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It's annual shareholder meeting season, with support for ESG concerns put to the test at a time when many meetings are being held remotely because of the coronavirus. This week we look at how shareholders voted on ESG-related proposals at two major U.S. banks, Citigroup Inc. and Bank of America Corp.
We also dive into the European Investment Bank's plan to support €1 trillion in sustainable investments over the next decade, marking a potential step change for renewable energy financing that could spur new markets and technologies — from floating wind farms in the Mediterranean to hydrogen pipelines crisscrossing the continent.
And our Chart of the Week shows the breakdown of the most active players buying up ESG ratings and research providers in recent years. Experts say the ESG data race is heating up as the COVID-19 pandemic brings sustainability into sharper focus.
Chart of the Week
Consolidation among ESG data providers continues amid COVID-19 pandemic
As sustainable investing has become increasingly mainstream in recent years, rating agencies and index providers have been some of the most acquisitive players buying up smaller firms that provide ESG ratings and research — a trend that experts say is likely to continue.
Inside the European Investment Bank's planned €1 trillion green spending spree
The EU's main lending arm plans to align all its financing with the goals of the Paris Agreement on climate change. The share of its loans dedicated to climate action and environmental sustainability is supposed to increase from 25% to 50% by 2025 and unlock €1 trillion in sustainable financing by 2030.
Morgan Stanley to stop directly funding Arctic drilling, new thermal coal
The U.S. bank presented its updated energy policy and said it would no longer directly finance oil and gas exploration in the Arctic, new coal-fired power plants, or thermal coal mines, joining a growing list of major lenders.
Green Deal lays out COVID-19 recovery, leaders vow at European climate summit
BP CEO doubles down on clean energy drive amid oil price crash
Demand for low-methane 'green' natural gas to fuel premium-price market
Spotify rolls out artist fundraising feature
Stryker's board approves salary cuts of executives due to COVID-19 pandemic
Verizon pledges $2.5M to global COVID-19 relief efforts
Bank of America shareholders vote down shareholder proposals
Citigroup shareholders vote down shareholder proposals
Dubai bourse launches ESG index
Net Zero Zone Digital Conference
Aligning financial markets with sustainability goals
Water & Long-Term Value
San Francisco, CA
ESG & Sustainability Forum
Sustainable Returns: ESG Investing
New York, NY
Disruptive Sustainability Technologies
Palo Alto, CA
ESG and Sustainable Investments Forum
Amsterdam, The Netherlands
Questions or suggestions? Contact S&P Global Market Intelligence’s ESG News team at ESGNews@spglobal.com.