Phoenix says Britain should mobilise its US$3.2 trillion pension system to fund the energy transition at the local government level. Britain’s vast pool of retirement savings could be doing five times more to fund the country’s energy transition if local governments were empowered to direct more regional investment, one of the country’s largest pension providers has said. Phoenix Group, which…
EU Issues New Rules for Funds Using “ESG” or “Sustainability” Names to Address Greenwashing Risk
EU markets regulator the European Securities and Markets Authority (ESMA) announced today the release of its finalized guidelines for the use of ESG and sustainability-related terms in investment fund names, including investment thresholds required for sustainable investment funds, and the establishment of a transition category for investments that are not yet green, but are on a positive trajectory towards achieving…
Meta Signs Deal for 210 MW of Renewable Energy from New Solar Projects in Indiana
Renewables developer Solarpack announced energy purchase agreements with Meta, enabling the construction of two new solar projects in Indiana, totalling 210 MW. Meta has set a target to reach net zero emissions across its value chain by 2030, and is one of the largest corporate buyers of renewable energy. The company achieved its goal to meet 100% of its operational…
EU Adopts New Rules Requiring 90% Emissions Reductions from Trucks and Buses by 2040
EU member states in the European Council announced today the adoption of new legislation, strengthening emissions standards for heavy duty vehicles in the EU, including a requirement for a 90% reduction in CO2 emissions from heavy duty trucks and buses by 2040. The announcement by the EU Council marks the last decision-making step towards the adoption of the new regulation,…
Fidelity International Launches New Article 9 SDG-Focused Sustainable Bond Funds
Investment management firm Fidelity International announced the launch of two new SDG-focused fixed income funds, including Fidelity Funds 2 – Sustainable Social Bond Fund, and Fidelity Funds 2 – Sustainable Global Corporate Bond Fund. Each of the new funds are classified as Article 9 under the EU’s Sustainable Finance Disclosure Regulation (SFDR) indicating that they have sustainable investment as their…
Microsoft Signs Another Reforestation-Based Carbon Removal Megadeal
Microsoft and nature-based climate solutions startup re.green announced one of the largest-ever carbon removal agreements, with Microsoft purchasing 3 million tons of carbon removal credits over a 15-year period, generated through re.green’s reforestation projects in Brazil. The deal marks the second large-scale Brazil reforestation-focused carbon removal agreement for Microsoft, following a 1.5 million ton offtake deal with Brazil-based Mombak in…
ESG Today: Week in Review
This week in ESG news: Microsoft signs record-breaking carbon removal deal; EY survey finds over half of CEOs say sustainability a higher priority vs one year ago; BCG sustainable aviation deal to cut 100,000 tons of emissions; ERM launches carbon credit consulting business; KKR & HASI launch $2 billion sustainable infrastructure investment partnership; UK High Court rules government’s climate strategy…