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Approximately 40% of the world’s annual greenhouse gas (GHG) emissions are attributed to the built environment. With the global building floor area expected to double by 2060, this impact must be addressed with greater urgency and perspective. Numerous policies, regulations, and initiatives are being passed and implemented, globally, to address the built environment’s impact and carbon emissions. However, most of these policies and ways of thinking revolve only around operational carbon. We need to be thinking bigger!

Operational emissions are the total emissions released from the generation of non-renewable energy used to operate a building or piece of infrastructure, through end-uses such as heating, cooling, ventilation, lighting, appliances, and plug loads. Operational carbon accounts for about 27% of global emissions.

Because it is tied to energy uses that we can easily measure, the general visibility of operational carbon has accelerated the creation of tools and methods for tracking and making reductions. Other sources of GHG emissions, comparatively, have not yet gained this level of visibility and thus have been more difficult to address.

CISL: Is reaching net zero a growth and prosperity plan? 

A policy briefing by the University of Cambridge Zero Policy Forum and London School of Economics (LSE), with contributions from Cambridge Institute for Sustainability Leadership, examines argues the UK government should invest in green infrastructure now or watch productivity lag behind China, the United States and other countries already running away with the benefits.

Download the report

About

Partnering with Cambridge Zero Policy Forum and London School of Economics, CISL is pleased to have contributed to a new report: Is reaching net zero a growth and prosperity plan? Economics, tools and actions for a rapidly changing world. With a focus on the fundamental importance of policy in activating the green transition, the report explores how the UK’s current models for economic growth and development can, and must, be transformed to ensure the delivery of a competitive and coordinated green investment strategy.

Black Sun: Navigating the shift: The Urgent Need for Transition Plans 

"With the climate crisis rapidly intensifying, the urgency for companies to adopt a robust climate change transition plan has never been more important.

2023 marked the hottest year in 175 years, with climate change damages estimated to cost between $1.7 trillion and $3.1 trillion annually by 2050. Scientists are warning that we may have already breached the threshold of 1.5°C global warming.
As a result, there is growing regulatory pressure and stronger stakeholder expectations for companies to execute a robust climate change transition plan. These plans are crucial in helping companies navigate the risks of climate change and align with a low-carbon economy.  

Against this backdrop, we focused on the UK market and analysed the transition plans of the FTSE 100 companies. Our research examines the details of these companies’ transition plans and how they present them, offering insights for those just starting their transition planning."  

S&P: Big Picture for Sustainability in 2025: Secondary Perils and Protection Gaps

Insured losses from natural catastrophes globally have topped $100 billion in each of the past three years and, thanks to hurricanes Helene and Milton, look set to do so again in 2024. Contributing factors to these high numbers include growing populations in catastrophe-prone areas and rising insured property values because of economic inflation. In hurricane-prone Florida, litigation is pushing up claims costs. The El Niño-Southern Oscillation, a recurring natural climate pattern, has a big influence on the strength and location of tropical cyclones.

M&G: Analysing greenhouse gas emissions: It’s not as easy as 1-2-3

Finance professionals dedicate significant time to scrutinising companies' financial statements. It’s fundamental to ensuring financial performance is accurately reflected. As companies increasingly set climate targets, applying the same level of rigour to analysing emissions data becomes essential – but this is no easy process. Emissions accounting is fraught with complexities and inconsistencies. We explore the key challenges investors face, and the steps they can take to overcome them.

Sometimes it is important to remember that the words ‘conservationist’ and ‘conservative’ come from the same root. How close conservatism and conservationism were in the past can be traced in the history of the US Environmental Protection Agency (EPA). It was founded by a Republican President (Richard Nixon) and championed by Republican lawmakers. Then came the Reagan Revolution and the shift towards deregulation (“The most terrifying words in the English language are: ‘I’m from the government and I’m here to help.’”). And ever since, conservatives in the US loved to hate the EPA.

But the original purpose of the EPA was to clean up the rivers (some of which were literally on fire) and the air, both of which were welcome by outdoorsmen, a natural constituency of the Republican Party. Today, some people argue that the air is already clean, and the EPA focuses on climate change and other doubtful regulations.

This 10-point plan reimagines the future of insurance in our climate-changed world, offering a roadmap to resilience against escalating natural catastrophes. 

As climate change accelerates, bringing more frequent and severe weather catastrophes, the insurance industry faces unprecedented challenges. Skyrocketing premiums, market withdrawals, and solvency concerns signal the urgent need to rethink the traditional insurance model. 

But with these challenges comes a pivotal opportunity. Insurers, armed with significant economic influence and unmatched risk expertise, are uniquely positioned to drive stronger climate policies and accelerate the transition to a decarbonized economy—both in the U.S. and globally. 

By harnessing their resources, expertise, and influence, insurers can lead the way in shaping a resilient future where protection and prosperity go hand in hand. 

The Ceres 10-point plan provides a comprehensive roadmap for insurers, regulators, local governments, community groups, and investors to collaborate on ensuring the industry’s resilience. By taking bold action, embracing innovation, and fostering partnerships, insurers can secure their success while safeguarding the businesses, employees, and communities that depend on their vital services. 

ATNI: Global Access to Nutrition Index 2024 

Key Findings: 

The Global Index highlights companies' relative progress across a range of nutrition-related topics, identifies areas for improvement, and provides a clear roadmap for change. Through this, ATNi seeks to drive partnerships, innovation, and market transformation to build healthier food systems. 

• Companies derive 34% of their sales from products classified as ‘healthier,’ leaving considerable room for improvement.
• Portfolio healthiness is lowest in LMICs, underscoring disparities in product offerings across different markets.
• No company fully prohibits marketing unhealthy foods to children under 18 across all marketing channels and techniques.
• Only 30% of companies have demonstrated a strategy to price some of their ‘healthier’ products affordably for lower-income consumers, with varying quality and scope. 

Toyota has been scrutinised for being cautious about going ‘all-in’ on electric vehicles, instead capitalising on hybrid technology with increasing sales of its hybrid vehicles and being rewarded with a 17% rise in operating profit in the first quarter.

A good litmus test for the financial and market opportunity of a technology is the arrival of new entrants.

Toyota has the perfect opportunity to overhaul its strategy, much as Volkswagen Group did following its 2015 diesel emissions scandal.

UBS: Comparative & competitive advantages - Reflections on supply chain concentration 

As the world continues to fracture and fragment, effective supply chain management is increasingly important to companies’ profitability and resilience.

Massimiliano Castelli and Lucy Thomas explore the crucial role of geopolitics and sustainability in such strategic and operational decision-making.

Covers:

• Real-world diversification? Balancing efficiency and resilience
• Geopolitical complexity
• Geopolitical and sustainability interconnections
• Slipped discs and probability judgments

Brunel Pension Partnership: RI Report 2024    

Includes links to several ESG related reports

PRI: Special briefing with IPR: Net zero transition after COP29 & US elections

Date: Thursday, 5 December 2024 
Time: 14:00 - 15:00 GMT
Platform: BrightTALK

"In this special event following COP29 and the US elections, IPR and PRI will assess the long-term implications for investors of these decisive events in the transition towards net zero. Our panel of policy and investment experts will examine the potential effects of the US election results on the IPR forecast of the transition and implications for responsible investment and climate action in the US.
The event will also feature initial IPR climate pulse survey findings and, in town hall style, invite audience polling on key pulse questions of where transition is now headed.

The webinar will feature results of IPR’s 2024 Climate Pulse survey of climate & sustainability professionals. Find out what your peers are thinking and share your views on policy and decarbonization trajectories on IPR’s quick survey which should four minutes to complete."

Despite media reports to the contrary, sustainable investment looks here to stay: an estimated $35 trillion in assets have a sustainable investment mandate. Why should investors care about extreme weather events, pollution, or food security? Because natural ecosystems underpin the functioning of a healthy economy and provide insights into key sectors dependent on natural capital.

Join Citi’s Elise Badoy, Head of Europe, UK, Middle East and Africa Research, and Anita McBain, Head of Sustainable Investment Research, as they discuss the work Anita and her team are doing to understand how the sector is evolving, how investors are approaching it, and what 2025 is likely to bring.

At the least, inequality conceived as a direct or indirect economic risk or as a risk to a business’s license to operate could well become the next area of stewardship activities aligned with broad asset owner interest.

The TISFD framework couldn’t emerge soon enough, and we encourage its advancement to help financial market participants take action on addressing rising inequality—and using the power of the financial sector to help foster equitable prosperity and growth. It’s as much an economic imperative as it is a moral one.

"In this note, we break down the key talking points in our top 10 takeaways. This includes views and debates from conference presentations as well as insights gained from discussions with fellow attendees."

1. Canada's Deputy PM Chrystia Freeland positioned her country as a global leader on climate action.
2. The outcome of the EU's Corporate Sustainability Reporting Directive (CSRD) is in focus, with questions over double materiality disclosure and comparability
3. Data disclosure challenges are a prominent concern, with costs highlighted as impacting not just the disclosing company, but also supply chain partners and asset managers.
4. Former Bank of England Governor Mark Carney underscored the need for action.
5. Energy and supply chain security and inclusion of certain defence exposures will remain topical sustainability discussions going forward.

6 - 10 - See research report

"In this report we show that the pace of renewable energy expansion varies considerably in 2024 again.

While photovoltaics continues to show strong momentum, progress in wind power is significantly lower.

However, there are significantly more permits for new onshore wind turbines.

The expansion of photovoltaics is increasingly going hand in hand with the addition of battery storage.

We also take a look at recent developments in the market for hydrogen, charging infrastructure and heat pumps and deal with potential new regulations of power grids."

RIA: 2024 Canadian RI Trends Report 

"We are pleased to announce the release of the 2024 Canadian Responsible Investment Trends Report! This year’s report highlights industry resilience and calls for further standardization amid growing investor confidence. The report tracks the national trends and outlook for RI, which refers to investments that incorporate environmental, social, and governance (ESG) issues into the selection and management process.  

The 2024 Report reveals a pivotal milestone for the industry, with RI now accounting for 71% of total AUM. This growth is accompanied by a marked rise in investor confidence, driven by clearer definitions of RI strategies and improved ESG reporting practices. The Report also identifies key challenges that continue to hinder RI's full potential, including greenwashing, regulatory uncertainty and performance concerns."

The 2024 Access to Medicine Index, which ranks 20 of the world’s largest pharmaceutical companies on their efforts to improve access to essential medicines in in low- and middle-income countries (LMICs), finds that the current pace of progress is falling short of growing healthcare needs in underserved countries. 

• Several pharmaceutical companies are prioritising low-income and least developed countries within their inclusive business models, with this trend rising. However, the implementation of these models is currently limited.
• Momentum in licensing activity has stalled, with only two new non-exclusive voluntary licensing (NEVL) agreements identified in the 2024 Index, compared with six in 2022, signalling a missed opportunity to improve local availability of innovative medicines.
• Only 43% of clinical trials take place in the 113 LMICs covered by the Index analysis, despite being home to 80% of the global population; since companies typically prioritise access planning in countries where they conduct trials, this leaves much of the world behind.
• Novartis is not only new to the top three spots of the overall Index ranking, but has risen to number one, putting GSK – the long-time leader – in second place.

Planet Tracker’s Seafood Database has been further expanded to cover 300 corporates along the global seafood supply chain, providing investors with a unique open-access tool to identify those most exposed to overfishing, illegal fishing, and other seafood sustainability risks.

These risks are financially material: this analysis shows a positive correlation between a company’s reliance on sustainable fish stocks and its profitability, whilst profit margins tend to decrease with greater reliance on overfished stocks.

Creative Investment Research introduces Climate-Adjusted Enterprise Value, Climate Debt Per Share (CDPS) and the Climate-adjusted Enterprise Value to Earnings Ratio (CAEV/EBITDA), metrics set to transform how investors assess a company's value.

By incorporating established environmental impact assessments into traditional Enterprise Value equations, research by Analyst Daniel Merritt, a student at Gonzaga University taking part in the American University Washington Semester Program, is a significant step towards embedding a firm's 'carbon debt' into its aggregate valuation. This novel adjustment weaves environmental considerations seamlessly into equity analysis, making it profoundly relevant to individual and institutional shareholders.

What kind of landing will the global economy face in 2025? We’re well past peak misery from the global tightening cycle, but we’re still no nearer knowing when ‘normality’ will return, our one-year outlook says.

We recently celebrated the 75th anniversary of the Universal Declaration of Human Rights (UDHR). There can be few worthier causes than the principles that seek to protect us as humans – but should it be an issue for investors? Yes, it should – though we still need to translate it into a business case, and that can be hard amid the emotional strings that it pulls.

Summary

• Human rights can be financially material issue for investors and business
• Good human capital management feeds through into higher returns
• EU is helping to lay down frameworks but more clarity is needed

Includes:

ESG Addendum 2024 to the BT Group plc Annual Report 2024 - accessible version

"In this accessible PDF you can do many things to help you easily access the information that you want, whether that’s printing, searching for a specific item or going directly to another page, section or website."

Date
December 3, 2024
 
Time
8:30 a.m. GMT London
 
Location
A&O Shearman,
One Bishops Square,
10th Floor,
London,
E1 6AD,
United Kingdom.
 
Overview
Join MSCI on Tuesday, December 3, for the launch of the MSCI Sustainability and Climate Trends to Watch for 2025. Get an exclusive preview of our annual trends report and hear insights from our Research team on the key sustainability and climate trends for the coming year. The event will also offer a morning of networking and inspiring conversations.

Vancouver - March 5-6, 2025

The SHARE Investor Summit brings together asset owners and managers from coast to coast to coast to discuss solutions to our most pressing economic issues and explore opportunities for co-ordinated investor action toward reconciliation, climate action, human rights, affordable housing and racial equity.

While U.S. political dynamics are evolving when it comes to ESG, there’s an undeniable current in the global business landscape: companies are finding practical ways forward, focusing less on the politics and more on effective business management.

The Global Business Reality

Regardless of domestic political changes, thousands of U.S. companies still need to meet international sustainability requirements. European regulations like the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD) are reshaping how global businesses operate, affecting more than 3,000 U.S. companies. For businesses operating internationally, these requirements aren't optional – they're just part of doing business in today's interconnected world.

Editor's note - Please access the flip book via the link below

As sustainability reporting continues to evolve, the concept of double materiality has emerged as a key framework to align financial reporting with environmental, social, and governance (ESG) goals. This approach, deeply embedded within the European Financial Reporting Advisory Group’s (EFRAG) ESRS (European Sustainability Reporting Standards), is becoming increasingly relevant for organizations aiming to meet stakeholder expectations, drive transparency, and adhere to regulatory requirements.

We’ve heard a lot about the ‘Trump Trade’ in the aftermath of the US election. This describes the huge stock market gains experienced by various sectors in the hours and days following the result.

Is this really what we should expect for the next four years?

While it may seem as though the world has just become a more hostile place, we believe the future is still bright for sustainability investors. In this article, Claire Jervis explores our outlook. 

"As our latest edition of the Net Zero Atlas shows...the outlook remains challenging. G20 countries. will have to set ambitious new 2035 targets to accelerate the pace of the transition and limit warming to well below 2°C by the end of the century. This is also the clear policy signal many companies and investors are looking for as they take steps to mobilise long-term investment in greening the global economy. 

The Atlas also highlights the cost of inaction, as physical effects of climate change intensify across the globe. The devastating hurricanes Milton and Helene in the US this autumn were one among many stark reminders of this. Looking ahead, our research shows that cities – nerve centres of the global economy and home to over half of the global population – will be particularly affected, requiring large scale adaptation measures and financing.

The analysis and data in this report provide investors with a valuable and timely analysis of physical and transition climate risks across the G20."

Why investors need to pay attention to Natural Capital and Biodiversity 

Natural Capital – soil, forests, water, living organisms - underpins the functioning of our society. The ecosystem services that it provides facilitates our global economy – whether that is through the provision of raw materials or the regulation and maintenance of a stable and healthy functioning environment.

The economic value of these ecosystem services has been estimated by the WWF as up to USD125tn per year [see SRI-C buzz October 2024] well over annual global GDP. However, modern economic systems have repeatedly underpriced natural capital, as it is not officially recognised as an economic asset.

The actual payments within the economy for ecosystem services is therefore 40 times lower than their estimated value... This has allowed for continued underinvestment in our natural assets, ultimately leading to their systematic degradation of quality and depletion.

Cheat sheet also available - here

Analysis of oil and gas corporate emissions targets reveals whether targets may be potentially aligned with the goals of the Paris Agreement, providing a signal of compatibility between corporate plans and a rapid energy transition in the process.

Investigating the emissions targets of 30 of the world’s largest oil and gas companies, this note provides decision-useful analysis to portfolio managers, analysts, policymakers, standard-setters, and regulators.

Beyond untangling the climate impact of companies for stakeholders with a mandate or other reason to act on emissions, the analysis paints a stark picture of corporates’ ongoing exposure to energy transition risk – and the risk this presents to all investors and banks with oil and gas portfolio companies, in turn...

COP29 is set to be a big moment for climate finance, with decisions due on determining future commitments via the New Collective Quantified Goal (NCQG). While negotiations will primarily focus on agreeing on public finance volumes and processes necessary for climate mitigation and adaptation —especially in support of developing nations — it is crucial to also highlight the progress made and the gaps that remain in aligning private finance with the goals of the Paris Agreement.

Annual investment to support the transition needs to double in the next 5 years (from $2 trillion today to $4 trillion by 2030, according to the IEA), and up to 70 percent of this will need to come from private finance. To ensure that private finance remains an accountable and important player in the transition, RMI has summarized the state of progress among the largest private finance institutions globally and identified areas to accelerate action.

When RMI last checked in on the state of the market in 2023, we saw that climate-related market norms were already being established: The largest financial institutions were announcing net zero commitments and setting interim targets, despite questions of disclosure credibility and commitment accountability. Today, questions on transition planning standardization, transparency, and execution have risen to the fore.

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JobPost: Sustainalytics - Stewardship Manager, EMEA & APAC (Amsterdam | Close Unknown)

JobPost: ISS - Climate & Sustainability Sales Executive (NYC | Close Unknown)

JobPost: MSCI - ESG & Climate Consultant (Paris | Close Unknown)

JobPost: JPMorganChase - Asset & Wealth Management, Climate Specialist, ESG Team, Associate (London | Close Unknown)

JobPost: RLAM - ESG and Sustainability Research Analyst (London  | Closing date: 4th December 2024)

Job Title: ESG and Sustainability Research Analyst

Contract Type: Permanent 

Location: London

Working style: Hybrid 50% home/office based

Closing date: 4th December 2024

NB posted 30+ days ago but still advertised

Specialist Sovereign Engagement (Australia & COP 31) - 2 Year Fixed Term Contract - Principles for Responsible Investment - Applied

Intern - Stewardship (3 Month Fixed Term Contract) - Principles for Responsible Investment - Applied

"Our Investor Relations team manages the relationship and communications between Tesco and its shareholders and the wider investment community. It is a high-profile team that supports the CEO, CFO and Group Investor Relations Director to communicate the performance of the Tesco Group.

You will be primarily responsible for communicating our ESG objectives and progress, fielding questions from analysts and investors on a broad range of topics, as well as supporting senior management in their interactions with investors. The role will require you to build positive relationships with key colleagues, familiarise yourself with Tesco’s extensive ESG disclosure, and establish relationships with investors and analysts."

Please note this role is a fixed term contract for 12 months

Full details via the link below

JobPost: BlackRock: VP, Sustainability Platform Strategy & Implementation (London | Close Unknown)

Infrastructure engineer

Head of financial control

Head of sponsorship, events

JobPost: Jupiter Asset Management Ltd -  ESG Analyst (12 month FTC)(London | CloseDate: Unknown)

JobPost: U.S. International Development Finance Corporation (DFC) - Managing Director, Environmental & Social Risk Assessment (Health & Agribusiness) (Washington | CloseDate: 5th November)

JobPost: S&P Global - Reporter, Energy Transition Metals (Washington | CloseDate: Unknown)