UK to fund £10m green finance research centre. The global rush for credible detailed information on climate financial risk has prompted the UK government to fund a new £10m green finance research centre ahead of the UN climate summit to be held in Glasgow this year. The joint initiative with the University of Oxford and other institutions aims to develop granular, publicly available data that could allow financial institutions and investors to identify a company’s most at-risk assets, or spot deforestation in supply chains. The new UK Centre for Greening Finance and Investment is part of the national effort to establish the City of London as a green finance centre, leveraging on Britain’s status as the host country for the UN climate talks. Its main objective is to provide information to investors and financial institutions to better map climate risks, from physical threats, such as storms, to what are described as “transition” risks, such as potential litigation against companies and governments.
FT 15th Feb 2021 read more »
The UK government is to provide £10m of funding for a new national green finance research centre to help advise lenders, investors, and insurers on making more environmentally sustainable decisions, in a move it is hoped can help combat climate risk and drive investment in support of the country’s transition to net zero emissions. Announced today, the new UK Centre for Greening Finance and Investment (CGFI) will see new innovation hubs established in Leeds and London to support companies working to commercialise products that can ‘green’ global finance, the government said.
Business Green 15th Feb 2021 read more »
Major financial investors are to be urged by the world’s largest shareholder advisory firm to vote against company board members if they fail to address global heating in their roles, amid renewed pressure on firms with poor environmental track records. Institutional Shareholder Services (ISS), which issues advice to some of the world’s biggest fund managers, has updated its proxy voting policy including changes that allow it to recommend votes against company directors over “material failures … including, demonstrably poor risk oversight of environmental and social issues, including climate change”. The policy shift, which came into force on 1 February, will influence voting recommendations across the 44,000 company reports produced by ISS each year.
Guardian 15th Feb 2021 read more »
An overwhelming majority of the world’s fund managers are alive to the dangers of climate change but far fewer of them respond by rethinking their portfolios, a survey has found. Of those who responded to the poll 89 per cent said that they recognised the importance of global warming and 60 per cent said that it had already had an impact on the value of their investments. Yet 42 per cent said that they took no account of climate change in their investment process, neither dumping their stakes in polluting companies nor looking for environmentally friendly investments.
Times 15th Feb 2021 read more »