Business Network

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UBS exits arctic oil, coal mines and tar sands projects

By Dieter Holger, The Wall Street Journal Highlights UBS Group, one of the world’s largest banks and previously Europe’s fourth-biggest coal-mining financier, announced it will no longer finance new offshore oil projects in the Arctic, thermal coal mines or oil sands on undeveloped land after pressure from investors and environmentalists. Outside of investor pressures, UBS says its … Read more

Categories Business Network Divestment
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Brace for the deluge: Special interests are spending millions to get the California legislators they want

California State Capitol by Andre m

By Ben Christopher, Cal Matters Highlights: With primary elections coming up in California, deep-pocketed interest groups, including the fossil fuel industry, are pumping money into campaigns to secure a say in state lawmaking. California’s primary is happening earlier than usual and many residents are casting their ballots early Independent expenditure committees are allowed to spend … Read more

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The world’s most profitable hedge fund is now a climate radical

By Edward Robinson and Nishant Kumar, Bloomberg Highlights: British billionaire Chris Hohn of  TCI Fund Management is pushing companies to provide transparency on their carbon emissions and ultimately reduce their environmental impact. Hohn is threatening to call on investors to fire managers and oust board members who do not make promises to reduce their carbon … Read more

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Global financial giants swear off funding Canadian tar sands

By Christopher Flavelle, The New York Times Highlights: Due to pressure from shareholders and environmental activists, financial institutions and insurance companies are no longer investing in oil production taking place in Alberta, Canada. Though divestment promises have been made, oil extraction from the province increased last year Local Canadian banks and pension funds are still … Read more

Categories Business Network Divestment Fossil Fuels
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Report: 70% of central banks see climate change as a ‘major threat’

European Investment Bank

By Emily Holbrook, Environmental Leader Highlights: Regulatory institutions and central banks are beginning to consider climate change a threat to the world’s financial stability. 55% of central banks say they are monitoring climate risks, but some of them feel that governments should be the ones mitigating climate issues Central banks and regulatory authorities are beginning … Read more

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Delta to invest $1 billion to curb global air travel’s climate impact

By Tracy Rucinski, Reuters Highlights: Delta Airlines aims to become the first carbon-neutral airline and plans to invest $1 billion over the next ten years to limit its environmental impact. The aviation industry accounts for roughly 2% of global carbon dioxide emissions Airlines have made small scale changes such as plastic waste reduction due to … Read more

Categories Business Network Transportation
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Jeff Bezos of Amazon Inc. commits $10 billion for climate solutions

By Karen Weiss, The New York Times Highlights: Jeff Bezos announced a new initiative titled the Bezos Climate Fund that aims to fund scientists, activists and non-governmental organizations– after being pushed by employees to address the climate crisis Amazon recently committed to a climate pledge, aiming to become carbon neutral by 2040– ten years ahead … Read more

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Divest and Invest for a climate-safe future

by Stacey Meinzen, The Climate Center Follow the money, divest from fossil fuels and invest in a healthy, climate-safe future for all. It’s a win-win for our collective future and for your pocketbook (see additional info here). Chevron just posted $6.6 billion in losses for its fourth-quarter earnings due to troubles with shale gas and bankruptcies are multiplying for the … Read more

Categories Business Network Divestment
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GM investing billions in Michigan plant to produce electric trucks, SUVs

by Zack Budryk, The Hill Highlights: General Motors (GM) hopes to revive the Michigan auto manufacturing industry by investing $2 billion in their Detroit plant. This location will be used to manufacturing their new all electric truck starting in 2021. GM claims the opening of the plant will create over 2,000 new manufacturing jobs in … Read more

Categories Business Network Transportation
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The biggest sustainability funds are beating the market

by Mathieu Benhamou, Emily Chasan and Saijel Kishan, Bloomberg Highlights: Environmental, Social and Governance (ESG) Funds are gaining popularity as sustainability-focused investing becomes the new trend. Big funders are focused on investing in companies that tackle energy efficiency and minimize environmental impact Tech, healthcare, and financial services companies are some of the top ESG funds, as their … Read more

Categories Business Network Divestment