Regulators: Beware of climate risks in actuarial forecasts Regulators are warning that risks from climate change pose a significant threat to the quality and accuracy of actuarial work. This latest warning from the Joint Forum on Actuarial Regulation – which includes representatives from the Financial Reporting Council, Financial Conduct Authority and the Pensions Regulator – […]
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IMF warns equity investors over climate risk Equity investors will increasingly have to consider the physical impacts of climate change on their portfolios, according to recent guidance from the International Monetary Fund. In a written update on its website, the IMF outlined the direct cost of severe weather events such as floods, forest fires and […]
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BlackRock ups the pressure on Exxon Mobil BlackRock has shown it can get serious with portfolio companies, this week cranking up the pressure on Exxon Mobil by voting against the re-election of several of the company’s leadership team. Citing insufficient progress on sustainable reporting, an inadequate mix of skillsets and an inability to assess material […]
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One of the largest fund managers in Europe is pressing all companies in which it invests to employ the Taskforce for Climate-related Financial Disclosures (TCFD) framework to help boost their climate risk efforts. The move is being seen as a major win for shareholders amid their ongoing fight for more transparent and comprehensive company disclosures. […]
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Industrial companies largely ignoring climate risks The world’s largest industrial companies have been warned they have been “too slow” in curbing their carbon emissions. The warning comes as a major report reveals less than a fifth of these high-emitting corporations are on track to meet the critical 2°C global warming target set by the Paris […]
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Nearly nine in 10 investment professionals doubt that climate risks are being correctly priced into company valuations, a major poll reveals. The survey, conducted by the prominent Global Sustainable Investment Alliance (GSIA), found an overwhelming 87% of respondents do not believe markets are consistently and correctly pricing climate risks into company and sector assessments. Disbelief […]
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Stewardship moves beyond box ticking The Financial Reporting Council (FRC) has published a new UK Stewardship Code which is due to come into effect on 1 January 2020. The revised Code has set a higher standard for how money is invested on behalf of UK savers and pensioners that the FRC said reflects “the changing […]
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The UK’s financial regulator has published its long-awaited proposals to tackle inadequate climate change disclosures by firms. The Financial Conduct Authority’s (FCA) proposals follow feedback from stakeholders to its October 2018 discussion paper on climate change and green finance. Its proposals include consulting on new rules to improve climate-related disclosures by certain firms and clarifying […]
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Environmental groups take aim at US corporates Eleven of the world’s leading environmental groups have written an impassioned open letter imploring America’s big corporates to step up their climate change efforts. The letter, published in the New York Times, urged CEOs of US corporations to adopt science-based climate policies to help achieve net-zero emissions by […]
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The warnings have been coming thick and fast. From the world’s central banks, to leading academics and regulators – many believe the global financial system faces a serious and potentially catastrophic fallout from climate change risks.
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