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Dive Brief:
The Biden administration issued an executive order Thursday giving Treasury Secretary Janet Yellen six months to recommend steps to reduce the risks to financial stability posed by climate change. Her assessment will incorporate financial regulators’ plans to boost climate-risk disclosures.
The order also asks National Economic Council Director Brian Deese and National Climate Adviser Gina McCarthy, in coordination with Yellen and the Office of Management and Budget, to identify and disclose, within 120 days, the extent of exposure government programs and assets have to climate risks. Our modern financial system was built on the assumption that the climate was stable, and that assumption has largely dominated existing financial models, and it’s underpinned the way that we invest capital, the way that we have built society, and the way that we have forecasted for the long term, Deese said Thursday, according to Bloomberg. Today it’s cle
CSRWire - Vancity in 2020: Advancing an Equitable Climate Transition csrwire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from csrwire.com Daily Mail and Mail on Sunday newspapers.
Addressing Climate-Related Financial Risk Through Bank Capital Requirements Getty/Drew Angerer
People walk past the New York Stock Exchange on a rainy day in the Financial District, October 2018, in New York City.
Julia Cusick
Introduction and summary
The climate crisis has profound implications for every sector of the economy, every corner of society, and every aspect of public policy. Several years ago, it may have been acceptable for U.S. financial regulators to brush climate change aside as an issue left to other government departments and agencies. Today, improved data and climate-risk economic analysis, coupled with strong international consensus, make it untenable for financial regulators to ignore the critical nexus of climate change and the financial system. Even some of the conservative regulators appointed by President Donald Trump now view climate change as an important priority that falls within their remit.
Lithium extraction techniques increasingly under ESG scrutiny – report
Large evaporation pools, which generally sit for over a year, can leak toxic chemicals and contaminate bodies of water. (Stock Image)
Despite lithium’s role as the critical raw material to advance global decarbonisation strategies, the controversial nature of the sustainability of lithium operations is rising to the fore, highlights a new report by market researcher
Fitch Solutions.
Given a backdrop of rapidly rising lithium demand as the global energy transition to more sustainable sources gathers momentum, companies positioned along the battery supply chain will continue to invest in research and technology to reduce the environmental impact of lithium extraction. Government pressure and a rise in Environment Social and Government (ESG) investing will motivate firms to alter existing techniques.
Finnfund First Development Financier To Report Carbon Net-Negative Investment Portfolio Date
04/05/2021
Finnish development financier and impact investor Finnfund today released data showing that its total investment portfolio has a net negative carbon balance. The figures for 2019 indicate that Finnfund’s investments removed 134,679 tCO2e more than they emitted. In 2019, Finnfund’s investment portfolio was EUR 617 million.
“I am extremely proud that we have been able to build an investment portfolio which, on the one hand, is carbon net negative, and on the other yields positive development impacts and financial returns. This shows that our long-term commitment to sustainable forestry investments is working: our investments remove more carbon from the atmosphere that they emit. We are committed to keeping it that way,” said Finnfund Managing Director, CEO