Archive

S&P warns of oil & gas downgrades amid 'transition risks'

Ratings agency S&P has warned 13 oil and gas companies that they face a credit downgrade within weeks, citing risks associated with the transition to a low-carbon economy and competition from renewables.

Oil and gas majors release joint transition principles

Eight energy companies - BP, Eni, Equinor, Galp, Occidental, Repsol, Royal Dutch Shell and Total - have jointly developed a set of energy transition principles.

Macquarie and BT Pension push TPI support past $20trn

Membership of the Transition Pathway Initiative (TPI) has surged past the $20 trillion milestone, just over three years after it was launched.

ESG news round-up: Calvert joins Morgan Stanley; CofE drops ExxonMobil; HSBC in net-zero pledge

Net zero transition to cost $1-2tn a year, say energy companies

Achieving net-zero emissions worldwide by 2050 will cost $1-2 trillion a year, around 1.5% of global GDP, according to a report from coalition The Energy Transitions Commission (ETC).

BP outlines oil production cuts and bolsters net-zero carbon ambition

BP has announced it will cut oil and gas production by two-fifths and increase its low-carbon investments ten-fold by 2030 in order to achieve its net-zero carbon ambition, whilst also halving its dividend.

Third of investor votes back Mizuho Financial climate resolution

More than a third of Mizuho Financial investors backed a ground-breaking shareholder resolution urging the Japanese bank to disclose its climate risks and publish a plan to align investments with the Paris Agreement.

Cleantech Solar secures $75 million green loan

Cleantech Solar has signed a $75 million green loan with the Singapore branch of Dutch lender ING Bank, the largest Asian green facility for commercial and industrial rooftop solar projects.

Fossil fuel reserve profits 'could fall by two-thirds'

Falling demand and rising investment risk is forecast to slash profits from fossil fuel reserves, research by Carbon Tracker reported, estimating they could collapse by almost two-thirds.

Largest private pension scheme in UK announces first divestments

The Universities Superannuation Scheme (USS) has announced it will not invest in tobacco, coal, and controversial weaponry firms under its exclusions policy, though campaigners are pressing for the £68 billion ($84 billion) fund to divest from other fossil fuel firms.