Finance: Page 6

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    SBTi calls on financial institutions to pilot net-zero standard

    The climate target validation organization is looking for participants to test a standard that will encompass near- and long-term portfolio-wide goals.

    By • July 11, 2024
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    Sustainability is a key factor in improved financial performance: KPMG

    Indicators like lower carbon dioxide emissions, land environmental impact reduction and business ethics policies are linked to increased gross profit margin, per a study of 2,617 companies.

    By Suman Bhattacharyya • July 11, 2024
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    Trendline

    Top 5 stories from ESG Dive

    This year has shaped up to be a formative one for ESG, both on the regulatory and financial front, with the SEC’s climate disclosure rule and the battle over shareholder rights and proposal approvals.

    By ESG Dive staff
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    Chip Somodevilla via Getty Images
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    Labor Department, challengers argue over ESG rule’s tiebreaker standard post-Chevron

    A lawyer for the agency said he believes “the logic of the District Court's opinion would produce the same result” under the Loper Bright ruling.

    By • Updated July 10, 2024
  • A gas-powered power generation plant is seen with four red and white striped pillars rising from the facility with a mountain's outline visible through a orange haze.
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    David McNew via Getty Images
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    38% of public companies ‘significantly misaligned’ to net-zero: Morningstar

    Of more than 3,300 public companies, none are on track to hit the Paris Accords’ 2050 target, a study from the financial services revealed. 

    By • July 8, 2024
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    Alex Wong via Getty Images
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    Labor Department’s ESG rule trial to serve as litmus test for Chevron decision

    A lower court’s dismissal of a challenge to the rule cited the now-overturned Chevron doctrine, though the agency believes the rule will survive.

    By • Updated July 10, 2024
  • A picture of the front window of a Fidelity Investments Investor Center.
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    Chip Somodevilla via Getty Images
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    Fidelity updates sustainable investing framework against regulatory backdrop

    Fidelity’s international arm said its revised framework aims to “ensure ongoing alignment with transparency and disclosure requirements.”

    By • July 2, 2024
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    Sean Gallup via Getty Images
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    UN-backed group, others collaborate to boost global sustainable finance taxonomies

    The United Nations Environment Programme Finance Initiative, Principles for Responsible Investment and the Climate Bonds Initiative aim to “harmonize taxonomy definitions and concepts.”

    By • July 1, 2024
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    Justin Sullivan via Getty Images
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    Google invests in BlackRock-owned solar company to aid net-zero goals

    The tech giant will invest in the buildout of Taiwan’s clean energy capacity for the rights to procure up to 300 MW of solar power from New Green Power’s development pipeline.

    By • July 1, 2024
  • Aerial view of solar array farm in a Chilean desert.
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    John Moore via Getty Images
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    IFRS partners with World Bank member to improve emerging market disclosures

    The foundation behind the International Sustainability Standards Board signed a memorandum of understanding with the International Finance Corporation Thursday.

    By • June 28, 2024
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    Andrew Burton via Getty Images
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    BlackRock becomes first firm on Indiana treasurer’s ESG watchlist

    “Contrary to the Treasurer’s assertion, BlackRock has been singularly focused on delivering performance” for the state’s pension fund, a firm spokesperson told ESG Dive.

    By • June 25, 2024
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    Carl Court via Getty Images
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    Bloomberg launches CSRD data tool as reporting deadlines begin to loom

    “Better data drives better investment decisions,” Bloomberg’s global head of sustainable finance solutions said in a release.

    By • June 24, 2024
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    Justin Sullivan via Getty Images
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    Anti-ESG laws challenge fiduciary obligations, add significant reporting burden: PRI

    The impact of anti-ESG legislative efforts is uncertain and could affect capital availability for businesses and investment vehicles that have a sustainability or social focus, experts say.

    By Suman Bhattacharyya • June 21, 2024
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    Justin Sullivan via Getty Images
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    Morningstar index targets LGBTQ+ inclusive companies

    “As LGBTQ+ identities become more ubiquitous, inclusive investing will continue to develop,” the firm said in an accompanying paper.

    By • June 21, 2024
  • People walk up from the plaza at the Citigroup Center November 17, 2008 in New York City. Citigroup
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    Chris Hondros / Staff via Getty Images
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    Citi calls carbon emissions report from environmental group ‘misleading’

    Stand.earth reported earlier this week that the bank is a leading financier of the maritime liquefied natural gas industry, but the bank takes issue with the methodology used.

    By • June 20, 2024
  • The Salesforce logo is seen at its headquarters in San Francisco
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    Stephen Lam via Getty Images
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    Salesforce announces spate of climate investments

    The three new investments include joining a decarbonization initiative, a PPA for a 27-megawatt solar project and committing almost $4 million to climate-focused philanthropy.

    By • June 18, 2024
  • Flags fly above the entrance of the BlackRock offices.
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    Andrew Burton via Getty Images
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    BlackRock launches ‘transition aware’ funds overseas, as it shies away from ESG in US

    The climate-focused funds will be listed in the European Union and will invest at least 80% of their assets in ESG-aligned activities.

    By • June 14, 2024
  • California Attorney General Rob Bonta speaks during a news conference.
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    Justin Sullivan via Getty Images
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    California goes after Big Oil’s ‘illegal’ profits over alleged greenwashing

    ExxonMobil, Shell, Chevron, ConocoPhillips, BP and the American Petroleum Institute may be required to surrender profits gained from false advertising, according to an amended complaint filed Monday.

    By • June 12, 2024
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    Chip Somodevilla via Getty Images
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    House Judiciary: Climate groups and activists ‘colluding’ on decarbonization

    The interim report from the years-long probe accuses groups in the financial system of forming a “climate cartel” that “has declared war on the American way of life.”

    By • June 12, 2024
  • ExxonMobil CEO Darren Woods speaks at a podium
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    Justin Sullivan via Getty Images
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    Vanguard says ExxonMobil made a ‘compelling case’ for its shareholder lawsuit

    The nation’s second-largest asset manager supported Exxon CEO Darren Woods and its board of directors at the energy giant’s May 29 board meeting after concluding it displayed appropriate oversight.

    By • June 11, 2024
  • Committee chairman Rep. James Comer questions witnesses during a House Oversight Committee hearing.
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    House Oversight Committee probes IRS over ESG policies

    Committee Chair James Comer asked IRS Commissioner Daniel Werfel to explain how the agency ensures state retirement plans invest for the “exclusive benefit” of enrollees.

    By • June 11, 2024
  • Charging port on the Volvo C40 recharge SUV.
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    Courtesy of Volvo Cars
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    $1.3B earmarked for EV charging network expansion in US

    The Biden-Harris Administration aims to accelerate public and private investment in clean transportation with the historic grant funding.

    By Haley Cawthon • June 7, 2024
  • Trees sway along a highway under the stress of hurricane-force winds.
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    Sean Rayford via Getty Images
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    Senate panel worries climate change is pushing insurance markets to the brink

    Witnesses and the committee’s chair drew parallels between the current home insurance market and conditions leading up to the 2007-08 recession.

    By • June 6, 2024
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    Julie Strupp/ESG Dive
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    How climate change is hitting highways

    Resilience is a key consideration for road builders amid a slew of new environmental conditions, said a Federal Highway Administration official at the recent NIBS conference in Washington, D.C.

    By Julie Strupp • June 6, 2024
  • A 'Citi' sign is displayed outside Citigroup Center near Citibank headquarters in Manhattan on December 5, 2012 in New York City.
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    Mario Tama via Getty Images
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    Citi boosts paid parental leave to match industry peers

    The bank is giving birth mothers an additional eight weeks of recovery time, bringing total leave to 24 weeks, in line with policies by Morgan Stanley and Barclays.

    By Dan Ennis • June 5, 2024
  • A group of young protesters marching fill the frame with signs that read "Planet Over Profit" and "Climate Justice" with a sunflower sprouting bottom to top as the "i" in climate and "t" in justice.
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    Sierra Club, NRDC drop legal challenges to SEC climate rule

    The two environmental groups have decided to focus resources elsewhere to improve climate-related financial disclosures.

    By • June 5, 2024