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☆ China's biggest problem is a 'lack of confidence,' Standard Chartered CEO says
▼ + stars: | 2024-02-13 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

"China's biggest problem to me is a lack of confidence. External investors lack confidence in China and domestic savers lack confidence," Bill Winters, CEO of emerging markets-focused bank Standard Chartered, told CNBC's Dan Murphy Monday during a panel discussion. "But I think China is going through a major transition from old economy to new economy," Winters added. Investors are closely watching China, whose stock market gyrations, deflation problem and property woes are casting a shadow over the global growth outlook. Property and related industries account for about 25% of China's gross domestic product.

Persons: Bill Winters, CNBC's Dan Murphy, Winters Organizations: Chartered, International Monetary Fund Locations: DUBAI, United Arab Emirates, China

☆ UK and Switzerland sign post-Brexit financial services deal
▼ + stars: | 2023-12-21 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

The U.K. and Switzerland are deepening the ties between their financial services sectors with a new post-Brexit deal. Sopa Images | Lightrocket | Getty ImagesLONDON — The U.K. and Switzerland on Thursday signed a post-Brexit financial services deal designed to bring two of Europe's largest banking centers closer together. He added that the mutual recognition accord, dubbed the Bern Financial Services Agreement, would provide a "blueprint" for future deals with other countries. As such, financial services providers and insurers will be able to offer certain cross-border activities in both Switzerland and the U.K. Meanwhile, U.K. advisors will be permitted to "temporarily serve" wealthy clients locally in Switzerland without registering in the country.

Persons: Jeremy Hunt, Hunt, Karin Keller, Sutter Organizations: Getty, British, CNBC, European Union, Swiss, U.K, City Locations: Switzerland, Britain, Bern, City of London

☆ COP28: Abu Dhabi teams up with HSBC, others on climate finance think-tank
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: 1 min

DUBAI, Dec 4 (Reuters) - Abu Dhabi will host the newly launched Global Climate Finance Centre in partnership with nine founding members including the World Bank, lender HSBC (HSBA.L) and asset managers BlackRock (BLK.N) and Ninety One (N91.L). Described as an independent think-tank and research hub, the centre will look at barriers to investment into low-carbon projects and develop the financial frameworks to overcome them. "It will put Abu Dhabi and the UAE at the forefront of driving global change in sustainable finance, providing a positive legacy for years to come," COP28 President Sultan Al Jaber said in a statement on Monday. Reporting by Maha El-Dahan and Simon Jessop; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

Persons: Abu, Sultan Al Jaber, Maha El, Simon Jessop, William James Our Organizations: Climate Finance, World Bank, HSBC, BlackRock, Thomson Locations: DUBAI, Abu Dhabi, UAE

☆ Global regulators propose tougher scrutiny of voluntary carbon markets
▼ + stars: | 2023-12-03 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Dec 3 (Reuters) - A global securities watchdog proposed 21 safety measures on Sunday to improve integrity, transparency and enforcement in voluntary carbon markets (VCMs) in a sector of growing importance to efforts to combat climate change. VCMs cover pollution-reducing projects, such as reforestation, renewable energy, biogas and solar power, that generate carbon credits companies buy to offset their emissions and meet net-zero targets. National regulators could require companies to disclose their use of carbon credits, and platforms that trade credits to have better anti-fraud and market manipulation safeguards, IOSCO said. VCMs are separate from government-regulated carbon markets, such as the emissions trading scheme in the European Union, the world's largest. Good practice could include "comprehensive disclosures on the project development process, verification and auditing methodologies, and the entities responsible for measurement, reporting, and verification," IOSCO said.

Persons: Rodrigo Buenaventura, IOSCO, Morgan Stanley, Huw Jones, Barbara Lewis Organizations: Sunday, European Union, Reuters, Thomson Locations: Asia, Europe, Latin America, United States, Dubai

☆ Livent says to meet Australian Allkem ahead of $10.6 bln lithium merger vote
▼ + stars: | 2023-11-12 | by ( ) www.reuters.com time to read: 1 min

Sustainable Finance & Reporting category · November 11, 2023Streaming services will pay bonuses of roughly $40 million per year as part of the tentative labor agreement reached between the SAG-AFTRA actors union and major Hollywood studios, union leaders said on Friday after their board backed the deal.

Organizations: Sustainable Finance, SAG, Hollywood

Sustainability-linked loans (SLL), which were first used in 2017, offer slightly cheaper borrowing, typically around 2.5-10 basis points less, if companies meet goals such as cutting their carbon emissions or improving board diversity. These let banks strip the sustainability-linked label from the loans if targets are no longer deemed appropriate. The banks' tougher standards are discouraging some borrowers from using SLLs entirely, bankers and lawyers told Reuters. The Engie spokesman said the utility would not agree to linking an event of default to sustainability targets. "We have stated our willingness to walk away when sustainability targets were too soft," said Brittany Agostino, vice president in the environmental, social and governance group at Los Angeles-based Ares.

Persons: Toby Melville, Banks, Constance Chalchat, Pascale Forde Maurice, Elliot Beard, Simmons, Beard, I've, David Milligan, Norton Rose Fulbright, Gemma Lawrence, Pardew, Brittany Agostino, Fredrik Altmann, Tommy Reggiori Wilkes, Isla Binnie, Shankar Ramakrishnan, Simon Jessop, Alexander Smith Organizations: FCA, Financial, Authority, REUTERS, LONDON, BNP, Corporate, Institutional Banking, Reuters, JPMorgan, Ford Motors, SLLs, CIB's, European, Sustainable Investment Banking, Simmons, Norton Rose, Market Association, BMW, Porsche, Thomson Locations: London, Britain, North America, Asia, Los Angeles, New York

☆ EU’s best way to close its US growth gap: growth
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, Oct 26 (Reuters Breakingviews) - The European Union would have a better chance of catching the U.S. if it aimed for growth, instead of rearranging the regulatory deck chairs. Lowering political barriers in the 27-country single market could boost investment without breaking the bank on subsidies, Jean-François van Boxmeer told Breakingviews, citing a new European Round Table for Industry report. In the telecommunications sector, the European Commission has kept four providers in most of the EU’s markets, and screens out Chinese equipment-makers over security concerns. The European Commission reckons completing the single market by 2030 would hike EU GDP by 12%, or 713 billion euros. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: François van Boxmeer, Breakingviews, van Boxmeer, Jacob Wallenberg, Rebecca Christie, George Hay, Streisand Neto Organizations: Reuters, European, Vodafone, Reuters Graphics Business, EU, European Commission, Investor, X, News Corp, Thomson Locations: BRUSSELS

☆ US 'frankly raised' disagreements with China at first financial working group meeting
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsOct 25 (Reuters) - U.S. officials "frankly raised areas of disagreement" with China at the first meeting of a new financial working group, where financial stability, supervision and regulation were discussed, the U.S. Treasury said on Wednesday. Attendees included senior officials from China's central bank and the U.S. Treasury Department, according to a Treasury statement. "The two-hour virtual meeting included a substantive and wide-ranging discussion on domestic and global financial stability, financial supervision and regulation, sustainable finance, and anti-money laundering and countering the financing of terrorism," the Treasury said. The financial working group and a parallel economic working group were launched last month after U.S. Treasury Secretary Janet Yellen's visit to Beijing in July aimed at fostering regular communications between the world's two largest economies. The economic working group, led by senior officials from the Treasury and China's Finance Ministry held its first meeting on Monday.

Persons: Dado Ruvic, Janet Yellen's, Yellen, Pan Gongsheng, Ismail Shakil, Costas Pitas, David Lawder, Paul Grant, Diane Craft Organizations: REUTERS, U.S . Treasury, U.S . Treasury Department, Treasury, U.S, China's Finance Ministry, People's Bank of China, International Monetary Fund, Bank, Reuters, Thomson Locations: China, China's, Beijing, Marrakech, Morocco, U.S

☆ Europe's ESG funds suffer more outflows - Morningstar
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

Investors pulled 20.5 billion euros ($21.7 billion) from funds in the European Union's lower sustainability classification, while net inflows into the higher classification were their lowest since early 2021, the Morningstar report said. U.S sustainability funds are also struggling. Morningstar data on Tuesday showed managers closing funds faster than they opened new ones in the third quarter. Investors exited U.S. funds in general in the period but sustainable funds fared worse, registering their fourth consecutive quarter of outflows. In Europe, ESG funds launches totalled 126 in the third quarter, down 31% from the second quarter, Morningstar said.

Persons: Morningstar, Tommy Reggiori Wilkes, David Evans Organizations: Investors, Investment, Sustainable, Morningstar, Thomson Locations: outflows, Europe, U.S

☆ UBS head of sustainable finance: Expect more greenwashing regulation, ESG transparency questions
▼ + stars: | 2023-10-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS head of sustainable finance: Expect more greenwashing regulation, ESG transparency questionsCompanies should expect institutional investors to ask for information about responsibility in their supply chains and for regulation around greenwashing, said Tasos Zavitsanakis, UBS co-head of sustainable finance for Asia-Pacific, at CNBC's East Tech West conference. "There is an element of openness that needs to happen," he added.

Persons: Tasos Zavitsanakis Organizations: UBS, CNBC's East Tech West Locations: greenwashing, Asia, Pacific

[1/2] 3D printed clouds and figurines are seen in front of the Oracle cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsTORONTO, Sept 19 (Reuters) - Oracle (ORCL.N) is ready to cater to Canadian banks for their open banking needs and provide tools as needed when the country make its available, a financial services executive with the cloud computing giant said. "We are open banking ready," Sonny Singh, executive vice president of Oracle Financial Services said in an interview. Oracle's suite of financial products - used in 140 countries, billing and managing $500 billion in revenue - includes purpose-built products for financial services from financial crime, compliance applications and risk management. Oracle already counts some Canadian banks as clients for one or many of its services, that includes cloud to enterprise applications.

Persons: Dado Ruvic, Sonny Singh, Singh, Nivedita Balu, Marguerita Choy Organizations: Oracle, REUTERS, Rights, Oracle Financial Services, SIBOS, Amazon Web Services, Google, Thomson Locations: Canada, Toronto, Australia, Britain

[1/2] 3D printed clouds and figurines are seen in front of the Oracle cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsCompanies Oracle Corp FollowTORONTO, Sept 19 (Reuters) - Oracle (ORCL.N) is ready to cater to Canadian banks for their open banking needs and provide tools as needed when the country make its available, a financial services executive with the cloud computing giant said. "We are open banking ready," Sonny Singh, executive vice president of Oracle Financial Services said in an interview. Oracle's suite of financial products - used in 140 countries, billing and managing $500 billion in revenue - includes purpose-built products for financial services from financial crime, compliance applications and risk management. Oracle already counts some Canadian banks as clients for one or many of its services, that includes cloud to enterprise applications.

Persons: Dado Ruvic, Sonny Singh, Singh, Nivedita Balu, Marguerita Choy Organizations: Oracle, REUTERS, Oracle Corp, Oracle Financial Services, SIBOS, Thomson Locations: Canada, Toronto, Australia, Britain

☆ UK commits $2 billion to UN-backed climate fund
▼ + stars: | 2023-09-10 | by ( ) www.reuters.com time to read: +1 min

Sept 9 (Reuters) - Britain will commit to provide $2 billion to the Green Climate Fund (GCF) to help developing countries cope with climate change, Prime Minister Rishi Sunak said on Sunday at the G20 Leaders Summit in New Delhi. The pledge would be the biggest single funding commitment the UK has made to date to help the world tackle climate change, a government statement said. Britain has committed to spend 11.6 billion pounds ($14.46 billion) on international climate finance between 2021 and 2026. Government officials calculated it would have to spend 83% of the total aid budget on the international climate fund to meet the 11.6 billion pound target by 2026. It said $5.8-5.9 trillion is required by developing countries before 2030, in particular for their needs to implement their emission targets.

Persons: Rishi Sunak, Mrinmay Dey, Kim Coghill Organizations: Climate, G20, United, Guardian, Thomson Locations: Britain, New Delhi, United Nations, Bengaluru

☆ G20: Highlights from the first day of the Delhi summit
▼ + stars: | 2023-09-09 | by ( ) www.reuters.com time to read: +3 min

The G20 logo is shown ahead of G20 Summit, in New Delhi, India, September 8, 2023. REUTERS/Anushree Fadnavis Acquire Licensing RightsSept 9 (Reuters) - The G20 has adopted a consensus declaration on issues facing the bloc, Indian Prime Minister Narendra Modi announced on Saturday during a summit, signalling that negotiators had resolved deep differences over the wording on the war in Ukraine. Following are excerpts from the declaration. UKRAINE- Concerning war in Ukraine, all states must act in a manner consistent with purposes and principles of UN charter in its entirety- On war in Ukraine, all states must refrain from threat or use of force to seek territorial acquisition against territorial integrity and sovereignty or political independence of any state- On war in Ukraine, use or threat of use of nuclear weapons is inadmissible- On Ukraine crisis, "there were different views and assessments of the situation"- Peaceful resolution of conflicts, and efforts to address crises as well as diplomacy and dialogue are critical- "Today’s era must not be of war." GRAIN/FOOD/ENERGY SECURITY- Call on Russia and Ukraine to ensure immediate and unimpeded deliveries of grain, foodstuffs, and fertilizers/inputs from Russia and Ukraine- Emphasizing importance of sustaining food and energy security, called for cessation of military destruction or other attacks on relevant infrastructure- Potential for high levels of volatility in food and energy markets remainsECONOMIES AND FINANCIAL MARKETS- "Will protect the vulnerable, through promoting equitable growth and enhancing macroeconomic and financial stability"- Reaffirm April 2021 exchange rate commitment made by our finance ministers and cenbank governors- We endorse financial stability board’s high-level recommendations for regulation, supervision and oversight of crypto-assets, activities- Our finance ministers, central bank governors will discuss taking forward the cryptocurrency roadmap at their meeting in October- Renew our commitment to ensure a level-playing field and fair competition by discouraging protectionism, market distorting practicesCLIMATE CHANGE- Need to accelerate efforts to phasedown unabated coal power, in line with national circumstances- Will work towards facilitating low-cost financing for developing countries to support their transition to low carbon/emissions- Will pursue and encourage efforts to triple renewable energy capacity globally through existing targets and policies, in line with national circumstances by 2030- Reiterate our commitment to take action to scale up sustainable finance- Recognise need for increased global investments to meet our climate goals of the Paris agreement- Note need of $5.8-5.9 trln in pre-2030 period required for developing countries, in particular for their needs to implement their emission targetsCompiled by Kim Coghill, Global News Desk, SingaporeOur Standards: The Thomson Reuters Trust Principles.

Persons: Anushree, Narendra Modi, Kim Coghill Organizations: G20, REUTERS, Indian, UN, Global, Thomson Locations: New Delhi, India, Ukraine, UKRAINE, Russia, Paris, Singapore

☆ South Korea should maintain current monetary, fiscal policies, IMF says
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsSEOUL, Sept 6 (Reuters) - South Korea should maintain current, restrictive monetary and fiscal policies as it needs to take steps to return to sustainable finances and address inflation, the International Monetary Fund (IMF) said on Wednesday. Instead of undermining economic growth, the prudent fiscal policy is judged to be instrumental in keeping South Korea's economic fundamentals strong in the medium term, Finger said at a press conference. Finger told reporters the IMF decided not to evaluate South Korea's foreign exchange reserve adequacy based on its Assessing Reserve Adequacy (ARA) metrics from July. The measure is mostly for emerging economies, and given its economic characteristics, it is more appropriate to assess South Korea's on a scenario basis, Finger said.

Persons: Yuri Gripas, Harald Finger, Finger, China's, Cynthia Kim, Jihoon Lee, Jacqueline Wong, Christopher Cushing Organizations: Monetary Fund, REUTERS, Rights, International Monetary Fund, South Korean, Bank of Korea, IMF, Thomson Locations: Washington , U.S, Rights SEOUL, South Korea, Korea

REUTERS/John Muchucha Acquire Licensing RightsSummaryCompanies Fossil fuel subsidies hampering green energy rolloutMore clarity needed on rules for carbon marketsCalls echo Africa Climate Summit on faster actionLONDON, Sept 6 (Reuters) - Ditch fossil fuel subsidies, agree the rules for carbon markets and provide more finance to emerging markets. That was the clear message from business leaders at the Reuters IMPACT conference in London on Wednesday about what they say needs to happen at the forthcoming COP28 climate summit. The meeting of world leaders in Dubai beginning late November is seen as a crucial test of countries' willingness to accelerate action to limit global warming, with efforts so far doing little to stem global carbon emissions. Despite this, failure to remove fossil fuel subsidies would make it harder to expand renewable energy in some countries, Ingka's van der Poel said. "My concern is that we have very little hopes for that ambition to be raised during COP28," she said.

Persons: John Muchucha, Peter Van der Poel, Anél Bosman, Ingka's van der Poel, Helena Viñes, Preeti Srivastav, Andy Griffiths, Richa Naidu, William James, Helen Reid, Simon Jessop, Alexander Smith Organizations: REUTERS, Reuters IMPACT, Ingka Investments, Africa Climate Summit, Nedbank Corporate, Investment Banking, Sustainable Finance, Asahi Europe, Diageo, Thomson Locations: Nairobi, Kenya, London, Dubai, Africa

Leading the round alongside BlackRock, the world's biggest asset manager, were Canada Pension Plan, Ontario Municipal Employees Retirement System and, as previously reported, pension investor Investment Management Corporation of Ontario. The fresh funds will help the firm expand its factory footprint, Hartman said. Separately, Northvolt has assembled its first energy storage system products in Poland and expects to start customer deliveries from later this year. "We have a business plan... we always want to make sure we have access to the markets," Hartman said. Reuters has previously reported, citing sources, that Northvolt was preparing for an initial public offering that could value the company at more than $20 billion.

Persons: Helena Soderpalm, IMCO, Northvolt, Alexander Hartman, Goldman Sachs, Baillie Gifford, Swedbank, Singapore's, Chow, Hartman, Supantha Mukherjee, Simon Jessop, Mark Potter Organizations: REUTERS, BlackRock, Reuters, Management Corporation of Ontario, Volkswagen, Chow Tai Fook Enterprises, BMW, Volvo, Thomson Locations: Vasteras, Sweden, BlackRock, Canada, STOCKHOLM, LONDON, Swedish, Europe, North America, Ontario, Hong Kong, Germany, United States, Scania, Poland, Stockholm, London

☆ US investor group clinches tax credit deal for $1.5 bln renewable power acquisition
▼ + stars: | 2023-08-16 | by ( Isla Binnie | ) www.reuters.com time to read: +2 min

Power-generating Siemens 2.37 megawatt (MW) wind turbines are seen at the Ocotillo Wind Energy Facility California, U.S., May 29, 2020. Invenergy said in a statement it agreed to sell tax credits worth $580 million to Bank of America, and put those funds towards buying 14 projects from American Electric Power (AEP.O). It "creates a financeable transferability product that will be used to scale the growth of renewable energy," Fang said. Analysts at investment bank Credit Suisse have estimated the IRA could lead to the generation of tax credits worth $576 billion by 2031. Private equity firm Blackstone has invested around $4 billion in Invenergy.

Persons: Bing Guan, Joe Biden's, Invenergy, Karen Fang, Fang, Blackstone, Isla Binnie, Marguerita Choy Organizations: Energy Facility, REUTERS, Invenergy, Blackstone, Bank of America, American Electric Power, Bank of, International Energy Agency, Credit Suisse, Treasury Department, Internal Revenue, Canada's, Thomson Locations: Energy Facility California, U.S, Invenergy, Canada's Caisse, Quebec

☆ Standards body proposes rules for auditing company climate disclosures
▼ + stars: | 2023-08-02 | by ( Huw Jones | ) www.reuters.com time to read: +1 min

LONDON, Aug 2 (Reuters) - A global body on Wednesday proposed its first set of comprehensive rules for auditing climate-related company disclosures in an anticipated move regulators have said is crucial for giving investors information free of greenwashing. Stricter European Union, U.S. and global rules are being introduced over coming months to replace a patchwork of voluntary private sector practices for listed companies to disclose the impact of climate change on their bottom line. The International Auditing and Assurance Standards Board (IAASB) said its first comprehensive, standalone standard for auditing sustainability disclosures would play a key role in enhancing trust and confidence in reporting. The proposed standard, put out to public consultation, can be used for disclosures under the various regimes being rolled out to aid global consistency, the IAASB said. Nigel Sleigh-Johnson, director for audit and corporate reporting at the ICAEW, a London-based professional accounting body, said the proposed standards were a much-needed underpinning for high quality disclosures.

Persons: Nigel Sleigh, Johnson, Huw Jones, Mark Potter Organizations: Union, KPMG, Deloitte, PwC, Auditing, Assurance, Board, EU, Thomson Locations: London

☆ Blinken criticises China's 'problematic behaviour' during visit to Tonga
▼ + stars: | 2023-07-26 | by ( Lucy Craymer | ) www.reuters.com time to read: +3 min

[1/6] U.S. Secretary of State Antony Blinken shakes hands with Tonga's Prime Minister Hu'akavameiliku Siaosi in Nuku'alofa, Tonga, July 26, 2023. UPOU VAIPULU/Pool via REUTERSWELLINGTON, July 26 (Reuters) - U.S. Secretary of State Antony Blinken warned of China's "problematic behaviour" during a visit to the Pacific island nation of Tonga on Wednesday, citing Beijing's militarisation of the South China Sea and what he called economic coercion. Blinken said at a press conference that the U.S. had no objection to China's engagement with the region but there were concerns that its investments needed to be transparent and undertaken with sustainable finance. "I think one of the things that we’ve seen is that as China’s engagement in the (Indo-Pacific) region has grown there has been some, from our perspective, increasingly problematic behaviour," he said. Blinken said the United States was committed to both Tonga and the broader Pacific Islands.

Persons: Antony Blinken, Hu'akavameiliku Siaosi, UPOU, Beijing's militarisation, Solomon, Blinken, Siaosi Sovaleni, Joe Biden, Wang Yi, Lloyd Austin, Emmanuel Macron, Sovaleni, Nuku’alofa, Lucy Craymer, Stephen Coates Organizations: Tonga's, REUTERS, Tongan, U.S . Defense, Embassy, Thomson Locations: Nuku'alofa, Tonga, REUTERS WELLINGTON, Pacific, South, U.S, Australia, New Zealand, United States, Washington, China, Papua New Guinea, Vanuatu, Beijing, Wellington , New Zealand

☆ Yellen urges China to support existing institutions to fight climate change
▼ + stars: | 2023-07-08 | by ( ) www.cnbc.com time to read: +3 min

The United States and China, as the world's two largest economies, must work together to combat the "existential threat" of climate change, U.S. Treasury Secretary Janet Yellen told Chinese government officials and climate experts on Saturday. "Continued U.S.-China cooperation on climate finance is critical," Yellen said in a prepared text. She said financing for such initiatives should be coordinated efficiently and effectively, adding that Beijing's support for existing multilateral climate institutions like the Green Climate Fund and the Climate Investment Funds, alongside the Washington and others, could boost their impact. China is the largest market after Europe for climate funds, surpassing the U.S. as funds in China have more than doubled since 2021 to $46.7 billion, according to research firm Morningstar. That group had in recent years developed a roadmap for sustainable finance, held workshops on carbon pricing and non-pricing policy levers, developed a transition finance framework, and made a range of recommendations on climate finance, she said.

Persons: jerry, Janet Yellen, Yellen, –, Morningstar Organizations: Bandai, Treasury, U.S, Climate Fund, Climate, Bank, Sustainable Finance Locations: Pali district, Rajasthan, United States, China, U.S, Beijing, Paris, Washington, Europe, India

The Biden administration called on China on Saturday to do more to help developing countries combat climate change, urging the world’s largest emitter of greenhouse gases to back international climate finance funds that it has so far declined to support. Treasury Secretary Janet L. Yellen delivered the message during her second day of meetings in Beijing, where she is seeking to cultivate areas of cooperation between the United States and China. Ms. Yellen said that China, like the United States, has a responsibility to be a climate finance leader. “Climate finance should be targeted efficiently and effectively,” Ms. Yellen said during a meeting with a group of Chinese and international sustainable finance experts on Saturday morning. “I believe that if China were to support existing multilateral climate institutions like the Green Climate Fund and the Climate Investment Funds alongside us and other donor governments, we could have a greater impact than we do today.”

Persons: Janet L, Yellen, ” Ms, “, ” Organizations: Biden, Climate Fund, Climate Locations: China, Beijing, United States

LONDON, June 26 (Reuters) - Companies will face more pressure to disclose how climate change affects their business under a new set of G20-backed global rules aimed at helping regulators crack down on greenwashing. The norms published on Monday have been written by the International Sustainability Standards Board (ISSB) as trillions of dollars flow into investments that tout their environmental, social and governance credentials. David Harris, head of sustainable finance strategic initiatives at London Stock Exchange Group, said the new norms bring more rigour to sustainability reporting, more aligned with financial reporting. Under the ISSB rules, companies would need to disclosure material emissions, with checks by external auditors. The European Union finalises its own disclosure rules next month and it and the ISSB have sought to make each other's norms "interoperable" to avoid duplication for global companies.

Persons: Emmanuel Faber, Faber, Joanna Penn, Jean, Paul Servais, David Harris, Harris, haven't, Huw Jones, Alexander Smith, Robert Birsel Organizations: International Sustainability, Reuters, Force, London Stock Exchange Group, Union, Thomson Locations: Canada, Britain, Japan, Singapore, Nigeria, Chile, Malaysia, Brazil, Egypt, Kenya, South Africa

☆ Ford CEO Jim Farley says Chinese automakers such as BYD are its greatest EV rivals
▼ + stars: | 2023-05-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Michael Wayland/CNBCDETROIT — Ford Motor's largest competition in electric vehicles isn't U.S. leader Tesla or crosstown rival General Motors — it's Chinese automakers, CEO Jim Farley said Thursday. Farley said Chinese companies such as Warren Buffett-backed BYD are ahead of the large U.S. automakers and startups on electric vehicles, specifically battery chemistry and other emerging technologies. And they were always committed to electric," Farley said when asked which company is doing EVs right. Farley's comments echo those of industry experts and investors regarding the growth of BYD and other Chinese automakers, which have government backing in China. Farley also noted BYD's battery advantages compared to the current U.S. industry standard of lithium-ion batteries.

☆ 'Zombie' companies are headed for a year of pain as rates move higher and access to credit gets cut off, think tank expert says
▼ + stars: | 2023-04-19 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

"Zombie" companies are facing a year of pain ahead, according to think tank expert Sonya Gibbs. Gibbs pointed to higher interest rates, which could strain finances at overborrowed firms. But higher rates are necessary to correct major problems in the market, she added. In the short term though, higher rates are going to cause a lot of pain," Gibbs warned. Other market observers have raised similar concerns as the Fed continues to raise interest rates.

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