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Cautious optimism as banking regulators hold firm on climate risk work

The outcome of a meeting of the global banking regulators on the Basel Committee was "not as bad as it could have been" with regard to their climate-related financial risk activities, but there remains uncertainty about the future of some of its significant projects.

NZBA ditches requirement to target 1.5°C alignment to give banks more 'flexibility'

The Net-Zero Banking Alliance (NZBA) has approved changes to its framework to no longer require targeting 1.5°C alignment - instead allowing members to choose from "a wider range of net-zero pathways ... to limit global temperature rise to 'well below 2°C' and to strive for 1.5°C".

NZBA should be 'more ambitious' amid bank departures, says ShareAction

The Net-Zero Banking Alliance (NZBA) needs to 'set more ambitious standards' in response to the departure of major US banks in the past month, an NGO has claimed.

Investor group sounds alarm as GFANZ drops Paris alignment requirement

The decision by the Glasgow Financial Alliance for Net Zero (GFANZ) to broaden its membership requirement to include institutions that want to mobilise capital for the transition to a net-zero economy has raised concerns over its members' commitments to tackling climate change.

HSBC faces shareholder call for green finance transparency

A group of HSBC shareholders - including Royal London Asset Management, La Francaise Asset Management and Axiom Alternative Investments - has called on the bank to explain how it will meet its target to extend $1 trillion for sustainable finance.

HSBC shareholders vote resoundingly for 2040 coal phase-out

More than 99% of HSBC shareholders backed a resolution put forward by the bank's management that the company phase out financing for the coal industry in the OECD by 2030, and by 2040 worldwide.

BlackRock, Vanguard climate and social voting records continue to disappoint

Asset managers' proxy voting record on shareholder resolutions for climate and social issues continued to disappoint in 2020, according to a report by ShareAction, with US giants BlackRock, Vanguard and Capital Group among the worst performers.

News Round Up: HSBC financing criticised, GE net-zero pledge, TPI growth surge

Total becomes next oil major to feel shareholder climate pressure

French supermajor Total has become the latest oil firm to face rising pressure from shareholders at its annual general meeting (AGM) over it environmental ambitions.

Total makes net-zero pledge after investor pressure

French oil major Total has become the latest oil and gas major to announce its ambition to be net-zero emissions by 2050, after pressure from investor groups.