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Reuters: New York’s state pension fund is restricting investment in six Canadian oil sands companies because they have not shown they are prepared for a transition to a low-carbon future, the fund’s Comptroller Thomas DiNapoli said on Monday. The New York State Common Retirement Fund will divest more than $7 million in securities already held […]
Tom Sanzillo
ExxonMobil’s annual report, released last week, paints a picture of a company that has veered badly off course
As expected, COVID wrought havoc with earnings, leaving ExxonMobil with an enterprise-wide return on capital employed of minus 9.5%. But the real story wasn’t in the income statement; it was the estimate of oil reserves. At the end of 2019, ExxonMobil claimed 22.4 billion barrels of oil reserves worldwide. Now, it claims just 15.2 billion […]
Guest Commentary: Gerard Kreeft
Shows how to pivot from an oil company to an energy company
Last summer, French oil and gas giant Total SE announced a $7 billion impairment charge for two Canadian oil sands projects. This might have seemed like an innocuous move, merely an acknowledgement that the projects hadn’t worked out as planned. Yet it opened a Pandora’s box that could change the way the industry thinks about […]
IEEFA
Reuters: The French central bank said on Monday it would exit from coal and limit exposure to gas and oil in its investment portfolio by 2024 as part of a shift towards more environmentally friendly assets. Many central banks have committed to green up their investment portfolios as part of a push to encourage the […]
IEEFA
Reuters: Lloyd’s of London is scaling back its exposure to coal and oil sands, the commercial insurance market said in its first sustainability report on Wednesday, in a reversal of its traditional hands-off approach to climate change strategy. Lloyd’s acts as regulator for around 100 syndicate members, and leaves decisions on underwriting and investment strategy […]
Tim Buckley
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced a comprehensive coal exit policy with a commitment to phase out both project and general corporate financing of thermal coal mining and coal-fired power generation across its portfolio by 2040. This is a first in several ways. CIMB is the first Malaysian bank to act on a formal […]
Tim Buckley
The writing is on the wall for coal, and now globally significant financial institutions are starting to shun high risk oil and gas projects
What started as a trickle is turning into a rush for the exit as countries, financial institutions and companies commit to quitting coal – and increasingly oil and gas as well. 2020 to-date has seen 56 global banks, insurers, pension funds and asset managers announce new or expanded coal exit policies – 143 globally significant […]
Press Release, Tim Buckley and Saurabh Trivedi
Accelerating divestment from oil and gas shows similar early trends to global financial institution’s exit from coal
20 October 2020 (IEEFA): Fifty globally significant financial institutions have introduced policies restricting oil sands and/or oil and gas drilling in the Arctic including 23 to date this year, highlighting global capital continues to flee fossil fuels, according to a new tracker developed by the Institute for Energy Economics and Financial Analysis (IEEFA). “Momentum is […]
IEEFA
The Canadian Press: Canada’s largest bank is putting new restrictions on lending to some fossil fuel developments. In a policy released Friday, RBC says it won’t lend money to new coal-fired power generators, thermal coal mines or coal mines that require mountaintop removal. The policy will apply to new investments and not the bank’s current […]
IEEFA
Reuters: Dutch asset manager Robeco is excluding investments in thermal coal, oil sands and Arctic drilling from all its mutual funds, it said on Thursday, joining other investors in cutting their exposure to fossil fuels. Companies that derive 25% or more of their revenues from thermal coal or oil sands, or 10% or more from […]
IEEFA: From zero to fifty, global financial corporations get cracking on major oil/gas lending exits
Accelerating divestment from oil and gas shows similar early trends to global financial institution’s exit from coal20 October 2020 (IEEFA): Fifty globally significant financial institutions have introduced policies restricting oil sands and/or oil and gas drilling in the Arctic including 23 to date this year, highlighting global capital continues to flee fossil fuels, according to a new tracker developed by the Institute for Energy Economics and Financial Analysis (IEEFA). “Momentum is […]