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ESG Sum the weekly newsletter that curates global sustainable financial news, moves, regulatory updates and memes.
Happy Friday,
And we’re back from the hottest summer on record globally by a 0.66C margin and it has been anything but quiet on the ESG front. NYC Pension CIO sees little impact from Wall Street ESG pullback, chaos in the Panama canal with draughts causing low water levels and Goldman analysts warn managers who ignore ESG in Europe.
Let’s go!
Chart of the week
Global-mean surface air temperatures for the 30 warmest boreal summers (June-July-August) in the ERA5 data record, ranked from lower to higher temperature - Data: ERA5. Credit: C3S/ECMWF.
The June-July-August (JJA) season for 2023 was the warmest on record globally by a large margin, with an average temperature of 16.77°C, 0.66°C above average
August 2023 was was about 1.5C warmer than the preindustrial average for 1850 to 1900, and warmer than all other months except July 2023.
Intensified heatwaves, fires and floods have been recorded across the globe, from North and South America, to Europe, India, Japan and China.
Global Headlines
Summer 2023 confirmed as world's hottest on record. read more
Microsoft sign one of the largest permanent CO2 removal deals. read more
Panama Canal water levels at historic lows, restrictions to remain. read more
NYC Pension CIO sees little impact from Wall Street ESG pullback. read more
Ultra rich pay $620K premiums to shield mega mansions from disaster risk. read more
UAE commits $4.5B to scale up renewable energy in Africa. read more
Amazon signs deal for low carbon shipping with Maersk utilizing biofuels in place of fossil fuels. read more
+90% of executives plan to increase spending on ESG data following a survey of +100 global executives. read more
Principles for Responsible Investment calls for an ISSB reporting standard on human rights and social issues. read more
West Virginia to build battery storage plant on steel mill site under IRA funding. read more
Ryan Air CEO pied by climate activists during press meeting in Brussels. read more
Asset Managers
Goldman analysts warn fund managers of risks of ignoring ESG. read more
PGIM targets decarbonisation theme with SFDR Article 8 global equity fund launch. read more
Fidelity International adds 8 Article 9 fund to sustainable investment line up (6 active and 2 ETFs). read more
Amundi increases sustainable investments levels on 46 ETFs. read more
Climate Action 100+ releases first Net Zero standard for diversified mining. read more
Neuberger Berman launches new Article 8 Climate Innovation fund. read more
Rize ETF launches Europes first SFDR Article 9 global sustainable infrastructure ETF. read more
Asset Owners
Allianz to invest over $20B in climate & cleantech solutions by 2030. read more
Capital Markets
ECB warns banks are 'on the horizon' of climate litigation surge as regulation and recent legal successes. read more
ESG bond market on track to reach $1trn total issuance in 2023 according to S&P Global research. read more
NatWest: pilots AI solution to help enable ESG data insights for SME clients. read more
TPI analysis shows banks slow in setting comprehensive net zero goals. read more
BBVA reaches $45M investment in specialised climate change fund Lowercarbon. read more
Goldman Sachs faces £1M lawsuit over ‘dysfunctional’ workplace. read more
Alternatives
Quantum Capital sells renewable energy specialist ConnectGen Group to Repsol for $768m. read more
Ingka Investments partners with Apex Clean Energy on 1st Battery storage project. read more
GEF Capital Partners has raised $214M at the final close of its Brazil-focused climate solutions-focused fund. read more
KKR announced today an investment of $750M in transport electrification & battery storage solutions provider Zenobē. read more
ICG makes €400M Enfinity Global investment to fund the completion of the firm's 17GW portfolio. read more
Decarbonization Partners backs Ascend Elements with $460M for sustainable EV battery materials. read more
Politics & Regulation
Indonesia, Brazil Demand Seat at EU’s Green Rules Implementation. read more
Mifid II sustainability requirements not understood by European wealth managers. read more
US to cancel Alaska oil, gas leases issued under Trump to protect Arctic National Wildlife Refuge. read more
UKSIF members worth £1.5trn call on Sunak to provide long-term policy certainty to meet the government’s net zero target. read more
Ecuadorians overwhelmingly in favour of stopping oil drilling in Yasuní national park. read more
US Department of Energy to put $12B into electric vehicles. read more
Movers & Shakers
Carmignac appoints Rita Wyshelesky as senior ESG analyst in its sustainable investment team. read more
IFM Investors appoints Maria Nazarova-Doyle as Head of Sustainable Investment. read more
Rose Easton appointed interim Chief Responsible Investment Ecosystems and Tamsin Ballard as Chief Initiatives Officer at Principles for Responsible Investment. read more
Jeroen Bos named as global head of AXA IM Equity. read more
Andrew Steel joins Transition Pathway Initiative (TPI) as Advisory Committee Member.
KKR strengthens global climate strategy with 3 co-heads to lead the dedicated climate leadership team. read more
Podcasts, Papers & Events
ESG Meme Stocks
You work in finance, what’s your view on inflation?
