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 ESG Insider podcast on SoundCloud, Spotify and Apple Podcasts.
The Biden administration's goal of decarbonizing the power sector by 2035 has sparked fervent discussions on how the U.S. will ultimately achieve its net-zero targets without compromising energy reliability and affordability following recent power outages and as gas-fired generation remains an important part of the country's electricity supply.
Our Chart of the Week shows planned additions for natural gas-fired electric generating capacity in the U.S.
Utility company Xcel Energy Inc. urged more funding for clean energy research and development and policies that "promote the cost-effective transformation of the electric system."
At the CERAWeek conference by IHS Markit, White House National Climate Adviser Gina McCarthy told a virtual audience that while the government will use its regulatory authority to cut greenhouse gas emissions, it is ready to invest in decarbonizing the energy sector, including through research and deployment of new technologies and federal clean energy procurement.
"We're not in a zero-sum game here," McCarthy said.
In this week's newsletter, we also look at the importance of firm emissions goals and regulations in shaping capital flow for clean energy transition and investments.
"If you have a credible path — if investors know what the path of policy is going to be — then you pull forward the adjustment," said Mark Carney, the finance adviser to the U.K.'s prime minister for the upcoming United Nations climate change conference.
IHS Markit is subject to a merger with S&P Global pending regulatory and other customary approvals.
Podcast
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Banks' big green EU taxonomy challenge —Listen on SoundCloud, Spotify and Apple Podcasts.
Investors and banks have less than a year to comply with the European Union’s new taxonomy for sustainable activities. The latest ESG Insider podcast explores the challenges financial institutions face in applying the taxonomy to their portfolios, featuring interviews with the European Banking Federation and the head of sustainable markets at Dutch bank ING Group.
Chart of the week
Top stories
US utilities show enthusiasm, skepticism for 2035 clean power goal
Most large U.S. utilities are already working to cut carbon emissions, and some with lower-emitting portfolios have welcomed Biden's decarbonization proposal. But generators have broadly urged caution amid resilience concerns following recent power outages in Texas and as a wave of new natural gas-fired plants is planned to come online.
India banks need to account for climate risk with $84B at stake, CDP says
Global sustainability disclosure platform CDP says Indian banks and policymakers need to plan for the country's move away from its reliance on carbon and the recovery from the COVID-19 pandemic offers an opportunity for a reset. CDP found that nearly $84.4 billion of debt at India's leading financial institutions was at risk from extreme weather events such as droughts, floods and cyclones.
Firm emissions rules will kick-start deals for sustainable energy – bankers
Mark Carney, a U.N. special envoy for climate action and finance, said that with regulatory and legal goalposts in place, commercial opportunities involving emissions reductions will grow, including new financial products that allow the trade of carbon offsets. Mark Carney, the finance adviser to the U.K.'s prime minister for the upcoming United Nations climate change conference and a U.N. special envoy for climate action and finance, said that with regulatory and legal goalposts in place, commercial opportunities involving emissions reductions will grow, including new financial products that allow the trade of carbon offsets.
National Climate Adviser Gina McCarthy |
Environmental
'We're not in a zero-sum game here,' Biden climate adviser says
Energy secretary: US should not bring 'a knife to a gun fight' on climate
Advanced nuclear needed to help US meet Biden's clean energy goals – panelists
Social
US copper mines get riskier as Biden stalls Resolution land swap
Australian miners urged to put slavery victims before reputation in new standard
FDIC releases strategic plan to reinforce diversity, equity, inclusion
Governance
Public banking initiatives picking up steam across several states
Mining companies face reporting challenges as ESG pressure mounts
Wall Street's top cop establishes climate, ESG enforcement task force
ESG indices
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