Climate fight will survive dual oil and virus blow 18 Mar 2020 The Covid-19 outbreak could distract politicians from agreeing cuts to global emissions. The resulting slump in crude prices also removes pressure to ramp up renewables. But behavioural and societal changes to halt the pandemic may prove more potent in tackling global warming.
Cox: Plague would be one way to meet ESG targets 5 Mar 2020 Pestilence scares come along every so often. Sometimes they’re full-blown levellers of humanity. Think Europe after 1347, or the world post-1918. Perhaps the best outcome from Covid-19 is that it becomes the near-miss society and business need to change course in a hurry.
EU green deal is a 1 trln euro diversion 4 Mar 2020 The European Union’s big investment plan to cut emissions, due on Wednesday to be backed by legally binding targets, has been getting a kicking. Fair enough: it’s a typical Brussels fudge. Its main role is to keep the EU busy until political cover exists to properly price carbon.
Jamie Dimon plays it too cool on global warming 25 Feb 2020 It’s encouraging that JPMorgan’s boss wants to finance more green projects. But he’s only turning the fossil-fuel lending spigot off where it or the sector is a bit-part player. And JPMorgan is now the only big U.S. bank that has yet to commit to measuring its carbon footprint.
The Exchange: Jeffrey Ubben 24 Feb 2020 ValueAct Capital has shaken up some of the biggest companies, from Microsoft to Rolls-Royce. But its founder, who sat down for a Predictions event in New York, is focused on a new form of activism with the Spring Fund. Firms that neglect the E and S of ESG should take heed.
Viewsroom: BP, Delta shift out of climate neutral 20 Feb 2020 The British fossil-fuel giant and the largest U.S. airline have each pledged to effectively stop emitting carbon over time. The ambition is encouraging and puts them ahead of most rivals. But both fall short on all-important details. There’s plenty of runway to do better.
Coronavirus may come for boards and CEOs 20 Feb 2020 Infectious diseases are inevitable, but the financial havoc they wreak is not. Pandemics and efforts to contain them eat away an estimated 1% of GDP each year. Too many companies have failed to prepare, and shareholders ought not shrug off the Wuhan episode as a black swan.
JPMorgan’s days as governance bugbear are numbered 19 Feb 2020 Lead director Lee Raymond is a bete noire for investors worried about climate change. Yet shareholders consistently re-elect him, favoring the bank’s strong performance over its weak oversight. When CEO Jamie Dimon retires, JPMorgan’s exceptionalism ought to depart with him.
Mark Carney’s green push needs disclosure stick 14 Feb 2020 The outgoing Bank of England boss wants firms to say how they’ll cut carbon emissions. Ideally, he would use his new role as U.N. climate finance envoy to make such disclosure mandatory after November’s UK climate summit. But there’s only so much political capital to go round.
Schneider puts hefty price tag on green M&A 13 Feb 2020 The French industrial company has offered $1.5 bln for Germany's RIB Software, which tracks builders' power usage. The deal taps into the growing value of energy efficiency. But without cost savings, CEO Jean-Pascal Tricoire needs punchy sales growth to justify a high premium.
BP leaves investors in a better sort of limbo 12 Feb 2020 New boss Bernard Looney has unveiled ambitions to largely eliminate the oil giant’s net carbon emissions by 2050. That’s more enlightened than most peers, and better than previous goals. But without a clear road map, shareholders can’t work out what the company will be worth.
Fashion’s climate Frankenstein has no off-switch 7 Feb 2020 Retailers like H&M are promising to slash their carbon footprint by using more recycled products. That’s good, but quick fixes like using sustainable cotton simply move the problem to landfills. Real change would come from tackling the throwaway culture that they represent.
Ryanair’s budget can stretch to truer green boasts 5 Feb 2020 The low-cost carrier has been ticked off for promoting itself as a low-carbon emitter. True, its planes are getting more efficient, but it’s still a huge polluter. Ryanair’s profitability means boss Michael O’Leary can afford to match rival easyJet in paying to offset its CO2.
UK has scope to stop green halo becoming red face 4 Feb 2020 Boris Johnson sacked the president of a global climate summit due to be held in Glasgow this year. To make COP26 a success, the prime minister requires a new big-hitter to cudgel nations into emissions cuts. He’ll also have to spell out how Britain can hit its own ambitious goal.
Shell faces slog to keep least-bad oil major title 30 Jan 2020 The Anglo-Dutch group’s emissions stance is tougher than peers, but rivals like BP may soon catch up. Shell could hold its lead by further embracing lower-yielding renewables. Yet that might add to pressures obliging CEO Ben van Beurden to slow the pace of a $25 bln buyback.
Do-gooder one-upmanship fuels optimism at Davos 23 Jan 2020 Corporate chiefs are brimming with purpose. They’re high on stewardship and sustainability, a theme of the confab. Unilever’s cutting back on plastics. Aluminium smelter En+ is planting 1 mln trees. Unlike past years, the pledges go beyond PR – and they can be held accountable.
Banks feel the heat of global warming in Davos 22 Jan 2020 Climate change is the hot topic at this year’s Swiss mountain gathering and financial institutions are in the spotlight. Large investors like BlackRock can force some changes. But regulatory pressure on lenders to manage the risks of a warmer planet may prove more effective.
Aussie fires light tiny flame under climate action 22 Jan 2020 The damage may cost an estimated 0.5% of GDP, barely registering in the $1.3 trln economy. Politicians may act as social costs mount, but change will come faster if stakeholders also heed warnings that “secondary perils” could be recurring rather than one-off.
How Jamie Dimon can grab Larry Fink’s green halo 21 Jan 2020 Now that the BlackRock boss has got serious about climate change, the focus is on his JPMorgan peer. As CEO of the biggest U.S. bank, Dimon’s sway over corporate debt gives him more power than any equity activist. Deploying it would turn his bank from laggard to leader.
Vale dam cleanup hints at miners’ rising ESG bill 21 Jan 2020 The world’s top iron ore producer faces criminal charges for a deadly 2019 dam collapse. It has spent billions on reparations and safety upgrades, and seen its share price stumble. The total financial hit is yet to become clear, but other resources firms will face reckonings too.