State Street Global Advisors (SSGA) has hired Hannah Shoesmith to lead its newly created Sustainability Stewardship Service, focused exclusively on executing the firms sustainability policy and conducting portfolio company engagements on behalf of clients that have opted into the service. Before joining SSGA, Shoesmith worked as head of engagement – active ownership – at Schroders, as well as previously holding…
Trump, 24 States Sue New York, Vermont Over Laws Charging Fossil Fuel Companies for Climate Change
The U.S. Justice Department announced that it has filed complaints in U.S. District Courts against the states of New York and Vermont over their respective climate change “Superfund” laws, aimed at fining energy companies for their contributions to climate change. Separately, a group of 24 U.S. State Attorneys General announced that they have joined a lawsuit against the Vermont Superfund…
Reasons for optimism: Views from the front line of stewardship
Companies that used to shout about their ESG efforts are now seemingly saying much less, afraid of pushback from all sides. This apparent trend may lead many to believe that they had given up on their green commitments, however that hasn’t been my experience in recent discussions with investee firms and there are still many reasons to remain optimistic. Antidote…
State Street Launches Sustainability Engagement and Voting Service
State Street Global Advisors (SSGA), one of the world’s largest investment managers, announced the launch of its new Sustainability Stewardship Service, offering institutional clients with the ability to follow a sustainability-focused engagement and proxy voting framework. According to SSGA, the new service was launched in response to institutional client feedback, seeking more engagement with companies on sustainability topics, and designed with…
Schroders Acquires $610 Million Stake in UK Offshore Wind Farm From Ørsted
Global investment manager Schroders’ renewable infrastructure investment unit Schroders Greencoat announced the acquisition of a 24.5% stake in an offshore U.K. wind farm from Danish multinational energy company Ørsted for £456.1 million (USD$6!0 million). Under the deal, Ørsted will retain a 25.5% interest in the West of Duddon Sands wind farm, and will continue to operate it. The wind farm,…
Exterra Raises $14 Million to Turn Mining Waste into Sustainable Materials
Montreal-based startup Exterra Carbon Solutions announced that it has raised CAD $20 million (USD$14.5 million) to advance development of its technology to convert mining waste into low-carbon energy transition and sustainable building materials. Founded in 2021, Exterra specializes in the conversion of asbestos mine tailings (AMT), the asbestos fibers in leftover rock and waste from mining, into minerals including nickel…