In our latest Environmental, Social, and Governance (ESG) update, UK charity ShareAction has severely criticised government plans to continue issuing oil and gas licenses. Meanwhile, in Denmark, leading pension funds are advocating for the broader inclusion of the financial sector in the country's Corporate Sector Decarbonisation Disclosure Directive (CSDDD). In what follows, we’ll delve deeper into these major highlights in ESG news.
1. ShareAction, a UK charity, has severely criticized government plans to continue issuing oil and gas licenses.
2. The criticisms come despite global pressure to reduce greenhouse gas emissions and signify a continuing reliance on fossil fuels.
3. In Denmark, leading pension funds are advocating for the broader inclusion of the financial sector into the country's Corporate Sector Decarbonisation Disclosure Directive (CSDDD).
4. These pension funds argue that financial institutions play a crucial role in promoting sustainability.
5. They believe that the financial sector should be held to the same standards as other industries regarding sustainability procedures.
According to a report by ShareAction, the UK government has issued 113 new oil and gas licenses since it declared a climate emergency in 2019.
The report by environmental charity ShareAction criticizes recent propensals by the UK government to continue issuing oil and gas licenses. Despite global pressure to reduce greenhouse gas emissions, these plans signal an ongoing reliance on fossil fuels. Also noteworthy is the demand by Danish pension funds for the inclusion of the financial sector in the Corporate Sustainability Due Diligence Directive (CSDDD). The funds argue that financial institutions play a crucial role in promoting sustainability and should therefore be held to the same standards as other industries.