Ben Caldecott
@bencaldecott
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Director, Oxford #SustainableFinance Group and Assoc Professor @UniofOxford @TheSmithSchool ; Director, UK Centre for #GreeningFinance & Investment @UKCGFI
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Joined December 2011
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This would be a major mistake and one that risks undermining investor and business confidence. We need credible policies to drive investment and realise the benefits of the transition to a cleaner, safer, and more productive net zero economy.
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A world first: UK to introduce mandatory sustainability disclosures across the economy that will also incorporate the requirement to disclose net zero transition plans. This will spur demand for climate solutions and sustainable finance.
@COP26
@hmtreasury
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Whatever one thinks of the government’s policy proposals and their record on nature, these tweets are simply not an appropriate contribution to our public discourse from such an important and highly respected organisation. We can strongly disagree and make our case without
2K
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UK becomes “the first major economy in the world to require climate risks to be specifically considered by pension schemes and will ensure trustees are legally required to assess and report on the financial risks of climate change within their portfolio”
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Natural gas is not “green”. A green taxonomy should be science-based and robust. By all means support near term domestic natural gas production to aid the fight against Russia, but don’t debase what green means (like the discredited EU taxonomy has!).
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In case anyone was wondering...avoided emissions (lower emissions compared to a baseline) and carbon offsets shouldn’t be used to meet net zero commitments being made by financial institutions. Such commitments are not credible and represent
#greenwashing
.
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Europeans Bought More Electrified Vehicles Than Diesels In September — For The First Time In History
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If we can scrub from the atmosphere all the carbon emitted by future fossil fuel consumption, plus all the carbon emitted after we almost certainly overshoot a 1.5 degree carbon budget, then yes, the
@COP28_UAE
President and my senior and very distinguished
@UniofOxford
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“Actuaries calculate that governments investing $1 in climate resilience today will save $5 in losses tomorrow. That is a good return on public investment. Rich countries would be foolhardy to forgo it...Many developing countries, by contrast, cannot”
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Excited to join
@theCCCuk
. Every future state has a greater combination of climate-related risk and we need to take action to reduce and manage those risks. Adaptation Committee is a critical part of UK response to this darkening risk landscape.
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It’s time to make net zero targets and transition plans mandatory for financial institutions. The UK should lead the way. This is probably the single most important thing we can do to turbocharge the alignment of finance with climate outcomes.
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Some year to date share price performance for energy companies, courtesy of a leading investor who pointed this out to me (didn’t want to be named). Quite some decline!
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Japan to reduce greenhouse-gas emissions to net zero by 2050
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European Commission proposes green label for natural gas. Bonkers.
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To ensure climate & environmental data is placed at the heart of global finance, a new national research centre has been announced today thanks to £10m
@ukri_news
@govuk
seed funding.
#UKCGFI
will enable lenders, investors & insurers make environmentally sustainable decisions
10
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Excited to announce that the
@IKEAFoundation
has pledged £4.5m to back the
@UniversityofOxford
#SustainableFinance
Group undertake four major projects that combined will help unlock non-linear change to green the global financial system:
@TheSmithSchool
7
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“The UK government has repeatedly failed to come up with a successful home-insulation program” Below chart says it all by
@Jess_Shankleman
@business
8
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Finance day
@COP26
will see
@RishiSunak
set out plans for the world’s largest international financial centre
@cityoflondon
to become the world’s first net zero-aligned financial centre, underpinned by world-leading regulation and economy-wide net zero transition plans.
4
39
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New Transition Plan Taskforce launched today by
@hmtreasury
to develop gold standard for climate transition plans. UK financial institutions and listed companies will be required to produce transition plans that detail how they will adapt and decarbonise.
4
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113
Sustainable finance took another step towards the mainstream this week, with the announcement that
@UniofOxford
has created the first endowed professorship dedicated to the emerging investment sector in partnership with Swiss investment firm
@lombardodier
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15
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Big news:
@UniofOxford
’s parliament (Congregation) and executive (Council) agree to fossil fuel divestment and requires active engagement with all companies on net zero business plans. Council accepts resolution and likely to pass on 20th April:
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History repeating: “Calls for green bank mount amid UK recovery plans”. Simple lessons from GIB attempt: create a bank not a fund, allow said bank to provide concessional finance, use existing distribution channels, don’t crowd out, and don’t privatise...
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Big news from
@HSBC
group. Announced a new net zero target. This is big deal for a major bank and one much more exposed to emerging markets than peers.
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Solar is now ‘cheapest electricity in history’, confirms IEA via carbonbrief
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Carbon offsets are not a credible tool for creating ‘Net Zero’ portfolios or companies, according to major new guidelines developed by a group of investors via
@RI_News_Alert
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Early stage funding for climate tech companies has climbed from $418m in 2013 to $16.1bn last year, a faster rate of growth than investment into the artificial intelligence sector
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Excellent development and world first: UK companies face fines for links to illegal deforestation
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Lots of chatter about the Glasgow Financial Alliance for Net Zero (
#GFANZ
) and the
@UN
’s
#RacetoZero
(R2Z). A short thread:
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I was an expert witness for this Federal case. Important lessons for pension fund trustees, especially for the governance, processes, and metrics they should use to manage climate-related risks. Hiding behind the efficient market hypothesis doesn’t work!
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China’s emissions peaking by 2030 and carbon neutrality by 2060 is the biggest of big deals in climate policy. But what does “neutrality” mean and under what conditions should offsets be used? Some important work on offset use out next week from
@UniofOxford
. Watch this space!
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The UK Green Finance Strategy is published today. It is ambitious in both scope and direction of travel. Congratulations to all involved! Read here:
@beisgovuk
@hmtreasury
@GFI_green
@cityoflondon
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The Transition Plan Taskforce (
@TPTaskforce
), announced
@COP26
, today launches our gold standard Disclosure Framework for transition plans so companies and financial institutions can contribute to net zero. See:
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Investors claiming investee company avoided emissions are attributable to them and allow them to offset their financed emissions is a concern and not permitted under frameworks like
@sciencetargets
. Claiming net zero today using this logic is wrong
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The
@bankofengland
tells banks and businesses to start assessing the risks they face from climate change immediately, and brace to pay much more for polluting - Bloomberg
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Fighting Greenwashing: Companies are committing to achieving net-zero but lack clear plans to achieve this.
#TransitionPlanTaskforce
launches today to provide a gold standard for UK climate transition plans, enabling accountability for delivering on
#NetZero
.
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The
@UniofOxford
and
@LombardOdier
team up on sustainable finance. Multi-year partnership will, among other things, create the first endowed professorship of sustainable finance at any major global research university:
@susfinalliance
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I am extremely reluctant to ‘go negative’ on the
@EU_Finance
green taxonomy given the overall strength of the EU Sustainable Finance Action Plan, as well as the hard work of the TEG and its various working groups. However, many of us have concerns:
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Great
#COP26
#sustainablefinance
breakfast with PM’s Finance Advisor for
@COP26
, Mark Carney
@bankofengland
, Climate Action Champion
@topnigel
, &
@lordstern1
hosted by
@citylordmayor
. Plus
@PRI_News
@CDP
@GFI_green
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Mark Carney: 'We can't self-isolate from climate change'
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Our latest
@UniofOxford
@TheSmithSchool
research finds that loan spreads for coal mines and coal power stations have increased dramatically, rising 54% and 38% over the last decade (2007-10 vs 2017-20)
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Looking forward to contributing to this new independent group set up by
@hmtreasury
to help tackle greenwashing in financial services. Opportunity to create a race to the top dynamic for how we should measure environmental sustainability across portfolios
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Great to be back in Glasgow!
@COP26
venue coming to life ahead of tomorrow and the start of the World Leaders Summit
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You can have lots of green in a portfolio and have little or no impact. Proposed green taxonomies try to help investors understand how much green their portfolios have, not how their holdings actually make a difference. Are we focusing on the right thing?
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Big sigh of relief that
@COP26
has concluded successfully. Huge congratulations to all those who made the
#GlasgowClimatePact
happen, as well as the long list of really important commitments that were announced during Glasgow, ranging from forests to finance to fossil fuels.
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'Enormously big deal': Fed creates climate committee
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The new
@GFI_green
will accelerate and intensify the UK’s role in setting the pace and standard for green finance best practice internationally. Delighted to be supporting
@RhianMariThomas
@RogerGifford
in this endeavour.
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UK financial institutions need to stop financing capex that creates carbon lock-in and stranded assets. But there is also a huge opportunity (and responsibility) for UK financial services to help clients around the world rapidly transition to net zero
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All of the UK's principal key financial regulators now have an explicit mandate to take climate change into account
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Mark Carney appointed UN envoy for climate action
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UK pension funds threaten to vote against BP and Shell directors over climate targets via
@FT
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This is a very cool website and analysis on financing roadmaps launched today by
@topnigel
@gmunozabogabir
at
@COP26
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The
@UniofOxford
approves its Environmental Sustainability Strategy aiming for net zero carbon and biodiversity net gain by 2035
0
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Brilliant that a new private sector-led UK initiated Task Force on Nature-related Financial Disclosures (TNFD) launches today. Great to see another part of the UK Green Finance Strategy come alive! TNFD critically important to foreground nature in finance.
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A very good piece by Stuart Kirk via
@FT
: “ESG must be split in two”. Double materiality. We need to be clear that we are measuring ESG risks on the one hand and environmental and social impacts on the other. Sometimes they overlap, but not always
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UK launches new
@UniofOxford
-led research centre to accelerate the 'greening' of the global financial system
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Global investor group urges United States to rejoin Paris climate accord
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Big day coming up:
#COP26
finance launch
@cityoflondon
with panoply of UK green finance expertise deployed to ensure best possible outcome in 2020 for decade of climate action. Exciting!
@COP26
@AlokSharma_RDG
@bankofengland
@lordstern1
@MMMoneyMatter
@GFI_green
@citylordmayor
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“…correlation between ESG scores and carbon intensity is close to zero. The two objectives are unrelated and are therefore hard for investors to simultaneously achieve.” One of many reasons why we need transition plans and better metrics
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Must read. Close examination of
@MSCI_Inc
ESG ratings that underpin many “sustainable” investment products. Something similar could be written about other providers. This is systemic.
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"At a big bank like ours [
@HSBC
], what do people think the average loan length is?" It is six years. What happens to the planet in year seven is actually irrelevant to our loan book” Except with that genius logic next year it will be and six is an average
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This is a very big deal: tomorrow the UK will commit to a legally binding net zero carbon emissions target by 2050. The first major economy to do so:
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New UK Integrated Sustainability Disclosures Requirements are a hugely positive step. Requiring firms to report on the positive and negative impacts they are having on the climate and environment is an essential complement to risk focused disclosures.
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Interesting and challenging piece, essentially about the inherent limits of focusing on climate risk management (and associated things like TCFD) vs what needs to be done by investors to actually contribute to tackling climate change. Worth a read:
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We are creating a new Public & Third Sector Academy for
#SustainableFinance
@UniofOxford
@TheSmithSchool
. The P3S Academy will be a global centre for training focused on central & local govt, regulators, supervisors, central banks, multilaterals, NGOs, charities, and philanthropy
2
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Shell loses court case in the Netherlands that could ‘Trigger A Wave Of Climate Litigation Against Big Polluters’
3
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The
@UniofOxford
is seeking to appoint five postdocs to new three-year career development fellowships in
#sustainablefinance
. These postdoctoral fellowships will prepare early career researchers for a high impact career in either academia, or the private, public or third sectors
3
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Firms ignoring climate crisis will go bankrupt, says Mark Carney
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UK Govt response to carbon pricing consultation published. Commits to a UK ETS with Phase I running from 2021- 2030, which could be linked or standalone, and will have a cap net zero aligned by Jan 2024 at the very latest. First net zero aligned ETS!
0
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Further announcements from
@bankofengland
on climate. Yet more amazing leadership on integrating climate-related risks into financial decision-making! Expects that by 2022 all listed companies and large asset owners will use
@FSB_TCFD
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Roadmap towards mandatory TCFD-aligned disclosures in the UK. Timeline of planned measures:
2
15
57
New UK Centre for Greening Finance & Investment (
#UKCGFI
) announced ahead of
@COP26
. Led by
@UniofOxford
with
@BristolUni
@ImperialCollege
@turinginst
@UniofReading
@UniversityLeeds
@SatAppsCatapult
. Watch our video:
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“The UK’s advertising watchdog has banned a series of HSBC’s advertisements for being misleading about its green credentials by not mentioning the bank’s financing of fossil fuel projects and links to deforestation”
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South Korea declares climate emergency, sets net zero target for 2050 | News | Eco-Business | Asia Pacific
1
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The new International Sustainability Standards Board (ISSB) initiates consultation process on its proposals to create a global baseline of sustainability disclosures
2
17
57
The U.K. says its seabed is more valuable as a carbon sink than all the oil and natural gas it produces via
@business
0
15
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Devastated to hear that the wonderfully kind Sir
@RogerGifford
passed away. A delightful man and mentor who was such an effective champion for
#greenfinance
. He will be missed by many in London and Stockholm, and by the global green finance community. RIP
8
7
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The
@UniofOxford
#SustainableFinance
Summit is happening on 20th & 21st July. Curated to showcase the best of Oxford, in every sense, from cutting-edge research to our most historical venues. Join us this summer for a unique in-person conference:
0
5
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Delighted to host the first
@UniofOxford
Sustainable Finance Summit in July. Recordings of the sessions are now available here:
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14
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Switching from fossil fuels to renewable energy could save the world as much as $12tn (£10.2tn) by 2050, an Oxford University study says - BBC News
1
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I do urge some perspective on
#GFANZ
$130trn. Almost none of the assets are net zero today. $130trn hasn't been promised for deployment into climate solutions. These assets are not fossil fuel free and new fossil infra is still being financed. We have lots more to do together!
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Indonesia plans to replace old coal power plants with renewable plants: minister | Article [AMP] | Reuters
1
29
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Regulators to unlock 'black box' of ESG corporate ratings | Reuters
0
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UK aims to cut emissions by 68% by end of 2030. Fantastic news as we approach the 5 year Paris Agreement anniversary!
1
14
57
China’s coal boom is over. The one figure you need look at from new Greenpeace report:
http://t.co/IGnCJdRbMx
http://t.co/QVrTZ7Mwyd
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Europe’s stranded assets: Mapped
1
26
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Call for ambitious climate action commitments by private finance institutions ahead of
#COP26
published by
@COP26
Presidency
@AlokSharma_RDG
@topnigel
@MarkJCarney
#netzero
#endcoal
#naturepositive
#climatefinance
#tcfd
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Executive Order on Climate-Related Financial Risk | The White House
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