Over half of financial services professionals claim ‘greenwashing’ is rife in the industry, study says May 25, 2021 More than half of financial services professionals believe ‘greenwashing’ is rife within the industry, according to a study released today, as employees fear competitors intentionally inflate their sustainable practices. The study by data agency iResearch Services, which polled 550 decision-makers at financial institutions, also found that 38 per cent believe every business is operating ‘unethically’ [...]
Financial services industry is one of the UK’s biggest contributors to climate change May 25, 2021 Financial institutions are under fire for not doing enough to tackle climate change in the UK, despite the recent focus on green financing. UK banks and asset managers were responsible for financing 805m tonnes of carbon in 2019, equivalent to 1.8 times the annual net emissions of the UK as a whole. The research by [...]
Exclusive: UK banks jump on the tech bandwagon to give their operations a green boost May 24, 2021 Almost three quarters of all UK banks are embracing digital technology to make their business operations greener. In fact, two in five banks are using intelligent automation and digitising all paper processes in a bid to be more sustainable, according to new research by Censuswide, and shared with City A.M. today. This was followed by [...]
Legal & General Investment Management joins Shell’s shareholder rebellion May 24, 2021 One of London’s oldest fund managers, Legal & General Investment Management (LGIM), has been revealed to have joined the shareholder rebellion today against Shell’s climate strategy last week, according to reports. Saying that the energy giant’s plans lacked credibility and the ambition needed to tackle climate change, LGIM voted against Shell’s climate transition targets, the [...]
Ofgem invests £300m into EV charge points, with £40bn more to come May 24, 2021 The Office of Gas and Electricity Markets, also known as Ofgem, has invested £300m into expanding the UK’s electric vehicle (EV) charging network today, to push the pedal on the country’s low carbon future. In the bid for net zero, the non-ministerial government department has put money behind the electric vehicle sector, to instal [...]
Single-use plastic bag charge to double, with all shops adopting the tariff May 21, 2021 The extra charge for single-use plastic bags is set to double today, as the charge extends to all businesses in Britain. What was a 5p charge for a single-use carrier bag yesterday, will be 10p from today – and comes as pent-up demand pushes shoppers back to high streets. While it used to be only [...]
BoE eyes a climate-conscious corporate bond purchase scheme May 21, 2021 The Bank of England (BoE) has tabled plans to make its £20bn of corporate bonds better aligned with government net zero targets today. Set to begin later this year, the bank will not immediately sell off bonds issued by businesses that have high carbon emissions, such as energy and oil firms. “Divestment is a powerful [...]
The Treasury’s narrow-minded Net Zero review is holding back Boris Johnson’s climate agenda May 21, 2021 Some truisms are worth repeating: the Treasury is powerful. Unlike its counterparts overseas, the Treasury in Britain is ale to set policy for economic development and control government spending. This power, however, is also an impediment on progress. It is one of the slowest Whitehall departments to change its ways and is holding back the [...]
Wincanton supply chains to be net zero by 2040, as profits slip May 20, 2021 Supply chain partner Wincanton is set to be net-zero by 2040, the group said today, but has been knocked slightly by a slip in profitability. With environment, social and governance (ESG) factors climbing increasingly higher on the investor agenda, the group’s shares were up 3.95 per cent to 447p per share this afternoon. The group [...]
Climate risk start-up Cervest closes $30m funding round May 20, 2021 A tech start-up which has developed a number of tools to help firms keep track of climate risk has today closed a $30m Series A funding round. Cervest, which was founded in 2016, uses its “climate intelligence” platform to allow companies to keep track of environmental threats to their assets. Venture capital firm Draper Espirit [...]