ESG

GRI Receives Post on EU Sustainable Finance Group

July 11, 2018

The European Commission has appointed the Global Reporting Initiative (GRI), an organization that pressures companies around the world to publicly disclose their handling of the social and environmental issues, to its Technical Expert Group on Sustainable Finance that will aim to align European investments with the goal of a “greener, more equitable economy.”
Stock Exchange Federation Releases Sustainability Reporting Guide

July 11, 2018

The Global Reporting Initiative (GRI) has applauded the World Federation of Exchanges’ publication of revised sustainability guidance for its member stock exchanges, setting out 30 environmental, social, and governance metrics on the basis of which companies should publicly disclose their social and environmental impacts.
Academic: Finance Industry Must Develop "Social Conscience"

June 28, 2018

Professor David Kinley of Sydney University asserts that finance companies bear a responsibility to "find a social conscience" and remove their investments from companies that do not embed the global human rights agenda in their operations and thus fail to operate with a so-called "social license."
NGO Calls for Disclosure of Extractives Deals

June 28, 2018

The nongovernmental organization Oxfam has called for all extractives companies to commit to publish the terms of their oil, gas, and mining contracts with governments to expose potentially corrupt deals and provide fodder for civil society criticism that these companies are not doing enough to fund economic and social rights in the countries in which they operate.
UK Seeks Data from Territories on Corporate Ownership

June 28, 2018

Liz Heron writes that the UK government has ordered overseas territories to publish registers of the beneficial ownership of companies within their borders before the end of 2020 to prevent corporate and individual tax avoidance.
Wells Fargo Plans $200 Billion for "Sustainability"

June 26, 2018

Wells Fargo has announced that, as part of the UN's plans for worldwide investments into climate-friendly projects, the US multinational bank will invest $200 billion in "climate action and sustainability" by the year 2030 and regularly report on its progress in compliance with standards issued by the global Task Force on Climate-related Financial Disclosure.
FIFA Pledges to Offset World Cup Carbon Emissions

June 26, 2018

The International Federation of Association Football (FIFA) recently announced that it would work with UN bodies to fund projects aiming to offset the greenhouse gas emissions created by travel of attendees to this year's World Cup, in an effort to help fulfill the goals of the 2015 UN Paris climate deal.
Businesses Seek UN Approval of Climate Targets

June 26, 2018

A press release on the UN's climate website spotlights the decision by 103 corporations to subject their reduction targets for greenhouse gas emissions to "official validation" by the joint UN- and nongovernmental organization-led Science Based Targets Initiative, as a growing number of businesses embed the goals of the UN's Paris climate accord in their operations.
NGO Seeks Government Oversight on Minerals Sourcing

June 25, 2018

Juliane Kippenberg of Human Rights Watch writes that a recent summit discussing the implementation of OECD guidelines on minerals sourcing was an important opportunity to place pressure on governments to monitor business implementation of the guidelines to ensure companies are refraining from funding rights violations in their global supply chains.
HSBC Announces Divestment from Coal, Oil Projects

June 25, 2018

Reuters reports that the largest bank in Europe, HSBC, has announced plans to end its funding for most coal power plants, oil sands, and arctic drilling in an effort to help fulfill the 2015 UN Paris climate accord.