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Yahoo
11-06-2025
- Business
- Yahoo
Schneider Electric has a new CSO for the second time in 2025
This story was originally published on ESG Dive. To receive daily news and insights, subscribe to our free daily ESG Dive newsletter. Schneider Electric has appointed Esther Finidori as its new chief sustainability officer, the company announced last week. Finidori assumed the role June 1. Finidori previously served as the vice president of strategy for the energy and tech company's operations in France and has held several sustainability-focused positions throughout her over nine-year tenure at Schneider Electric. She steps into the CSO role after a short stint by former sustainability chief Chris Leong, who started the job at the beginning of the year. Leong departed the company earlier this month to take on the dual role of executive vice president and chief marketing and innovation officer at Ecolab, a company that helps clients improve environmental performance. Finidori first joined Schneider Electric in 2016 as a director overseeing sustainability across its supply chain and its CO2 strategy, per her LinkedIn profile. She then went on to become vice president of the company's global environmental strategy before running Schneider Electric's France operations, which included its overall strategy, sales and sustainability. Prior to her time at Schneider Electric, Finidori worked as an environmental consultant, focusing on the clean energy transition and green finance. She has also served as a member on the European Commission's Platform on Sustainable Finance, which gathers sustainability experts to help the Commission develop sustainable finance policies, including its taxonomy regulation. Schneider Electric said Finidori 'brings a wealth of experience and a strong track record in sustainability and strategic leadership to her new role,' in a June 5 release. The new CSO will also be joining Schneider Electric's executive committee, which the energy company said aims to 'effectively develop and deploy the new sustainability strategy of the company, reinforcing its business relevance and leadership on innovative social and environmental practices.' Schneider Electric was ranked the world's most sustainable corporation of 2025 by the Corporate Knights Global 100. This list ranks the top sustainable corporations annually and is published during the World Economic Forum. Editor's note: EcoAct, a subsidiary of Schneider Electric, is a sponsor for an upcoming ESG Dive and CFO Dive event. Recommended Reading Schneider Electric purchases IRA tax credits from solar manufacturer
Yahoo
05-06-2025
- Business
- Yahoo
BlackRock removed from Texas divestment list after climate alliance exits
This story was originally published on ESG Dive. To receive daily news and insights, subscribe to our free daily ESG Dive newsletter. The Texas Comptroller's office has removed BlackRock from the state's list of companies who allegedly 'boycott the oil and gas industry,' according to a Tuesday press release. State Comptroller Glenn Hegar credited BlackRock for exiting the Net-Zero Asset Manager initiative and downgrading its participation in Climate Action 100+, which he said was 'directly related to [the state's] listing process' in a June 3 statement accompanying the update. BlackRock was among the initial 10 firms named in the divestment list published in August 2022 and, despite quarterly updates to the list, was the only United States-based firm listed and banned from doing business with the state. The divestment list was created by a 2021 Texas law banning the state from doing business with companies that 'limit commercial relations' with fossil fuel companies. After Hegar added London-based bank NatWest Group to the list in August 2024, the list had grown to include 16 companies and 350 investment funds that qualified for divestment. After the June 3 update, the list stands at 15 companies — all based outside of the U.S. — and 332 funds. Hegar said, in addition to BlackRock's changed participation in industry climate groups, the nation's largest asset management firm 'dramatically reduced the number of fund offerings that prohibit investments in oil and gas' and has 'acknowledged the real social and economic costs, both in Texas and globally, that come from limiting investment in the oil and gas industry.' BlackRock shifted its membership in CA100+ to a smaller international arm of its business in February 2024; more than 70 investors have left the group since House Republicans began probing its membership. BlackRock's exit from NZAM this January prompted the United Nations-backed group to suspend all operations while it undergoes a full review of its program. The Texas comptroller said his team hoped to create a process 'that gave companies a clear understanding of how they got on our list and a definitive path to removal' and BlackRock took steps to ensure they were removed. 'This is a meaningful victory and validates the leadership Texas has shown on this issue, which has seen a monumental shift in the way companies, governments and individual Americans view the energy sector,' Hegar said. 'While it took [BlackRock] longer than others in the financial sector to make the shift, the end results are what matter.' The removal of BlackRock from the state's divestment list comes after the Texas Permanent School Fund pulled $8.5 billion in funding from the asset manager to comply with the state law. At the time, a BlackRock spokesperson told ESG Dive that the divestment was 'arbitrary' and ignored the firm's '$120 billion investment in Texas public energy companies.' Hegar said Tuesday that BlackRock has shown 'real commitment to overall policy changes and a desire to act as a trusted partner in the growth of the Texas economy' by supporting the creation of the Texas Stock Exchange and "limiting support for activist shareholders to curtail fossil fuel investments.' However, Hegar said that assessment and those actions are 'unrelated to [the state's] listing decision.' While BlackRock is no longer on the divestment list, the firm is still a defendant, along with Vanguard and State Street, in a lawsuit filed by Texas Attorney General Ken Paxton accusing the asset managers of forming a 'cartel' to artificially restrict the coal market. The nation's largest three asset managers have denied the allegations and filed a joint motion to dismiss the lawsuit, though the Federal Trade Commission and Department of Justice issued a joint statement last week siding with Paxton and 10 other Republican-led states' view of the case. BlackRock is also facing scrutiny from Congressional Democrats for its climate alliance walkbacks. The firm was one of 12 major U.S. banks and financial institutions that received a letter from Democratic lawmakers which sought to understand where the company's current climate commitments stand. BlackRock did not immediately respond to a request for comment. Recommended Reading Texas AG drops probe of major US banks following NZBA exodus
Yahoo
03-06-2025
- Business
- Yahoo
Barclays mobilized over $687M in climate tech investments since 2020: report
This story was originally published on ESG Dive. To receive daily news and insights, subscribe to our free daily ESG Dive newsletter. Barclays' climate investment arm has enabled 508 million pounds (nearly $687 million) in investments focused on climate technology and innovation since 2020, the British bank said in its latest impact report Monday. This figure includes Barclays Climate Ventures financing 203 million pounds (around $274 million) of the bank's own equity and facilitating a further 305 million pounds (around $412 million) through third-party investments, per the bank. Barclays said it led or co-led 61% of the funding rounds it participated in, and every one pound invested through Barclays Climate Ventures unlocked an additional 2.18 pounds from third parties. The fund has a mandate to invest half a billion pounds into equity capital in climate tech startups between 2020-2027. The London-based bank said the investments will help 'address a systematic growth-stage financing gap' that is often associated with developing climate tech companies. Steven Poulter, head of Barclays Climate Ventures, called climate tech 'key to delivering the next generation energy system,' in a June 2 release, adding that it helps address climate change while 'supporting a successful and growing economy with affordable and resilient energy.' 'New climate tech is needed to improve the resiliency of the energy grid, increase energy efficiency, and diversify energy supply, including the provision of alternative energy sources for sectors of the economy where energy demand can't viably be met through electrification, such as aviation,' Poulter said. Since launching in 2020, Barclays Climate Ventures has backed over 20 companies focused on climate innovation, as of December 2024. The subsidiary has supported a wide range of climate tech solutions through its investments, including long-duration energy storage, hydrogen and carbon management technologies, according to its website. Barclays impact report said the bank prioritizes investments in technologies that are both commercially scalable and can help unlock the clean energy transition for high emitting sectors, especially those where Barclays has substantial client exposure. These sectors include energy and power, real estate and food and agriculture. In addition to financial backing, the bank gives early and growth stage startups access to its in-house climate tech escalator, which helps climate tech companies develop their product and scale in size by offering them dedicated, customized support. Such support includes counseling from Barclays board members; advice from senior bankers, policy experts and sector specialists; access to the bank's client base and exposure through events, marketing platforms and communications. Barclays' impact report comes shortly after its Group Head of Sustainability Laura Barlow stepped down from her role in January. At the time, a Barclays spokesperson told ESG Dive that Barlow would remain with the bank in the capacity of a senior adviser while her responsibilities would be taken on by Daniel Hanna, who serves as Barclays' Group Head of Sustainable and Transition Finance. The restructuring came against a backdrop of banks and financial institutions facing heightened scrutiny over their sustainability efforts, particularly in the U.S. Recommended Reading Barclays' head of sustainability steps down as sector scrutiny heats up Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-06-2025
- Business
- Yahoo
Vanguard to add four more funds to investor proxy choice program
This story was originally published on ESG Dive. To receive daily news and insights, subscribe to our free daily ESG Dive newsletter. Vanguard will expand its program allowing investors to choose individualized investment and engagement policies to four more funds in the second half of 2025, the company announced last week. The nation's second-largest asset manager said the program will include four index funds, allowing nearly 10 million investors to participate if they so choose, according to a May 29 release. The expansion will 'nearly quadruple' the assets under management to nearly $1 trillion in program eligible funds and bring the total number of funds eligible funds to 12. The program's expansion comes after an April Vanguard survey of more than 1,000 investors found 83% of respondents believed it was important for asset managers to consider investor preference when casting proxy votes, and 57% of respondents expressing interest in participating in proxy choice programs. Vanguard first launched its proxy voting choice pilot in February 2023 with three eligible equity funds, before including two additional index funds for the 2024 proxy season and adding three more in November to bring the total to eight eligible funds. The program gives participating investors five different policy options, allowing participants to align their votes with company boards, Vanguard's recommendations, Glass Lewis' ESG policy, a 'wealth-focused' anti-ESG policy from Egan-Jones or vote in proportion with other shareholders. Vanguard expanded its policy options for the 2025 proxy season to give investors the Egan-Jones policy option and replaced a former 'not voting' with the mirror voting policy. Additionally, November's expansion was the first time that retirement plan sponsors were allowed to participate if they have program eligible funds in their portfolio. Vanguard's Global Head of Investment Stewardship John Galloway said in last week's release that the program's continued expansion 'underscores [Vanguard's] confidence that a range of independent perspectives contributes to a healthy corporate governance ecosystem and well-functioning capital markets.' The expansion will add Vanguard's Value Index Fund, Growth Index Fund, Mid-Cap Index Fund and Large-Cap Index Fund to the program. The May 29 program expansion will also broaden its eligibility to 529 plan sponsors, according to the release. Two-thirds of investors who participated in Vanguard's April study (66%) said they would opt in to such a program if offered by their employer's retirement plan. However, the expanded eligibility does not guarantee expanded asset manager reported having 40,000 participants in the program after the 2024 proxy season, which Morningstar Sustainalytics' Director of Investment Stewardship Research Lindsey Stewart said at the time was a 'decent start,' but 'not a large proportion' of Vanguard's investors. Last September, Vanguard reported a plurality of participants — 43% — aligned their voting policy with the asset manager's recommendations in the 2024 proxy season and another 30% aligned their votes with company board recommendations. Under a quarter of participants (24.4%) chose the Glass Lewis ESG policy. Recommended Reading Vanguard's updated investor proxy choice program includes anti-ESG voting option Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
Yahoo
30-05-2025
- Business
- Yahoo
Labor Dept. drops Biden-era ESG fiduciary rule
This story was originally published on ESG Dive. To receive daily news and insights, subscribe to our free daily ESG Dive newsletter. The Department of Labor informed the Fifth Circuit Court of Appeals Wednesday that it will abandon the Biden administration's rule allowing pension plan fiduciaries to consider ESG factors and other 'collateral benefits' in tiebreaker situations, according to court documents. A lawyer with the Department of Justice's civil division appellate staff said in a letter that 'the Department has determined that it will engage in a new rulemaking on the subject of the challenged rule.' The new rulemaking process will be included in the Trump administration's spring regulatory agenda, according to the May 28 letter. The Biden administration's rule was challenged by a coalition of 26 Republican-led states, though had thus far held up in the face of litigation. The Labor Department asked for a temporary pause in the legal proceedings last month as it weighed rescinding the rule. A judge granted a 30-day pause, directing the agency to provide an update on what further actions it planned to take, with Wednesday's filing representing the government's response. The Biden administration's Labor Department finalized the rule, 'Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights,' in 2022, and it has been in effect since January 2023. At the time, the agency said the rule overturned guidance from the first Trump administration which had a 'chilling effect' on fiduciaries. The rule allowed retirement plan fiduciaries to consider ESG and other collateral benefits to break a tie when two or more investments 'equally serve' the financial interests of the plan and it would be imprudent to invest in both or all options. The Republican-led states leading the lawsuit have argued that the rule runs afoul of the Employment Retirement Income Security Act of 1974. However, a federal district court judge has twice ruled that the rule was permissible. Texas Northern District Court Judge Matthew Kacsmaryk first dismissed the lawsuit in September 2023, though that ruling relied on the now-overturned Chevron doctrine. After hearing arguments in the case, the Fifth Circuit later remanded the case back to Kacsmaryk for a ruling in light of that change. Kacsmaryk again ruled that the rule does not violate ERISA in February. While the planned timeline for a new rule proposal will be unknown until the administration releases its regulatory agenda, the May 28 court filing said the Department of Labor 'intends to move through the rulemaking process as expeditiously as possible.' Recommended Reading State of the Labor Dept. ESG rule in a post-Chevron landscape Sign in to access your portfolio
