The ESG Insider newsletter compiles news and insights on environmental, social and governance developments driving change in business and investment decisions. Subscribe to our ESG Insider newsletter, and listen to the latest ESG Insider podcast on SoundCloud, Spotify and iTunes.

Banks are coming under increasing investor pressure to act on climate change and transform their lending practices to the fossil fuel industry. Earlier this year, Barclays became the first European bank targeted by a climate-related shareholder resolution. The U.K.-headquartered lender recently announced plans to be a "net zero bank" by 2050, meaning its own carbon emissions and financing projects will be at zero by that time.

Elsa Palanza, the bank’s global head of sustainability and citizenship, told ESG Insider that finding ways to help clients transition is key for a low-carbon future.

"If we were to be able to pivot overnight into a completely green future, that would be incredible, but it's just not the reality of how the economy works," she said.

In this week's newsletter, we also look at the ESG implications of a proposed U.S. Labor Department rule that says sustainable investments still need to put financial performance first to have a place in corporate retirement plans. We hear from sustainability experts on both side of the debate in the latest ESG Insider podcast.

ESG Insider: A Podcast by S&P Global · The ESG implications of a proposed US Labor Department rule

And we probe into why institutional investors' ownership of renewable power producers in North America tumbled during the second quarter despite a surge in clean-energy stocks — our Chart of the Week shows the top institutional buyers and sellers of select renewable energy companies.

Chart of the Week

Top stories

As clean-energy stocks surged, institutional ownership slipped with one big exit

Institutional investors' ownership of renewable power producers in North America tumbled during the second quarter, dragged down by FIL Ltd.'s exit from clean-energy giant Brookfield Renewable Partners LP.

Elsa Palanza, Barclays’ global head of sustainability and citizenship Source: Barclays

Barclays: Overnight change to green finance 'just not reality'

Elsa Palanza, Barclays' global head of sustainability and citizenship, told S&P Global Market Intelligence that banks must play a critical role in helping clients exit fossil fuels and transition to renewable energies.

"Obviously all our systems [are] built upon technology that was dependent on fossil fuels, so every point along that value chain is going to have to be adjusted and changed to account for green and low-carbon technologies," Palanza said. "This idea of transition is not just a nice conceptual thing. It is going to require some real creativity and a real focus when it comes to the financing of this activity."

Podcast: The ESG implications of a proposed US Labor Department rule

Sustainability experts discuss the pros and cons of a new proposed U.S. Labor Department rule in the latest ESG Insider podcast. Some argue it could hamper the growth of increasingly popular ESG options in pension funds, while others say it will put needed guardrails in place.

READ MORE: Sign up for our weekly ESG newsletter here, read our latest coverage of environmental, social and governance issues here and listen to our ESG podcast on SoundCloud, Spotify and Apple podcasts.

Environmental

ESG data gap 'critical issue' for climate risk management, BBVA exec says

BNP Paribas may lose up to 50% of power clients due to coal policy

Lower carbon intensity but higher volume: Emissions dog Canada's oil sands

Social

NBA playoffs expected to resume after players demand social changes

State Street Global Advisors pushes portfolio companies for race disclosures

'Female-managed' mutual funds outperforming in 2020 – Goldman Sachs report

Governance

Carbon-neutral goal will be pillar of Spire's transformation, executive says

Group issues report blasting Duke Energy for nearly $12B in 'failed' projects

Ohio bribery scandal increases scrutiny of how utilities use 'dark money' groups

ESG Indices 

Upcoming Events 

Climate Bonds Conference 2020
Climate Bonds Initiative Annual Conference
Sept. 8-10
Online

ESG Regulation, Data and Reporting in Financial Services
Informa
Sept. 10
Online

Driving Sustainability Solutions: A conversation with women leading the climate response
Center for Climate and Energy Solutions
Sept. 24
Online

Forum on Green Finance and Investment
OECD Centre on Green Finance and Investment
Oct. 6-9
Online

ESG & Sustainability Forum 
Infrastructure Investor 
Oct. 12 
Berlin, Germany 

ESG Investment North America
Reuters
Oct. 13-14
Online

Sustainable Returns: ESG Investing 
Institutional Investor 
Nov. 19-20 
Online

New York 2020: Sustainable Business and Finance
Responsible Investor
Dec. 2-3
New York, NY

ESG and Sustainable Investments Forum 
Institutional Investor 
Date TDB
Amsterdam, The Netherlands 

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