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IPE: A major collaborative process overseen by some of Europe’s best-known pension investors has produced a framework aimed at enabling asset owners and asset managers to maximise the contribution they can make to keeping global warming to 1.5°C.
Financial Times: It should have been a vindication for the sustainable investment industry. Shares in fast fashion retailer Boohoo lost a third of their value last month after allegations that workers in its UK supply chain were paid £3.50 an hour. [Article available to Financial Times subscribers.]
IPE: UK defined contribution (DC) master trust NEST has adopted a climate change policy aimed at aligning its portfolio with the goal of keeping global temperature rises within 1.5°C above pre-industrial levels.
Financial Times: Just weeks before Boohoo was hit with fresh allegations about poor working practices in factories that make its clothes, MSCI gave the UK fast-fashion retailer a clean bill of health. [Full article available to Financial Times subscribers.]
Institutional Asset Manager: EFAMA says that this may be the result if the European Commission (EC) decides to implement overly-prescriptive rules or makes sustainable investment products a “default option” for end-investors, when it publishes its Renewed Sustainable Finance Strategy in the third quarter of 2020.
Financial Times: European banks have helped prop up some of the continent’s biggest coal-burning polluters with billions of euros in loans despite their own public policies. [Full article available to Financial Times subscribers.]
IPE: EU sustainable finance policy-making began with a vengeance in 2018, when the European Commission unveiled and embarked on its Action Plan for Financing Sustainable Growth. Two years later, the Commission is preparing to adopt a new, “more ambitious and comprehensive” sustainable finance strategy.
Bloomberg: Climate activist group Extinction Rebellion called on the Bank of England to stop providing emergency funding to companies that contribute to climate change.
Reuters: The European Commission’s decision to hire BlackRock, the world’s largest asset manager, to advise it on new environmental rules for banks, has triggered an investigation by the European Ombudsman following complaints by several lawmakers and a civil group.
Bloomberg: Shareholder and environmental activists have written to investors of Africa’s biggest bank by assets, Standard Bank Group Ltd., asking that they vote against the re-election of seven non-executive directors with ties to fossil-fuel companies.
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