Newsletter

In its Progress Report, the Alliance calls on global policymakers to urgently implement several actions: 

• Scale up reforms of finance and investment policy frameworks

• Implement overarching policies that integrate transition planning across all government entities

• Continue efforts to reform the current multilateral financial architecture

• Enable the just transition toward net zero 

How are retail banks doing in setting sustainability strategies? Omdia, a global technology research and advisory group that tracks more than 11,000 companies, analyzed the scope of the retail banking industry’s sustainability strategies. Highlights of the research report, “Market Landscape State of Sustainability in Retail Banking,” include: 

• The “vast majority” of banks (85%) do not have a well-defined sustainability strategy that includes their supply chain 

• 45% of banks said keeping up with regulatory actions is challenging and is one of their top three priorities

• Because so many businesses are still creating sustainability strategies, a key concern is that lack of a clear definition of “sustainability” is hampering retail banks’ efforts to implement it into their strategic objectives 

While the progress of the Alliance is welcomed, how many of the claims made by members might be assured for accuracy by third parties to overcome natural skepticism by some critics? Citing the RepRisk firm’s tracking and research, Reuters reported that banks are behind a 70% jump in greenwashing incidents in 2023. European banks accounted for most of the greenwashing, and much of the claims were about fossil fuel. RepRisk cited misleading claims (greenwashing) vs. verified claims, with institutions making claims to boost their reputation and bottom line. 

Our Top Stories include the third annual Progress Report of the UN-Convened NZAOA and the Omdia research results on sustainability in retail banking. The G&A team looks forward to keeping you updated on news and trends ahead of the important COP28 summit in November. 

Top Stories

• Net Zero Asset Owner Alliance demonstrates tangible climate action in the latest Progress Report   (United Nations Environment Programme)

• Omdia: Only 15% of banks have a well-defined sustainability strategy (PRNewswire)

• Banks behind 70% jump in greenwashing incidents in 2023 -report  (Reuters)

• Ambition, action, and accountability: Transition Plan Taskforce unveils 'gold standard' climate disclosure framework (Business Green)

• UK's Transition Plan Taskforce launches framework to address climate change (ESG Clarity)

• Investor Coalition Urges ISSB to Prioritize Human Capital and Human Rights (National Law Review)

• Climate change the ‘most common’ reason for portfolio exclusion (Financial Times)

• Trends for the Next Decade of Sustainable Investing (Morgan Stanley)

• BlackRock Launches Climate Transition-Focused Private Debt Fund (ESG Today)

• Google Rolls Out AI-Based Solution to Tackle Road Traffic Emissions (ESG Today)

• Setting a structure for sustainability reporting in your organisation (FinTech Global)

• Market Landscape: Sustainability in Retail Banking (Omdia)

• UN calls for urgent action to enable opportunities, mitigate risks for information and digital technology (UN SDGs)

• New Study: Climate Change is Having a Profound Financial Impact on Workers Earning Low and Moderate Incomes (Business Wire)

• We already have the tools we need to fight the climate crisis — but a 'green transition' will still take time, 5 sustainability leaders say (Business Insider)

• Protecting environment and health: Commission adopts measures to restrict intentionally added microplastics (European Commission)

• Canadian issuers need to increase disclosure to meet ISSB standards (IR Magazine)

• UK and Canada government bond holdings most vulnerable to climate risks, GPIF finds (Responsible Investor)

• Climate change: Hong Kong-listed companies aren’t yet ready for stock exchange’s new environmental risk disclosure rules, Grant Thornton report finds (South China Morning Post – subscription required)

• More than half of consumers say they’ve been misled by brand sustainability claims (The Drum)

• Gov. Newsom signs new law requiring big companies in California to disclose emissions (PBS)

• The true cost of extreme weather (Insider)

• The climate crisis is forcing the American Red Cross to expand its disaster-recovery work (Insider)

• Germany leads race to green Europe’s grid (Sustainable Views)

• Developed nations pledge $9.3 billion to global climate fund at gathering in Germany (AP News)

• EU Lawmakers Push to Weaken Corporate Sustainability Disclosure (Reuters)

These feeds are provided for G&A Institute in partnership with 3BL. 3BL distributes press releases, blogs, videos, podcasts, reports, newsletters and more to the growing audience of stakeholders interested in Corporate Social Responsibility (CSR) and Sustainability. Visit 3BL.com for more.

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