In the news: ‘Woodside offsets are not a decarbonisation strategy’
More global Say on Climate news as seen in NBR, The New York Times and more.
From Woodside’s newly launched climate transition action plan to the changes investors are seeing in shareholder democracy, here is the latest news on Say on Climate:
NBR, 27th February 2024
Australian oil and gas giant, ASX-listed Woodside, faces dives in its profits as markets drop from the heights reached in 2022. Burdened by price spiking after Russia’s invasion of Ukraine, Woodside is turning to its new climate transition action plan proposals in a bid to stay relevant and profitable in light of a decarbonising future.
MORE: Read ACCR’s take on the new plan, which they say is simply more of the same — ’New tone, same climate plan: spotlight must be on Woodside chair’
The New York Times, February 23rd 2024
BlackRock has announced that it is expanding an experimental program to give investors greater policy decisions in its corporate issues — like focusing on climate change. State Street and Vanguard have similar ideas in the works, which could lead to big changes when it comes to shareholder democracy, reports The New York Times. In a bid to share the responsibility of choices with shareholders, these proxy voting choices could ‘shift the alignment of power in the corporate universe’ writes finance writer, Jeff Sommer.
Carbon Brief, 16th February 2024
Recent research published in Nature Climate Change shows that global public support for climate transition action plans is ‘near-universal’, reports Carbon Brief. A sample of 130,000 people across 125 countries showed 86% of people “support pro-climate social norms” and 89% would like their governments to do more to tackle global warming.
The Globe and Mail, 23rd February 2024
In this article, Canadian news site, The Globe and Mail, introduces the Morningstar Sustainalytics Low-Carbon Transition Rating, a guide to understanding how Canadian companies are managing the shift to a net-zero future. Utilising the Taskforce on Climate-related Financial Disclosures (TCFD) standards they summarise the best practices of companies from banking giants Scotiabank to oil and gas companies like Suncor, detailing each organisation’s best practices and shortcomings when it comes to their climate transition action plans (or lack thereof).
IFA Magazine, February 21st 2024
IFA reports on the Climate Action Report, which assesses and ranks the climate action transition plans of the UK’s 20 largest workplace providers. Collectively managing more than £500 billion in assets and with over 15 million active members, the report uncovered that 13 pension providers assessed have inadequate plans. This includes well-established providers such as Royal London, Prudential and Standard Life. Mercer, Hargreaves Lansdown, The People’s Pension and SEI ranked as the worst providers. Managing the pensions of over 2 million people in the UK, they scored 1 out of 10 for climate action.
More recent news for those interested in Say on Climate
- The Financial Times — Exxon accused on ‘bullying’ tactics in legal pursuit of climate activist investors
- Mirage — Woodside’s profits, our loss
- Chief Investment Officer — Norges bank reports early signs of success in first year on climate transition plan
- FS Sustainability — Global managers drop out, scale back on Climate Action 100+
- IIGCC — Net Zero Investment Framework for Private Equity in action: Investindustrial
- IPE — UK pensions committee calls for pension fiduciary duty clarity
- Environmental Finance — Investors urge Exxon to drop ‘silencing’ climate action lawsuit
- Mondaq — ESG: From Voluntary To Mandatory Climate Transition Plans In Switzerland And The EU
- Fortune — How the climate battle moved from board rooms to court rooms and back rooms
- NPR — Why ExxonMobil is taking climate activists to court
- Reuters — US regulator drops some emissions disclosure requirements from draft climate rules
- ESG Clarity — Investors told to vote down fossil fuel directors