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ESG Today: A federal court in Australia imposed a A$10.5 million (USD$6.7 million) penalty on superannuation fund Active Super trustee LGSS, after finding that the firm had engaged in greenwashing by continuing to invest in securities in areas that it had claimed to eliminate for environmental or social reasons.
ESG Today: Australia-based financial services group Macquarie announced that it has decided to leave the Net-Zero Banking Alliance (NZBA), expanding what had been a primarily North America-focused series of exits from the UN-backed coalition of banks dedicated to advancing global net zero goals through their financing activities.
Financial Newswire: Women in Super chief executive, Jo Kowalczyk, said the proposal shines a light on the inadequate funding for crisis support and affordable housing that is unable to support single and divorced women and may result in them falling into poverty or having to endure violence.
Australian Securities and Investments Commission: The Federal Court today ordered Vanguard Investments Australia to pay a $12.9 million penalty for making misleading claims about environmental, social and governance (ESG) exclusionary screens.
BNN Bloomberg: Australia’s corporate watchdog urged the country’s financial services industry to do more to crack down on greenwashing, after taking action in dozens of cases.
ESG News: Australia’s ruling Labor Party has ambitious goals to derive 82% of the country’s power from renewables by 2030, a significant increase from the current 40%. This policy framework is driving banks like CBA and NAB to rethink their lending strategies, focusing on supporting the transition to a renewable energy future.
ESG Today: Australian energy transition platform Symphony Infrastructure Partners announced that it has raised A$488 million (USD$329 million) in a Series A financing round including A$300 million (USD$202 million) from lead investor Blackstone, with proceeds aimed at accelerating the company’s growth and completing a series of five pending acquisitions.
BNN Bloomberg: The Australian government is planning to introduce ESG labeling requirements, as it seeks to fight greenwashing and steer more capital into credible sustainable activities.
ESG Today: A federal court in Australia ruled that superannuation fund Active Super trustee LGSS Pty Limited contravened the law by making misleading ESG investing representations to its members, by continuing to invest in securities in areas that it had claimed to eliminate for environmental or social reasons.
Australian Securities & Investments Commission (ASIC): Northern Trust has paid $29,820 to comply with two infringement notices issued by ASIC regarding concerns about alleged false and misleading statements about the application of a Carbon Emissions Exclusion Screen.
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