Finance: Page 13
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JPMorgan, Morgan Stanley shareholders modestly support Indigenous rights, climate proposals
While voters did not approve shareholder resolutions at either meeting, the results displayed similar, if not greater, support as nearly identical proposals at other large U.S. banks.
By Lamar Johnson • May 24, 2024 -
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Shell shareholders approve diluted climate strategy at annual meeting
Shareholders also rejected a resolution from shareholder activist Follow This to align the oil major’s scope 3 goals with the Paris Agreement.
By Lamar Johnson • May 23, 2024 -
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State finance officials, fund trustees join CalPERS to oppose ExxonMobil slate
A group of 13 state officials and pension plan leaders have urged major asset managers to vote against the oil major’s board and CEO at its May 29 annual meeting.
By Zoya Mirza • May 23, 2024 -
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OpinionInvesting in green companies: Why private equity should lead the charge
Investing in green companies not only addresses pressing environmental concerns but offers compelling financial returns as well.
By Hajar Jouglaf • May 23, 2024 -
(2021). [Photograph]. Retrieved from Office of the Texas Governor.
House Democrats probe Texas, Florida over financial impact of anti-ESG laws
Both conservative-led states have laws in place that ban consideration of ESG factors within state funds and policies, leading to divestments from firms that allegedly boycott fossil fuels.
By Zoya Mirza • May 22, 2024 -
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Anti-ESG laws hurting Texas economically, unpopular with voters: research
Pro-ESG group Unlocking America’s Future said Texas’ anti-ESG laws are hurting the state’s reputation as being “good for business.”
By Lamar Johnson • May 21, 2024 -
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BlackRock, State Street retain Oklahoma pension system contracts after anti-ESG law pause
Contract renewals for the two firms were on hold due to Oklahoma’s 2022 Energy Discrimination Elimination Act, which got blocked by a district court judge earlier this month.
By Lamar Johnson • May 20, 2024 -
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IRS extends domestic content bonus credit applicability for hydropower, solar
The guidance also aims to “remove unnecessary burdens on taxpayers by allowing them to reference default cost percentages,” said American Council on Renewable Energy President and CEO Ray Long.
By Diana DiGangi • May 20, 2024 -
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Schneider Electric purchases IRA tax credits from solar manufacturer
The senior director of renewables for Schneider’s sustainability business called the Inflation Reduction Act’s transferable credits a “revolutionary development.”
By Lamar Johnson • May 17, 2024 -
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CalPERS to commit $25B to private market climate solutions
The allocation is part of the California pension fund’s strategy to double its climate investments to $100 billion by 2030, which it announced last year.
By Zoya Mirza • May 17, 2024 -
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Clean energy tax credit market poised to grow under new transferability rules
The transferability mechanism makes it easier for clean energy project developers and owners to sell IRA tax credits for cash.
By Brian Martucci • May 17, 2024 -
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BlackRock shareholders appoint Aramco CEO to board, despite pushback
A senior strategist for Sierra Club’s Fossil-Free Finance campaign said shareholders cast “concerning votes” on climate-related issues and “appear timid” to engage with BlackRock.
By Lamar Johnson • May 16, 2024 -
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Congressional Democrats urge SEC to finalize ‘critical’ ESG greenwashing rule
The lawmakers said the rule will address misleading information about sustainable funds “and other exaggerated or unfounded ESG-related claims amongst funds and investment advisers.”
By Lamar Johnson • May 15, 2024 -
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Global banks have spent $6.9 trillion on fossil fuels since 2016: report
U.S. banks accounted for 30% of the $705 billion private global banks spent on fossil fuel financing in 2023, per the Banking on Climate Chaos report.
By Lamar Johnson • May 14, 2024 -
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Aspiration spins off consumer financial brand into new sustainability-focused company
The standalone company, helmed by Tim Newell, will continue to operate under the Aspiration brand name and focus on offering climate-friendly products.
By Rajashree Chakravarty • May 14, 2024 -
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Standard Chartered pledges to reduce methane emissions generated by oil and gas clients
The goal aligns with the British bank’s goal to decrease its financed carbon emissions and accelerate its pathway to net-zero status by 2050.
By Zoya Mirza • May 13, 2024 -
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Challenge to SEC’s enhanced proxy reporting rule dismissed by appeals court
The Fifth Circuit Court of Appeals said the lawsuit put forward by four Republican-led states lacked standing and failed to provide evidence of alleged increased compliance costs.
By Lamar Johnson • May 13, 2024 -
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Barclays pressed on climate commitments and Gaza at annual meeting
The bank was asked to pull back financing for its North American fracking operations during the meeting as it faced protests over its alleged ties to the war in the Middle East outside the venue.
By Zoya Mirza • May 10, 2024 -
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Sustainable investing positioned for ‘secular growth,’ despite ESG pushback: Morgan Stanley
Green and sustainable bond issuance reached $281 billion in Q1, up 36% from $207 billion in the previous quarter, according to Moody’s Investors Service.
By Suman Bhattacharyya • May 10, 2024 -
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Climate risks ‘highly uncertain and challenging to measure,’ banks tell Fed
In the climate scenario exercise, the nation’s six biggest banks found data gaps in real estate exposure, insurance, debtors’ transition risk management and infrastructure, the Fed said.
By Caitlin Mullen • May 10, 2024 -
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Oklahoma judge hits pause on state’s anti-ESG law
A district court judge issued a temporary injunction Tuesday, blocking enforcement of a state law which boycotted firms over their alleged stance on fossil fuels.
By Zoya Mirza • May 9, 2024 -
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Snickers owner Mars commits $47M to slash dairy emissions
The confectionery giant is testing seaweed feed supplements and plans to open three net-zero farms as it looks to halve its carbon footprint by 2030.
By Sarah Zimmerman • May 9, 2024 -
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High interest rates hit renewable energy harder than natural gas: Wood Mackenzie
A 2 percentage point increase in interest rates pushes up the levelized cost of electricity for renewables by as much as 20%, according to an analysis by the energy research firm.
By Emma Penrod • May 9, 2024 -
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More companies are tying ESG metrics to executive compensation: WTW
Despite political blowback in the U.S., companies are increasingly incorporating ESG metrics into performance measures and incentive plans, according to the insurance services provider.
By Suman Bhattacharyya • May 8, 2024 -
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Oklahoma adds Barclays to anti-ESG list
The British bank joins JPMorgan Chase, BlackRock, Bank of America, Wells Fargo and State Street and eight other financial institutions on the list.
By Rajashree Chakravarty • May 7, 2024
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