Daily ESG Briefing: NBIM takes Anglo-American off exclusions list

The latest developments in sustainable finance

Norges Bank Investment Management – manager of the world’s largest sovereign wealth fund – has revealed that it has taken miner Anglo-American off of its exclusion list. RI reported last year that the influential investor had ditched the mining giant following new thresholds on coal. But Anglo-American, which recently spun out its coal business in South Africa into a new company called Thungela Resources, has been included back in the fund's universe. Norges stated in the announcement that "purchases and sales of ownership stakes and subsidiaries may to a large extent determine whether a company is affected by the criterion or not".

LifeSight, Willis Towers Watson’s DC master trust, has announced its commitment to net zero, with an interim target of a 50% reduction in financed emissions by 2030. The £10bn scheme has announced a partnership with an unnamed ‘engagement overlay provider’ to offer additional stewardship services, and plans to launch a climate-focused fund this month.

The Task Force on Climate-related Financial Disclosures has announced an extension of the deadline for its consultation on proposed guidance on climate-related metrics, targets, and transition plans and a technical supplement from its portfolio alignment team until July 18th. 

HSBC Asset Management has taken a minority stake in US-based ESG and diversity and inclusion focused investment consulting firm Radiant ESG. With the investment from HSBC, the firm plans to rebrand as RadiantESG Global Investors, and will launch two investment strategies later in the year based around its proprietary concept of ‘positive change’ ESG.

The UK Government plans to launch a consultation on extending its emissions trading system to agriculture before COP26 in November. The Times reported that the move is being resisted by Secretary of State for the Environment, Food and Rural Affairs George Eustice over fears it might cause food prices to increase.