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Bloomberg: European authorities have told banks for the first time to take account of environmental risks in lending decisions, ramping up pressure on the financial industry to respond to climate change.
Financial Times: The US asset management industry’s top regulator has warned about the risks of relying on simple ratings when considering environmental, social or governance issues as part of an investment decision. [Full article available to Financial Times subscribers]
International Investment: In the same week as the boss of one of the UK's top energy companies warned the economic impact from climate change could prove to be worse than that from coronavirus, a group of top investors has set out new guidance for how investment firms can manage escalating climate risks.
Bloomberg: BlackRock Inc. has challenged Korea Electric Power Corp. over plans to invest in new coal-fired power plants in Vietnam and Indonesia.
Institutional Investor: Asset managers that ignore environmental, social, and governance factors may find themselves losing out on big mandates.
Financial Times: The coronavirus pandemic will slash energy sector investment by about $400bn this year — the biggest ever annual fall — with the International Energy Agency warning that the world could grow more dependent on cheaper, dirtier fuels that undermine global climate goals. [Full article available to Financial Times subscribers]
Institutional Investor: “That lady in Central Park is a PM at an asset manager,” one chief investment officer tweeted Monday night, followed by a facepalm emoji.
Green Biz: With the coronavirus (COVID-19), we are facing a global pandemic that is devastating people and their livelihoods, disrupting supply chains, profoundly deepening inequalities and undoing progress on the Sustainable Development Goals.
The Sierra Club Foundation was established in the 1960s so that the Sierra Club, an environmental advocacy group, could preserve its charity status by assuring tax deductibility to its donors. The organization is funded by individual and institutional donors to promote efforts to educate and empower people to protect and improve the natural and human environment.
The Foundation manages its assets in order to maximize its impact by aligning its investment strategy to its mission. As such, the Sierra Club Foundation's assets are invested in funds that integrate ESG issues and that do not own companies with fossil fuel reserves. Additionally, the Foundation manages a high impact portfolio that focuses on achieving a high impact by focusing on climate solutions.
IPE: The European Central Bank (ECB) has published for consultation a guide setting out how it expects banks to “safely and prudently” manage, and disclose, climate-related and environmental risks.
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