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As the world rushes to combat the spread of the coronavirus, action against climate change has been pushed to the back burner.

But environmental experts say the massive economic stimulus required to respond to the pandemic also offers a once-in-a-lifetime opportunity to hasten the shift to a greener economy. This week, we dig into the economic impacts of moving toward green measures, and how the coronavirus could cause banks to accelerate their move away from fossil fuels as the price of oil plunges. Our Chart of the Week helps visualize the extent of European bank exposure to the oil and gas sector.

READ MORE: Sign up for our weekly coronavirus newsletter here, and read our latest coverage on the crisis here.

Chart of the Week

Top Stories

As climate focus wavers, advocates eye COVID-19 stimulus to boost green growth

Companies around the globe have shifted into crisis mode and governments worldwide are preparing to spend massive amounts of money to prop up the economy. Experts say this could represent a unique opportunity to increase renewable infrastructure and decarbonizing measures.

Oil price drop a 'real, live' climate stress test for banks

The fall in oil prices driven by a price war and the coronavirus shutdowns could be the trigger for the banking sector to more rapidly phase out fossil fuel financing, sustainable finance experts say.

Consumer brands' global worker army faces financial shock from lost orders

Millions of workers in countries including Bangladesh, India and Cambodia are facing financial peril as western consumer goods companies cancel orders and local factories are forced to close.

Environmental

Indian, Brazilian cities lagging on green finance due to weak policy support

Coal methane emissions may rise even if global production declines

Feds increasing collateral required for coal companies to self-insure black lung

Social

Realogy Holdings to cut CEO, executive salaries to stem coronavirus impact

BBC donates £700,000 to support UK TV, film workers

Miners warn social license at risk as new interstate restrictions expected

Governance

Investors managing $4.7 trillion detail corporate responsibilities amid COVID-19

Clear ESG disclosures key to tackling oil, gas investor concerns, advocates say

BP, activist investor group to jointly craft shareholder climate resolution

Barclays sets out new climate policy amid shareholder pressure

ESG Indices

Upcoming Events

Water & Long-Term Value
Skytop Strategies
June 2
San Francisco, CA

US SIF 2020 Annual Conference
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June 8-10
Arlington, VA

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Oct. 12
Berlin, Germany

Sustainable Returns: ESG Investing
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New York, NY

ESG and Sustainable Investments Forum
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Dec. 9
Amsterdam, The Netherlands

Disruptive Sustainability Technologies
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December 2020
Palo Alto, CA

Questions or suggestions? Contact S&P Global Market Intelligence's ESG News team at ESGNews@spglobal.com.