ESG Archives - Page 22 of 49

FridayApr 12, 2024 10:00 am

European Bankers Push Back Against ESG Requirements by ECB

European bankers are pushing back against the increasingly strict environmental, social and governance (“ESG”) reporting requirements being passed in the European Union, yet their competitors in America aren’t required to adhere to those requirements. The European Banking Federation (“EBF”) recently said that as long as Wall Street continues to ignore ESG rules, European lenders who adhere to American ESG rules will find it impossible to compete with their U.S. counterparts. ESG has been one of the largest trends in the financial sector for the past several years, partly due to being pushed by major investment companies, such as BlackRock, and…

WednesdayApr 10, 2024 10:00 am

AI Could Help Companies in Their ESG-Linked Workflows

Businesses could take advantage of the nascent artificial intelligence (“AI”) sector to improve their environmental, social and governance (“ESG”) reporting. Both ESG and AI are currently among the largest trends in the financial world, and some players in the sector are already considering the benefits of combining the two. Artificial intelligence especially has drawn a lot of attention in recent months due to generative AI tools such as ChatGPT, which can generate incredibly impressive results from simple user prompts. Although a lot of the focus on these tools has been around their potential impact on the creative industries, the financial…

MondayApr 08, 2024 2:00 pm

Deloitte Survey Finds 8 in 10 Investors Have ESG Guidelines

New research has found that most investors have established ESG investment policies in the last couple of years in a bid to capitalize on opportunities and minimize sustainability-related risks. For the research, the Fletcher school at Tufts University and Deloitte conducted a survey of more than 1,000 asset managers, asset owners and investment advisers, including heads of strategy, CIOs, CEOs and other senior executives across regions in Asia, North America and Europe. Once this was done, interviews with sustainability and investment leaders were carried out between January to December last year. The researchers observed considerable growth in the share of…

FridayApr 05, 2024 10:00 am

Saba Capital Boosts Holdings in BlackRock ESG Trust by $5.4m

According to recent filings with the Securities and Exchange Commission, Saba Capital Management recently made significant purchases of BlackRock ESG Capital Allocation Term Trust’s common stock. The trust, which trades under the ECAT ticker on NYSE, is part of BlackRock's suite of sustainable investment products that are focused on environmental, social and governance (“ESG”) criteria. The credit-relative, value-focused hedge fund purchased a total of 314,036 shares via two different transactions on March 27, 2024, and March 28, 2024, with a combined value of more than $5.4 million. The first transaction saw the hedge fund purchase 110,651 shares at a $17.23…

WednesdayApr 03, 2024 10:00 am

Mississippi Slaps BlackRock with Cease & Desist Order Over ESG Investments

Last week, the office of the secretary of state in Mississippi via the Securities Division issued BlackRock with a cease-and-desist order arising from statements it made on both its non-ESG and ESG funds. ESG funds are those that integrate environmental, social and governance factors in their decision-making when it comes to investments. In its cease-and-desist order, the division reprimanded the multinational investment company for deceptively marketing its ESG funds and explained that claims about ESG funds bringing in better financial returns were untrue. The securities division then revealed that the company’s non-ESG funds weren’t managed without regard for ESG criteria,…

MondayApr 01, 2024 10:00 am

Legislation Reintroduced in Congress to Block Retirement Plan ESG Investing

Earlier this month, Representative Greg Murphy reintroduced an amended measure in Congress that would prevent retirement plan trustees from investing in environmental, social and governance (“ESG”) on behalf of participants and beneficiaries. The measure, which was advanced to the House Ways & Means Committee, was cosponsored by Reps. Beth Van Duyne, Claudia Tenney and Mike Kelly. In a statement, Murphy explained that tax-advantaged retirement plans helped people save for their retirement and therefore needed to be managed in a way that would bring in the most returns instead of investing in risky ventures. He noted that unstable investments could be…

WednesdayMar 27, 2024 10:00 am

‘Greenhushing’ Is Adversely Impacting ESG Activity in Private Markets

A report outlining the state of Environmental, Social & Governance (“ESG”) investing in private markets has suggested that a phenomenon called “greenhushing’” is causing some asset managers to retreat from their public environment, social, and governance reporting commitments. Greenhushing refers to the practice of retaining information on climate-change mitigation strategies due to the fear that releasing this information could potentially risk a company’s reputation. Companies will either do this through avoidance or outright refusal to divulge any climate-action-related information, meaning they won’t provide any information if nobody asks and will decline to answer any queries that they do receive. For…

MondayMar 25, 2024 3:00 pm

Texas Terminates $8.5B Investment in BlackRock, ESG Movement Stunned

Earlier this week, Texas announced that it would be pulling the plug on its multibillion-dollar investment with BlackRock. This comes after the state determined that BlackRock was boycotting energy companies. BlackRock is a multinational investment company and the biggest asset manager globally with trillions in assets under management. Aaron Kinsey, chair of the state’s Board of Education, revealed that the decision was made in agreement with a 2021 state law focused on distancing Texas and its public funds from financial institutions that boycotted the oil and gas sector. In a statement, Kinsey stated that the state’s Permanent School Fund had…

FridayMar 22, 2024 2:00 pm

Implementing ESG in Financing Heavy Industry Is Still Challenging, Expert Says

Despite making significant progress over the past several years, the environmental, social and governance (“ESG”) space still faces significant challenges in heavy industry financing. ESG considerations are a set of standards that investors use to analyze a company’s social and environmental impact before deciding on their investment strategy. Given the major role institutional and large investors play in determining the success of companies and entire industries, incorporating ESG into financing strategies is a great way to encourage the corporate adoption of clean energy. Unfortunately, heavy industries such as oil and gas, petrochemicals and steel face plenty of unique challenges that…

WednesdayMar 20, 2024 2:00 pm

Canada Publishes Draft IFRS-Based Reporting Standards on Sustainability

Last week, the Sustainability Standards Board in Canada announced proposed standards for companies to report climate-related and sustainability data. The new standards are based on the International Sustainability Standards Board by the IFRS Foundation. The introduction of these new standards represents a step toward the establishment of compulsory reporting requirements for companies in Canada. In 2021, prime minister Justin Trudeau instructed cabinet ministers to adopt a reporting system based on the Task Force on Climate-related Financial Disclosures (“TCFD”). The ISSB was launched during the COP26 climate conference that same year, with its objective being to develop sustainability disclosure standards. That…

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