News

• Markets in meltdown

  01 October 2008

  Just when it seems that it can't get any worse, it does. A financial sector that has been staggering under the weight of hundreds of billions of dollars of bad assets for over a year seems on the verge of collapse. At the end of last month, banks were falling like ninepins, while US policy-makers were struggling to come up with a sensible and timely response to stop the rot.

• IFC to measure portfolio's carbon footprint

  01 October 2008

  The International Finance Corporation (IFC) is considering the introduction of 'carbon accounting' across its lending and investment portfolio, in an effort to understand its climate exposures better. While the IFC is not planning to disclose or set targets for the carbon-intensity of its investments, the move is likely to increase pressure on the development bank, the private sector arm of the World Bank, to decarbonise its lending.

• Good news, and bad, for CDM

  01 October 2008

  The crucial, and long-delayed, link to allow buyers to import Clean Development Mechanism (CDM) carbon credits into the EU Emissions Trading Scheme (ETS) is to be put in place this month – offering succour for developers and investors who have endured delays in generating cash.

• UN PRI begins to bite

  01 October 2008

  Two asset managers have lost £175 million ($309 million) in mandates for the pension fund of the UK's Environment Agency, partly because they have not signed up to the UN's Principles for Responsible Investment (PRI).

• Germany challenges Commission over EU ETS

  01 October 2008

  Pressure is building to give European industry an easier ride in the third phase of the EU Emissions Trading Scheme (ETS). Germany is challenging Commission proposals to slash the free allocation of allowances, while an influential European parliamentary committee has called for greater use of overseas carbon credits.

• People moves this month

  01 October 2008

  RETO RINGGER is to leave Sustainable Asset Management, the Swiss sustainable investment advisory firm he founded 1995, to "pursue new opportunities in the field of sustainability". He will resign as CEO in February 2009 and a successor will be announced in due course, the company said. A profile of Ringger appears on page 28 of this issue.

• IFC and GRI to promote emerging markets reporting

  01 October 2008

  The World Bank's private sector arm and the Global Reporting Initiative (GRI) have launched a project to encourage sustainability reporting in emerging markets.

• SAM names sustainability leaders

  01 October 2008

  Sustainable Asset Management (SAM) has given Yvon Chouinard, co-founder of outdoor clothing and gear firm Patagonia, its annual sustainability leadership award. Hunter Lovins, founder and president of Natural Capitalism, and co-founder of the Rocky Mountain Institute, was recognised with its sustainability pioneer award.

• EU ETS may cost airlines €3 billion a year

  01 October 2008

  Airlines could be landed with a bill of €3 billion ($4.2 billion) a year once they are included in the EU's Emissions Trading Scheme (ETS), according to a report by Merrill Lynch.

• US?renewables industry looks to new energy bill

  01 September 2008

  The latest effort to renew the production tax credit (PTC) for the renewable energy industry stalled in the US Senate on 30 July, when supporters fell short of the 60 votes needed to stop debate. However, an extension to the PTC is to be incorporated into a compromise energy bill likely to be introduced in September.