A boon for green bonds: Record $210bn of climate bonds certified in 2021
The Climate Bonds Initiative has revealed that it certified more than $200bn of bonds in 2021, from more than 220 issuers, marking a record high.
EU delays deadline on green finance taxonomy rules for nuclear and gas
The European Commission has confirmed that it has delayed to later this month the deadline for experts to give feedback on divisive plans to allow some natural gas and nuclear energy projects to be labelled as sustainable investments.
Nest divests from ExxonMobil and other 'unresponsive' fossil fuel giants on road to net-zero
UBS Asset Management and the UK's largest pension scheme, Nest, have divested from five fossil fuel firms which they say have not responded well to climate-related engagement.
HSBC's new coal exit policy 'full of loopholes', green groups claim
HSBC has outlined the first steps towards its commitment to end support for coal-fired power and thermal coal mining, but activist investors and other green groups have argued that its approach is too weak.
EU confirms first green finance taxonomy rules, key decisions on energy still to come
The European Union has passed the first set of rules under its new green finance taxonomy, which determines which activities can be classed as "green" and which cannot. Decisions on gas and nuclear energy are yet to come, though.
How can the financial sector move faster to slow climate change?
COP-26 will be remembered as the moment when finance moved to the forefront of the fight against climate change. Political surprises - ranging from the 'phasing down' of coal to closer cooperation between the US and China - may have grabbed attention. But for the business community, it was finance that generated the headlines.
Mayor of London unveils £51m housing programme to tackle fuel poverty
The Mayor of London, Sadiq Khan, has unveiled a new £51m programme to tackle fuel poverty for households in the capital in early 2022.
Oxford University bags £4.5m from Ikea Foundation for sustainable finance research
Retailer Ikea's charitable foundation is allocating a £4.5m grant to the University of Oxford's Sustainable Finance Group, which is working to help the UK's financial sector align with the Paris Agreement's climate pathways.
Insetting and mandatory disclosure: Triodos Bank on how the finance sector can reach net-zero
Last week, Triodos Bank UK unveiled a net-zero emissions target for its loans and fund investments for 2035. To mark Net-Zero November, the bank's chief executive Bevis Watts discusses how mandatory planning and disclosure can drive the sector to invest in low-carbon and nature-based solutions.
Report: New funding mechanisms needed for EVs and charging to spur low-carbon transport uptake
Vehicle and charging bundles, health certification for batteries and local authority engagement are among 18 recommendations from the Green Finance Institute in order to accelerate the uptake of electric vehicles (EVs) in the UK.
'COP26 Declaration': £5.9bn asset owners set out net-zero expectations
UK-based asset owners with investments of more than £5.9bn, including universities and NGOs, have called for their asset managers to align their portfolios with a 1.5C temperature pathway on the road to net-zero by 2050 at the latest and have set minimum expectations for fund managers on exclusions, divestment and engagement.'
Bank of England strengthens climate requirements for corporate bond purchases
After facing much scrutiny over the climate credentials of its Corporate Bond Purchase Scheme, the Bank of England has published a roadmap for aligning the Scheme with net-zero by 2050.
Coutts CEO Peter Flavel on corporate climate action and achieving a just transition at COP26
EXCLUSIVE: The chief executive of private banking and wealth management firm Coutts has told edie he is "very positive" to see so many businesses present at COP26, but that there's still "a lot to do" when it comes to advancing a just transition to net-zero economies.
Reports: Ford preparing to offer $1bn green bond as part of EV transition plan
The Ford Motor Company has confirmed plans to retire up to $5bn of its existing high-interest bonds, issued to help it weather the Covid-19 pandemic, and to launch its first green bonds.
UN: World facing 'gathering storm' with tenfold increase needed in climate adaption finance
As world leaders champion new decarbonisation strategies at COP26, a new report from the UN has called for an urgent increase in finance that is focused on adapting to the impacts of the climate crisis, with current economic flows requiring a "step change" to protect developing countries.
COP26 Covered Podcast episode 5: Finance Day special – A make-or-break moment for the climate summit?
After a hugely important and somewhat unpredictable Finance Day at COP26, the edie team delivers up a special episode of COP26 Covered, featuring wide-ranging talks with industry leaders – from making coal uninsurable to securing top-level financial commitments to net-zero carbon.
Natwest’s Rishi Madlani on financing the global net-zero transition
EXCLUSIVE: Natwest Group's head of sustainable finance has spoken to edie on Finance Day of COP26 in Glasgow, discussing the need for greater alignment between Governments, banks and regions to accelerate green business action beyond the climate talks.
'Moving the trillions': 6 things you need to know from Finance Day at COP26
With the World Leaders Summit wrapped up, the COP26 presidency programme now consists of themed days for non-state actors, as negotiations continue. Wednesday (3 November) was finance day - one of the most highly anticipated. Here, edie rounds up six key headlines from the day.
COP26: Rishi Sunak vows to make UK 'world's first net-zero financial centre'
Chancellor Rishi Sunak has spoken of the UK's vision to help "rewire the global financial system fir net-zero" at the inance day of COP26 outlining plans on sovereign green bonds and corporate climate disclosures.
7 things you need to know from Day Two of the COP26 World Leaders Summit
After scene-setting speeches from Sir David Attenborough, Barbados' Prime Minister Mia Mottley and others on Monday (1 November), Tuesday was another jam-packed day at COP26. Here, edie rounds up seven key announcements from Day Two of the World Leaders Summit.
COP26 Covered Podcast episode 4: Business action plans, Scope 3 conundrums and a climate finance movie night
After a sleepness night in Glasgow, the edie team bring you a jam-packed fourth episode of COP26 Covered, featuring sideline sustainability chats with business leaders, NGOs and industry groups - plus we talk climate finance a swanky uptown cocktail bar.
G20: What was (and wasn't) agreed by world leaders on the eve of COP26
From 1.5C intentions and an end to international coal finance, to weak promises on fossil fuel subsidies, edie rounds up the green successes and failures of the G20 summit in Rome.
Report: $100trn needed to get global supply chains to net-zero and up to half must go to SMEs
Up to half of the estimated $100trn investment needed to get global supply chains to net-zero by 2050 will need to go to SMEs, a new analysis from HSBC and Boston Consulting Group has concluded.
Standard Chartered sets 2030 climate goals on road to net-zero by 2050
Banking and financial services giant Standard Chartered has updated its plans for reaching net-zero financed emissions by 2050, but green groups are unimpressed that it has stopped short of ending coal support.
Make or Break: 5 key talking points that will determine the success of COP26
COP26 is upon us. Postponements, political unrest and climate laggards being slow to join the table has left negotiations in a precarious yet achievable position. Here, edie summarises the key discussion points that could make or break COP26.
Pension giant ABP to divest €15bn from fossil fuels by 2023
One of the world's largest pension funds, Dutch fund ABP, has announced plans to divest its €15bn of holdings in fossil fuel companies and projects within 18 months.
UK's second green gilt raises a further £6bn for low-carbon projects
The UK Treasury has confirmed the second sale of its green gilts package, bringing total funding for projects assisting the net-zero transition to £16bn to date.
Time to transform: edie's flagship Sustainability Leaders Forum set for awe-inspiring London return
Belu Water, Ecover, Elvis & Kresse and Zero Hour are among the disruptive brands and purpose-led campaigns set to feature at edie's biggest event of the year, which returns as a live, in-person event in February.
A substantial step forward, or huge letdown? The green economy reacts to the Net-Zero Strategy
The UK's Net-Zero Strategy is finally here, but the reaction to the nation's blueprint to decarbonisation ranges from those believing it provides much-needed clarity for business to others claiming it does nowhere near enough to drive all parts of the economy to net-zero by 2050.
Greening Finance: Treasury outlines major sustainability disclosures plan to crack down on greenwashing
HM Treasury has released details on a package of new sustainability-related disclosure requirements, designed to tackle greenwashing in the financial space and encourage corporates to front-load their transitions to net-zero.
EU launches world's largest green bond issuance to date
The European Commission has issued €12 bb worth of green bonds on financial markets to finance the green parts of its €800bn coronavirus recovery fund. This represents the world's largest green bond issuance to date.
G7 to explore carbon pricing and green finance for developing nations
G7 Finance Ministers have agreed on a new set of principles aimed at improving global supply chain resiliency and backing a new initiative from the International Monetary Fund (IMF) aimed at helping developing countries boost green economic opportunities.
NatWest promises £100bn for climate and sustainability by 2025, with SME focus
Banking giant NatWest Group has pledged to provide £100bn of climate and sustainable funding and financing by the end of 2025, after surpassing its previous ambition in this field.
Finance giants to G20 leaders: Close policy loopholes to end financing for activities that will derail net-zero
An alliance of finance giants collectively representing $90trn in assets is urging G20 nations to end fossil fuel subsidies, bolster carbon pricing and introduce new climate mandates for businesses, to ensure long-term net-zero pledges are credible.
Only 3 in 10 major UK pension schemes have credible net-zero plans
The Make My Money Matter Campaign has released research concluding that 71% of the UK's largest pension schemes do not yet have credible plans for reaching net-zero - a proportion representing more than £2trn.
HSBC sets 2050 net-zero financed emissions target for £36bn UK pension scheme
One of the largest corporate pension schemes in the UK has set a 2050 net-zero financed emissions targets, with an interim aim to halve emissions by 2030.
Banking giants join Taskforce on Nature-related Financial Disclosures framework development
Senior figures from global banking giants including BlackRock, HSBC and Bank of America have been selected to help shape a new global framework on nature-related corporate disclosure.
Avon, Phoenix Group and TfL: Pension schemes covering billions bolster net-zero ambitions
The £10.6bn Transport for London (TfL) pension fund, £4.5bn Avon Pension Fund, and Phoenix Group, which manages £250bn of investments, have all set interim ambitions to reduce financed emissions on the road to net-zero.
Five UK councils commit to launching green bonds
The Green Finance Institute (GFI) has announced the first five councils to sign on to its Local Climate Bond campaign, which commits members to developing green bond issuance plans within 18 months.
Walmart raises $2bn through first green bond
US-based retail giant Walmart has announced the closing of its inaugural green bond issuance, raising $2bn for initiatives that will decrease emissions and resource use, increase resource efficiency and conserve nature.
UK's retrofit industry must grow by ten times to play role in reaching net-zero
The UK's retrofitting industry needs to grow by ten times its current size if the UK is to decarbonise its housing stock at a pace suitable for the wider net-zero emissions target, new research has revealed.
Major UK pension funds among latest investors to join global net-zero commitment
Tesco Pension Investment, the London Pensions Fund Authority and Railpen are among 12 asset owners to have this week joined a global collaboration designed to spur the transition to net-zero-aligned investing.
UK's first sovereign green bond package raises £10bn
The UK Government has today (21 September) launched its first green gilt, with reports that investors have placed a record £90bn in orders for the bond.
Investment consultants advising $10trn of assets launch new net-zero initiative
A dozen investment consulting firms, collectively responsible for advising asset owners and managers worth $10trn, have launched a new global initiative aimed at accelerating the net-zero transition.
Wealthy nations still well short of $100bn climate finance promise
Wealthy nations are failing to address a finance gap on the long-standing pledge to mobilise $100bn (£72.5bn) annually to help developing nations adapt to the climate crisis, according to new research from Oxfam which found that up to £57bn may not be delivered across a six-year period.
MPs call on Bank of England to improve green finance approaches
MPs across all political parties have jointly written to the Bank of England, warning that it is failing to appropriately support the green economy by not pivoting away from the fossil fuel industry.
COP26 Primer reports: edie completes series with Adaptation & Resilience focus
With just two months remaining until the crucial COP26 climate summit in Glasgow, edie has completed its Primer Report series which provides businesses with everything they need to know regarding the five key themes of the talks.
Global green bond market set to break records, surpassing $500bn in 2021
Global green bond issuance is likely to pass the half-a-trillion-dollar mark this year, the Climate Bonds Initiative is forecasting, following a strong first half of the year for the market.
UK and India agree $1.2bn package supporting renewable energy, sustainable infrastructure and tech
With less than two months to go until COP26, the UK and Indian governments have agreed upon a new $1.2bn (£900,000) package of funding designed to accelerate the low-carbon transition.
CDL and MCL Land secure $847m green loan package to build 1,000+ sustainable homes
Property giants City Developments Limited (CDL) and MCL Land have secured an $847m green loan package, which will be used to support a joint venture developing two sustainable housing developments in Singapore.
UK Government issues first 'green transition loan' for business
The UK Government has issued its first state-backed 'green transition loan' for a business, providing engineering and energy consultancy Wood Group support to scale up low-carbon product and service offerings.
Google owner outlines how it is spending proceeds from world's largest corporate sustainability bond
August 2020 saw Google's parent company Alphabet Inc issuing what it claimed was the largest corporate sustainability bond in history. It has now revealed how it has spent 61% of the $5.75bn (£4.4bn) proceeds.
RSK Group signs for £1bn sustainability-linked loan
The UK's largest provider of environmental, engineering and technical services, RSK Group, has signed for a £1bn loan with interest rates tied to its progress against key sustainability targets.
Emma Howard Boyd confirmed as interim chair of Green Finance Institute
The Green Finance Institute (GFI) has announced that the Environment Agency's chair Emma Howard Boyd CBE has been appointed as interim chair at the institute, following the passing of Sir Roger Gifford in May.
Scottish Widows 'reboots' £250m environment fund to screen against fossil fuels
Scottish Widows has launched a 'rebooted' Environmental Fund that will give six million customers the chance to invest in "great green" British businesses, while screening against exposure to fossil fuels.
Circular economy attracting $1.3trn in annual investments, but dwarfed by linear spending models
Governments, investors and corporates collectively funnel more than $1.3trn annually into circular economy initiatives, but this is just a fraction of the money that is currently spent on linear methods of consumption and resource use.
#SustyTalk: Kingfisher's Caroline Laurie on business, biodiversity and green finance
edie's #SustyTalk interview series continues with an exclusive discussion Kingfisher's head of responsible business and sustainability Caroline Laurie.
Making profit shouldn't cost the earth
With companies seeking to become more sustainable, the age-old conflict of prioritising profit against the interests of people and planet seems to be dissolving. But transitioning to an environmentally friendly business model can be costly, which may deter businesses, especially smaller ones.
Net-zero investment portfolios promised by 14 major UK pension funds
The chairs of corporate pension funds including Tesco, Unilever, BT and Pennon are among the signatories of a new commitment to halve portfolio emissions by 2030 and bring them to net-zero by 2050.
Could making ESG more 'financially relevant' combat greenwashing?
At the first day of edie's Sustainable Investment Conference, expert speakers from EY, JP Morgan, Credit Suisse and Citi debated how the definition of leadership in relation to ESG investing is evolving. Here, we round up their key talking points.
'World's largest' sustainability-linked bond issue from Enel three times oversubscribed
Italian energy major Enel has revealed that it received orders of some $12bn for its sustainability-linked bond - three times more than its $4bn price point.
#SustyTalk: Green Angel Syndicate CEO Nick Lyth on maximising the sustainable investment opportunity
edie's #SustyTalk interview series continues with an exclusive discussion with Green Angel Syndicate founder and chief executive Nick Lyth.
Sustainable Business Covered podcast: Spotlight on green finance, ESG and the TCFD
With edie's Sustainable Investment Conference less than two weeks away, episode 104 of the Sustainable Business Covered Podcast explores an array of green investment topics with UKSIF, ING and Inspired Energy.
#SustyTalk: Ashden's Harriet Lamb on scaling international climate finance
edie's #SustyTalk interview series continues with an exclusive discussion with Ashden's chief executive officer, Harriet Lamb, focusing on climate solutions.
Building the skills to make every financial decision a climate decision
Climate change is one of the defining issues of our time. It presents significant financial risks to business and society, but also offers opportunities for those willing to lead the transition to a sustainable, low carbon world.
Chancellor Rishi Sunak issues £15bn green gilt drive to assist net-zero ambition
Chancellor of the Exchequer Rishi Sunak has today (1 July) outlined plans to transform the UK’s financial services industry through £15bn of green bonds that will support projects that decarbonise key parts of the UK economy while improving climate resiliency and adaptation.
Investors worth €3.6trn collaborate to promote just transition to net-zero
AXA, Aviva France and Eiffel are among the members of a new coalition of investors convened to promote a just low-carbon transition across Europe. Collectively, members represent €3.6trn of assets under management.
#SustyTalk: Seizing the green finance opportunities of 2021
edie's #SustyTalk interview series continues with an exclusive panel discussion on scaling green finance in the run-up to COP26, featuring experts from Clim8, E3G and FIA EPTA.
edie's latest COP26 Primer report focuses on climate finance
As part of the brand-new Countdown to COP26 Festival of digital content and events, edie has this week launched its latest "Primer Report" which provides need-to-know insights into the key themes of this year's crucial climate talks. Up next: Climate Finance.
COP26 Primer: Climate Finance
edie’s COP26 Primer Reports are about seizing the green opportunity. Produced in the run-up to the official talks, this mini-series of reports are based on the five key themes of COP26: Clean Energy, Clean Transport, Climate Resilience, Nature-Based Solutions, and Climate Finance.
World Bank increases climate finance for developing nations
The World Bank Group has issued a new spending plan through to 2025 that will ensure that an average of 35% of total spending is focused on climate adaptation and decarbonisation in developing countries.
Net-zero, Brexit and Covid-19: Businesses say now is perfect time to 'green' UK's financial system
The UK government is being urged to ensure that its ongoing review of financial services regulations properly accounts for the scale of the twin climate and nature crises by influential business coalition the Aldersgate Group.
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.
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.
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).
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.
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.
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 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.
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.
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.
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.
'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.
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 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).
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.
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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.