Finance
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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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TrendlineTop 5 stories from ESG Dive
This year is shaping 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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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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Climate change to continue to drive inflation, especially in Global South
‘Decisive mitigation’ could curb the inflationary impacts of climate change, though some effects are unavoidable, researchers say.
By Suman Bhattacharyya • May 6, 2024 -
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BlackRock shareholders urged to oppose Aramco CEO’s board re-appointment
The New York City Comptroller said Aramco and BlackRock’s prior business relationships compromise Amin Nasser’s ability to serve as an independent member of the board.
By Lamar Johnson • May 2, 2024 -
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Brookfield, Microsoft ink largest-ever corporate clean energy deal for 10.5 GW
Brookfield will deliver wind, solar and “new or impactful carbon free energy generation technologies” to Microsoft between 2026 and 2030.
By Ethan Howland • May 2, 2024 -
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Indigenous rights, climate proposals receive votes at Citi, Wells Fargo meetings
A proposal for banks to examine their policies on mitigating risks to Indigenous Peoples rights received 26% support at Citi. Wells Fargo declined to share preliminary results.
By Lamar Johnson • May 1, 2024 -
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CalSTRS reports issues in calculating emissions of $336B portfolio
The California pension fund said it would delay disclosing its 2023 carbon footprint until 2025, citing significant data and calculation issues.
By Zoya Mirza • April 30, 2024 -
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Citi achieves $441B of its $1 trillion sustainable finance 2030 goal: report
The bank has also met more than half of its goals to reduce its operational footprint by 2025.
By Lamar Johnson • April 30, 2024 -
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UN’s Net-Zero Insurance Alliance disbands and rebrands
Following the departure of several high-profile members in 2023, NZIA is no more. Its work will be continued by a new Forum for Insurance Transition to Net Zero.
By Lamar Johnson • April 29, 2024 -
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IRS issues final guidance for IRA’s clean energy tax credit transferability mechanism
“It is difficult to overstate the significance of today’s announcement for the clean energy market,” said Ray Long, CEO and president of the American Council on Renewable Energy.
By Diana DiGangi • April 29, 2024
