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GreenBiz: New York Climate Week kicked off with confirmation the number of corporations and governments pledging to deliver net-zero emissions by 2050 at the latest has more than doubled in the past year.
Reuters: Wells Fargo & Co Chief Executive Charles Scharf exasperated some Black employees in a Zoom meeting this summer when he reiterated that the bank had trouble reaching diversity goals because there was not enough qualified minority talent, two participants told Reuters.
Financial Times: Derivatives linked to the price of water will be vital to help businesses and investors manage the increasingly dramatic risk of climate change, a top US markets regulator has said. [Full article available to Financial Times subscribers.]
Pensions & Investments: The first U.S. government report on climate change's financial impact is sparking some optimism among sustainability-minded investors and advocates. [Full article available to subscribers.]
Institutional Asset Manager: The world’s three largest asset managers, BlackRock, Vanguard, and State Street, have either voted against or abstained from voting on all efforts to halt deforestation by shareholders of consumer brands and agribusiness companies since 2012, a new report from environmental advocacy group Friends of the Earth finds.
Reuters: Canada Pension Plan Investment Board (CPPIB), which manages the pensions of 20 million Canadians, is investing billions of dollars in fossil fuel companies, exposing it to significant climate-related risks, research by two universities said on Thursday.
Pensions & Investments: The SEC and other federal agencies should mandate ways to increase diverse managers in the financial industry, Illinois State Treasurer Michael Frerichs told a Securities and Exchange Commission asset management advisory committee Wednesday.
Fortune: Following the death of George Floyd in Minneapolis earlier this year, a wave of protests against racial inequality swept around the globe, shining a spotlight on deeply ingrained issues of systemic racism. The practices and ultimately the role of elected officials, businesses, and investors in addressing minority rights and race are now being called into question.
Financial Times: Climate change threatens not only fires, drought and surging seas but profound risks to the financial system, a federal advisory panel has warned in a first-of-its-kind report from a Wall Street regulator. [Full article available to Financial Times subscribers.]
Bloomberg: JPMorgan Chase & Co., the biggest U.S. bank by assets, is issuing bonds to finance environmentally friendly projects for the first time.
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