Sustainability concerns don't show on shippers' procurement radar
Despite frothy pledges from shippers, ‘sustainability’ barely registers when it comes to them making procurement ...
AXIOS reports:
Wall Street giants have a Texas-sized problem: making good on flashy vows to make clients’ investments greener while limiting political and financial blowback from red states.
Catch up fast: On Wednesday, Texas Republican Comptroller Glenn Hegar released a list of 10 companies and 349 investment funds that will be barred from doing business with the state because they “boycott energy companies.”
– The list follows enactment of a law last year prohibiting most state agencies and local governments from contracting with such firms.
– BlackRock, Credit Suisse and UBS made the banned list, along with sustainable investment funds from other banks.
Why it matters: At stake are trillions in investments — including by state pension funds as well as individuals’ retirement savings — and the future of the fossil fuel industry that is fueling global warming.
The intrigue: Consumers and regulatory agencies are pushing investment firms like BlackRock to take climate-related risks into account when making money management decisions…
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