ESG investing: The only way is ethics February 12, 2020 “Climate change has become a defining factor in companies’ long-term prospects,” wrote Larry Fink, chief executive of Blackrock, in his annual letter to global company bosses last month. “I believe we are on the edge of a fundamental reshaping of finance.” It was a big moment. Sustainability has been a growing economic issue for more [...]
Energy emissions stall in 2019 despite economic growth February 11, 2020 Global emissions related to energy production stopped growing in 2019, raising hopes that a “definitive peak” in total greenhouse gas emissions may have been reached. According to the International Energy Agency (IEA), emissions plateaued at 33 gigatonnes last year, having risen for the previous two years. The data is particularly striking as decline came even [...]
Barclays under pressure from second investor group over fossil fuel financing February 5, 2020 Barclays is facing increased pressure over its financing of fossil fuel producers, as it emerged that a second influential shareholder group is pushing the bank to adopt stricter climate change policies. The Investor Forum, whose 50 members control £18.5 trillion assets, has held discussions with the British lender over its climate policies, the Financial Times [...]
Michael Gove doesn’t know how much charging points will cost UK February 4, 2020 Michael Gove has failed to say how much it will cost the government to build charging points to support the widespread use of electric cars by 2035. The Prime Minister today pushed forward the date by which all petrol, diesel and hybrid vehicles will be replaced by electric cars to 2035 at the latest. That [...]
COP26: Government brings polluting car ban forward to 2035 February 4, 2020 The government’s decision to bring forward the ban on petrol, diesel and hybrid cars to 2035 has drawn mixed reactions ahead of Glasgow’s COP26 summit. Previously, the government had planned to phase out petrol, diesel and hybrid cars by 2040 as part of its aspiration for the UK to be carbon neutral by 2050. But [...]
Chairs of public companies think they would be ‘better off’ at private firms January 29, 2020 Many chairs of public companies in the UK believe they would be “better off” at private firms given the regulatory burdens and intense scrutiny faced by listed businesses, according to a major investor group. The Investor Forum, whose 50 members control £18.5 trillion assets, said the continued rush of private money into the unlisted market [...]
Has the business world found its purpose? Trust, but verify January 29, 2020 Last week’s Davos carnival was an orgy of virtue signalling. A group of senior executives flew in on private jets to talk about how to tackle climate change. Leaders of companies that have been highly active in lobbying for corporate tax breaks signed a letter calling for higher taxes on the rich if we are [...]
Oil majors investing only three per cent of capital into renewables January 29, 2020 Oil majors responsible for half of global output are investing a mere three per cent of their combined capital expenditure on renewable energy sources. According to a new report by law firm CMS, fifteen of the world’s largest oil companies, including Shell, BP, Exxon Mobil, and Saudi Aramco spent approximately $6.6bn of a combined $228bn [...]
Powering up Britain: How the UK will become carbon neutral by 2050 January 27, 2020 Net zero by 2050. At first blush, it sounds like a code phrase one would hear in the halls of MI6 or in the Ministry of Defence. But as British citizens or residents, we should remember it. In simple terms, it is a declaration by Britain to become carbon neutral in 30 years. This may [...]
£30bn pension pool slams financial system as ‘not fit for purpose’ on climate change January 27, 2020 A £30bn pool of pension funds is threatening to fire investment managers that fail to reduce their exposure to climate risk, condemning the financial system as “not fit for purpose” for addressing the issue. In a combative new policy launched today, the Brunel Pension Partnership is demanding companies in its portfolio take steps to align [...]