State Street Moves Forward on Climate Change| Skadden, Arps, Slate, Meagher & Flom LLP

State Street has expressed its belief that “the COVID-19 crisis accelerates the need for transformative change to address climate change” and that it will continue to “encourage companies to disclose how they are addressing both climate risks and opportunities through engagement and voting on shareholder proposals.” In addition, State Street recently became a member of…

Agenda – NYC Announces $4 Billion Fossil-Fuel Divestment

New York City officials this week announced plans to divest nearly $4 billion in pension funds from fossil-fuel companies. Mayor Bill de Blasio and Comptroller Scott Stringer said two of the city’s five pension funds — the New York City Employees’ Retirement System and the New York City Teachers’ Retirement System — voted to approve…

Larry Fink CEO Letter Moves Further on ESG | BlackRock

Larry Fink’s 2021 letter to investors makes it clear that ESG issues are integral to investment decisions throughout BlackRock. I believe that the pandemic has presented such an existential crisis – such a stark reminder of our fragility – that it has driven us to confront the global threat of climate change more forcefully and…

HSBC Shareholders Ask Bank to Cut Fossil-Fuel Lending Exposure – Bloomberg

A group of HSBC Holdings Plc shareholders have filed a resolution urging the bank to cut its support to the fossil-fuel industry. Amundi SA, Europe’s largest listed asset manager, and Man Group Plc, the world’s biggest publicly traded hedge fund firm, were among 15 institutional investors overseeing a combined $2.4 trillion that are backing the…

Walmart Stock Could Benefit as ESG Investors Add it to Their Funds | Barron’s

Even a business publication like Barrron’s should know better than to let Walmart claim victory on ESG without checking with employees and outside sources to see how meaningful their changes are. Lots of companies have gotten serious about environmental, social, and governance issues in recent years. But few are more surprising than Walmart. That’s not…

Accountants work to counter climate change | Accounting Today

Accounting groups are reacting to the latest reports about the accelerated pace of climate change as global warming reaches record levels. Against the backdrop of the United Nations’ 25th annual Conference of the Parties, or COP25, in Madrid, the International Federation of Accountants published a Point of View on climate action to highlight the role…

Lagarde’s ECB won’t let investors delay addressing climate risk

The European Central Bank has a warning for investors: Deal with the financial risks from climate change soon or we’ll do it for you. Under President Christine Lagarde, who started the job a year ago pledging to give the institution a bigger role in fighting global warming, the ECB is re-evaluating how dispassionate it should…

Fed Joins Climate Network, to Applause From the Left – The New York Times

The Federal Reserve is joining a network of central banks and other financial regulators focused on conducting research and shaping policies to help prepare the financial system for the effects of climate change. The Fed’s board in Washington voted unanimously to become a member of the Network of Central Banks and Supervisors for Greening the…

Net-zero initiative signs up 30 managers with $9 trillion in assets

Money managers with $9 trillion in assets under management have launched a net-zero initiative, committing to support the goal of net-zero greenhouse gas emissions by 2050. The Net Zero Asset Managers initiative, launched Friday, has 30 initial signatories. The group has committed to support the goal of the Paris Agreement, to limit global temperature rises…