Incoming OECD Secretary-General presented with opportunity to change his record on climate change

If former Australian finance minister Mathias Cormann is to match the climate ambition of the OECD’s biggest member states, his future behaviour will have to be very different to that of his past behaviour. Christian Downie, Associate professor at the Australian National University discusses how Cormann can change in an article on The Conversation website. … Continue reading Incoming OECD Secretary-General presented with opportunity to change his record on climate change

Is Wall Street duping the public that its green investing is only PR spin?

Tariq Fancy, who served as chief investment officer of sustainable investing at the world’s largest asset manager, Blackrock, tells Louise Boyle in an article on The Independent website the practice has little impact on reducing GHG emissions.   ‘It’s moving deckchairs on the Titanic’: Former BlackRock sustainability executive says Wall Street’s green investing is ‘PR … Continue reading Is Wall Street duping the public that its green investing is only PR spin?

Climate change had the potential to have a bigger impact on credit ratings than the Covid-19 pandemic

Larry Elliott writes on The Guardian website about a new study that used artificial intelligence to simulate the economic effects of climate change on Standard and Poor’s ratings for 108 countries over the next ten, 30 and 50 years, and by the end of the century.   UK, US and others face credit rating fall … Continue reading Climate change had the potential to have a bigger impact on credit ratings than the Covid-19 pandemic

Australia’s Mathias Cormann elected OECD chief despite climate record

The surprise result is a diplomatic triumph for Australia, whose prime minister, Scott Morrison, had promoted Cormann’s OECD credentials in calls with international counterparts in recent months. Cormann narrowly defeated the Swedish former EU trade commissioner Cecilia Malmström in the election to lead the 37-member Paris-based organisation, which gives advice to member governments on economic … Continue reading Australia’s Mathias Cormann elected OECD chief despite climate record

Our global Covid recovery plans are still not giving enough attention to sustainability

Madeleine Cuff writes on the inews website that less than a fifth of the Covid recovery spending announced by governments around the world has been earmarked for green projects. How do we get that to change?   Less than 20 per cent of global Covid recovery spending is green, report says Despite promises to “build … Continue reading Our global Covid recovery plans are still not giving enough attention to sustainability

EU green finance getting more serious

Kate Abnett and Simon Jessop write on the Reuter’s website that new taxonomy rules will be tighter for buildings but much less so for the shipping industry. No doubt you will be reading more about latest developments in taxonomy. On November 20th, the Commission launched a stakeholder feedback period on the draft Commission Delegated Regulation supplementing … Continue reading EU green finance getting more serious

Investors are pushing major European companies to make sure the “missing” costs of climate change are properly reflected in their financial statements

 European and U.S. investors, who manage $9 trillion in assets, have sent 36 carbon-heavy companies a document setting out how they should account for the likely impact of the 2015 Paris climate accord on their future profits. Matthew Green and Simon Jessop explain latest developments in an article on the Reuters website.   Investors tell … Continue reading Investors are pushing major European companies to make sure the “missing” costs of climate change are properly reflected in their financial statements

World’s publicly financed development banks pledge to use their financial muscle to rescue the global economy from the Covid-19 crisis and the climate emergency

The goal must be to build economies that are sustainable, resilient and inclusive says one head of a development bank. Encouragingly, we are seeing development banks take a more co-ordinated, integrated approach to address recovery plans and the need to ensure the Paris climate objectives are met.  Fiona Harvey explains in an article on The … Continue reading World’s publicly financed development banks pledge to use their financial muscle to rescue the global economy from the Covid-19 crisis and the climate emergency

World’s largest investment banks provided financing linked to destruction of ecosystems

Phoebe Weston writes on The Guardian website about the world’s largest investment banks provided more than $2.6tn (£1.9tn) of financing linked to the destruction of ecosystems and wildlife last year, according to a new report.   Banks lent $2.6tn linked to ecosystem and wildlife destruction in 2019 – report The world’s largest investment banks provided … Continue reading World’s largest investment banks provided financing linked to destruction of ecosystems

A struggle between the few financial institutions that are pushing for an ambitious new European green finance policy framework and incumbent vested interests opposing it

New analysis from InfluenceMap warns 19 out of 20 industry lobby groups are actively opposing measures contained within the EU's proposed Sustainable Finance Strategy. This article was published on the Business Green website.   Are 'vested interests' threatening the EU's sustainable finance strategy? EU efforts to establish an ambitious sustainable finance policy are being undermined … Continue reading A struggle between the few financial institutions that are pushing for an ambitious new European green finance policy framework and incumbent vested interests opposing it