Finance


  • Patrick McHenry speaks during a news conference
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    House GOP spearheads legislation to strike down SEC climate disclosure rule

    The Financial Services Committee advanced a Congressional Review Act challenge to the rule by a 28-22 vote split along party lines.

    By April 18, 2024
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    Opinion

    The time is ripe for utilities to play a larger role in the energy transition

    Utilities should provide upfront support to low- and moderate-income customers customers for residential electrification and decarbonization measures to prevent them from being stuck on the existing fossil fuel systems.

    By Dan Bakal • April 18, 2024
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    Trendline

    Top 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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    German energy company RWE issues first pair of US green bonds for $2B

    This marks RWE’s first foray into the nation’s bond market, with plans to issue $3-3.5 billion in green bonds annually in the U.S. and Europe until 2030.

    By April 17, 2024
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    Texas schools fund adopts ‘ESG skeptical’ proxy voting stance

    The move comes after the Lone Star State pulled $8.5 billion from BlackRock last month over its stance on fossil fuels.

    By April 17, 2024
  • Wind turbines spin over a field of canola, also called rapeseed, at a wind park on May 10, 2023 near Pinnow, Germany.
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    CIP acquires 1.3 GW of New York onshore wind projects

    Copenhagen Infrastructure Partners made the acquisition through its CI V fund, which has raised billions in capital commitments for greenfield renewable energy investments.

    By Diana DiGangi • April 16, 2024
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    Capital One shareholders urged to approve scope 3 target-setting proposal

    The New York State Common Retirement Fund said the targets are necessary to fully assess the bank’s climate risk exposure and mitigation strategies.

    By April 15, 2024
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    Toyota clinches $150M for new climate-focused fund

    The fund will build on the car manufacturer’s inaugural 2021 climate fund, which has backed climate tech startups and carbon capture and storage companies.

    By April 15, 2024
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    Chevron leads $45M investment in carbon removal company Ion Clean Energy

    The energy giant made the investment through its New Energies division, in collaboration with Carbon Direct Capital.

    By April 10, 2024
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    Lack of uniform standards and disclosures a roadblock to scaling transition finance: report

    Without formal definitions, metrics and transition finance instruments endorsed by international organizations, broader adoption could stall, the CFA Institute said.

    By Suman Bhattacharyya • April 10, 2024
  • FirstEnergy's 1,100-MW coal-fired Fort Martin power plant in Maidsville, West Virginia, along the Monongahela River.
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    Citi, TD, HSBC, Northern Trust added to West Virginia restricted list

    The state warned the banks in February of consequences if they "boycott" fossil fuels. BMO and Fifth Third avoided being added to the list, the state said.

    By Caitlin Mullen • April 9, 2024
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    Two-thirds of ‘sustainable’ passive funds are supporting fossil fuel expansion: Reclaim Finance

    Greenwashing threatens efforts to advance sustainability goals, researchers from the climate nonprofit say.

    By Suman Bhattacharyya • April 8, 2024
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    RBC joins Citi, JPMorgan in disclosing green financing ratios

    New York City Comptroller Brad Lander announced this week that the shareholder proposals put forward by the city’s retirement system have been pulled at all three banks.

    By April 5, 2024
  • U.S. Federal Reserve Board Chairman Jerome Powell speaks during a June 2023 news conference.
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    Powell: Fed tracks emerging ‘material’ risks, but not a climate policymaker

    “Policies to address climate change are the business of elected officials and those agencies that they have charged with this responsibility,” Federal Reserve Chair Jerome Powell said.

    By April 4, 2024
  • Aerial view of blue photovoltaic solar panels mounted on industrial building roof for producing clean ecological electricity.
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    How solar manufacturers can leverage IRA clean energy tax credits

    More than 500 companies and 45,500 projects registered for clean energy tax credits under the law as of March 8.

    By Joelle Anselmo • April 4, 2024
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    Goldman renewables spinoff MN8 Energy secures $325M investment

    Ridgewood Infrastructure and Switzerland-based Mercuria Energy both secured observer seats on the renewable energy company’s board of directors as part of the transaction.

    By April 2, 2024
  • The James V. Forrestal Building Building, the headquarters of the United States Department of Energy, in downtown Washington, DC at sunset.
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    White House funds $6B to decarbonize US industrial sector

    The Department of Energy offered grants for 33 projects in eight historically high carbon-emitting industries such as aluminum, concrete and chemicals.

    By Joelle Anselmo • April 2, 2024
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    Citi says 71% of energy clients lack substantive transition plan or ‘ability to execute’

    The bank made the disclosure in its latest climate report in response to a proposal that had been put forward by shareholder advocacy group As You Sow.

    By April 1, 2024
  • Larry Fink, CEO of BlackRock, speaks at a roundtable discussion.
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    Mississippi hits BlackRock with cease and desist order over ESG investments

    The secretary of state accused the world’s largest asset manager with securities fraud and said it could face a multimillion-dollar administrative penalty.

    By March 28, 2024
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    Sustainable sourcing platform Circular eyes expansion with $10.5M in funding

    Circular plans to expand internationally, add employees and introduce materials besides plastics to the platform.

    By Katie Pyzyk • March 28, 2024
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    Labor Dept. responds to Republican AGs appeal of ESG 401(k) rule

    Liberty Energy, which also is challenging the Securities and Exchange Commission’s climate disclosure rule, joined the 26 states in the appeal.

    By March 26, 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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    Citi agrees to disclose green financing ratios, following JPMorgan

    The New York City comptroller has withdrawn shareholder proposals with the two banks. The measure faces votes at four other banks.

    By March 25, 2024
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    Column

    ESG isn’t just BlackRock’s fight

    If it seems like banks are backing off of their sustainability efforts, comments from Barclays, TD and UBS may give added perspective.

    By Dan Ennis • March 25, 2024
  • Newly-installed solar panels face the sky at the construction site of a new solar energy park as wind turbines spin behind in Germany.
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    Treasury issues clarifying guidance on the IRA’s energy community bonus credit

    The guidance expands the definition of an energy community and the nameplate capacity attribution rule for offshore wind projects.

    By Diana DiGangi • March 25, 2024
  • Protesters seen outside BlackRock's Manhattan headquarters.
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    Texas schools fund pulls $8.5B from BlackRock over ESG

    The divestment is the latest from the Lone Star State, which has already placed BlackRock on restricted lists over its stance on fossil fuels.

    By March 21, 2024
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    Morningstar launches indexes on companies’ transition to low carbon economy

    The financial services firm believes the indexes offer “a very different way” for investors who want to target the climate transition, while “maintaining exposure to high carbon-intensive sectors.”

    By March 20, 2024