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In this weeks Corporate Knights Drill-Down, we highlight a compelling financial case for divesting from fossil fuels. The findings are clearly shown in the chart above: the additional total returns from divestment were strongly correlated with the proportion of fossil fuel holdings in each funds portfolio. billion in assets.
UK-based financial services group NatWest has been added to a list of financial companies published by the Texas Comptroller’s office that may be subject to divestment by the state’s pension funds for “boycotting” oil and gas companies. Texas is the largest net energy supplier in the U.S., Energy Information Administration (EIA).
Despite record oil-company profits and a surge in military share prices stemming from instability in the Middle East, most sustainable investments have quietly outperformed in 2023. We saw the benefits in 2023 with huge growth in green jobs in the U.S. Divestment is different from ESG, which is different from impact investing.
December 20, 2023 /3BL/ - From a field of 99 submitted papers, Biodiversity Risk was selected as the winner of the 2023 Moskowitz Prize at Northwestern University. The authors view divestment as a form of voice, with disinvestment pledges resonating with boards, customers, employees, and stakeholders, especially via social media.
We also began a fossil-fuel divestment initiative. We spent the entirety of 2023 fleshing out parameters and qualifiers for each of these categories, and by the end of that year, we made our first commitments under this new Purpose Aligned Capital strategy.
Further to the press release issued on 24 July 2023, Ørsted has completed the divestment of 25 % of the London Array Offshore Wind Farm to funds managed by Schroders Greencoat.For fur.
Graham’s speech also included dubious statements about divestment and the pace of transition away from fossil fuels, claiming that the “global investment community has also changed its tune when it comes to fossil fuel divestment.” This “consensus” is imaginary.
From 2021 to May this year, 22 investors, including banks and pension funds, have divested from JBS or its subsidiaries, citing its links to biodiversity loss and governance issues, according to the Financial Exclusion Tracker project. JBS is widely regarded as an ESG pariah.
The company announced in October that it will no longer insure new oil and gas projects as of April 2023. Munich Re’s announcement followed a commitment last spring by the world’s second-largest reinsurance company, Swiss Re , to stop providing reinsurance for or investing in new oil- and gas-fields projects starting in 2023.
The savings, Mikkelsen says, “are enormous” and added up to a savings of 13 million tonnes of carbon dioxide in 2023 alone – equivalent to removing almost three million gas-powered cars from the road for a year. The company generated US$8 billion in revenues in 2023 but saw its profits plunge by 72.9%.
That year, Axa became the first major insurer to divest from coal. Founded by Toronto billionaire Prem Watsa, Fairfax acknowledges climate change as an ongoing business risk – but its 2023 annual report notes that property reinsurers “enjoyed another year of meaningful rate increases.”
The 10 Big Things To Watch Across World’s Energy Markets in 2023. Wed, 01/11/2023 - 14:05. BloombergNEF has analyzed these and other key developments, and here we look forward to what might be coming in 2023. As road and air traffic rebound, the International Energy Agency estimates China’s 2023 oil demand to climb by about 0.78
HSBC Asset Management unveiled a new policy today to phase out its investments in coal-fired power and thermal coal mining, with plans to ramp engagement with companies on transitioning away from thermal coal, and to divest from companies over time with inadequate transition plans. C objectives or clear divestment pathways.
degrees is the speed at which we invest, not divest. If we went a step further than putting a stop to ripping out our forests and mangroves and started to restore them, we could get almost 40% of the way to our Paris Agreement goals by 2030.
The proposal follows decisions by the pension funds to divest from fossil fuel reserve owners in their public equities portfolio in 2018, and to exclude upstream fossil fuel investments, including exploration and extraction, in their private markets investments in 2023.
A follow-up study in the US in 2023 found similar developments, albeit slight less pronounced than in the EMEA region. On data quality, we see a great opportunity for sellers and sell-side advisors to drive value from divestments by commissioning higher-quality ESG vendor documentation. ESG in deal is rapidly maturing.
anti-ESG push has seen Florida pull $2 billion in assets from BlackRock’s management, placed on a list of ESG-supporting asset managers subject to potential divestment by Texas, and subject to accusations of “boycotting” energy companies by 19 state Attorneys General.
Investment giant BlackRock indicated that it will continue to ask companies to disclose their climate-related strategies and emissions reduction targets, with the release of its 2023 Global Principles for its investment stewardship unit. on its integration of ESG and climate-related factors in its investment, engagement and voting processes.
trillion in sustainable revenue in 2023 (the most recent year for which full-year results are available). In 2016, we created the Clean200 in response to investors saying, If we divest fossil fuels, there is nothing to invest in, says Andrew Behar, CEO of As You Sow and co-author of the Carbon Clean 200 report that accompanies the ranking.
AXA IM also announced a commitment to begin disclosing the rationale for all votes against ESG-related shareholder proposals, noting that in 2023 it supported 68% of all such resolutions.
Oil and gas companies were not considered, in an effort in line with the recent COP29 of the United Nations Climate Secretariat (UNFCCC) to encourage fast divestment from fossil fuels and resource-heavy industries. Company headquarters must be based within the USA or Canada.
While final figures are not yet available, the OECD reported that developed countries are expected to miss the mark in 2020, and the goal will likely not be reached until 2023. In 2009, developed countries pledged to mobilize $100 billion annually by 2020 to help developing nations adapt to climate change. It potentially exacerbates it.
Shell’s divestments in Nigeria help the company meet its green goals. TWP by Rachel Chason, March 27, 2023 NEMBE, Nigeria — When Lambert Ogbari learned that the oil giant Shell was selling its local operations to a Nigerian firm, he said he felt hopeful his living conditions would finally improve.
Asset managers also argue that divestment does not work, and that they lose influence when they exit fossil fuel companies. Asset managers should divest from fossil fuel companies that are proving resistant to influence and concentrate their finite engagement resources on those which can plausibly be influenced,” the paper noted.
anti-ESG push has seen Florida pull $2 billion in assets from BlackRock’s management, placed on a list of ESG-supporting asset managers subject to potential divestment by Texas, and subject to accusations of “boycotting” energy companies by 19 state Attorneys General, including Tennessee. and holding back energy companies from producing oil.
While some investors have chosen to draw a line in the sand and divest from fossil fuels, both van Baal and Lindmeier continue to see the value in remaining invested and engaged. “Selling your shares will have no influence over the oil and gas company,” said van Baal. Hold or fold? Nest also views climate change as a systemic risk.
For the report, PwC’s Global Investor Survey 2023, PwC surveyed 345 investors and analysts across 30 countries and territories, with 65% of respondents at organizations with total AUM of more than $1 billion.
In a social media post following the Board of Education announcement, Senator Bryan Hughes, who filed the 2023 anti-ESG legislation and led the above-mentioned hearing, said: “BlackRock and Wall Street firms like it have been using Texans’ money to push a left-wing agenda. Texas continues to fight back.
In this year’s global report, 70 percent dealmakers report an increase in the importance of ESG due diligence over the last 12 to 18 months, while 4 out of 5 say broader ESG considerations are now firmly on their M&A agenda – up from 74 percent in 2023. Solutions are emerging for greater scope clarity.
The report says that AXA IM “expects investors to continue mobilising around the issue of biodiversity” in 2023. As a responsible asset manager, we see stewardship as a vital mechanism to power a just and green transition, with climate change, biodiversity and mitigating social risks centre stage of our activity in 2022.”
The new emissions disclosure bill was introduced as part of a package of climate-focused proposals, including a bill requiring state pension funds to divest from fossil fuel companies introduced by Senator Lena Gonzalez, and a bill requiring stronger corporate climate risk disclosure introduced by Senator Henry Stern.
Divestment has typically been used as a last resort by investors, as remaining invested in green energy is often critical to them. “By Its Renewables 2023 report also pointed out that China commissioned as much solar PV capacity as the entire world in 2022. million) for a 49% stake in a 1.3-gigawatt
Several Republican states have launched ESG-focused lawsuits over the past several months, often targeting BlackRock as the largest global investment management company, and a leading voice in the investment community on climate and energy transition-related investment themes, including Mississippi earlier this year , and Tennessee in December 2023.
South Pole can help you navigate the existing framework as well as the new net zero guidance (FINZ) which will replace it in Q4 2023. They can also divest from high-emitting industries such as thermal coal production. When developing an investment decarbonisation approach aligned with +1.5°C
Move follows decision by Dutch pension fund PFZW to divest from nearly all of its fossil fuel holdings. PGGM has announced it would shift its engagement focus from the supply to the demand-side of the energy sector, following a decision from its largest client PFZW to divest from most of its fossil fuel holdings.
Originally posted on GFANZ on September 19, 2023 The Glasgow Financial Alliance for Net Zero (GFANZ) Secretariat today launched a consultation on its work to further refine the definitions of its transition finance strategies and support financial institutions to forecast the impact of these strategies on reducing emissions.
Divestment option Despite the headway being made with engagement, many large asset owners still opt for other solutions. An example was the Church of England Pensions Board’s announcement in June 2023 that it planned to divest from oil and gas companies. Divestment has been a recurring theme across Crossman’s two-decade career.
Over the past decade, many asset owners have made divestments out of fossil fuels. In fact, the total value of the institutions divesting is estimated to be US$40.5 trillion, according to data provided by the Global Fossil Fuel Divestment Commitments Database.
Over the next two years, 49% of investors reported plans to increase allocations to energy transition assets, and 49% said that they will use active ownership to advance their organizations ESG goals, while 46% reported that they will invest in low-carbon assets and divest from high-carbon assets.
Pension fund makes case for divestment, against backdrop of increasingly positive climate policy across major markets. In response, PME has divested from fossil fuel investments and redirected the funds towards the energy transition by focusing on solar and wind projects.
billion in 2023. We innovate in line with customers’ needs to create iconic packaging that builds brands around the world. Led by our diverse team of approximately 23,000 people across 68 plants in 19 countries, O-I achieved revenues of $7.1 dollar, (18) changes in tax laws or U.S.
Divestment has typically been used as a last resort by investors, as remaining invested in green energy is often critical to them. “By By divesting from or choosing not to invest in solar energy, we do not address the underlying issues – we avoid them,” Raphaela Schmid, Head of ESG and Sustainability at SUSI Partners, told ESG Investor.
For the report, Real Asset Study 2023, Aviva Investors polled 500 institutional investors, including pension funds, insurers, global financial institutions and official institutions, across Europe, North America and Asia, representing combined assets under management of $3.5 trillion, in a survey conducted by CoreData Research.
The Reims plant, which celebrated its 150 years anniversary in 2023, is a model for O-I’s overall sustainability efforts. billion in 2023. In total, O-I has invested €90 million into the Reims site since 2019, when its other furnace was rebuilt—contributing to making it one of the most modern plants within O-I’s global footprint.
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