POLICY

US regulators unveil blueprint to tackle financial climate risks

Climate change is an "emerging threat" to US financial stability that regulators should address in their everyday work, according to top US regulatory panel The Financial Stability Oversight Council (FSOC) . The FSOC, which comprises heads of the top financial agencies, issued a report that could lead to new rules and stricter oversight for Wall Street, in a first for the United States which has lagged other wealthy countries on tackling financial climate risks. It provides a roadmap for integrating climate risk management into the financial regulatory system, including filling in data gaps, pushing for climate-related disclosures by companies, strengthening climate expertise at agencies, and building scenario analysis tools to better model and forecast financial risks. The report is part of President Joe Biden's plan to tackle climate change. (Reuters)

SUSTAINABLE INVESTMENT

Bloomberg to offer Sustainalytics’ ESG ratings on its terminal

Bloomberg has announced that sustainability ratings agency Sustainalytics’ ESG Research and Ratings are now available on its Terminal platform, to provide investors with access to in-depth ESG information. By using Sustainalytics’ ESG Risk Ratings, investors will be able to utilise material ESG insights for security selection, portfolio management activities, ESG integration, and engagement and voting activities. Company-level ESG risk is measured by Sustainalytics by combining concepts of management and exposure to arrive at a quantitative rating of either severe, high, medium, low or negligible. Bloomberg’s Terminal will now also provide subscribers with access to Sustainalytics’ Controversies Research reports and data on roughly 18,000 companies –  information that can help investors pinpoint companies involved in ESG-related incidents. (The Trade News)

SUSTAINABLE FASHION 

Chloé becomes first luxury Maison to achieve B Corp certification

Fashion house Chloé, owned by luxury goods company Richemont, has achieved B Corp certification, becoming the first luxury Maison to do so. B Corporation certification requires a company to meet stringent sustainability goals for every part of the business, from products to social impact to the supply chain, operations and beyond. The luxury brand first announced its goal to become a B Corporation in 2020, and has since  taken strides towards working with Fair Trade suppliers, training employees on circularity, minimizing single-use plastics in offices to zero, and reducing greenhouse gas emissions and water consumption. Chloé has set several sustainability objectives for 2022, including dedicating 1% of employee hours toward volunteer work. The brand notes that obtaining B Corp Certification is just the start of becoming a more sustainable brand. (edie; EcoWatch)

RENEWABLE ENERGY

Iberdrola commits £6 billion for offshore wind in East Anglia

Global energy provider Iberdrola has announced plans to invest £10 billion in the UK through 2025, as the company looks to double its renewable generation capacity and drive decarbonization in the country. The investment plan includes £6 billion through its subsidiary Scottish Power, for the development of the East Anglia Hub, one of the largest offshore wind projects worldwide. The project is expected to produce enough clean energy to supply the equivalent of more than 2.7 million households, contributing more than 7.5% to the target of 40,000 MW of installed power in the UK by 2030. The UK investments form part of Iberdrola’s $75 billion capital plan, which includes large investments in renewable energy over the next five years, with the company anticipating nearly doubling its renewables capacity by 2025. (ESG Today)

STRATEGY

Top oil exporter Saudi Arabia targets net zero emissions by 2060

Saudi Arabia, the world's top oil exporter, has set an aim to reach net zero greenhouse gas emissions, mostly produced by burning fossil fuels, by 2060, ten years later than the United States. It will also double the emissions cuts it plans to achieve by 2030, and join a global initiative on slashing methane emissions by 30% from 2020 levels by 2030, which both the United States and the EU have been pressing. Speaking at the Saudi Green Initiative ahead of the UN COP26 global climate conference at the end of the month, the Crown Prince and his energy minister said Saudi Arabia would tackle climate change but also stressed the continued importance of hydrocarbons and said it would continue to ensure oil market stability. (Reuters)

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