Edition for 09 June 2020

Top Stories

Top super funds increasingly vote down climate resolutions (The Sydney Morning Herald)

  • Eight major super funds have been criticised for voting against the majority of shareholder proposals on climate change at recent annual general meetings despite being members of an investor group pushing for companies to take action on climate risks.
  • The Australian Centre for Corporate Responsibility's research found super fund support for climate proposals had fallen last year.
  • The Investor Group on Climate Change represents institutional investors that collectively manage more than $2 trillion and chief executive Emma Herd said shareholder resolutions are just one tool, alongside divestment and board-level pressure, used to drive corporate action on climate change.

Borrowed time: Climate change threatens U.S. mortgage market (EHN)

  • U.S. taxpayers could be on the hook for billions of dollars in climate-related property losses as the government backs a growing number of mortgages on homes in the path of floods, fires and extreme weather.
  • In short, the government’s biggest housing subsidies — mortgage guarantees and flood insurance — are on course to hit taxpayers and the housing market as the effects of climate change worsen, a POLITICO analysis finds.
  • That scenario has a growing collection of finance experts, progressives and congressional Democrats pressuring financial institutions and their regulators to give more weight to the systemic risks of climate change.

BP to shed 10,000 jobs worldwide in fallout from pandemic, price crash (The Globe and Mail)

  • The job reductions are part of a plan to make the 111-year-old oil company more nimble as it prepares for the shift to low-carbon energy.
  • While the impact of BP’s green pivot on its oil sands operations is unknown for now, new analysis by the Seattle-based Stockholm Environment Institute examines how Canada’s oil and gas sector fits into a postpandemic economy in the midst of an energy transition.

Renewable energy is taking off — but not in bank boardrooms (Grist)

  • When it comes to investing in a sustainable future, do we really have to pick between fossil fuels and renewable energy?
  • Well, yes. But many of the world’s top banking executives and directors haven’t gotten the memo. At least, that’s what a new analysis from Bloomberg suggests: Entanglements with major emitters are surprisingly prevalent in the boardroom of 20 major U.S. and European banks. 
  • It found that at least 73 had once held positions with big corporate emitters around the globe, including fossil fuel companies, manufacturers, utilities, retailers, and other companies with sizable carbon footprints.

North America’s largest pipeline company aims to pivot to natural gas and renewable energy (Financial Post)

  • Enbridge Inc., North America’s largest pipeline company, is shifting its asset mix to reflect the energy transition underway across the world.
  • While it will continue to invest in oil pipelines, the company will also invest increasingly larger proportions of its capital to natural gas and renewable energy projects as consumers around the world demand lower-emitting forms of energy.
  • Other major Calgary-based energy companies are also looking to reposition their businesses over the longer term as part of a major energy transition.

How the Pandemic Can Lead to a More Sustainable Future (Knowledge@Wharton)

  • Lord Greg Barker speaks with Wharton’s Peter Cappelli and Mike Useem about how the pandemic could spur a greater commitment by global leaders to combat climate change. From 2010 to 2015, Lord Barker served in the David Cameron government as an MP and minister of state for energy and climate change. 
  • The only way businesses can be accountable for their actions is to have greater transparency and greater disclosure on the sustainability and carbon content of either the products that they make or the services that they offer.
  • It requires a strong policy lead from politicians, it requires collaboration and partnership with business as well.

How on-demand food delivery apps could encourage low-carbon food (GreenBiz)

  • For the environmentally minded, the increased adoption of app-based food delivery services presents a unique opportunity to affect carbon emissions in the food supply chain.
  • Adopting these habits has the potential to reduce carbon emissions by 66 gigatonnes CO2-equivalent, according to Project Drawdown.
  • This information gives consumers power in their food choices and allows food-delivery apps to demonstrate climate-friendly values.

The Climate Sentinel is an AI-powered news assistant for ESG investors and those concerned about climate change, corporate social responsibility, and related topics. Learn more.

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