Financial institutions worldwide are attempting to decarbonise but are still reluctant to reduce their fossil fuel investments, leading to “financial cakeism”, according to the latest report by South Pole. A survey of sustainability executives from 350 financial sector firms, as part of South Pole’s 2024/25 Net Zero report, found that, despite existing net zero guidance from the Glasgow Financial Alliance…
Financial institutions accused of ‘cakeism’ for failing to reduce their exposure to fossil fuels
Financial institutions worldwide are attempting to decarbonise but are still reluctant to reduce their fossil fuel investments, leading to “financial cakeism”, according to the latest report by South Pole. A survey of sustainability executives from 350 financial sector firms, as part of South Pole’s 2024/25 Net Zero report, found that, despite existing net zero guidance from the Glasgow Financial Alliance…
OneStream Launches New ESG Reporting & Planning Solution for CFOs
Enterprise finance management platform OneStream announced the launch of its new ESG Reporting & Planning solution, aimed at helping CFOs and finance professionals to navigate sustainability reporting requirements and make data-driven decisions. According to OneStream, the new solution unifies ESG data and processes in a single platform, enabling customers to collect, analyze, report and plan for ESG requirements, including Scope…
Asia’s Banks Should Not Follow US Peers
Quitting climate alliances risks trust and transparency, says Ramnath Iyer, IEEFA‘s Sustainable Finance Lead for Asia. The Net Zero Banking Alliance (NZBA) is a UN-backed initiative founded in 2021 ahead of the COP26 climate summit that brings together global banks committed to aligning their lending and investment portfolios with net zero emissions by 2050. The NZBA provides a framework for setting credible,…
Tracera Raises $12 Million to Scale AI-Powered ESG Reporting Platform
Sustainability data platform Tracera announced that it has raised $12 million in a Series A funding round, with proceeds aimed at scaling its AI-powered platform to help businesses comply with ESG reporting requirements. Established in 2022, New York-based Tracera – formerly called ESG Flo – provides solutions aimed at enabling companies to streamline sustainability reporting and reduce costs. The company’s…
MUFG Appoints Stephen Jennings as Chief Sustainability Officer for EMEA
Tokyo-based banking group Mitsubishi UFJ Financial Group (MUFG) has announced the appointment of renewable energy finance veteran Stephen Jennings as Chief Sustainability Officer for the firm’s EMEA region. With a focus on how MUFG can support clients with their energy transition in EMEA, in his new role, Jennings will be responsible for developing and enhancing MUFG EMEA’s overall sustainability strategy…
Excelsior Energy Capital Raises $1 Billion for Renewable Energy Investment Fund
Clean energy infrastructure investor Excelsior Energy Capital announced that it has raised over $1 billion in capital commitments at the final close of its second fund, Excelsior Renewable Energy Investment Fund II. The firm said that the fund significantly surpassed its initial $750 million target. The fund also doubles the size of its predecessor, Excelsior Fund I, which closed at…
Carbon Equity Raises €105 Million for Climate Tech Fund
Impact investing platform Carbon Equity announced that it has raised €105 million at the closing of Climate Tech Portfolio Fund III, its third fund of funds targeting investments in climate solution innovations. Founded in 2021, Amsterdam-based Carbon Equity aims to enable individuals to invest in leading climate-focused private equity and venture capital funds. With the new closing, the firm has…
Guest Post – Why ESRS Implementation Goes Beyond Compliance: Lessons from the First Wave
By: Maura Hodge, KPMG US Sustainability Leader The first wave of European Sustainability Reporting Standards (ESRS) reports is revealing critical insights that extend far beyond regulatory compliance. KPMG’s new “Real-time ESRS: FAST 50” analysis examines 50 early sustainability statements published in January and February 2025, uncovering significant learnings that apply to all companies navigating the evolving ESG reporting landscape. The…