Credibility in Question

    According to the latest report from the Transition Pathways Initiative (TPI), every single major fossil fuel energy company remains off the path necessary to meet their 2°C emissions targets. Despite recent headline-grabbing climate announcements, the report suggests the industry is still falling short of what the world needs to manage climate change.

    In a new report from Majority Action, a non-profit, non-partisan organisation focusing on holding corporations accountable for their investments, BlackRock and Vanguard came under criticism for their lack of shareholder action on climate change in 2020.

    According to the report, “BlackRock and Vanguard […] continued to undermine global investor efforts to promote responsible corporate climate action—despite their public commitments to hold corporate directors accountable in the 2020 proxy season”.

    Meanwhile, in Norway, Nicolai Tangen, the new CEO of Norges Bank Investment Management (NBIM) who took office at the beginning of the month expressed disappointment at the fact that women only represent 33% of the fund’s new leader group and 21% of the fund’s leadership positions.

    At the start of October, and following twelve years at Storebrand, Matthew Smith started a new position as Director of Sustainable Finance at KPMG. We took the opportunity of this move to catch up with Smith and hear his thought on his tenure at Storebrand, what the future holds at KPMG and his insights about the pandemic and the challenges ahead.

    This week, NordSIP spoke with Alessia Falsarone, Head of Sustainable Investing at Pinebridge Investments, to discuss some concerns surrounding the funds raised in the context of the “Next Generation EU” plan agreed by EU leaders, a substantial fraction of which is to be allocated “for technical assistance to ‘smart’ and ‘green’ objectives”.

    Also this week, Tornator Oyj, a forestry company specialized in sustainable forestry activities in Finland, Estonia and Romania, issued €350 million in inaugural six-year green bonds.

    Image by Andrew Martin from Pixabay

    Aline Reichenberg Gustafsson, CFA
    Aline Reichenberg Gustafsson, CFA
    Aline Reichenberg Gustafsson, CFA is Editor-in-Chief for NordSIP and Managing Director for Big Green Tree Media. She has 18 years of experience in the asset management industry in Stockholm, London and Geneva, including as a long/short equity hedge fund portfolio manager, and buy-side analyst, but also as CFO and COO in several asset management firms. Aline holds an MBA from Harvard Business School and a License in Economic Sciences from the University of Geneva.

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