Shareholders ignoring auditor approaches to climate risk, report warns
Shareholders at listed UK companies are failing to hold auditors to account on an inability to manage and address climate-related risks, a new report from Greenpeace has warned.
Eight in ten oil and gas majors on track to breach Paris Agreement, despite increase in net-zero pledges
An analysis of the emissions and climate plans of 58 oil and gas giants has found that most are failing to decarbonise in line with climate science, with Saudi Aramco, ExxonMobil and Chevron among the worst offenders.
From greenwash to supply squeezes: How COP26 changed the nature-based solutions market
At COP26 earlier this month, the mechanisms on the Paris Agreement rulebook were finally agreed upon, with key aspects on carbon markets defined in unison by world nations. So, will this new and strengthened carbon market assist corporate net-zero targets, particularly through the lens of nature-based solutions?
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.
IONITY: Car giants and BlackRock plan €700m investment to scale rapid EV charging network
The automakers behind the IONITY venture - which is planning to create a "super" network of rapid electric vehicle (EV) chargers across Europe - have announced an investment package aimed at quadrupling the project's charging stock by 2025.
FTSE 100 firms increasingly linking executive pay to ESG measures
New research from PwC has found that almost two-thirds of FTSE 100s now include some sort of environmental, social and governance (ESG) measure as part of executive incentive pay plans, up from less than half in 2020.
Bringing fashion industry emissions to net-zero by 2050 'a $1trn investment opportunity', report finds
The global fashion industry is currently on a 3C temperature pathway and bringing it down to 1.5C, a new report has revealed, will take $1.04trn of investment in low-carbon solutions and moves to dramatically improve resource efficiency.
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.
'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.'
The first week of COP26: The 10 biggest stories
It's half-time on the two-week push to move the world towards the 1.5C ambition of the Paris Agreement, with negotiations set to continue following a rest day on Sunday (7 November). Here, edie summarises all the key development from the first week of COP26.
8 things you need to know from Nature Day at COP26
Saturday (6 November) here at COP26 was Nature and Land Use Day, with a flurry of major announcements coming from nations, the finance sector and consumer goods companies. Here, edie rounds up eight key headlines from the day.
HSBC UK launches £500m green fund for SMEs
UK banking giant has launched a new £500m green funding initiative to help small and medium-sized businesses decarbonise and invest in green initiatives.
'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.
Top 10 talking points: The story so far at COP26
It's been a frantic first few days at COP26 as world leaders opened the two-week negotiations with a raft of new pledges and collaborative efforts to tackle some of the world's most pressing environmental issues. Here, edie rounds up the key talking points so far.
International Sustainability Standards Board launches as investors worth $130trn focus in on climate
The IFRS Foundation Trustees have marked Finance Day at COP26 by confirming the formation of an International Sustainability Standards Board (ISSB) to create a globe baseline for corporate sustainability disclosures that meet investor demands.
Clean energy at COP26: Philanthropists and investors launch $100bn alliance as UK and India collaborate on green grids
The Bezos Earth Fund, Ikea Foundation and Rockefeller Foundation have forged a major new alliance with central investment banks, aiming to mobilise $100bn for renewable energy, other low-carbon technologies and green jobs.
UK to enforce mandatory TCFD reporting from April 2022
The UK Government has today (29 October) confirmed it will make it mandatory for large companies to disclose information in alignment with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD), becoming the first G20 nation to enshrine it into law.
Science Based Targets initiative launches net-zero standard for corporates
The Science Based Targets initiative (SBTi) has today (28 October) unveiled the world's first standard for corporate net-zero emissions aligned to climate science.
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.
Net-zero guidance launched for financial institutions and pension providers
Ahead of the G20 Summit in Rome this weekend, the UN Environment Programme Finance Initiative (UNEP FI) has published a set of recommendations for financial institutions to reach net-zero, while a net-zero transition plan has also been published for pension providers.
Global fossil fuel divestment movement surpasses $39trn as cities and faith groups make new pledges
More than 70 faith institutions and the cities of Glasgow, Paris, Copenhagen, Seattle, Auckland and Rio De Janeiro have committed to divest from fossil fuels, pushing the global amount of capital covered by such commitments to $39.2trn.
Rio Tinto announces $7.5bn plan to halve operational carbon emissions by 2030
Multinational mining giant Rio Tinto has increased its decarbonisation targets and announced a $7.5bn spending plan to support the halving of operational carbon emissions by 2030.
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.
Net-Zero Review: Carbon pricing won't offset tax revenue losses from fossil fuels
On the day that the UK's Net-Zero Strategy was published, the Treasury has warned that policies must be put in place to address a £37bn deficit that could arise from a loss of tax revenue as the shift away from fossil fuel continues.
TCFD support skyrockets as climate risks and opportunities reporting creeps up
More than 1,000 additional organisations have voiced support for the Task Force on Climate-Related Financial Disclosures (TCFD), bringing the combined market capitalisation of all supporters to $25.1trn (£18.3trn).
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.
AXA unveils €1.5bn biodiversity commitment
Insurance company AXA has unveiled a new €1.5bn commitment to improve biodiversity and combat deforestation across key global hotspots.
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.
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.
Large-scale reforestation to become a $1trn investment opportunity, report finds
Landowners stand to create a $1trn investment opportunity by the end of this century, through action to restore degraded forest ecosystems, according to a new report.
Investors and lenders worth $29trn push corporates to align climate targets with science
High-emitting companies including Samsung, Hyundai, Tata Steel and Lufthansa are being urged by an influential coalition of financial institutions to increase the ambition of their climate targets.
$6.6trn investor coalition calls for massive investment in carbon removal solutions
An influential coalition of investors, representing $6.6trn in assets, is calling for a rapid scale-up of global investment into carbon removal solutions, to the extent that their capacity is more than ten times higher in 2050 than 2025.
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.
What makes a sustainability leader? Meet green investment champions Cyan Finance
With the entry deadline for edie's 2022 Sustainability Leaders Awards just one week away, this series showcases the achievements of previous winners and reveals their secrets to success. Up next: Winner of our 'Investor of the Year' award, Cyan Finance.
Investors call for stronger global biodiversity framework to be delivered at COP15
A group of investors worth more than $10.6trn in assets under management has issued a statement ahead of the Convention on Biological Diversity's COP15 next month, calling for heightened global action to end deforestation and ensure sustainable land use.
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.
Report: 9 in 10 European businesses not properly preparing for climate risks
A survey of more than 700 chief audit executives has revealed that just over one in ten (12%) believe their organisation is making sufficient efforts to measure, reduce and adapt to climate risks.
edie announced as official Race to Zero Accelerator and media partner ahead of COP26
edie has today (21 September) been announced as an official "Accelerator" of the UN-backed Race to Zero campaign as part of a concerted effort to build momentum for the global race to net-zero emissions in the run-up to the COP26 climate talks.
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.
Investors spell out net-zero expectations for oil and gas sector
A host of global investors, worth a collective $10.4trn in assets under management, have engaged with the likes of BP and Shell to lay out expectations as to how the oil and gas sector should transition to net-zero emissions.
Half of UK investors facing 'major' climate-related risks to assets
Around 50% of the UK's institutional investors are facing "major" climate-related threats that could impact the value of their portfolios - namely those focused on the private sector - according to new research.
$1.6trn investor coalition pushes chemicals sector on net-zero
It is technically feasible to fully decarbonise the production of chemicals by 2050 and it is becoming increasingly economically viable to do so, according to responsible investment group ShareAction.
Report: Oil and gas firms must halve production by 2030 if world is to deliver Paris Agreement
Oil and gas companies must plan for major production declines by the 2030s to meet the 1.5C target laid out in the Paris agreement, or risk losing $1trn, according to a new report.
Europe's biggest banks failing to end coal financing despite net-zero climate pledges, report finds
An analysis of how 25 of Europe's largest banks are acting on climate issues has found that fewer than half have committed to ending financing for coal activities.
Accountants and investors call for new global sustainability disclosures body to be based in London
Bodies representing swathes of the UK's financial sector have called for a planned new global body overseeing sustainability-related disclosures from businesses to be based in London, following a bid from Canada.
Swiss Re turns to Climeworks' direct air CO2 capture to meet net-zero goal
Swiss Re has signed a ten-year agreement with carbon capture tech firm Climeworks, under which it is purchasing carbon removals from direct air capture (DAC) facilities and the associated carbon storage.
Investors lay out expectations for steel sector to reach net-zero emissions
An initiative involving more than 500 investors representing $55trn in assets has outlined a set of priorities that it will engage in to help the global steel sector reach net-zero emissions by 2050 at the latest.
Finance giants 'drawing up plans to accelerate coal plant closures in Asia'
Financial firms including Prudential, BlackRock Real Assets, HSBC and Citi have reportedly signaled their support for a new proposal from the Asian Development Bank, designed to accelerate the transition away from coal-fired electricity.
Investors seek accountability over corporate net-zero commitments
More than 50 global investors, managing more than $14trn in assets, are calling for new corporate governance structures and standards to be introduced to improve the accountability of net-zero carbon commitments.
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.
'An industry in transition': Sustainable investments now account for one-third of global market
Sustainable investment approaches that consider environmental, social and governance (ESG) factors in portfolios have grown by 15% over the last two years and now account for more than a third of professionally managed assets across all major markets.
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.
Aviva's Steve Waygood: Now is the time for finance firms to become climate macro-stewards
With the world on track for 3.2C of warming by the end of the decade, by UN estimates, Aviva Investors' chief responsible investment officer Steve Waygood is urging professionals in his line of work to go beyond their four walls and influence international climate plans.
Business reiterate Brazil boycott as nation urged to set deforestation-linked bonds
Nando's, Ocado and the Woolworths Group are the latest businesses to have signed a letter urging Brazilian policymakers to reject a new land-use proposal that could further spur deforestation in the Amazonian region, with a new report urging the nation to link efforts to combat deforestation to sovereign bonds.
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.
Insurance giants team up for net-zero alliance, but are urged to stop supporting fossil fuels
AXA, Allianz, Aviva, Generali, Munich Re, SCOR, Swiss Re and Zurich Insurance Group have launched a new 'Net-Zero Insurance Alliance', of which members will be required to deliver net-zero emissions by 2050 across their insurance and reinsurance portfolios.
BlackRock secures $250m for climate projects in developing countries
The world's largest investor BlackRock has secured more than $250m from global investors and governments to support clean energy uptake and climate infrastructure across countries in Asia, Latin America and Africa.
'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.
Investors call on banking giants to step up on climate and biodiversity commitments
More than 100 investors, including the likes of Aviva and M&G Investments, representing $4.2trn in assets under management have written to some of the world's biggest banks, calling on them to strengthen climate and biodiversity targets this year.
#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.
Analysis: Two-thirds of UK finance firms have climate targets, but most are failing to shift investments
While most of the UK's biggest banks and asset managers have updated their climate targets in light of net-zero, finance flows are still ultimately favouring high-carbon projects and businesses, according to new analysis of more than 1,200 financial institutions.
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.
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 launches new business guide on TCFD recommendations
edie has launched an updated Explains guide answering important questions for businesses looking to align their reporting with the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD).
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.
Aviva and WWF push UK to mandate climate transition plans for financial sector
British financial institutions should be mandated to outline their plans for decarbonising investments in line with the national net-zero target by the end of 2023, Aviva Investors is recommending.
How to be a net-zero winner
As part of edie's Net-Zero Carbon Playbook, Centrica Business Solution's net-zero product manager Alex Lowe explains the steps that organisations can take to thrive during the net-zero transition.
'Votes have jumped dramatically': Why investors are pressing companies to accelerate climate action
The 2021 AGM season saw a flurry of climate-related shareholder resolutions being filed - and passed - at the world's biggest banks and fossil fuel majors. Here, edie interviews the architects of these resolutions to get an inside look at their development and growing success.
Airlines accused of lobbying against stronger EU climate policy
Aviation giants including British Airways' parent company International Airlines Group (IAG) and Ryanair have been accused of opposing proposals for stronger climate policy in the European Union (EU), as the bloc works towards a 2050 net-zero target.
Be bolder with climate policies, 70 CEOs and investors worth $41trn tell world leaders
An alliance of more than 70 chief executives has written to world leaders in support of "bold and courageous commitments, policies and actions" on tackling the climate crisis, on the same day that a similar call to action has been made by investors representing trillions of dollars of assets.
G7 nations failing to align major stock indexes with climate commitments, report reveals
None of the largest stock indexes operating in G7 nations are aligned with either of the Paris Agreement on climate change's two pathways, according to new research out today (10 June).
HP and JBS issue sustainability-linked bonds to drive towards net-zero
The world's largest protein producer, JBS, has announced the issuance of a $1bn sustainability-linked bond tied to net-zero targets, while technology firm HP has unveiled its sustainable bonds framework.
IEA: To reach net-zero, renewable energy investment in developing nations must increase sevenfold
Some $150bn was invested in clean energy in developing economies last year, according to new International Energy Agency (IEA) analysis. But the Agency believes this figure must hit $1trn by 2030 to deliver a net-zero world.
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.
ABP and National Trust sign up to net-zero investment initiative
Europe's largest pension fund, the Church of Sweden and the National Trust are among six new signatories to a global net-zero asset owner commitment to decarbonise financial portfolios in line with the ambitions of the Paris Agreement.
G7 agree on 'historic steps' to make climate reporting mandatory
Chancellor of the Exchequer Rishi Sunak met with finance ministers in London this weekend, with discussions leading to a historic agreement that G7 nations will mandate climate reporting in line with the recommendations of the global Taskforce on Climate-related Financial Disclosures (TCFD).
JP Morgan, Citi and BlackRock all confirmed for edie's Sustainable Investment Conference 2021
Financial and environmental experts from some of the world's largest investors and banks will discuss the prominent rise in environmental, social and governance (ESG) investing and what that means for business at edie's Sustainable Investment Conference next month.
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.
Amazon could be forced to disclose its plastic footprint
E-commerce giant Amazon's shareholders will vote this week on whether the firm should adopt a resolution requiring it to disclose how much plastic packaging it produces - and how much of this is likely to end up polluting the environment.
Banking giants team up to accelerate net-zero transition for steel industry
Six leading lenders to the steel industry - ING, Citi, Goldman Sachs, Societe Generale, Standard Chartered and UniCredit - have created a new working group focusing on decarbonisation.
Shareholders pass vote for HSBC to phase-out global coal financing by 2040
Shareholders of HSBC have today passed a proposed management resolution that commits the bank to phase-out financing for the coal industry by 2040 worldwide, following successful campaigning from investors.
$8trn funding gap: UN report calls for four-fold increase in nature-based solutions investment
The world is facing an $8.1trn financing gap into nature to help combat the climate crisis and ecological breakdown, according to a new UN report that warns that annual investments into nature-based solutions (NbS) need to increase fourfold by 2050.
Climate activists appointed to ExxonMobil board as Chevron shareholders back stronger emissions goals
Shareholder motions filed by climate activists have passed at US fossil fuel giants ExxonMobil and Chevron, with disgruntled investors clearly keen to see more ambitious emissions reduction targets.
Countdown to COP26 Festival: Flagship July events to focus on crucial themes of climate talks
edie has today (26 May) officially unveiled the content programmes and initial speaker line-ups for the next two events to be delivered under the Countdown to COP26 Festival programme - covering the key COP themes of net-zero carbon energy, clean transport and climate finance.
ENCORE: UN-backed biodiversity module to help investors factor nature into spending decisions
A new UN-back module has been launched today to enable financial institutions to map their exposure to biodiversity risks based on sectoral activities, in a bid to push the economy towards a nature-positive future.
Report: Investing in digital and sustainability could create 5.7 million jobs across Europe by 2030
European firms could create up to 5.7 million new green jobs by 2030 by investing in digital and sustainability transformations, according to a new report.
'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.
Lessons from Yozma for UK conservation
In February of 2021 Professor Sir Partha Dasgupta released the final report of a multi-year review of the economics of biodiversity. This report emphasised that biodiversity is an integral component of global economies and that the continued loss of biodiversity would have devastating impacts on human society.
Survey: 9 in 10 investors do not trust corporate ESG claims
While investors increasingly want companies to disclose more information on their environmental, social and governance (ESG) targets and progress, most find it difficult to trust business's claims at face value, and to compare different firms.
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.
Investors and businesses urged to address $700bn nature-based solutions finance gap
A new report has warned that a $700bn investment gap into "Nature-based Solutions" needs to be addressed in order to meet wider net-zero goals and combat the climate crisis.
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.
Shell shareholders vote against climate activists' net-zero plans
Royal Dutch Shell received overwhelming backing for its own energy transition strategy at its AGM today (18 May), but a shareholder resolution that would have forced accelerated climate action did not pass.
Beyond retail: Banks and fossil fuel giants urged to face role in plastic pollution crisis
Just 20 businesses are responsible for half of the world's single-use plastic waste, with fossil fuel majors including ExxonMobil and Total among the worst offenders, a new study has revealed.
'Care for creation': Fossil fuel divestment promised by dozens of major faith institutions
The Church in Wales, Diocese of Bristol and Diocese of Oxford are among a group of 36 faith institutions to have jointly committed to divesting from fossil fuels, stating that they have a moral imperative to help combat the climate crisis.
From Barclays to Unilever: 14 major firms commit to purpose-led businesses
More than a dozen large firms have pledged to put social sustainability higher on the boardroom agenda, by joining a scheme aimed to help businesses become more purpose-driven.