New research on the environmental damage of the fossil fuel industry leaves “no doubt” that developed nations must financially assist climate-vulnerable countries. Oil and gas majors could have paid for the social and environmental damages of their emissions over 33 years, and still have made US$10 trillion in profit over that period, according to new research from Berlin-based NGO Climate…
FCA Study Finds Investment Products Not Aligned with Stated ESG Goals
The Financial Conduct Authority (FCA), the conduct regulator for financial services firms and financial markets in the UK, announced today the results of a review of the compliance of fund managers with regulatory requirements on the design and disclosure of ESG and sustainable investment funds, indicating that many firms do not yet meet expectations, and that products are often not…
94% of Investors Say Corporate Sustainability Reporting Contains Unsupported Claims: PwC
Investors are increasingly concerned about corporate greenwashing, with nearly all reporting that they believe corporate reporting on sustainability performance contains unsupported claims, according to a new survey by global professional services firm PwC, which also found that investors want more information on the cost of companies’ ESG commitments, and on the impact of their portfolio companies on the environment and…
JPMorgan Raises Targets to Reduce Financed Emissions to Align with Net Zero by 2050
JPMorgan Chase announced updates to its interim financed emissions reduction targets for three carbon-intensive sectors, including Oil & Gas, Electric Power and Auto Manufacturing, raising the ambition for each to align with pathways required to achieve net zero by 2050. The updated targets were unveiled with the release of the firm’s 2023 Climate Report, which also included net zero 2050-aligned…
Scania Signs Deal with SSAB for 100% Fossil-Free Steel Deliveries by 2030
Sweden-based truck and bus manufacturer Scania and Sweden-based global steel company SSAB announced today a new agreement for fossil-free steel, including a target to decarbonize all steel deliveries from SSAB to Scania’s heavy-duty vehicles in 2030. SSAB is the main steel supplier for Scania’s vehicles. Steelmaking is one of the biggest emitters of CO2 globally, with total greenhouse gas emissions…
Clean Energy Solutions Provider DSD Renewables Raises $250 Million
Clean energy solutions provider DSD Renewables announced today a $250 million strategic investment from broadband, automotive, and media company Cox Enterprises, aimed at supporting DSD’s growth as accelerate its renewable energy deployment. Founded within GE in 2012 as GE Solar, and rebranded as DSD Renewables in 2019, Schenectady, New York-based DSD provides a “one-stop shop” for custom, large-scale commercial, industrial…
DHL to Invest Over $200 Million in Clean Fuels to Decarbonize Supply Chain Unit
DHL Group’s contract logistics division DHL Supply Chain announced today the launch of a new global Green Transport Policy, aimed at setting a global sustainability standard for its transport fleet and substantially reducing emissions, and including a has commitment to invest an additional €200 million (USD$217 million) in investment in fossil fuel alternatives over the next three years. The release…
Biden Announces Over $6 Billion in New Climate Investments
President Biden announced more than $6 billion in investments aimed at strengthening climate resilience in the U.S., targeting areas including the electric grid infrastructure, reducing flood risk, advancing drought resistance, and advancing community-level clean energy deployment and climate justice efforts. Addressing climate change has been a significant focus for the Biden Administration, starting with the return of the U.S. to the…