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  • ESG revenue pools for global banks ‘to hit US$286bn’

    September 25 2022 | Green finance market | Global

    Environmental, Social, and Governance (ESG) revenue pools for the next decade could amount up to €295 billion (US$286 billion) for the global banking industry, according to proprietary research that ranks how the top 25 European and North American banks are capitalising on sustainability as a business opportunity, published by Alvarez & Marsal. Revenue pool breakdown by region shows Europe and North America will represent 46% of the total revenue pool, driven by more ambitious pledges by 2030 than Asia. The ESG revenue opportunity represents an incremental 10% of current revenues for banks in Europe and North America.

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  • Norway's massive sovereign-wealth fund sets net-zero goals

    September 23 2022 | Norway | Europe & Central Asia

    Norway's sovereign-wealth fund announced this week that it aims to have every company in its vast portfolio reach net-zero greenhouse gas emissions by 2050. The fund, the Norges Bank Investment Management, is one of the world's largest sovereign-wealth funds, boasting over $1.2 trillion in assets. It holds a stake in more than 9,000 companies in 70 countries. The announcement is part of a larger climate action plan that aims to get those companies in which the fund invests to operate in accordance with the Paris Agreement, a global commitment to combat the climate crisis.

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  • CDP expands global environmental disclosure system to help tackle plastic pollution crisis

    September 22 2022 | Green finance market | Global

    CDP announced the expansion of its global environmental disclosure system to help solve the plastic pollution problem, with expertise and support from The Pew Charitable Trusts, Minderoo Foundation, and the Ellen MacArthur Foundation. This expansion will include the addition of questions and metrics on plastics into CDP’s annual disclosure questionnaires, beginning with a pilot in 2023. Given the wealth of existing best practice and leadership on the topic, CDP’s approach will be collaborative and informed by existing frameworks, including the Ellen MacArthur Foundation and UNEP’s New Plastics Economy Global Commitment framework, which has been running since 2018.

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  • HSBC Asset Management to phase out thermal coal investments

    September 22 2022 | Green finance market | Global

    HSBC Asset Management (HSBC AM) will phase out coal-fired power and thermal coal mining from its listed holdings and actively work with company boards to support the transition away from thermal coal in the European Union (EU) and Organization for Economic Cooperation and Development (OECD) markets by 2030, and globally by 2040. Those companies that do not show credible plans to transition away from thermal coal within the timeframe will lose the support of HSBC AM or, ultimately, will be divested. The policy is in line with the Net Zero Asset Managers initiative of which the asset manager is a signatory.

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  • IFC Supports Redefine Properties’ Maiden Green Bond to Finance Green Buildings in South Africa

    September 20 2022 | IFC news | South Africa | Africa

    IFC and Redefine Properties Ltd. announced the issuance of a green bond, with IFC as anchor investor. Redefine will use the bond's proceeds to improve the environmental sustainability of eligible buildings in its portfolio. IFC will invest up to 750 million South African rand (about $44.1 million) in the bond to help Redefine reduce energy and water consumption and make other positive environmental improvements in its commercial property portfolio, including office, retail, and industrial space. The green bond, Redefine's first, was oversubscribed and raised R1.5 billion South African rand at an auction on September 16th.

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  • PRESS RELEASE | The Alliance for Green Commercial Banks Announces the Onboarding of Cornerstone Members, Global and Knowledge Partners, and the Launch of its First Thought Leadership Paper and Website

    June 07 2022 | Press release | East Asia & Pacific

    Bank of China (Hong Kong), Citi, Crédit Agricole CIB, HSBC, and Standard Chartered, have become cornerstone members of the Alliance for Green Commercial Banks (the Alliance). The Alliance brings together financial and research institutions and innovative technology providers to develop a green community in emerging markets to accelerate sustainable economic development. The Alliance also launched its first thought leadership paper, entitled “Climate Risk: Definitions, Measurement, Current Practices and Regulatory Oversight.

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  • The Alliance for Green Commercial Banks Hosts the “Green and Sustainable Capital Market Evolution Roundtable Session”

    May 03 2022 | East Asia & Pacific

    The Alliance for Green Commercial Banks co-hosted the “Green and Sustainable Capital Market Evolution Roundtable Session” with Standard Chartered on May 3, 2022 to discuss the rapid growth of the sustainable finance market, the huge funding gap to achieve net zero, and the associated opportunities for global capital markets.

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  • Philippines' BDO Unibank First Blue Bond Gets US$100 Million Investment From IFC

    April 29 2022 | East Asia & Pacific

    Solid waste management and marine plastics are key issues for the Philippines, threatening several elements of the blue economy as well as urban public health. The Philippines' largest bank becomes the first local lender to issue a Blue Bond to tackle ocean litter and preserve clean water in a country considered the world's third biggest marine polluter.

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  • A Green Debut in Côte d’Ivoire

    February 21 2022 | Cote d'Ivoire | Middle East & North Africa

    The Cosmos Yopougon shopping center in Abidjan, Côte d’Ivoire, became francophone West Africa’s first company to issue a corporate “green bond,” a financial instrument with positive impacts on climate and the environment, with an asset from the World Bank Group's Joint Capital Markets Programs.

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  • For Africa’s Manufacturers, Going Green May Offer Profits

    January 19 2022 | Middle East & North Africa

    The days of smokestack economies are slowly winding down.

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