on the TCFD board

How the TCFD recommendations are reshaping Moody's CSR efforts

EXCLUSIVE: Moody's Corporation's global head of CSR Arlene Isaacs-Lowe believes that adopting the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) has enabled the company to become green finance "standard-setters" and champion the benefits of transparency to the wider industry.

None of the financial services firms surveyed placed high importance on air emissions in their annual reporting

Finance firms 'slowest' TCFD signatories to report climate impacts

Financial services firms that have committed to the Task Force on Climate-related Financial Disclosures’ (TCFD) recommendations tend to be less transparent in disclosing their climate impacts than TCFD signatories from other industries, a new study has revealed.

Taking the measure of sustainability

Managing what you measure remains as true a maxim as ever in the world of sustainability, especially given the additional impetus provided to governments, businesses and civil society by the UN's Sustainable Development Goals (SDGs). However, measuring progress on sustainability - whether for businesses or cities - is a complex task.