ESGByte: Issue 4

February 11, 2021

COMPANIES IN NEWS >> #SumitomoCorp, #Microsoft, #ClimeworksAG, #Marstercard, #GLIO, #GRESB, #GPR, #Broadridge, #ThirdEconomy


In this edition, we see more corporations / asset managers reducing their exposure to fossil fuels or targeting net neutrality on GHG emissions, British MPs batting for sustainable investments, and interestingly, the French state being convicted for its slow action on climate change mitigation.


Japanese trading house, Sumitomo Corp will not invest in new oil development projects

Sumitomo Corp, a Japanese trading house has decided to stop all investments into new oil projects, even though its existing investments in oil projects will continue. The company plans to focus resources on renewable energy.

British MP’s want Bank of England to stop buying ‘high carbon’ bonds

A group of Britain’s members of parliament from the House of Commons’ Environmental Audit Committee, have asked the Bank of England to start aligning its corporate bond purchase program with the Paris Agreement goals, although the Bank of England operationally independent.

Two New York pension funds to pull out investments from fossil fuels

New York City Employees’ Retirement System and the New York City Teachers’ Retirement System, worth $168.8 billion together, have decided to divest from fossil fuels. The divestment will be around $4 bn and signals their intent to promote clean energy.

The first ESG focused index in the listed infrastructure space launched: GLIO/GRESB ESG Index

The Global Listed Infrastructure Organisation (GLIO) which is the representative body for the listed infrastructure asset class, GRESB, a specialist in Environment, Social and Governance benchmarking for real assets, and Global Property Research (GPR) have launched the GLIO/GRESB ESG Index. This is the first ESG focused index in the listed infrastructure space.

Mastercard plans to reach net zero GHG emissions by 2050

One of the world’s leading payment processors, Mastercard Inc. has announced plans to achieve net zero GHG emissions by 2050. The company will have its task cut out, given that scope 3 emissions, or indirect emissions from its value chain account for a bulk of its GHG emissions.

Broadridge, Third Economy launches ESG advisory service

Broadridge Financial Solutions (a global fintech player), together with Third Economy (a sustainable investment research and advisor) has launched an ESG Advisory Service aimed at corporate issuers and asset managers to improve their sustainable investment strategies.

The French state convicted by a Paris Court for not addressing climate change as promised

In a case filed by four French environmental groups, a Paris court convicted the French state failing to fulfill its commitments towards mitigating climate change and reducing green house gas (GHG) emissions as per the Paris Agreement. France is to reduce its GHG emissions by 40% by 2030 and become net neutral by 2050. However, it has been lagging behind on the annual rate of reduction required to meet those targets.

Carbon capture start up, Climeworks wins funding from Microsoft

Swiss start-up, Climeworks AG, has received funding from Microsoft;s climate fund, for its current project in Iceland. The company focusses on using technology to capture carbon dioxide from air, pumping it deep into the earth and also on finding ways to use the captured carbon dioxide, such as marketing it to beverage makers and plastic makers.