The Financial Conduct Authority (FCA) has proposed simplifying climate reporting rules for investment products in a move it says could save investment firms around £20m a year. The regulator is consulting on replacing detailed product-level reports based on the Task Force on Climate-related Financial Disclosures (TCFD) with simpler and more targeted information for retail investors that aligns with Consumer Duty….
TD Signs 10-Year Carbon Removal Deal with Deep Sky
Canada-based carbon removal project developer Deep Sky announced today a new 10-year carbon dioxide removal (CDR) offtake agreement with TD Bank Group, providing for the purchase of more than 18,000 CDR credits from Deep Sky’s direct air capture (DAC) facilities. The companies said that the deal will support the development of permanent carbon removal infrastructure in Canada while strengthening the…
UK Proposes Dropping TCFD-Based Climate Reporting for Investment Products
The Financial Conduct Authority (FCA), the UK’s conduct regulator for financial services firms and financial markets, announced a new proposal to drop requirements for financial firms to publish TCFD-based climate disclosures for investment products, replacing them with simplified reporting on climate risks for retail investors, and on-demand emissions data for institutional clients. The new proposals form part of the FCA’s…
ESG Today: Week in Review
This week in ESG news: Goldman Sachs raises $3 billion for energy transition, circular economy, digital and transport infrastructure fund; Brazil shifts from mandatory to voluntary sustainability reporting; UK sets 2040 GHG emissions reduction target; ISO launches transition planning standard for banks, investors; Google sets series of water sustainability goals; Nordea beats €200 billion sustainable finance target; JPMorgan backs carbon…
Ecobank Issues $450 Million Nature Bond to Back Biodiversity, Sustainable Agriculture Across Africa
Pan-African banking group Ecobank announced the launch of a $450 million Nature Bond – the world’s first ICMA-aligned Nature Bond issued by a commercial bank – with proceeds aimed at supporting farmers, sustainable agriculture businesses and water systems in markets across Africa. According to Ecobank, the bond was designed to reach sectors often underserved by traditional conservation-focused financing mechanisms, including…
Nest Commits £200 Million to IFM to Back Climate Solutions
Nest, the largest workplace pension scheme in the UK by membership, announced a £200 million (USD$269 million) commitment to support next-generation climate solutions through a partnership with investment manager IFM Investors. IFM’s next generation infrastructure credit strategy focuses on international lending opportunities across developed markets, supported by a pipeline of opportunities in the U.K. The strategy targets growth-stage companies with…
Fusion Developer Helion Raises $465 Million at Triple its Prior Valuation
Fusion energy company Helion announced that it has raised $465 million in a Series G funding round, with proceeds aimed at accelerating commercial deployment of fusion energy in the U.S. and expanding the company’s operations. The new financing round values Helion, which aims to build the world’s first fusion power plant, at $15.5 billion, nearly triple the valuation from its…
JPMorgan Signs Carbon Removal, Financing Deal with Charm Industrial
Climate solutions provider Charm Industrial announced a new carbon offtake removal deal with JPMorganChase, its second with the bank, with a new commitment to purchase 61,500 tons of carbon dioxide removal (CDR) credits, generated from Charm’s U.S.-based bio-oil projects. As part of the new agreement, JPMorganChase will also extend a $20 million venture debt facility to Charm, supporting the expansion…
NBIM Calls on EU to Allow Companies to Meet ESRS and ISSB Requirements in a Single Report
Norges Bank Investment Management (NBIM), the investment manager for Norway’s $2 trillion oil fund issued a response to the European Commission’s consultation on the revised European Sustainability Reporting Standards (ESRS), including allowing companies to meet the requirements of both standards in a single report. According to NBIM, the closer alignment of the standards would enable investors to more easily compare…