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Financial Times: Barclays is under intense pressure over its role in financing fossil fuel producers after a second influential group of big shareholders demanded the British lender adopts a stricter climate change policy. [Full article available to Financial Times subscribers.]
IPE: The €465bn Dutch civil service scheme ABP has announced plans for its investment portfolio to be carbon neutral by 2050. This vision was part of a five-year plan for its sustainability policy, which was launched this morning.
IPE: A single benchmark in a continuously diversifying market of more than three million individual products might easily fade into insignificance, like an unidentified star in the night sky. There is every possibility that the new European Union climate benchmark labels could experience this fate.
IPE: Denmark’s ATP has blacklisted Mexico’s biggest mining company Grupo México, after multiple efforts to engage with the firm over dangers posed by a new tailings dam at the site of a disastrous spill in 2014.
Financial Times: European investors poured more than twice as much cash into sustainable funds last year than in 2018 in response to fears about the threats posed by climate change to the global economy. [Full article available to Financial Times subscribers.]
Bloomberg: The Bank of England faces an uphill climb to get the finance industry ready for one of its biggest threats: the climate. About 80% of senior finance executives believe their firms “lack well-developed strategies to manage the risks of climate change,”.
Top 1000 Funds: The UK’s £30 billion Brunel Pension Partnership is taking investing in a carbon zero future to a whole new level. The asset manager for 10 local authority schemes, already well-known for its investment track record and expertise in this area, has just published a far-reaching Climate Change Policy filled with actions and deadlines linked to the goals of the Paris Agreement.
Financial News: More than 370 City firms are now signed up to the UK government’s drive to increase diversity at the very top of the country’s financial institutions. While the Women in Finance Charter, which launched in 2016, does not impose diversity targets on its signatories, there is evidence that is indeed changing attitudes in the male-dominated worlds of banking and investing. [Full article available to Financial News subscribers.]
IPE: A group of shareholders including large UK public pension funds has filed a shareholder resolution calling on Barclays to set out a plan to phase out financing of fossil fuel companies and certain utility companies.
IPE: The EU financial markets watchdog has recommended the European Commission take steps to improve the quality of environmental, social and governance (ESG) disclosure as a potential counter to “undue short-termism” in financial markets.
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