Investor coalition led by Church of England Pensions Board launch commission to make mining more sustainable
Last week, Adam Matthews, chair of the Church of England Pensions Board (CofEPB) launched a game-changing new commission to make mining more sustainable by co-ordinating and standardising worldwide standards on issues ranging from child labour to deep sea mining.
Held on the fourth anniversary of the Brumadinho mining accident, the launch event at the London Stock Exchange attracted the heads of several prominent mining companies, several religious figures including the Archbishop of Cape Town, as well as local representatives of Brumadinho.
The efforts of this committee will begin soon. Learn more about their mission, governance structure and goals here: Homepage – Mining 2030
EU proposes massive subsidies for Green tech in response to the Inflation Reduction Act
The European Union has drafted proposals to create a new multi-billion fund to subsidise green energy companies and electric car companies, interpreted as a direct competition to America’s Inflation Reduction Act. These subsidies are designed to protect and expand green tech industries on the continent.
Several industry and research organisations have called this measure ‘a big step up’ that will encourage much needed investment in green power and technology. However, The Times reports many EU nations such as France and the Nordic countries are extremely wary of starting a ‘transatlantic subsidies race’ with the US and argue that additional spending is excessive.
These announcements come amidst the unexpected news that investments in renewables had matched those in fossil fuels for the first time in 2022, due in part to government legislation that has improved the sustainable investment market.
Climate misinformation abounds after COP27 according to new report
A new report by the Climate Action Against Climate Disinformation claims that fossil fuel companies spent millions on online advertisements in an attempt to spread misinformation on climate change during COP27. The report found that a sample of entities linked to fossil fuels spent $4m on Facebook and Instagram ads to spread “false, misleading claims on the climate crisis, net zero targets and the necessity of fossil fuels prior to and during COP27”.
Speaking to The Independent, Jennie King, head of climate research and response at ISD said “the events of 2022 turbocharged a global ecosystem for disinformation” on climate, citing the ongoing effects of the War on Ukraine on energy supply, and attempts to tie climate action to “wokeness”.
Governments, corporates and finance must continue to make a positive case for climate action. While the public should remain vigilant to misinformation, it must also remain the responsibility of ethical media and communications professionals to interrogate all claims and stories and report on them accurately.
Bloomberg finds Banks discuss ESG less in times of economic trouble
This data offers an interesting insight into how Banks perceive ESG. Using the frequency of terms mentioned during bi-annual earnings reports, the data indicates a negative correlation between mentions of economic slowdown and mentions of ESG among major investment banks over the past five years.
2022 was, in many ways, a challenging year for ESG, correlating to rising economic fears. While the potential causes behind this correlation are diverse, one possible interpretation is that ESG has a perception among some investors of being “nice to have” in economically uncertain circumstances. It suggests that the sustainable finance world must continue persuading the broader financial world to invest responsibly.