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Clean Investor, November 1: Climate Advocacy Fund targets ANZ on emissions

RI’s regular look at clean investment

Australia: the Climate Advocacy Fund and other shareholders will support a resolution calling on banking giant ANZ to disclose its energy sector exposure and the emissions from its investments in high emitting assets. The fund, managed by Australian Ethical, also said it plans to repeat its groundbreaking climate resolution at energy firm Woodside early next year. Announcement

Earlier, Australian Ethical announced that it had sold its investment in leading Australian energy company Origin Energy after assessing Origin’s coal seam gas extraction operations.

The Environmental Investment Organisation, the UK non-governmental organisation, has launched a series of global carbon rankings which track 1,300 of the world’s largest companies. Four regional rankings complement a ‘flagship’ Global 800 Carbon Ranking, which looks purely at the largest 800 companies across the world without any geographical bias. The rankings are to go live today (November 1). EIO home page

A second US clean tech firm backed by government loan guarantees has filed for bankruptcy, according to a Bloomberg report. The move by energy-storage company Beacon Power follows the collapse of failed solar-panel maker Solyndra. Beacon had $43m in loan backing, the report added.

The UK’s Co-operative Banking Group (formerly Co-operative Financial Services) has revealed it has lent more than £500m (€583.2bn) to 108 renewable energy projects since 2007. It also reiterated its commitment to double lending to the renewables sector to £1bn by 2013.
The International Finance Corporation (IFC) is to oversee $60m of investment in early stage clean-tech companies in developing countries via a new Cleantech Innovation Facility (CTIF) with a view to bringing in other investors later. The CTIF will finance innovative cleantech companies with strong potential development impact in low income countries. Link

French bank Société Générale has developed what it terms an ‘internal carbon tax’. It has strengthened its carbon offset mechanism with a system for the direct purchase of carbon credits by Group entities. “This makes Société Générale the first bank to set up this sort of system, equivalent to an internal carbon tax,” it said in a statement.
The €50bn German pensions giant Bayerische Versorgungskammer (BVK) is adding an investment in an unnamed solar park vehicle to its infrastructure portfolio, according to a report on IPE.com. The BVK aims to put some €100m into the investment, it added.The Asia Investor Group on Climate Change (AIGCC) is being established by the Association for Sustainable & Responsible Investment in Asia (ASrIA) with support from financial institutions across the region. ASrIA will serve as secretariat to the Hong Kong-based forum, and report to a Strategic Advisory Committee drawn from the asset owners involved. Link
Just 34 of Switzerland’s 100 largest companies reported this year to the Carbon Disclosure Project (CDP) on their greenhouse gas emissions reduction targets, according to the CDP’s latest Swiss report. The report said many companies were reluctant to include long-term reduction targets in their strategies in the absence of a clear political framework and over 60% of the reduction targets indicated extended no further than 2012. However, 58% of responding companies said they anticipated regulatory risks with regard to climate change, up from 38% in 2010. The survey was conducted by Ethos and Raiffeisen and written up by Inrate, the ESG research house. Link

The UK government has announced a consultation to halve Feed-in Tariffs (FITs) for small-scale rooftop solar photovoltaic installations. The consultation ends on December 23 but it has led to a scramble to get installations completed and registered, according to media reports. The existing system had led to “returns for investors in solar PV that are simply not sustainable” said Energy Minister Greg Barker.

The Investors Group on Climate Change, the A$700bn (€529bn) Australia and New Zealand investor group, has set up a new Low-Carbon Finance Working Group to engage in the investment mandate development process to be undertaken by its expert review team. The working group is chaired by Andrew Major, General Manager – Investments of HESTA Super Fund.

CMIA, the Climate Markets and Investment Association, has voted to change its name to the Climate Markets & Investment Association. “The new name reflects both the need and potential for the diversification of the role of the private sector in combating climate change,” said CMIA Director Miles Austin Director.

Clean energy and carbon emissions investor Trading Emissions Plc says it has endured the “perfect storm” with the uncertainty in the financial and emissions trading markets. The firm, which last month announced a wholesale board restructuring, reported continued heavy losses and that it would pass on a full-year dividend. Company site