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Bloomberg: Goldman Sachs Group Inc. sold bonds aimed at financing environmentally and socially conscious projects for the first time, joining other Wall Street banks tapping the fast-growing market. [Full article available to Bloomberg subscribers.]
BNN Bloomberg: The entire wealth and asset management business of Nordea Bank Abp - which currently oversees about $425 billion - may exclude all investments that aren’t deemed sustainable in as little as half a decade.
Funds Europe: Just over half of fund flows in Europe last year went into ESG products – with investors showing a strong preference for actively managed ESG funds.
BNN Bloomberg: There’s now an overwhelming consensus behind zeroing-out emissions to slow down global warming. Nine of the 10 largest economies will soon align behind this goal, once President Joe Biden resets U.S. climate policy. The single-largest shareholder on the planet, BlackRock Inc., has likewise put its $8.7 trillion heft behind a powerful message to chief executives everywhere: The decades ahead will be defined by minimizing emissions, requiring an overhaul to everyone’s business models.
IPE: The manager of Norway’s NOK11trn (€1.1trn) oil fund has backed ideas from the European Commission on sustainable corporate governance, but warned that setting hard and fast rules about the specific expertise boards should have could cause problems.
Institutional Asset Manager: Environmental, social, and governance (ESG) factors are now key criteria for selecting new asset managers, according to a survey of pension schemes, insurance firms, and family offices worth a combined USD7 trillion.
IPE: Asset owners should pay close attention to whether asset managers have a clear policy setting out actions they may take if their engagement with companies has not proved effective, according to UK charity investor Friends Provident Foundation.
Established in 1999 by Jeff Skoll, former president of eBay, the Skoll Foundation strives to drive change towards a sustainable world of peace and prosperity. The Foundation supports economic opportunity, education, environmental sustainability, health, peace and humans rights, and sustainable markets. As at December 31, 2019, the Skoll Foundation had US$ 1.3 billion of total assets.
As part of its responsible investment approach, the Skoll Foundation incorporates environmental, social and governance (ESG) considerations to its investment process with the help of a B-Corp certified external manager. With regard to Active Ownership, the Foundation has implemented shareholder engagement guidelines which aligns with its mission and prioritizes the interests of customers and communities. Moreover, the organization collaborates with peers through networks such as the Mission Investors Exchange and the Ceres’ Investor Network on Climate Risk (INCR).
Public Shareholder Engagement Guidelines
Market Watch: Advocates say the giant money manager could be more aggressive.
BNN Bloomberg: Debt that rewards borrowers for hitting environmental or social targets is the next frontier for sustainable finance, according to JPMorgan Chase & Co, which predicts an issuance surge this year.
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