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 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.
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.
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.
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.
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 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.
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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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).
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 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.
Green Finance Institute assembles businesses for zero-carbon heat taskforce
The Green Finance Institute has convened representatives of dozens of businesses alongside experts from local authorities, policy and science for a new taskforce tasked with decarbonising heating systems in the UK.
Mark Carney: Climate considerations must be 'embedded' in every financial decision for a truly green recovery
Former Bank of England Governor Mark Carney has outlined his vision for financing a green economic recovery for Covid-19 in the UK, calling for measures to ensure that every financial decision made by the private sector takes climate into account.
Sustainability Leaders Awards open for entries ahead of virtual ceremony
edie is proud to announce that the UK's largest and most prestigious sustainable business awards scheme has opened for entries, offering organisations and individuals the opportunity to be recognised and celebrated for leading on sustainability, energy and climate action.
Moving beyond ESG to real world impact in a new era of scrutiny for investors
For anyone who thinks sustainable investing is just about climate, the Covid-19 crisis has proven that businesses becoming resilient to climate change, have also proven best-prepared to ride the shock of the current pandemic.
Inclusive recovery: Can a post-pandemic economy shift society and sectors to greener pastures?
The world is still reeling from the continued impacts of the coronavirus pandemic, but the financial decisions that are made now will determine whether all sectors and parts of society are brought along the green recovery.
UK needs 'significant' overhaul of infrastructure investment to reach net-zero, report claims
The Confederation of British Industry (CBI) has claimed that the UK Government needs to "undertake a significant programme of infrastructure investment" to enable regulators and private investment to create funding for critical net-zero infrastructure.
Daimler's €1bn green bond and Tesco's fight against food waste: 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.
Amazon, Microsoft and Allianz among corporate founders of new climate-risk-focussed data initiative
Amazon, Microsoft, Allianz and S&P Global have signed on as founding corporate members of a new initiative harnessing digital technologies to improve climate risk analysis and boost financing for low-carbon solutions.
UK's largest pension schemes set for mandatory climate risk reporting
UK pension schemes will be mandated to disclose the climate-related risks posed to assets in their portfolios by the end of 2022, the Department for Work and Pensions (DWP) has said.
Moody's: Global green bond issuance reached record high amid Covid-19 crisis
The global issuance of sustainable and green bonds totalled a record $99.9bn (£75.5bn) in the second quarter of 2020, with investors increasingly focusing on ESG risks and seeking to play their part in the green recovery movement.
Don't let financial capital stand in the way of your sustainability targets
In July, Tim Wynn-Jones of Centrica Business Solutions spoke on a roundtable for edie around how businesses are shifting strategies towards a green recovery. Here, he summarises how innovation in sustainability financing can act as a route to net-zero.
Visa prices $500m green bond to assist with low-carbon transition
Visa has launched its inaugural green bond, priced at $500m. It will be used to help the company achieve its decarbonisation aims and its alignment with the UN's Sustainable Development Goals (SDGs).
edie Explains: The Green recovery
What is the green recovery? Where does business sustainability fit into its wider context? What is happening at a policy level? And what does the future hold for green recovery efforts? This edie Explains guide answers all of these questions and more.
Bank of England accused of 'missing significant green recovery opportunity'
Greenpeace and other climate campaigners have accused the Bank of England of backsliding on its green finance commitments and are calling on it to stop providing extensive support to high-carbon sectors as part of its Covid-19 recovery process.
The disclosure and transparency trend
As part of edie's new ESG Handbook, CDP's head of investor research Carole Ferguson outlines how the twin threats of the coronavirus pandemic and the climate crisis is creating a heightened focus on transparency amongst investors and corporates.
Major investors to pilot new net-zero framework on $1.3trn of assets
Standard Life and the Church of England Pensions Board are among a coalition of investors trialling what has been described as the world's first blueprint for aligning investment portfolios with the Paris Agreement on climate.
edie launches new handbook on ESG excellence and best practice
edie has published a new handbook outlining the key considerations and best practice advice to collecting and compiling Environmental, Social and Governance (ESG) data that investors are increasingly looking for, in order to spur the green recovery.
Bridging the gap between sustainability and finance
The role of an environmental professional on big infrastructure projects has changed dramatically during my career. Now we are approaching a period where sustainability and finance professionals engage on the crucial decisions that will shape the green future.
Google owner issues largest corporate sustainability bond in history
Google's parent company Alphabet Inc. has issued $5.75bn (£4.4bn) in sustainability bonds, in what it claims is the largest sustainability or green bond issued by a corporation to date.
The ESG Handbook 2020: Spurring the green recovery
Green finance and ESG investing were reaching a tipping point, then the coronavirus pandemic swept across the world. The virus hasn’t so much as tipped the scales towards ESG investing but rather poured most of the world’s financial system towards it.
How can businesses boost climate disclosure and green investment in line with changing demands?
Investors and consumers alike are demanding more information on business-related climate risks and whether corporates are spending significant sums on decarbonisation - and this trend is likely to accelerate because of Covid-19. So, what is best practice on investment and disclosure, and how should businesses implement these approaches?
Private equity investors launch Paris-aligned climate disclosure framework
A group of private equity investors have launched an international network committing to engage with corporates in reducing carbon emissions in line with the needs of the Paris Agreement.
Barclays' 'blue' finance and Tottenham's 'green' football kits: 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.
Credit Suisse cuts fossil fuel lending as part of £250bn green finance promise
Swiss investment bank Credit Suisse has unveiled plans to provide more than £250bn in financing geared towards green bonds and the low-carbon economy over the next decade, as well as pledging to limit financing to the oil and gas sector.
Citi targets $250bn environmental financing by 2025, as Moody's unveils science-based targets
Multinational banking giant Citi has pledged to funnel $250bn (£192.5bn) into low-carbon solutions by the end of 2025, in the same week that Moody's unveiled new Paris-Agreement-aligned climate targets.
Available to watch on-demand: edie's sustainable investment webinar featuring ING and BlackRock
Sustainable finance experts from BlackRock Investment Stewardship, ING and Tideway appeared in edie's webinar focused on sustainable investment and climate disclosure, which took place Wednesday 29 July. The recording is now available to watch on-demand.
UK's largest pension scheme charts pathway to net-zero
The Government-backed National Employment Savings Trust (Nest) scheme is set to begin divesting from fossil fuel projects immediately, as part of a new roadmap designed to ensure its operations are aligned with the UK's net-zero target.
NatWest to disclose the climate impacts of projects it finances
NatWest Group has pledged to halve the climate-related impacts of its financing by 2030, after becoming the first major UK bank to join the Partnership for Carbon Accounting Financials (PCAF).
Morgan Stanley to disclose climate impact of investments
Morgan Stanley has become the first US-based global bank to commit to measuring and disclosing the environmental impact of its investment portfolio and loan offerings and will join a global partnership to drive climate action across the global accounting sector.
edie launches new business guide on Taskforce on Climate-related Financial Disclosures
edie has launched a new Explains guide outlining the key considerations and answering important questions for businesses looking to align their reporting with the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD).
edie Explains: The Task Force on Climate-related Financial Disclosures (TCFD)
What are the TCFD recomendations? Why does climate disclosure matter? How do you access the financial impacts of climate change? And, what is scenario analysis? This free edie Explains guide gives you everything you need to know.
Bankers for Net-Zero: Banks sign up to steer UK green recovery
Barclays and Triodos are amongst the first five banks to sign up to a new commitment exploring how the banking sector can fund the net-zero transition to deliver a green recovery in the UK.
6 in 10 UK businesses cutting environment-related investment due to coronavirus, survey shows
A survey of 200 UK-based businesses has found that 60% have either decreased their investment in sustainability initiatives as a result of Covid-19, or are planning to do so.
West Berkshire Council launches 'UK's first' resident-funded green bond
West Berkshire Council has launched a green bond that will see residents invest in the region's renewable energy sector, in what it claims is a UK first.
BlackRock punishes 53 high-emissions companies over climate inaction, puts 191 more on watch
BlackRock has revealed that it took voting action against 53 companies on climate grounds in the first half of 2020, including ExxonMobil and Air Liquide.
Create net-zero development bank to spur post-Brexit low-carbon transition, MPs urge
By creating a National Investment Bank with an explicit net-zero mandate, Ministers could reap the benefits of the UK's Brexit transition period, Covid-19 recovery planning and low-carbon transition simultaneously, MPs, economists and local leaders are urging.
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.