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Reuters: Private equity firms are proving there’s still plenty of profit in the U.S. coal industry despite a decade of falling demand for the fossil fuel. They are spending billions of dollars buying coal-fired plants on the cheap - and getting paid even when they are not providing power.
City A.M.: The US mutual fund company Vanguard has been named the world’s largest institutional investor in the coal industry, with holdings of almost $86 bn, according to research carried out by Rainforest Action Network, Urgewald and 28 other NGO partners.
BNN Bloomberg: More than any other bank, JPMorgan Chase & Co. finds itself stuck at the center of a fossil-fuel quagmire.
BNN Bloomberg: BlackRock Inc. said it’s instituting new measures to address diversity and inclusion issues after two former employees leveled discrimination complaints against the company.
BNN Bloomberg: A former employee of Pacific Investment Management Co. claimed she was sexually harassed by men at the firm and demoted after she rejected advances by her boss, the former chairman of Pimco funds, Brent Harris.
Financial Post: Uncertainty about the impact climate change may have on the financial system should not prevent financial firms and their supervisors from moving now to prepare for the shocks to come, a key Federal Reserve policymaker said on Thursday.
BNN Bloomberg: BNP Paribas will have to defend itself against several of the claims in a suit accusing the bank of facilitating human rights abuses in the Sudan after a New York federal judge rejected parts of its request to dismiss the suit.
Bloomberg: Goldman Sachs Group Inc. sold bonds aimed at financing environmentally and socially conscious projects for the first time, joining other Wall Street banks tapping the fast-growing market. [Full article available to Bloomberg subscribers.]
BNN Bloomberg: There’s now an overwhelming consensus behind zeroing-out emissions to slow down global warming. Nine of the 10 largest economies will soon align behind this goal, once President Joe Biden resets U.S. climate policy. The single-largest shareholder on the planet, BlackRock Inc., has likewise put its $8.7 trillion heft behind a powerful message to chief executives everywhere: The decades ahead will be defined by minimizing emissions, requiring an overhaul to everyone’s business models.
Market Watch: Advocates say the giant money manager could be more aggressive.
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