China and Russia join push on climate change action International momentum is building around the race to net zero The impact of climate change seems to be resonating with the leaders of Russia and China who have committed to significant targets. President Vladimir Putin has signed a decree ordering Russia to work towards the goals […]
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Senate working group targets corporate governance reform Four Democrat US senators have formed a working group with the aim of shifting corporate America away from shareholder capitalism. Elizabeth Warren (Massachusetts), Tom Carper (Delaware), Tammy Baldwin (Wisconsin) and Mark Warner (Virginia) want to develop legislative proposals and conduct oversight focused on reforming corporate governance. The group […]
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Speed needed on financial impact of climate change disclosure Asset owners and their managers need to encourage more companies to disclose the financial impact of climate change on their businesses using an internationally recognised code, according to a new report. The Task Force on Climate-related Financial Disclosures (TCFD), established by the Financial Stability Board, said […]
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Government signals drive to boost ESG options for pension funds UK government pensions minister Guy Opperman has signalled plans to accelerate ESG action for pension funds ahead of the milestone COP26 conference in 2021. “The government will be making announcements on climate change considerations on the whole investment chain and you can expect more and […]
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China announces aim to be carbon neutral by 2060 China has pledged to achieve carbon neutrality by 2060 in an ambitious statement by a country that currently burns half the world’s coal. In perhaps the most significant positive climate development since the 2015 Paris Agreement, President Xi Jinping announced at the UN’s General Assembly that […]
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Top UK pension sets “net-zero” target The UK’s largest defined contribution pension scheme has set a goal of becoming net-zero on its carbon emissions by 2050 to avoid members retiring into a “world devastated by climate change”. Nest, the multiemployer scheme with more than 9 million members, has also committed to invest £5.5bn in climate […]
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Pension fund investors in the United States may need to prove allocations made under their environmental, social and governance policies are primarily aiming for a financial return should proposed new rules be enacted. At the end of June, the Department of Labor (DoL) announced it was recommending the enactment of a rule that would provide […]
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Carney: Data interpretation key to zero carbon transition Investors must learn how to interpret, and apply, the increasing volume of ESG data if they are to formulate successful strategies to tackle climate change, according to the former Bank of England governor Mark Carney. Addressing members of the Personal Investment Management and Financial Advice (PIMFA) trade […]
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Santos, one of the largest oil and gas producers in Australia, has suffered a huge revolt by shareholders over its strategy on climate change. At last week’s annual investor meeting, over 43% of Santos shareholders defied the board and backed a resolution to set harder emission targets. The resolution was tabled by an ethical investment […]
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Accountants commit to improve corporate climate disclosure A group of prominent accounting bodies, representing over 2.5 million accountants globally, have signed an “urgent” call to action pushing the profession to agree standards on climate change. The 14 bodies and 13 chief executives, who are all members of the Prince of Wales’s Accounting for Sustainability Project […]
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