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First-of-its-kind opinion lays out World Bank, ADB and shareholders’ obligations under international law
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The Nordic Investment Bank has broadened its investments in the socially responsible bond market to include social, sustainability and sustainability-linked bonds from issuers in the bank’s member countries. -
Barclays is to face a second shareholder resolution on its response to climate change at its annual general meeting in May, urging it to set more ambitious targets to phase out financing of fossil fuels.
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Banks and investors’ claims to be acting on climate change appear to clash with the financing they still provide in the real economy, research showed this week — such as plans to increase fossil fuel production and consumption, even in the UK and France.
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Senior bank finance and capital markets figures speculated this week about where the ECB would be most likely to throw its weight in its effort to boost the sustainability of its balance sheet. With a senior eurozone central banker having recently urged it to decarbonise its assets, banks are on high alert as they anticipate sweeping changes to asset purchase and repo terms, writes Bill Thornhill.
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Look at any bank’s website or hear its CEO speak and you will get a torrent of virtuous words about climate change, sustainability and supporting clients on their journeys to net zero. The same goes for big investors, from BlackRock down, but the windows of their ivory towers are misted up with all the hot air being spouted.
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BlackRock and Amundi, the largest asset managers in the US and Europe, have both published policies on how they intend to engage with companies about climate change. After widespread criticism, BlackRock has moved a long way towards a more proactive stance, but it is not clear yet that either firm is prepared to get really tough with high carbon emitters — especially in their passive portfolios.
