Hello! It's day four at the World Economic Forum (WEF) in Davos and things are heating up in the chilly Swiss mountain resort. The United Nations Secretary-General urged business leaders to make "credible" net-zero pledges, while climate activist Greta Thunberg called out energy firms for "throwing people under the bus". And check out today's ESG Spotlight to find out more about the 'world's most sustainable company' this year. U.N. Secretary-General Antonio Guterres called on business leaders gathered at WEF to follow the principles outlined by an expert group to make "credible", accountable net-zero pledges. The United Nations and standard setter the International Organization for Standardization launched the guidelines in November to become a reference text and help organizations come up with solid plans, avoiding slogans, hype and obfuscation. "It leaves the door wide open to greenwashing," Guterres said, referring to unsubstantiated claims by some firms that their products are ecologically friendly. |
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Greta Thunberg, Vanessa Nakate, Helena Gualinga and Luisa Neubauer take part in a discussion with IEA head Fatih Birol on the sidelines of WEF in Davos, Switzerland January 19, 2023. REUTERS/Arnd Wiegmann |
Meanwhile, climate campaigner Greta Thunberg said that the global energy industry would go as far as it could without public pressure, adding that the sector would continue to invest in fossil fuels and "throw people under the bus for their gain" during a round-table discussion with International Energy Agency (IEA) head Fatih Birol and other activists in Davos. Thunberg was released by police on Tuesday after being detained alongside other climate activists during protests in Germany. The activist also said they had presented a "cease and desist" letter to chief executives calling on them to stop opening new oil, gas and coal extraction sites. The environmental activists not only called out energy companies, but the financial institutions that were financing investments in fossil fuels. While some industry leaders and activists are pushing firms to become more climate-friendly, others are dealing with pushback against environmental, social and government (ESG) policies. Larry Fink, CEO of BlackRock, the world's biggest asset manager, spoke about the recent anti-ESG trend in the United States. "It's hard, because it's not business... they're doing it in a personal way. For the first time in my professional career, attacks are now personal. They're trying to demonize issues." But BlackRock is not the only firm facing anti-ESG scrutiny this week. Republican attorney generals from 21 U.S. states wrote to proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis, asking whether the companies' voting recommendations on such issues as climate and boardroom diversity violated duties to clients. Fink pointed to the global shift towards cutting climate-damaging carbon emissions, particularly in Europe, as a key driver of new business, despite business taking a polarized turn in the States. |
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Former U.S. President Donald Trump listens as Texas Attorney General Ken Paxton speaks during a rally in Robstown, Texas, U.S., October 22, 2022. REUTERS/Go Nakamura |
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- Citigroup has discriminated against the firearms sector, the office of Texas Attorney General Ken Paxton said, making a decision that "has the effect" of halting the bank's ability to underwrite most municipal bond offerings in Texas.
- French train drivers, teachers and refinery workers were among those who walked off their jobs in a nationwide day of strikes against government plans to raise the retirement age by two years to 64.
- The Federal Reserve told the six largest U.S. banks to compile data on how their businesses would be impacted by climate change outcomes and the transition to a lower-carbon economy, in what it called a pilot effort to ensure the financial system is prepared for the risks posed by global warming.
- The proportion of women on the executive and supervisory boards of large companies in Germany continued to grow in 2022 but at a slower rate than the previous year, according to a study conducted by the DIW research institute with the Freie Universitaet Berlin.
- Breakingviews: Britishvolt has filed for administration, after struggling to raise funds. The collapse of a key battery manufacturer probably doesn't compromise the UK government's plan for the country to switch to electric vehicles. But it leaves a big question mark hanging over the domestic auto industry's future.
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UN Refugee Ambassador Ger Duany shares his thoughts on the effects of climate change migration in Sub-Saharan Africa: "Climate change is poised to have devastating effects on over 18 million refugees who are currently living in Sub-Saharan Africa. Presently, drought, flood and heatwaves destroy agriculture and wipe out livestock, leading to disruption of locally based ecosystems. "Food supply chains are nowhere more delicate than in the many frontline communities of the developing world, and a rapidly changing climate has already upended many of the systems people have come to depend on, leading to food insecurity and a high risk of malnutrition and famine. "Couple this with economic pressures faced by so many, widespread unemployment and rising prices, and one can begin to see the grim reality faced by refugees and host populations in Sub-Saharan Africa. "To address this critical problem, the private sector must play a vital role in promoting the socio-economic condition of refugees, internally displaced people and host communities. There is a growing recognition that building an inclusive market and business system is crucial for creating resilience and recovery for underprivileged people." |
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Data from hundreds of thousands of smart thermometers installed in households across Europe by Munich-based company Tado, shows that as temperatures dropped, households responded to dire warnings about higher heating costs. |
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| The international shipping terminal of Schnitzer Steel Industries Inc. is seen in Portland, Oregon, October 7, 2005. REUTERS/Richard Clement |
Today's ESG Spotlight showcases a U.S. scrap steel recycler which has blown wind turbine maker Vestas Wind off the top spot of the world's most sustainable company. Meanwhile, an investment exec suggests flipping offices to homes to tackle the housing crisis. |
Research firm Corporate Knights says the answer to the world's most sustainable company this year is Schnitzer Steel Industries, a Portland, Oregon-based scrap steel recycler, which bagged the top spot with a 74% increase in energy productivity. Schnitzer Steel reported improvements in energy, carbon, water and waste productivity in 2021 to lead the 2023 Global 100, a list of companies which Corporate Knights deems "to do the most good for people and planet". Corporate Knights' Global 100 is used by the likes of Goldman Sachs to construct private wealth portfolios and will serve as the benchmark for a new index fund and exchange-traded fund from Canada's Mackenzie Investments this year. |
Desks sit empty inside the Grand Army of the Republic Building as employees continue to work remotely in Detroit, Michigan, U.S., June 8, 2021. REUTERS/Emily Elconin |
Empty offices globally should be converted to apartments to address a growing housing crisis in many countries, property executives told the World Economic Forum in Davos. Commercial real estate values are sliding as an economic downturn reduces demand for space among cost-conscious companies, whose employees have been spending fewer days in the office since the COVID-19 pandemic. "Office buildings need to be converted to residential," said Howard Lutnick, chairman and CEO of New York-based investment firm Cantor Fitzgerald, during a panel discussion. "They will become eyesores and they need to be fixed." |
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"Africa requires $3 trillion to implement its aspect of the Paris Agreement, yet less than US$20 billion was provided in total to the continent between 2016 and 2019. Voluntary carbon markets can play a crucial role in filling this finance gap, but its potential is far from being realized." Joseph Nganga, executive director for Africa of the Global Energy Alliance for People and Planet |
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- Jan. 20-29, Berlin, Germany: Agriculture fair 'International Green Week'.
- Jan. 20, Washington D.C., United States: Thousands of anti-abortion demonstrators will march on Washington D.C. for the first time since the U.S. Supreme Court overturned Roe v. Wade on Jan. 20.
- Jan. 21, Berlin, Germany: Some 100 environmental and charity organizations and their supporters plan to protest for an agriculture "turnaround" to save the climate, biodiversity and to protect people's health during a demo entitled "wir haben es satt" (we are fed up).
- Jan. 23, Port of Spain, Trinidad and Tobago: The Trinidad and Tobago Energy Conference will gather government officials and company executives to check investment opportunities in the Caribbean nation.
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