Regulation
Sweden’s AP7 Blacklists 2 Oil Producers
The pension fund added MEG Energy from Canada and EOG Resources from the U.S. to its banned ledger of 110 companies.
Tag: Paris agreement
Corporate Moves
Swedish Pension AP7 Blacklists Oil Giant Aramco
The $115 billion fund also added six other firms to its banned roster for ‘acting against the targets of the Paris agreement.’ Most are in China.
Research
Economic Damage From Climate Change Could Dent Global Income by 19% Over 25 Years
Study also finds that the costs of climate change damage is significantly more than the cost to limit global warming.
Corporate Moves
NYC Pensions Reach Climate Disclosure Deal With JPMorgan Chase, Citigroup, RBC
City Comptroller Brad Lander said he expects energy supply ratio disclosure will become a ‘new standard’ for the banking sector.
Why Beaten-Up Oil Stocks Have a Good Future
Renewables won’t take over for a while, the world’s population is expanding, and emerging economies are growing.
Pensions
Norway’s SWF: Stop Talking, Take Action on Climate Transition
The $1.4T Norges Bank Investment Management has increased its climate expectations for more than 9,000 companies in its portfolio.
Risk
European Central Bank Warns Green Transition Needs to Quicken
The bank’s second climate stress test showed ‘there is a clear need for speed’ to meet the goals of the Paris agreement.
Newsmakers
Norway’s Sovereign Wealth Fund Backs Shell, Votes Against Chevron, ExxonMobil on Climate Proposals
Fund manager Norges Bank Investment Management sided with Shell in rejecting a proposal to align greenhouse gas targets with the Paris agreement.
Pensions
Green-Minded Church of England Opposes Shell Directors in Proxy Fight
The religious body’s pension plan accuses the oil giant of pulling back from its environmental pledges.
Asset Allocation
NYC Pension Funds Have Reduced Emissions by up to 27% Since 2019
Three of the city’s five funds are looking to reach net zero greenhouse gas emissions by 2040.
Pensions
Oregon Treasurer Pledges to Decarbonize State Pension Fund By 2050
Tobias Read says he’ll have a comprehensive plan to meet Paris Agreement goals by early 2024.
Newsmakers
A Coalition of Republican Attorneys General Targets Banks for Net-Zero Alliance Membership
AGs sent civil investigative demands to the six largest banks in the country to explore claims that the banks’ ESG pledges have harmed the energy sector.
Risk
Norway Targets Net Zero for Sovereign Wealth Fund by 2050
The $1.2 trillion fund aims to create a system to measure its climate risk exposure by 2025.
Risk
Australia’s HESTA Accused of Greenwashing
The Environmental Defenders Office says HESTA’s investments in oil and gas companies could be in breach of the law.
Risk
CalSTRS Votes on Record Number of Shareholder Proposals
The $315 billion pension fund has voted on more than 1,000 shareholder proposals during the 2022 proxy season, many of them climate-related.