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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.
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.
IPE: Norway’s NOK10.3tn (€942bn) sovereign wealth fund revealed today that it has divested several of the world’s largest companies in the last few months, finally putting climate-related exclusion rules into action four years after they were first laid down.
Bloomberg: Barclays Plc shareholders overwhelmingly supported the proposal to cut its net greenhouse gas emissions to zero and voted against a potentially more stringent alternative plan put forward by some of its investors
Financial Times: As the coronavirus pandemic escalated in March, two British companies landed in the spotlight over their treatment of employees and customers. [Full article available to Financial Times' subscribers.]
Euractiv: The Netherlands has floated proposals to ensure a green recovery from the COVID-19 crisis, suggesting an “exclusion list” of economic activities like nuclear power, which the Dutch believe should be banned from receiving EU funds.
Funds Europe: The three European Supervisory Authorities (the EBA, EIOPA and Esma – collectively known as the ESAs) have opened a consultation on ESG disclosure standards for financial market participants, advisers and products.
IPE: Nordic pension funds PKA and Folksam have invested in a new SEK11.5bn (€1bn) 2022 issue of Swedish krona-denominated sustainable development bonds from the World Bank, some of whose proceeds will be used to fight the coronavirus pandemic in developing countries.
IPE: Luxembourg’s €20bn pension reserve fund Fonds de Compensation (FDC) is to publish a sustainability report in the third quarter of 2020, after pressure from environmental campaign group Greenpeace Luxembourg (GL).
IPE: The European Commission has launched a well-trailed consultation on its renewed sustainable finance strategy, which it aims to adopt in the second half of this year and is closely linked to its green economic growth plan.
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