Goldman Sachs looks at clean energy in Japan
Goldman Sachs is planning to invest 300 billion yen (£1.9 billion) in Japanese clean energy projects, in an effort to boost the renewables market post-Fukushima. The US bank has created the Japan Renewable Energy Company to plan and design new solar and wind power developments. Ankur Sahu, co-head of...
‘Still unclear’ if HS2 will be economically beneficial
The government’s plans to build a high speed rail line in England are unclear as to how it will create economic growth and new jobs, according to the National Audit Office (NAO). The NAO has “reservations” over the business plan presented by HS2 – the £32 billion project that...
Lloyds CEO says firm will review use of tax havens
The chief executive of Lloyds Banking Group António Horta-Osório has said the bank has begun a systematic review of its use of offshore havens in an effort to reduce its involvement in tax avoidance. Campaigners say that 259 Lloyds entities operate in tax havens, where companies can legally avoid...
Green deal assessments near 19,000 mark since January
A recent survey said one in five homeowners in Britain feel their homes are too cold. But an increasing number of people are looking to combat this by opting for the government’s flagship energy efficiency scheme, with nearly 19,000 green deal assessments conducted since January. The green deal, which...
DECC ‘doesn’t recognise’ figures in Civitas green subsidies study
The Department of Energy and Climate Change (DECC) has criticised a publication by the Civitas thinktank, in which clean energy subsidies are blamed for “discouraging” innovation and ramping up bills. The document, which is the sixth instalment in Civitas’ Ideas for economic growth series, says that households in Britain...
European responsible investment grown 19% since 2010
Assets under management in European responsible investment funds now total €237.9 billion (£201 billion) – a 19% increase since 2010 – according to a survey by the Association of the Luxembourg Fund Industry (ALFI). The European Responsible Investment Fund Survey, published by accountancy giant KPMG on behalf of ALFI,...
Green Investment Bank appoints general counsel
Euan McVicar from law firm Pinsent Masons has become the new legal adviser for the Green Investment Bank (GIB), after spending a large proportion of his career working on the financing of energy projects. The bank’s CEO Shaun Kingsbury said he is delighted to have McVicar on board, adding...
Big oil companies under investigation for price rigging
The European commission has raided the offices of several oil companies, amid claims that they might have distorted oil prices for more than a decade at the expense of consumers. Those involved include BP, Royal Dutch Shell and Platts. European authorities conducted “unannounced investigations” in three countries, including the...
Switzerland, Germany and Austria see sustainable investment growth
Over €120 billion (£101 billion) is invested sustainably in Switzerland, Germany and Austria, according to the sustainable investment trade body that covers the three countries. In a report, Forum Nachhaltige Geldanlagen (FNG) – the Sustainable Investment Forum – also revealed that investments into sustainable funds in the regions now...
Scotland looks to unlock renewables potential of its islands
Investing in clean energy projects on Scottish islands would help achieve the UK’s 2020 renewables target and create thousands of jobs for the local communities, a new study has said. The report, published by the UK and the Scottish governments, found that while there are many opportunities to exploit...
British Gas profits shoot up because of 2013 cold spell
Centrica, the firm that owns British Gas, has recorded greater profits in the first four months of 2013 than it did in 2012 – because homeowners have used more gas for heating to combat this year’s cold snap. Consumption of gas went up by 18%, while electricity use rose...
Global investors call for guidelines for sustainability disclosure
The Investor Network on Climate Risk (INCR) has produced a consultation paper that would force firms listed on global stock exchanges to reveal their environmental, social and governance (ESG) strategies in their annual reports. The INCR is a network of institutional investors led by Ceres, includes the likes of...
Conference calls for diversity in UK financial system
Recommendations on how to transform Britain’s “broken” financial system were suggested on Friday at a conference in London, attended by campaigners, economists and financiers. Speakers at Transforming Finance, which was organised by Friends of the Earth, the Institute of Chartered Accountants, the World Development Movement and others, said banking...
Ethical bank Triodos considering launching current account
Triodos Bank has said it is considering entering the current account market, in an effort to expand the number of full-range ethical banking options for consumers. The breakdown of the Co-operative Bank’s deal to purchase 632 branches owned by Lloyds Banking Group recently brought to light the lack of...
Stuttering investment is putting EU renewables targets at risk
Sluggish investment into renewable energy is likely to prevent the EU from meeting its 2020 renewable energy targets, according to financial services firm Rabobank’s quarterly report. Justin Sherrard, Rabobank analyst, said, “A failure to meet the 2020 targets is a result of a number of barriers to renewable energy investment...
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