Banks bring climate scientists onboard to get ahead on ESG | The Markets Café
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
Wednesday, March 22, 2023
No Result
View All Result
Subscribe
  • Login
The Markets Café
en English
zh-CN 简体中文en Englishfr Françaisde Deutschhi हिन्दीit Italianoja 日本語pt Portuguêsru Русскийes Españoltr Türkçe
  • News
  • Politics
  • Markets
    • Stocks
    • Futures
    • Commodities
  • Crypto
    • News
    • Markets
    • NFT
    • DeFi
    • Explained
  • Economy
  • Finance
  • Investing
  • Forex
  • Real Estate
  • Tech
  • VideosHOT
  • Community
  • Charts
  • News
  • Politics
  • Markets
    • Stocks
    • Futures
    • Commodities
  • Crypto
    • News
    • Markets
    • NFT
    • DeFi
    • Explained
  • Economy
  • Finance
  • Investing
  • Forex
  • Real Estate
  • Tech
  • VideosHOT
  • Community
  • Charts
No Result
View All Result
The Markets Café
No Result
View All Result
  • News
  • Politics
  • Markets
  • Crypto
  • Economy
  • Finance
  • Forex
  • Investing
  • Tech
  • Videos
  • Community
Home Finance

Banks bring climate scientists onboard to get ahead on ESG

by Press Room
August 16, 2022
in Finance
101 2
A A
0
21
SHARES
687
VIEWS
FacebookTwitter

The news: Top banks and investment firms are hiring climate scientists and sustainability experts for top dollar, per Business Insider.

What’s happening? Banks and financial institutions are now looking to make good on their big commitments to combat climate change. Many are scouting non-traditional talent pools—like climate scientists and sustainability specialists—to bring in expertise.

  • BlackRock hired a conservationist for its head of climate and sustainability research from a well-known conservation organization.
  • JPMorgan recently snagged a sustainability executive from a climate-change nonprofit.
  • Vanguard added a specialist with a PhD in atmospheric and environmental sciences to its investment stewardship team.

What’s driving it?

1. Big promises

  • U.S. Bank, in 2021, announced a 2025 goal for sourcing 100% renewable energy and a 2050 net-zero emissions date.
  • Standard Chartered set a 2050 target of net-zero financing, including a shorter timeframe for its most carbon-intensive sectors.
  • JPMorgan and BlackRock laid out a path to net-zero emissions by 2050.
  • Citi, Chase, and Wells Fargo became members of the Net Zero Banking Alliance and agreed to align their investment and lending portfolios with net-zero emissions by 2050.

2. Shareholder pressures and generational demands

  • In the UK, Barclays—the biggest fossil fuel financier in Europe—has been facing a months-long shareholder drive to ditch clients in the coal, gas, and oil industries.
  • US banks are being similarly pressured: Chase, Bank of America, Wells Fargo, and Citi have all received investor commentary on sustainability issues at this year’s annual meetings.
  • Younger generations are largely skewing toward sustainable investments. According to a Kearney survey, 18- to 24-year-olds are almost twice as likely to switch banks based on environmental, social, and governance (ESG) credentials than those aged 55 and older.

3. Stricter regulations

  • In the US, the Office of the Comptroller of the Currency (OCC) is working on preparedness principles for US banks to manage climate-related financial risks. And the Federal Reserve is developing a new stress test for banks and credit unions that will include environmental factors.
  • The UK government is establishing the Green Technical Advisory Group, which will devise a marketing framework for making claims about companies’ sustainability credentials.
  • In the EU, the European Parliament recently announced a new set of ESG rules for FIs mandating the accommodation of investors’ ESG preferences and providing guidance for avoiding greenwashing.

Will it work? ESG investing is poised for extraordinary growth, with an expected $9 trillion in new ESG AUM to arise between 2022 and 2025, and total AUM to surpass $50 trillion, per 2022 research from Bloomberg Intelligence.

Read the full article here

Related Articles

Finance

Ukraine war live updates: China’s Xi leaves Moscow after mixed talks with Putin; drones target Kyiv and Crimea, officials say

March 22, 2023
Finance

Do I need to tell prospective buyers of my house that my husband died in the living room? Exactly what kind of circumstances must be disclosed before selling?

March 22, 2023
Finance

Give us your nominations: CNBC is ranking the world’s top fintech companies

March 22, 2023
Finance

Renters in these cities are spending more than 30% of their income on housing and food insecurity in America reaches the highest level in four years

March 22, 2023
Finance

UBS will become a Swiss wealth behemoth after buying Credit Suisse, but blending the two rivals could get awkward and messy

March 22, 2023
Finance

Morgan Stanley turns ‘outright bullish’ on stocks in Asia, emerging markets

March 22, 2023

About Us

The Markets Café

The Markets Cafe is your one stope Finance, Politics and bussines news website, follow us to get the latest news and updates from around the world.

Sections

  • Commodities
  • Crypto Markets
  • Crypto News
  • DeFi
  • Economy
  • Explained
  • Finance
  • Forex
  • Futures
  • Investing
  • Markets
  • News
  • NFT
  • Politics
  • Real Estate
  • Stocks
  • Tech
  • Videos

Site Links

  • Contact
  • Advertise
  • DMCA
  • Submit Article
  • Forum
  • Site info
  • Newsletter

Newsletter

THE MOST IMPORTANT FINANCE NEWS AND EVENTS OF THE DAY

Subscribe to our mailing list to receives daily updates direct to your inbox!

  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact

© 2022 The Markets Café - All rights reserved.

No Result
View All Result
  • News
  • Politics
  • Markets
    • Stocks
    • Futures
    • Commodities
  • Crypto
    • News
    • Markets
    • NFT
    • DeFi
    • Explained
  • Economy
  • Finance
  • Investing
  • Forex
  • Real Estate
  • Tech
  • Videos
  • Community
  • Charts

© 2022 The Markets Café - All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.