2023 Sets New Global Temperature Records

As local heat records are being broken across the planet, July 2023 also saw the global average temperature soar to an unprecedented 17.2°C (62.9°F).

In fact, according to the U.S. National Oceanic and Atmospheric Administration (NOAA), the four hottest days on record occurred from July 4 to July 7, 2023, breaking the previous record of 16.9°C (62.4°F) set in mid-August 2016.

The above graphic charts the average air temperature at 2 meters above the surface, since 1979, using data from Climate Reanalyzer.

Read the full article HERE.

Wildfires and New York - Climate change is happening everywhere, to all of us, all the time

In just a few hours the weather went from overcast to smoggy and oppressive. The air felt heavy; a few deep breaths left a slight sting in the throat. Welcome to the affect of climate change in New York.

Read more HERE.

Who should pay for a warming planet?

Campaigners who believe world leaders are not doing enough to combat climate change are taking matters into their own hands—and suing governments and fossil-fuel companies. But can the climate catastrophe really be resolved in court?

Read the latest Edition (#131) of the Citadel Advantage News Digest

NEWS about Banking, Fintech, Payments, Business, Blockchain, Crypto, Money and more…

Read the newsletter HERE (with links to all the below mentioned articles).

Contents of this edition;

• Is it time to unbundle ESG?
• Et Tu, Muske?
• 6 Keys to Data Center Planning
• How banks can personalize financial wellness
• Consumers Expect Personalization at Every Banking Touchpoint
• Creating a Secure Mobile App: Main Vulnerabilities and Security Practices
• 4 Ways Citizens Bank Keeps 'Human' in Its Digital Banking Experience
• Your Complete Guide to Getting A Job On Blockchain
• Why Banks Need to Fix Their Poor Digital Onboarding Experience
• Artificial Intelligence in AP Automation – A Look at What Really Works, and What Doesn't
• High Rates & Tight Housing Spells Bleak Outlook for Mortgage Lending
• Making the branch relevant by design
• Electric Vehicle Lending: How Green Loans Can Accelerate Growth
• Nigerian Commercial Banks ‘Apathetic’ Over CBDCs, says Governor
• A Lifetime's Consumption of Fossil Fuels: Visualized
• What Happened to Terra Luna?
• Are We Having 1929 Again? - Warren Buffett
• What happens to investors money when a cryptocurrency exchange goes bankrupt
• How Blockchain Technology Is Revolutionizing Fintech in 2022
• How Payment Businesses Deal with Fraud and Data leaks
• The Importance of IoT Security
• Organization and metaverse privacy concerns

You can read/subscribe/get all the back issues HERE

Is it time to unbundle ESG?

“ESG should be boiled down to one simple measure: emissions”; so writes The Economist in a Leader in its June 21st edition.

One of the hottest trends in finance these days is environmental, social and governance (ESG) investing.

This is an attempt to make capitalism work better and deal with the critical threat posed by climate change.

ESG investing has mushroomed in recent years. While the ESG process began with such high hopes in 2004 or thereabouts, the three letters have mutated into shorthand for hype and controversy.

• Right-wing American politicians blame a “climate cartel” for spiraling prices at pump.
• Whistleblowers accuse the industry of “greenwashing” by deceiving its clients.
• Firms from Goldman Sachs to Deutsche Bank face regulatory probes.

While ESG in concept is well meaning it is deeply flawed. The danger is in creating conflicting goals for firms, conning savers and distracting from the now critical vital task of tackling climate change.

The Economist maintains that ESG is “..an unholy mess that needs to be ruthlessly streamlined.”

Read the full story HERE.

HSBC's Stuart Kirk tells FT investors need not worry about climate risk

HSBC's now suspended Asset Management's head of responsible investment Stuart Kirk speaking at the FT Live Moral Money Summit Europe conference, accuses central bankers and policymakers of overstating the financial risks of climate change.

Just consider three comments made during his presentation:

“Who cares if Miami is six metres underwater in 100 years? Amsterdam has been six metres underwater for ages, and that’s a really nice place.” Stuart Kirk Head of Responsible Investments

“The average loan length in a big bank like ours, HSBC, is six years. What happens to the planet in year seven is irrelevant.” Stuart Kirk Head of Responsible Investments

“There’s always some nut job telling me about the end of the world.” Stuart Kirk Head of Responsible Investments

Net zero won't change the way we live

Reaching net zero carbon emissions by 2050 is a huge challenge. But we can cut emissions rapidly with technology and 'green growth', rather than 'degrowth', says the FT’s Martin Sandbu.

How to cool a warming world - The Economist

The warmer it gets, the more people use air conditioning—but the more people use air conditioning, the warmer it gets. Is there any way out of this trap? 

In this video;

• What’s the cooling conundrum? 
• The pros and cons of AC 
• How to reinvent air conditioning 
• Can buildings be redesigned to keep cool?
• Scalable, affordable cooling solutions 
• Policy interventions for cooling

 

Understanding ESG in the Banking Industry

Surface temperature on the Earth have risen at a record pace in recent decades, creating risks to life, ecosystems, and economies. Climate science warns us that further warming is unavoidable over the next decade, and probably after that as well. Climate change poses a real threat and a huge risk to banks as key providers of finance for commerce and industry.

Climate change is putting banks at risk. This risk is being driven by two requirements facing the banking sector:

• Banks need to manage their own financial exposures, and these exposures are at risk because of climate change.  
• Banks are being driven by regulatory pressure to help finance a green agenda, a process that is critical to temper the impact of global warming. 
  

This course examines the outlined problems that banks are facing and provides practical guidance to assist them in complying with ESG requirements.

This online training course carries 2 CPE credits.

To register and access this online training course clink HERE. 

See what three degrees of global warming looks like

If global temperatures rise three degrees Celsius above pre-industrial levels, the results would be catastrophic. It’s an entirely plausible scenario, and this film shows you what it would look like.

 

The Cost to Reduce Global Warming? $131 Trillion Is One Answer

Money is a sticking point in climate-change negotiations around the world. As economists warn that limiting global warming to 1.5 degrees Celsius will cost many more trillions than anticipated, WSJ looks at how the funds could be spent, and who would pay. 

 

Bitcoin Miners Tap Hydropower as Environmental Criticism Grows - WSJ

A bitcoin mining facility in upstate New York is using electricity from a local hydroelectric plant powered by the Niagara River. The company is part of a group of miners attempting to make the industry more sustainable, both environmentally and financially.

 

How do carbon markets work? -The Economist

In theory putting a price on carbon emissions should incentivise businesses to stop polluting. So why have carbon markets failed to achieve their goal of reducing global emissions? Read more here: https://econ.st/3mi51Eo

What is net zero? - The Economist

 

More than 50 countries around the world have pledged to become net zero. But what does net zero actually mean—and is it achievable?

New Online Course - Understanding Environmental, Social, and Governance (ESG)

Environmental, Social, and Governance (ESG) has gained increasing attention over the past few years. Today many institutional investors will only invest in those companies that provide ESG performance reporting. ESG provides a set of standards for a company’s operations that today’s socially conscious investors use to screen potential investments in terms of how a company treats the environment, manages social issues (relationships with employees, suppliers, customers, and the communities where it operates), and deals with governance issues.

This course has a three-fold focus;

• Provide the participant with an understanding of ESG. Here we look at what ESG is, its evolution and why it matters. We illustrate this, using examples of three ESG incidents (the Deepwater Horizon oil spill; the Volkswagen emissions scandal and the Facebook – Cambridge Analytica debacle).
• Show how an ESG framework supports a company’s overall risk management strategy/structure. Here we explore issues like; • Key ESG factors, • Sustainable Investing, • Corporate Pressure, • Stakeholder Expectations, • ESG Risks and Opportunities, • Unique Risks in Corporate Supply Chains, • ESG Investing Trends, and • Information Needs and Sources.
• Provide the hands-on knowledge you need to conduct more effective ESG due diligence, and to make better investment decisions. Here we present a step-by-step guide on the actions you need to take to ensure that your company becomes ESG compliant. We conclude by examining some current ESG myths.

ESG is an increasingly popular way for investors to evaluate companies in which they might want to invest. On the flipside, ESG can also help investors avoid companies that could pose a greater financial risk due to below par environmental or other practices.

ESG is relevant to analysts and investors, consumers and employees, and has become a major topic of discussion at Board meetings.

To register CLICK HERE

An Introduction to Environmental, Social and Governance (ESG) Criteria - New Online Course

Environmental, Social, and Corporate Governance (more commonly referred to as ESG) refers to the three central factors in measuring the sustainability and societal impact of an investment in a company or business. Analysis of these criteria can help determine the future financial performance of companies (in other words the return capital and the risks that they face).

ESG criteria are a set of standards for a company’s operations that today’s socially conscious investors use to screen potential investments.

• Environmental criteria look at how a company performs as a steward of nature in protecting the planet.
  

• Social criteria examine how the company manages relationships with employees, suppliers, customers, and the communities where it operates.
  

• Governance deals with a company’s leadership, the pay of its executives, audits, internal controls, and shareholder rights.

Environmental, social, and governance (ESG) criteria are an increasingly popular way for investors to evaluate companies in which they might want to invest. Using ESG criteria can also help investors avoid companies that could pose a greater financial risk due to below par environmental or other practices.

This course is an introduction to these criteria and how they may be used.

For full details and Registrations click HERE.

The 'Net-Zero' trend - Moral Money

Over the past few years, 'net-zero' pledges have been made globally, committing organizations to produce no more greenhouse gases than they are emitting. Setting net-zero targets have become a key tool to fight climate change and stakeholders are looking to companies to set theirs

What are today's biggest business risks?

The world can be a dangerous place. The only certainty that there is is that change happens constantly.

Businesses, as well are faced by rapidly changing environments and the associated risks that they need to adapt to. These can range from supply chain issues because of transport problems or conflicts, to disruptions caused by natural disasters.

Almost 3,000 risk management experts were surveyed for the Allianz Risk Barometer, and the results reflect the top 10 business risks that leaders must watch out for in 2021.

Get the low-down HERE.

ESG - What is next and what do you need to do?

Over the last couple of years we have seen a flurry of activity on the environmental, social and corporate governance (ESG) front. The plethora of scattered, fast-paced ESG developments across the public and private sectors are putting corporate compliance teams in a difficult position, especially as some companies are still reeling from staff and resource cuts caused by the pandemic.

Want to know more about what is coming up and what you need to do? Read Alexandra Wrage's article in Forbes HERE.