Weekly ESG News: Financial Services and Insurance Industry
Weekly ESG News by Sustainable Finance Daily provide you with all relevant sustainable finance information of the last week. We cover the Insurance- and Financial Services Industry. No sign-up or mail address required.
Products and Service
Apollo launches clean transition capital strategy
Apollo Global Management Inc. announced the launch of “Apollo Clean Transition Capital”. The investment strategy seeks to provide capital for financing the transition towards clean energy and a sustainable industry. Strategic partners and affiliates have already provided $4bn in deployable capital. Apollo targets to provide sustainable financing of $50bn by 2027 and sees possibilities to reach even $100bn by 2030. Read more here.
ESG fund downgrades seem to reverse
Especially in Q4 2022 and Q1 2023, fund managers downgraded their solutions from SFDR Art. 9 to SFDR Art. 8 in light of regulatory uncertainty. In the meantime, the EU regulators have provided more guidance within their recently published Q&A document. Funds which target sustainable investments or pursue a carbon reduction strategy now benefit from the increased clarity. As a consequence, fund manufacturers are considering to upgrade some of their funds again to SFDR Art. 9. Read more here.
Regulations, Government and Law
European Parliament adopts changes to emissions trading system
The European Parliament adopted a deal to introduce a so-called carbon border adjustment mechanism to its emissions trading system. Overall, the trading system covers 40% of the EU´s greenhouse gas emissions. It plays a vital role in reaching the emission reductions levels set for 2030 and 2050.
Sustainable Finance Leadership Announcements
Algebris Investments appoints Antonio Volpin
Antonio Volpin has been appointed as senior investment director to support driving Algebris’ sustainable equity strategy. Previously, he has been working at McKinsey & Company for almost 30 years. He was focusing on the electric power and natural gas practice at the consulting firm.
Redwheel appoints Amanda O’Toole to manage two new ESG funds
Amanda O’Toole will take over the management of the Redwheel Clean Economy fund and the Redwheel Biodiversity strategy. She joins the company from AXA Investment Managers where she has been responsible for managing clean economy and biodiversity strategies in recent years.
Net Zero
Standard Chartered changes emissions measurement for oil and gas loans
Standard Chartered introduced a few key changes to its calculation methodology for carbon emissions in the oil and gas industry. As a consequence, this leads to the target to cut emissions 29% by 2030 in absolute terms. Previously, the bank used a revenue-based target. According to statements of Standard Chartered, the methodology is in line with IEA´s Net-Zero Emissions scenarios.