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.
Boardroom blocks: Less than 10% of UK CEOs have financial bonuses to combat climate change
Only 6% of UK chief executives have financial incentives and bonuses tied to environmental strategies and performance across the business practice, a new study has found.
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.
'Set legally binding net-zero target now', investors urge EU leaders
A coalition of more than 40 investors collectively representing upwards of €6trn of assets under management has written to all EU heads of state, urging them to set legislation in line with net-zero by 2050 or sooner.
Investors and businesses call for action to support deforestation-free soy in Brazil
A group of global investors and businesses, including Tesco, Mars and Sainsbury's, have signed a letter calling for the Brazilian Government and president Jair Bolsonaro to support a voluntary agreement that has limited deforestation from soy production in the country.
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.
Investment in UK renewables 'picking up pace' despite Brexit concerns
The UK has risen up the top 10 in a ranking of the world's most attractive national markets for renewable energy investment, with offshore wind progress outweighing concerns over the potential impacts of Brexit.
Dozens of investors slam IEA over fossil fuels and renewables projections
Allianz, Zurich Insurance Group and Orsted's pension fund are among 65 finance bodies to have written to the International Energy Agency (IEA), urging to body to hep global energy firms align with the Paris Agreement.
European Investment Bank to end financial support for fossil fuels by 2021
The European Investment Bank (EIB) has unveiled a new energy lending policy that will stop all financing for fossil fuel projects at the end of 2021 and unlock €1trn in sustainable development over the next decade.
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.
Superficial progress: Global banks failing to deliver time-bound climate strategies
A new report has accused the banking sector of superficial progress when it comes to climate commitments, noting that uptake in low-carbon services, green bonds and reporting standards isn't being matched by demands to decarbonise portfolios.
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).
Sky backs TerraCycle's 'zero-waste' refill platform with £1.5m investment
Media giant Sky's Ocean Ventures investment arm has committed $2m (£1.56m) to TerraCycle's Loop platform - an offering whereby businesses provide product refills to consumers while retaining ownership of their reusable packaging.
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.
Aldersgate Group: UK must make TCFD reporting mandatory to reach net-zero
The UK will not meet its 2050 net-zero goal unless corporates and investors are legally mandated to report on their climate risks and the actions they are taking to mitigate them, the Aldersgate Group has warned.
'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.
One year on: How the IPCC report has redefined sustainable business leadership
One year ago today (8 October), the Intergovernmental Panel on Climate Change (IPCC) published what it described as its "landmark" report on global heating. While the pressure the paper's findings would place on governments was obvious from day one, the study's impact on business has been continually evolving - as explored by edie reporter Sarah George.
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.
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.
'Unprecedented': Investors responsible for $2.4trn commit to net-zero alignment
A group of finance giants, collectively responsible for investments worth $2.4trn, have committed to ensuring that their respective portfolios are carbon-neutral by 2050.
Embodied carbon: WorldGBC embarks on 'radical' new approach towards net-zero
EXCLUSIVE: The World Green Building Council (WorldGBC) has issued a new report outlining how companies in the sector can focus on both operational and embodied carbon to reach net-zero emission buildings by 2050, warning the companies ignoring this new approach could be "outpaced by the innovators".
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.
Net-zero cities can unlock $24tn opportunity, report finds
Investment into readily available technologies could reduce emissions from cities by 90% by 2050, while creating a global economic benefit worth almost $24trn (£19trn), a new report has claimed.
Pope and Archbishop of Canterbury urge 'drastic measures' on climate change
Both Pope Francis and Archbishop of Canterbury Justin Welby have called for greater global action to tackle climate change, in speeches made to mark the UN Climate Summit and the Global Ethical Finance Summit respectively.
Equator Principles: Global banks failing to uphold environmental and social risk agreements
An investor coalition representing more than $2.9trn has urged global banks to strengthen efforts that protect the rights of indigenous people and the environment that they rely on.
Amazon rainforest fires: We must rise above the egos and insults threatening climate change policy
As the 'lungs of the Earth' continue to burn, discussions at international summits have devolved into a circus of egos and insults that suggest that future collaborative efforts to combat climate change will revolve around petty but powerful people who can't see the wood for the burning rainforest.
Seven steps to solution-focused sustainability
Sustainability has rarely offered such a dynamic and inspiring opportunity for organisations to build competitive advantage, differentiate their brand and engage their people.
University of Liverpool to divest entirely from fossil fuels
The University of Liverpool has become the latest higher education facility in the UK to commit to removing fossil fuel investments from its portfolio, following pressure from students and staff.
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.
Mark Lewis: Businesses 'underestimating' speed of low-carbon transition
EXCLUSIVE: Businesses seeking to future-proof themselves against the physical and societal impacts of climate change must set aside resources for scenario analysis - and treat the results of this process as real, rather than "hypothetical".
IRENA partners with UN to spur renewable energy uptake
The UN's climate change arm and the International Renewable Energy Agency (IRENA) have forged a partnership aimed at helping businesses and nations ramp up their renewable energy ambitions.
From climate change to urbanisation: BlackRock's five megatrends that will disrupt society
A new report from BlackRock has found that climate change, resource scarcity and growing consumerism will create disruptive structural shifts across industries as a "confluence of global megatrends" begin to clash.
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.
Food giants capturing opportunities from meat-free products to drive sustainability efforts
Food manufacturers and retailers such as Tesco, Unilever and Nestlé are "seizing the opportunity" of a thriving plant-based market to assist with the low-carbon transition, with a new report noting that the alternative protein market is expected to be valued at $100bn in the next 15 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.
British Airways and Shell back plans for UK sustainable jet fuel plant
British Airways and Shell have provided funding totalling £2.8m to support the development of a UK-based facility that could produce 20 million gallons of sustainable jet fuel annually.
Report: Just one-eighth of corporates aligning with Paris Agreement
An analysis of 274 corporates across the world's most carbon-intense sectors has found that just one in eight are reducing their emissions in line with the Paris Agreement's less ambitious trajectory of 2C.
'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.
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.
The National Trust to divest entirely from fossil fuels
Europe's largest conservation charity has announced that it will divest from all fossil fuel companies within the next three years.
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.
New EU framework to help firms measure and disclose climate risks and impacts
The European Commission has published a new framework aimed at helping corporates and investors to calculate and disclose their climate-related risks and impacts, in a bid to help accelerate financial support for the low-carbon transition.
Investors grill business giants over non-disclosure of environmental impacts
A coalition of big-name businesses including BP, Amazon and Exxon Mobil are being targeted by a coalition of investors demanding that they disclose more information on their environmental impacts.
Climate-related financial disclosures 'still insufficient for investors', says TCFD
Efforts to disclose climate-related data aligned to the Task Force on Climate-related Financial Disclosures (TCFD's) recommendations have increased by more than 50%, but concerns remain that companies aren't providing enough information to inform the investor community.
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.
UK business giants put fresh pressure on government over net-zero
BT, Coca-Cola European Partners and Sainsbury's are among a coalition of 128 UK-based businesses, industry networks and investors to have written to Ministers demanding that a net-zero target for 2050 is legislated "immediately".
BP shareholders demand climate action, but reject calls for hard targets
An overwhelming vote in favour of climate action at BP's annual meeting yesterday (21 May) shows how activist investors have started to move the oil and gas industry. But it also showed the limits to their appetite for change.
edie Live Mission Possible report launch: Inspiring quotes, key takeaways and the zeronauts
I was thrilled to have formally launched edie's Mission Possible: 2019 report during a high-level panel discussion at edie Live on Tuesday (21 May). Here, I've rounded up my key takeaways from that session and the report for aspiring sustainability and environmental professionals.
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.
World Bank to raise €1.5bn for SDG bond
The World Bank had raised €1.5bn for a new 10-year bond focused on mobilising action towards achieving the UN Sustainable Development Goals (SDGs).
Government backing for offshore wind keeps UK's renewable energy attractiveness afloat
The UK has maintained its top-ten position in a ranking of the world's most attractive renewable energy markets for investors, largely due to the Government's recent assertation that offshore wind power will provide a third of the nation's electricity by 2030.
Low-carbon transition puts $10trn at risk for inactive investors
A global coalition of financial investors has warned that more than $10trn (£7.7trn) in portfolio assets could be lost if the sector and governments fail to rapidly transition to a low-carbon economy.
Can TCFD recommendations communicate a business response to the 'climate emergency'?
Against a backdrop of Extinction Rebellion protests and declarations of a "climate emergency", businesses will need to articulate their role in combatting climate change. Could the Task Force on Climate-related Financial Disclosures' (TCFD) recommendations create the ideal framework to do so?
Report: Oil and gas firms failing to disclose climate-related financial risks
The world's largest oil and gas firms must disclose more information on the financial risks that climate challenges will pose to their business, or face losing investment and stakeholder trust.
Extinction Rebellion: Role of business in society is being defined by climate change
As thousands of climate protestors continue to blockade key London landmarks as part of the Extinction Rebellion protests, businesses have been warned that action or inaction to combat climate change will define their role in future societies.
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.
UK water firms join global funding alliance helping sector to champion green innovation
UK-based water companies Severn Trent and United Utilities are among a group of 10 global water firms to have jointly launched a new innovation fund aimed at supporting green solutions to the sector's biggest sustainability challenges.
'Historic breakthrough': Norway's giant oil fund dives into renewables
Norway's $1tn oil fund, the world's largest sovereign wealth fund, is to plunge billions of dollars into wind and solar power projects.
Michael Bloomberg to launch decarbonisation tracker for utility firms
Businessman and philanthropist Michael Bloomberg has unveiled fresh plans to utilise his firm Bloomberg LP and its charitable arm, Bloomberg Philanthropies, to help the utility sector to reduce its reliance on fossil fuels.
How can business transform unsustainable economic models from within?
We are only able to enjoy our current standard of living due to economic growth. But with emissions, resource consumption and social inequality all rising under capitalism, will the economic model need to be completely overhauled to ensure a sustainable future?
Doubts raised over viability of 'subsidy-free' renewables
Senior figures from the energy and finance industries have declared doubts over the feasibility of building "subsidy-free" renewables at scale without some form of revenue stabilisation.
Shell starts paying top execs in line with low-carbon progress
Royal Dutch Shell is to link the pay of its 150 most senior executives with its progress towards its carbon reduction aims with "immediate effect", following months of pressure from investors.
BlackRock steps up ESG drive with six new low-carbon funds
The world's largest asset manager BlackRock has launched new exchange-traded funds (ETFs) that screen out exposure to "controversial" sectors, improve environmental social and governance (ESG) scores and offer a reduced carbon emissions intensity of 30%.
Report: Airlines warned of investment losses over lack of climate action
The climate efforts of 20 of the world's largest airlines will not suffice if the aviation sector is to align with the aims of the Paris Agreement and the recommendations of the Intergovernmental Panel on Climate Change (IPCC).
Sky partners with Ambienta to spur corporate funding for projects tackling ocean plastic
Broadcaster Sky's Ocean Ventures arm has forged a partnership with European investment fund Ambienta to help drive investment into projects targeting plastic pollution across all levels of the value chain.
'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.
Development bank investments could halt emissions rises in developing nations, report finds
By funnelling concessional finance into renewable energy and battery storage projects in developing nations, development finance institutions could halt the rate of emissions growth across such countries altogether.
Princes turns to blockchain to minimise supply chain sustainability risks
International food and drink firm Princes has unveiled a sweeping new set of measures to make its supply chain practices more sustainable, including a pledge to use blockchain to ensure workers' rights are protected.
BP links employee bonuses with climate progress in Paris Agreement alignment drive
Following pressure from green investors, oil and gas giant BP has pledged to align its business with the aims of the Paris Agreement and has begun linking staff bonuses to its low-carbon progress.
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.
First CDP climate-related investment fund launched
CDP has today (31 January) co-launched an equity fund dedicated to investing in companies that best manage risks associated with climate change.
Investors press fast food giants to 'urgently' improve supply chain sustainability
A coalition of investment firms with more than $6.5trn in assets under management have called on six of the world's largest fast food companies to take more ambitious action to tackle the climate and water risks within their supply chains, as a "matter of urgency".
Survey: Two-thirds of UK businesses will include climate risks in this year's financial reports
Two-thirds of the UK's largest 100 companies are planning to incorporate climate risks in their annual financial or combined report this year as client, investor and customer demand for transparency on sustainability issues grow.
Finance firms must adopt a natural capital approach to risk, PwC warns
In the face of climate challenges, most financial service providers are still failing to assess the extent to which environmental degradation could pose financial risks to their firms, PwC has warned.
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.
Policy shake-up set to fast-track energy storage and renewables projects
The UK Government has launched a consultation to determine how best it can alter planning policy frameworks to support developers and businesses seeking to build energy storage facilities in England.
WWF: Finance firms must do more to safeguard food sector from sustainability risks
Global finance firms seeking to future-proof their investments should take more ambitious action to help to food and agriculture firms they invest in become more sustainable, new WWF-led research has concluded.
Why brands should take a new digital approach to responsible growth
This blog, from DNV GL, outlines how businesses can engage their consumers in powerful authentic brand stories that promote trust and highlight sustainability.
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.
Shell to pay executives in line with decarbonisation achievements
Oil and gas giant Royal Dutch Shell has today (3 December) pledged to link progress made towards its carbon reduction aims to the amount of pay awarded to members of its executive board, in a move to engage senior stakeholders with sustainability.
CDSB: European corporates failing to track climate change impacts
Less than half (44%) of European corporates are currently tracking how climate challenges will affect their business models in the future or disclosing the full extent of their environmental impacts.
How does the Task Force on Climate-Related Financial Disclosures impact the SDGs?
The Task Force on Climate-Related Financial Disclosures, or TCFD, is all about climate change. Or is it? Carolina Karlstrom, independent action researcher and sustainability expert, takes a closer look at the financial disclosure initiative and identifies how its impact on the Sustainable Development Goals (SDGs) is wider than you might think.
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.
Corporates 'set to lose $1.6trn' without action on natural capital
FTSE100 firms face collectively losing $1.6trn of market capital if they fail to adopt a natural capital approach to decision-making, by assigning a monetary value to natural resources.
Religious leaders urge Theresa May to appoint dedicated SDG minister
Leaders within the UK's six most predominant religions have urged Prime Minister Theresa May to bolster the Government's action plans for achieving the aims of the UN's Sustainable Development Goals (SDGs), after a recent report revealed that the nation is delivering on less than a quarter of its SDG targets.
BNEF: Global energy storage investment to hit $1.2trn by 2040
Global investment into energy storage technologies including batteries is set to reach $1.2trn by 2040 as technology costs fall, according to new research by Bloomberg New Energy Finance (BNEF).
Business giants to support new SASB reporting standards
Food and drinks giant Kellogg, sportswear brand Nike and beverage manufacturer Diageo are among a group of 11 businesses who have pledged to adopt a new sustainability reporting standard, in a bid to give clarity to investors.
All financial institutions must disclose sustainability risks and impacts, MEPs agreed
The European Parliament's Committee of Economic and Monetary Affairs has endorsed a decision that makes it mandatory for all financial market participants, including banks, to disclose sustainability risks and impacts of their portfolio, a move that NGOs say brings the EU one step further in greening its financial system.
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.