Government bodies

"Feeling overwhelmed by the whirlwind of EU sustainability reporting changes? You're not alone! I break it all down in just 𝗳𝗶𝘃𝗲 𝗺𝗶𝗻𝘂𝘁𝗲𝘀—so you can find out what matters to your business."

"At its third annual ESG Conference, Mercedes-Benz demonstrates commitment to achieving ambitious and measurable goals. Driven by tomorrow and a clear focus on the entire value chain, Mercedes-Benz firmly embeds sustainability considerations in the daily business."

Video recordings of the ESG Conference 2024 can be found via the link below.

"Understanding the complete lifecycle of Environmental, Social, and Governance (ESG) data is essential for any organisation looking to succeed in today’s sustainability-focused world. As businesses increasingly prioritise ESG metrics, grasping the details of data management—from collection to reporting—becomes crucial.

This article explores the importance of choosing the right solutions and highlights that navigating this complex landscape is not a journey you should take alone."

LeapFrog Investments is focused on delivering essential health, wealth and climate solutions to consumers across South Asia, Southeast Asia and Africa. The firm has raised more than US$2.8bn from global institutional investors and is a major contributor to the growth of the impact investing industry, now worth more than US$1.57trn.

LeapFrog undertook major research to better understand the impact of its investments in healthcare by making use of well-known public healthcare metrics such as disability adjusted life years (DALYs), and social return on investment (SROI).

Conducted in partnership with PA Consulting, the research was focused on LeapFrog’s investment in Indian diagnostics chain Redcliffe Labs. Insights from the research can be used to evaluate future value-creation strategies and to measure the impact of interventions.

Hosted by Jefferies

Tuesday 11 March 2025 | 14:00 GMT / 15:00 CET / 10:00 EDT 

Recognised by Fortune’s Change the World List, ranked in Time’s Most Sustainable Companies 2024 and the FT’s European Climate Leaders 2024 and recently named #14 in the World’s Best Places to Work, Experian is a company that every investor must be familiar with from an ESG perspective.

Jefferies hosts Experian to hear the latest developments in regard to its ESG credentials. Evelyne Bull (VP Director, Investor Relations) and Abigail Lovell (Chief Sustainability Officer) will talk to those ESG factors that are most material to Experian, including:

• How Experian’s focus on financial health supports growth as well as driving positive social impact
• The firm’s efforts around data security and use
• Experian’s industry leading human capital management practices

Listen in on 11 March 2025 at 2:00 PM GMT / 3:00 PM CET / 10:00 AM EDT to learn more!

Company Speakers:

• Abigail Lovell, Chief Sustainability Officer
• Evelyne Bull, VP Director, Investor Relations

Jefferies' hosts: 

• Ryan Flight, Business Services Research Analyst
• Luke Sussams, Head of EMEA ESG Strategy

Format (45 mins):

• Brief presentation ~15 mins
• Q&A ~30 mins

ESG rating agencies, companies and investors are now having to distil vast amounts of ESG metrics into bite size chunks. AI will have to play a big role in this transition. But while it will spit out grades, will it really inform shareholders about what really matters?

We believe the best place to understand material ESG issues is the ESG investor roadshow, where real people not machines talk to each other.

Drafted by our Sustainability Consultant Andy White

WHEB: WHEB to remove the MSCI World Index as a benchmark

This month George Latham explains why we are removing the benchmark from the FP WHEB Sustainability Impact Fund. How it will allow for richer and more constructive conversations with investors about the returns we achieve on your behalf, and provide better information and transparency.

Hardman & Co: UK energy policy – up for grabs?

UK energy policy has changed of late, following the election of a Labour government last summer. The quest for Net Zero by 2030 – a hardly realistic target – is now a priority. Rightly or wrongly, the issues of security of supply, electricity prices and generation investment have all been superseded by this overarching aim.

In recent months, the government has withheld licensing approvals for various oil and gas projects – the latter, in particular, is much needed. Irrespective of the ca.£40bn Hinkley Point C nuclear power plant, the commissioning of which is now unlikely before 2030, other nuclear new-build projects are also being discussed. Financing them will be a significant challenge, especially given the very high level of UK public sector net debt.

...

Fossil fuel assets are subject to unique pressure from a global shift aiming to avoid the cascading impacts of climate change. Many countries including the UK have set decarbonisation targets, looking to curtail demand for fossil fuels through policy which supports renewables, energy efficiency, and electrification.

While policy and legislative measures exert pressure on fossil fuel companies from one direction, market pressures from consumer choice and price competition from renewable energy alternatives exert pressure from the other direction. The result is a mounting risk of value erosion for fossil fuel assets. Nonetheless, many oil and gas companies continue to  The disjoint between global decarbonisation targets and some investors’ expectations of long-term fossil fuel returns, gives rise to a distributed risk of loss from stranded assets.

Stranded Exports: How export credit agencies continue to finance risky overseas oil and gas projects

While many governments have reduced financial support for oil and gas projects through their export credit agencies (ECAs) in recent years, some continue to provide loans, guarantees and insurance to the sector.

This report explores the risks inherent in such financing as the energy transition progresses.

The state for two of the nation’s top economic indicators – the employment rate and GDP – is presenting a gloomy outlook for Black Americans when it comes to job prospects. The unemployment rate for Black workers is projected to rise to 6.8% for February 2025, up from 6.4% the previous month, according to a new analysis by Creative Investment Research. The calculation means that the firm believes Black Americans will lose an additional 78,000 jobs between January and February this year.

On 25 March, dsm-firmenich will present the ESG philosophy, strategy and plans of the merged company and present the new data (for the combined company) from its recently-published 2024 Integrated Annual Report.

This event is set-up for analysts and ESG specialists who are looking for a deeper understanding of dsm-firmenich's ESG credentials and seeking an engagement with the company's ESG specialists.

Our event will highlight dsm-firmenich’s core beliefs on sustainability, our sustainability agenda, and the business value it brings.

The program includes keynotes from and Q&A with dsm-firmenich's CEO, CFO, and CSO and a networking lunch with senior management of dsm-firmenich.

Also, there will be in-depth sessions on:

• nature and biodiversity
• health and wellness
• carbon reduction
• value chain projects
• the science capabilities of dsm-firmenich as enablers of sustainable solutions

RSVP

To request an invitation to the event, please contact This email address is being protected from spambots. You need JavaScript enabled to view it..

FOR RECORDING / MORE INFO

If you cannot attend the event in person but are interested in the company / subjects covered or would welcome contact on sustainability with dsm-firmenich, please complete the form below:

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RFI Foundation: What banks are (and are not) disclosing in their transition plans

Many financial institutions will this year make their first transition plan disclosures in line with the European Union’s Corporate Sustainability Reporting Directive (CSRD). Despite recent efforts to limit the applicability of CSRD so as to streamline reporting requirements, many companies will start to file sustainability reports in line with the European Sustainability Reporting Standards covering their activities during 2024.

The Sustainable Finance Observatory (formerly 2 Degrees Investing Initiative) has released a report evaluating some of what can be expected to be in the forthcoming reports, and what may be missing. Their analysis is based on the disclosures to date made under transition plan guidance for signatories to the Net Zero Asset Management and Net Zero Banking Alliances.

Although the Net Zero alliances have been facing significant shifts of focus, their previously issued reporting guidance has had an impact on transition plan disclosures for ‘financial market participants’ (banks and asset managers). The disclosures have presented some information about Net Zero targets, and about climate solutions and transition financing activity targets for financial institutions.

The Sustainable Finance Observatory compared voluntary reporting under the Net Zero alliance guidelines with what is spelt out in a mandatory standard without sector-specific requirements. The outcome presents a list of issues that are likely to occupy standards setters for some years if transition plan reports are to become useful, credible and comparable for the financial sector globally.

The issues highlighted by the Sustainable Finance Observatory include:

• Transition plan disclosures for diversified financial sector institutions will often be able to meet disclosure requirements but, as a result of consolidated reporting, still fall short in providing sufficient detail for each business unit and addressing transition criteria relevant to financed, facilitated, and advised emissions.

• Many banks have reported sectoral decarbonization targets but are not showing progress (48% of reviewed disclosures showed no progress on sectoral decarbonization targets).

• Banks are providing limited disclosure of full Scope 1, 2 and 3 absolute emissions, and the data they do provide omit some high-emitting sectors or include data that inhibit comparability with other institutions. An example is where some institutions report physical emissions intensity, others report monetary emissions intensity and few report complete data on the absolute values of financed emissions.

• Many transition plans omit details about the customer activities they continue to finance while they pursue alignment with announced fossil fuel exit dates (many of which only cover coal power and rely on data which include gaps in the coal value chain).

• Many financial institutions state only their intention to be ‘Paris aligned’ and don’t provide enough information for users of their transition plans to evaluate whether their strategy and business model are credible.

• There is a lack of comparability between different financial institution decarbonization levers and the key actions planned because these levers are highly variable and it is “nigh on impossible to assess overall effect […] or to compare between different organizations”.

• Many financial institutions don’t discuss impacts that could force them to revise interim targets, and few are developing internal capabilities sufficient to reach these targets.

Transition plans are inherently more complex for financial institutions than most other businesses because they depend on the activities and credibility of their customers’ transition plans. Yet, finance plays such an important role in enabling the flows of funds to support climate transition that new mandates for disclosure are likely.

The review by the Sustainable Finance Observatory of the state of European financial institutions’ transition plan disclosure ahead of their first mandatory reports shows how wide the gap is between the aspiration of voluntary guidance on financial institution transition plans and current reports.

For investors and financial institutions in OIC markets with less robust non-financial transition plans and sustainability reporting, the gaps are surely wider, even as a successful transition carries a significant opportunity (and risk mitigation) outcome for the economy and financial sector. These will be compounded by an increased focus not only on the ‘credibility’ of transition plans, but also on the alignment of transition plans with Just Transition principles.

Want to stay updated about the implementation of responsible finance in OIC markets & Islamic finance? Subscribe to RFI’s free email newsletter today!

Analysis: Climate change is increasing temperatures year-round in West Africa, impacting cacao quantity and quality

• Climate change, due primarily to burning oil, coal, and methane gas, is causing hotter temperatures to become more frequent in the four West African countries responsible for producing approximately 70% of the world’s cacao — the key ingredient in chocolate.
• Analysis of daily maximum temperatures during the past decade shows that climate change added at least three weeks above 32°C (89.6°F) annually during the main cacao crop season (October-March) in Côte d'Ivoire and Ghana. Such temperatures are above the optimal temperature range for cacao trees.
• Over the same time period, climate change added just over two weeks above 32°C annually during the main crop season in Cameroon and more than one week in Nigeria.
• In 2024, human-caused climate change added six weeks’ worth of days above 32°C in 71% of cacao-producing areas across Côte d'Ivoire, Ghana, Cameroon, and Nigeria.
• While many factors, such as precipitation and insect-borne infections, can affect cacao trees, excessive heat can contribute to a reduction in the quantity and quality of the harvest — potentially increasing global chocolate prices and impacting local economies in West Africa.

Direct link to download sustainability statement

... contains:

• Stakeholder engagement
• Double materiality assessment
• Environmental information
• Social information
• Governance information

Contacts at ABB registered with SRI-Connect

• Ruth Jäger - Investor Relations

SustainAX: How the ESG* risk analyst should think - How your choice of climate scenario alters the ESG risk materiality

🔔 ESG risk is today tilted towards transitional climate change risk

The environmental part of most ESG risk research is tilted towards transitional risk in the climate related area. This is seen in the large selection of environmental risk subareas related to a company’s own adverse impact, both direct and indirect through the value chain. From GHG emissions and other pollution as examples of performance areas to programs like initiatives to reduce GHG emissions to curb the adverse impact of all types, passing by systems and governance like environmental management systems. This is a sensible approach if you have a climate scenario close to the IPCC 2.6 where transition risk is relatively important compared to physical risks. So what is the issue here?

🔔 Current geopolitical development has impacts

In addition to the steady news flow on how the world is not making progress with regards to net zero goals, we see companies leaving the net zero alliances, we see the EU reducing ambitions through the Omnibus, and the US on march to change the world order and leaving all considerations for the environment.

🔔 We are likely heading for more severe physical climate scenarios

From what we have seen so far and what we see in the world today, we are likely moving further out on the IPCC scenario menu, in the wrong direction. If this is the case, the way we assess environmental risk today must turn some of the focus away from transitional risks towards physical risks.

We drill into details and also try to simplistically model and graph this with a target to serve as base for discussion.

🌟 We can send you the Excel model file!

If you would like us to send you the Excel model file we made for this modelling you simply need to comment this post with your thoughts and let us know you would like to have the model file sent over.

🌟 And of course as always, we are very keen to hear your thoughts.

Report covers:

'Our value creation model'

PEOPLE

• Security, safety, health and well-being
• Our people
• Social impact
• Nutrition and health

PLANET

• Climate
• Nature

STAKEHOLDER ENGAGEMENT

• Internal engagement on sustainability
• Supplier engagement
• Investor engagement
• ESG ratings and certifications
• Community engagement
• Partnerships
• Business ethics

Link to sustainability section online

Autonomous driving offers enhanced safety and convenience as well as greater efficiency and productivity for both consumers and companies. Moreover, regulation and falling technology costs are paving the way for growth, driving smart mobility investments.

Summary

• Autonomous driving is already a reality in major cities worldwide
• Costs continue to fall, catalyzing mass-market adoption
• Legislative momentum in US, EU and Asia supports rollout

Building a sustainable and inclusive future

Our 2024 report provides an update on how we are Helping Britain Prosper in a way that delivers sustainable profit and returns. Creating a more sustainable and inclusive future for people and businesses, shaping finance as a force for good.

• Our Group strategy
• Access to quality and affordable housing
• Empowering a prosperous future
• Building an inclusive organisation
• Supporting the UK transition to net zero and protecting nature
• Risk management
• How we deliver

Following weeks of speculation and leaks, the EU Commission published the omnibus packages of proposals on sustainability and investment simplification. These are proposals to amend the Corporate Sustainability Reporting Directive (CSRD), the Corporate Sustainability Due Diligence Directive (CSDDD) and the EU Taxonomy Regulation. Morningstar Sustainalytics' Anne Schoemaker, Senior Director, Product Management, ESG Products, has been following these rapid developments and provides her insights on what it means for companies and investors. 

Key insights include:

🏢 Companies with over 1,000 employees and more than EUR 450 million in turnover (USD 473 million) will continue to report on their EU Taxonomy key performance indicators (KPIs). Companies below this threshold will not fall in scope of mandatory taxonomy reporting.

➖ The scope of companies reporting on CSRD will be reduced by 80% and a “stop-the-clock” measure will postpone reporting for companies that are due to report in 2025 and 2026. A more reduced and streamlined standard will be developed.

⚖️ The CSDDD will see changes to its civil liability rules, penalties, and due diligence revisions interval. Only direct business partners are, in principle, within scope for due diligence.

Contains:

• Materiality assessment topics and actions
• Sustainability roadmap
• Environment
• People
• Communities
• Positive procurement
• Governance

Delivering Financial Returns in the Electric Heavy Duty Vehicle Transition

This report analyzes the financial implications and opportunities of transitioning the global heavy-duty vehicle (HDV) fleet from internal combustion engines to electric vehicles (EVs). It highlights market potential, challenges, and the role of manufacturers and regional emissions legislation in this shift.

Key Questions Addressed:

• Conditions for a $320bn Re-fleeting Opportunity: What conditions need to be met before creating a re-fleeting opportunity worth $320bn?
• Financial Returns for Manufacturers: Why should bus and truck manufacturers quickly transition to solely producing battery electric vehicles to deliver superior financial returns?
• Policy Implications: Which key policy implications should stakeholders model into their assumptions?
• Financial Willingness of Manufacturers: Which manufacturers have the financial willingness to transition?
• Financial Ability of Manufacturers: Which manufacturers have the financial ability to transition?
• Critical Questions: What are the key questions to ask corporates regarding their assumptions behind the pivot to electric HDVs?

Methodology: Like all Carbon Tracker research, this report is fact-based, data-driven, and focuses on the economic and financial analysis of the risks and opportunities tied to the global energy transition.

Target Audience: This note is intended for all stakeholders, including buy/sell side equity & fixed income analysts, engagement teams, credit analysts at lenders/ insurers as well as the corporates themselves, policymakers & key fleet actors.

Fundamentally, investing is about providing capital needed to create value in the real economy, in pursuit of a commensurate financial return. Investors’ ability to perpetually deliver financial returns, is dependent on a resilient real economy. A resilient real economy, in turn, is dependent on the resilience of its constituent parts: the environment, socio-economic and political systems.

This thought piece adds to Regnan’s evolving approach to Stewardship for Resilient Systems. It builds on concepts first explored in the Regnan position paper titled “Beyond Biodiversity - Reframing the case: from ‘biodiversity, nature, and ecosystems’ to biocultural resilience in investor stewardship”. It signifies an important step in Regnan’s long history of engagement and advocacy. Regnan’s historical focus on financial materiality, engagement across the index (ASX 200) and its activities in advocacy (e.g. UNPRI Active Ownership 2.0) has provided unique insights into the interlinkages between sustainability issues and issuers, importance of looking through the value chain to understand critical interdependencies and vulnerabilities, and the important role advocacy plays in moving the needle on stewardship.

Armed with those lessons learnt, Regnan is now evolving our stewardship practice to augment our approach, backed by considerable research, engagement and
advocacy expertise. Research, engagement and advocacy undertaken under this approach is directed towards augmenting systems resilience, so that it enhances the ability of socio-ecological-economic systems to adapt to disturbances, disruptions, uncertainties, vulnerabilities and risks while remaining within critical thresholds that sustain healthy functioning systems. This reduces inherent disruptions to socioeconomic and business operations, ultimately facilitating companies to operate in more predictable environments leading to better investment outcomes across time horizons.

We see activities undertaken for systems resilience to have the potential to 1) assist our investment managers to make well-informed investment decisions to deliver returns through short, medium and long-term time horizons, that meet the objectives of our clients and beneficiaries, 2) enable issuers to better understand and address risks and opportunities and 3) benefit the wider economy, the environment and society. 

Founder-led, controlled companies occupy an interesting space in corporate governance, where visionary leadership and entrepreneurial spirit intertwine with the complexities of concentrated power. These companies often seem to be thriving due to the founder's long-term focus, innovative drive, and resilience. Yet, this structure is not without its challenges; the same concentrated ownership and control that may foster stability and strategic consistency can also give rise to governance risks, such as conflicts of interest, lack of board independence, and shareholder inequities.

In this article, Regnan, delves into the delicate balancing act required to harness the strengths of founder-led controlled companies while mitigating their inherent risks. We explore the "principal-principal problem", where controlling shareholders may prioritise personal interests over those of minority shareholders. We also highlight engagement strategies to address issues such as dual-class share structures, related-party transactions, and control via critical assets. Through a blend of research insights and case studies, this article underscores the importance of robust governance frameworks—such as independent boards, sunset clauses for dual-class shares, and transparent conflict-of-interest policies—to safeguard minority shareholder interests. By striking the right balance between entrepreneurial freedom and accountability, founder-led, controlled companies can unlock their full potential while fostering trust among all stakeholders.

This research aims to cover the following objectives:
• Investigate the potential positives and negatives of controlled companies
• Identify potential governance risks associated with controlling shareholding and explore engagement opportunities to assist address those risks

RBC BlueBay: Pricing Externalities in a Changing World

Establishing a cost to pollution is critical in tackling climate change. However, more often than not, the firms emitting carbon do not incur these costs. This mispriced externality means the carbon burden is placed on the environment, which is ultimately borne by society at large.

We believe there are three main levers of chain: policy change, through multilateral agreements by countries, legal challenge through litigation, and corporate and community action. All ultimately seeking to impose a price on pollution.

In our view, companies are increasingly vulnerable to policy and litigation risks, some are opting to set internal carbon prices (ICPs) to better account for this. An ICP is a self-imposed pricing mechanism that companies use to quantify the cost of their carbon emissions, incentivizing reduction strategies and aligning their operations with broader sustainability goals.....

One of the more common tropes of climate change deniers is that climate change activism is driven by the large amount of money that can be made in research grants, subsidies, etc. if you work on that issue. I like to counter these claims with the statement that we all know that climate change is a global conspiracy and only multimillionaire oil executives are willing to blow the whistle.

I don’t need to say a lot about the lobbying activities of corporations trying to influence US politics toward a pro-climate or anti-climate direction except that on average US firms spend $277,000 per year per company on anti-climate lobbying and $185,000 per year per firm on pro-climate lobbying. Anti-climate lobbying outspends pro-climate lobbying by 50% each year. The below charts are taken from a study of US corporate lobbying activities from the University of Zurich. I will let them speak for themselves.....

EDF: Small emission sources in aggregate disproportionately account for a large majority of total methane emissions from the US oil and gas sector
 

Reducing methane emissions from the oil and gas (oil–gas) sector has been identified as a critically important global strategy for reducing near-term climate warming. Recent measurements, especially by satellite and aerial remote sensing, underscore the importance of targeting the small number of facilities emitting methane at high rates (i.e., “super-emitters”) for measurement and mitigation. 

However, the contributions from individual oil–gas facilities emitting at low emission rates that are often undetected are poorly understood, especially in the context of total national- and regional-level estimates. In this work, we compile empirical measurements gathered using methods with low limits of detection to develop facility-level estimates of total methane emissions from the continental United States (CONUS) midstream and upstream oil–gas sector for 2021. 

We find that of the total 14.6 (12.7–16.8) Tg yr−1 oil–gas methane emissions in the CONUS for the year 2021, 70 % (95 % confidence intervals: 61 %–81 %) originate from facilities emitting  and 30 % (26 %–34 %) and ∼80 % (68 %–90 %) originate from facilities emitting <10 and , respectively. While there is variability among the emission distribution curves for different oil–gas production basins, facilities with low emissions are consistently found to account for the majority of total basin emissions (i.e., range of 60 %–86 % of total basin emissions from facilities emitting ).

We estimate that production well sites were responsible for 70 % of regional oil–gas methane emissions, from which we find that the well sites that accounted for only 10 % of national oil and gas production in 2021 disproportionately accounted for 67 %–90 % of the total well site emissions. Our results are also in broad agreement with data obtained from several independent aerial remote sensing campaigns (e.g., MethaneAIR, Bridger Gas Mapping LiDAR, AVIRIS-NG (Airborne Visible/Infrared Imaging System – Next Generation), and Global Airborne Observatory) across five to eight major oil–gas basins. Our findings highlight the importance of accounting for the significant contribution of small emission sources to total oil–gas methane emissions.

While reducing emissions from high-emitting facilities is important, it is not sufficient for the overall mitigation of methane emissions from the oil and gas sector which according to this study is dominated by small emission sources across the US. Tracking changes in emissions over time and designing effective mitigation policies should consider the large contribution of small methane sources to total emissions.

 

It’s too soon to predict what 2025 will mean for the energy transition. Much depends on the incoming administration’s policies, the resolution of global conflicts, and the direction of emerging technologies. As S&P Global Commodity Insights wrote in their 2025 outlook, “there is more uncertainty in energy markets heading into a new year than any year since the pandemic.”

Jefferies’ Sustainability & Transition Team is entering 2025 with ten key questions, covering the challenges and opportunities shaping the global transition. While the team brings perspectives on these issues today, developments in policy, technology, and markets could lead to a range of outcomes in the year ahead.

Corporate sustainability is at a critical crossroads. While more private sector organizations than ever before are engaged in sustainability efforts, it has become increasingly more difficult to do this type of work. Are these efforts genuinely driving impact in a world that is pushing beyond its planetary boundaries?

In light of growing environmental, social, and governance (ESG) backlash in some regions, will corporate sustainability work be limited to a narrower agenda and a more moderate approach? Or is there a path forward that accelerates corporate sustainability performance?

Key findings

• Equity investors can incorporate sustainability data into their research process to make better-informed decisions as they seek to balance long-term performance with drawdown-risk mitigation.
• Good performance on governance indicators has been a reliable signal for avoiding sharp declines in share prices over the past five years. Environmental and social indicators were most useful for signaling outperformance.
• The most useful indicators for avoiding drawdowns and capturing outperformance varied across sectors, underlining the importance of taking a granular, sector-specific approach to understanding sustainability-related risks.

A look at gender diversity in corporate leadership roles

Women gain more board seats, but not top leadership roles

Gender diversity in corporate boardrooms continues to increase, but we found a different picture when looking at corporate leadership positions. According to Women on Boards and Beyond 2024, women occupy 27.3% of board seats at large- and mid-cap companies, constituents of the MSCI ACWI Index (as of October 2024) — a 1.5 percentage point increase from 2023. However, the report shows that men still largely occupy top executive roles, with female representation declining among these positions.

For 15 years, we have analyzed women's representation on corporate boards through our annual reports. This year we have broadened our focus to include women’s involvement on key board committees, examining the specific roles they play and the factors that may impact their board tenure.

"The final quarter of 2024 saw significant regulatory updates across major markets. These changes, focused primarily on reporting, AI governance, and climate, reflect a global shift toward greater accountability and transparency. Here’s what you need to know about the developments that took place last quarter.

These excerpts have been taken from our comprehensive Quarterly Policy Brief, which is provided to Datamaran clients every three months."

“Uncertainty” has been used almost as a mantra in recent days to describe the economic environment since the threat of trade war has loomed over the North American economy. For financial markets and business decision-makers, the word is usually a four-letter one. But it is also a constant in business and investments.

For institutional investors, strategies to mitigate risk have always started from controlling what we can in the present, and identifying the places where smart decisions and actions can protect portfolios and promote resilience for the future.

To do that in times of turbulence is to have a clear plan, and to execute it effectively. Whatever one might think of former U.S. Treasury Secretary Tim Geithner, I am a big fan of his maxim, repeated regularly during the 2007-08 financial crisis: “Plan beats no plan”.

Originally serving as an umbrella grouping for various net-zero alliances of financial institutions, GFANZ will now be led by a ‘Principals Group’ made up of specific executives within financial institutions. 

This grouping will shift its focus to mobilising transition finance – directing capital towards investments in energy transition, rather than phasing out financing for activities that do not align with the Paris Agreement. Notably, GFANZ will no longer require members to align with the Agreement’s targets...

Profundo: US banks' financial risks connected to meat, dairy and feed production 

Climate risk is financial risk. And U.S. banks are increasingly under pressure from policymakers, investors, and civil society to minimize this risk by reducing the greenhouse gas (GHG) emissions attributable to the loans, underwriting, investments, and other financial services they provide.

This report evaluates the climate-related financial risks that Bank of America, Citigroup, and JP Morgan Chase face in financing companies active in meat, dairy and feed (MDF) production. This study reveals that in the near term (to 2030), the 31 meat, dairy, and feed corporations reviewed for this report could face US$116B in losses, putting US$ 0.43B to US$ 1.12B of the banks’ loans and investments in the 31 corporations at risk. 

The costs of EUDR (European Union Deforestation Regulation) compliance are negligible, on average 0.10% as percentage of annual revenues for large companies and SMEs, according this new study by Profundo, commissioned with the support of the Tierra Pura Foundation.

If companies were to pass on these costs in their supply chains, the potential impact on consumer prices would be even smaller, between 0.001% and 0.07%. In comparison, this potential price increase is a fraction of the European Central Bank’s acceptable annual inflation target (which is 2%). These results bring transparency to the debate on the level of costs that compliance with the EUDR and other supply chain sustainability laws would impose on large and small companies

No private enterprise will sacrifice margins for lofty global goals. Behind the communication about the UN’s Sustainable Development Goals (SDGs) in sustainability reports lies a different reality: Only profitable sustainability initiatives will lead to actual change....

Diversity, Equity, and Inclusion (DEI) has been increasingly accepted as integral to shaping corporate governance and culture, with significant influence over the past decade. However, DEI initiatives are encountering growing resistance in the U.S., driven by shifting political, regulatory, and investor sentiment. As some companies scale back their commitments, the DEI landscape is evolving, raising strategic considerations for Canadian organizations.

This paper examines the recent pushback against DEI in the U.S., key regulatory developments, and their implications for Canadian investors and issuers. As organizations reassess their DEI strategies, this report offers insights into how businesses can navigate evolving stakeholder expectations with a focus on strong governance.

Evaluating the ambition and credibility of climate transition plans is a significant concern for market participants, Sustainable Fitch says in a new report. The high volume of questions we received during recent webinars on our expanded Transition Assessment (TA) highlights the growing role that transition plans are playing in helping companies articulate their climate goals to their stakeholders, including providers of transition finance. 

The TA is an entity-level assessment providing an independent opinion on the strength and implementation of an entity’s climate transition plan in hard-to-abate sectors, and the progress the entity has made towards net zero. It initially covered companies in the energy sector (oil and power generation) when it was launched in 2023.

Sustainable Fitch now also provides TAs for companies in the utilities transmission and distribution, mining, steel and cement sectors.

We can also assess emerging market companies against an extended timeframe, e.g. those with a 2060 or 2070 net-zero target.

Webinar attendees were keen to understand our TA methodology in more detail, including its rationale, definitions, scoring model and key features, as well the practical issues concerning the assessment process and data availability. We have consolidated these questions and provided responses in a post-webinar FAQs report.

The TA grading ranges from Minimal Transition (entities with very limited targets and minimal transition plans) to Transition Leaders. The latter are companies that are well advanced on their net-zero journey, featuring robust plans, significant progress in emissions reductions and a large share of their revenues coming from green products and activities.

The assessments we have conducted indicate that many companies often lack adequate Scope 3 emissions targets and the share of revenue from transition-related business activities remains low. That said, there are several examples of outperformers in such sectors as power generation, cement and steel that achieved grades of Substantial Transition or higher.

‘FAQs: Transition Assessments from Sustainable Fitch’ is available at sustainablefitch.com or by clicking on the link below. 

bp’s capital markets update presentation took place on Wednesday 26 February. The presentation was hosted by chief executive officer, Murray Auchincloss; chief financial officer, Kate Thomson; and members of the leadership team.

Presentations on:

• Oil & gas: Growing upstream
• Customers and products: Focusing downstream
• Low carbon energy: High-grading and decapitalising
• Supply, trading & shipping, and biogas: Delivering resilient cash flow and returns

Our eighth Forever Chocolate progress report covering fiscal year 2023/24, highlights our achievements from the past year and delves deeper into our evolving strategy. It underlines our commitment to intensify our efforts by collaborating with customers, industry partners, and wider society, to drive real change on the ground. Simultaneously, we remain steadfast in our advocacy of policies to make sustainable chocolate the norm.

Available On Demand
40 minutes
Webinar: March 4, 10:00 AM EST
From OPEC to Cleantech: Key Drivers of Emerging Markets Commodities 

Unique forces are set to shape the commodity markets again this year. OPEC’s grip supports oil prices; rising tariff risks threaten the cleantech momentum for copper; supply challenges boost aluminium; and gold shines brighter amid economic and geopolitical uncertainty.

Hear the William Blair emerging market debt experts’ fundamental perspectives and how these dynamic regions influence the global commodities landscape.

Please note: All registrants will receive a copy of the webinar playback.

Senior Learning & Development Partner - People & Culture Team - Principles for Responsible Investment - Applied

Senior Internal Communications & Engagement Business Partner - Principles for Responsible Investment - Applied

Specialist, CRM Administrator - Solutions & Technology - Principles for Responsible Investment - Applied

Growth Marketing Manager - Principles for Responsible Investment - Applied

JobPost: PRI - Senior Specialist, Sovereign Engagement (Canada) 2 Year Fixed Term Contract
 

Employment Type Contract Please note, where PRI has an office there is an expectation to work a minimum of 2 days per week 
 
Location  Hybrid · Canada    Toronto, Ottawa or Montreal
 
Seniority Senior
Closing: 8:00pm, 6th Apr 2025 CDT

JobPost: Business Analyst, Technology & Infrastructure - PRI (London | Closing: 8:00pm, 2nd Mar 2025 GMT)

JobPosts: 3 @ PRI (1 x Brazil, 2 x London)

Associate, Signatory Operations (Bilingual) - Brazil - Principles for Responsible Investment - Applied

Senior Press Officer, Communications - Principles for Responsible Investment - Applied

People Administrator, People & Culture Team - Principles for Responsible Investment - Applied

People Partner (Projects & Initiatives) - People & Culture Team - Principles for Responsible Investment - Applied

UKSIF – Membership Manager

UKSIF – Media Relations Manager

UKSIF – Committee Members

Senior Analyst, Policy (18 Month Fixed Term Contract) - Principles for Responsible Investment - Applied

Specialist, Sustainability Initiatives (18 Month Fixed Term Contract) - Principles for Responsible Investment - Applied

Senior Policy Analyst, Japan - Principles for Responsible Investment - Applied

Associate, Responsible Investment Engagement & Innovation (12 Month Fixed Term Contract) - Principles for Responsible Investment - Applied

JobPost: TrustPilot - Group ESG Strategy & Reporting Manager (London | close unknown)

JobPost: Zurich Insurance - Climate Change & Sustainability Risk Consultant (remote | close 19 Feb)

Stewardship Intern (4 Month Contract) - Principles for Responsible Investment - Applied

Policy Specialist LATAM (Mexico) - Principles for Responsible Investment - Applied

JobPost: Chanel - ESG Due Diligence & Governance Manager (Paris | Close Unknown)

JobPost: Lloyds Banking Group - Head of Reporting & Controls - ESG (London | Close 7 Feb)

JobPost: Blackstone Credit & Insurance (“BXCI”) – Sustainability Analytics and Reporting, Vice President (NYC)

JobPost: GE Aerospace - Sustainability & ESG Ratings Lead (Various locations)

Environmental, Social, and Governance (ESG) & Climate Strategist
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Environmental, Social, and Governance (ESG) Manager

Apply via LinkedIn