{"id":564665,"date":"2021-02-18T13:54:22","date_gmt":"2021-02-18T13:54:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/18\/esgs-truth-keeps-marching-on\/"},"modified":"2021-02-18T13:54:22","modified_gmt":"2021-02-18T13:54:22","slug":"esgs-truth-keeps-marching-on","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/18\/esgs-truth-keeps-marching-on\/","title":{"rendered":"ESG\u2019s truth keeps marching on.."},"content":{"rendered":"

<\/a> ESG investors vs Big Oil: <\/strong>As ESG investing continues to gain more prominence in board rooms across the world and driving up demand for green economy assets, oil majors have started to feel the pressure, with Total CEO Patrick Pouyann\u00e9 even sounding the alarm that maybe the world is adapting to climate change a little too fast.<\/p>\n

His arguments: <\/strong>The move to divest from carbon and into renewable energy is too expensive at the moment for oil and gas majors, particularly as demand for renewable energy assets is driving up their acquisition prices. While Total has pledged bns in renewables investment, targeted net-zero emissions by 2050, Pouyann\u00e9 says that this \u201cbubble\u201d in asset prices is making it impractical in the short term.<\/p>\n

How expensive are these assets?<\/strong> Valuations that are often up to 25x earnings are \u201cjust crazy today,\u201d Pouyann\u00e9 said, blaming scarcity of renewable energy assets. The UK\u2019s auction for offshore wind rights earlier this month<\/a> could see GBP 8.8 bn paid to the state over 10 years, largely by oil and gas majors.<\/p>\n

The market is still irresponsible:<\/strong> His other major argument is that divesting oil and gas assets simply transfers them to less responsible energy players, namely the Russians and the Saudis. State-owned oil companies, including Saudi Aramco and the Abu Dhabi National Oil Company, \u201care not prepared to stop producing, he tells the Financial Times<\/a>.<\/p>\n

Poor 2020 earnings? That has nothing to do with it obviously (cough cough):<\/strong> His statements come at a time where oil majors took a hit on the back of falling oil prices in 2020. Total saw USD 7.2 bn in losses in 2020, while BP posted a loss of USD 5.7 bn last year \u2014 its first in a decade, according to CNBC<\/a>.<\/p>\n

And in this corner\u2026<\/strong> Investors are undeterred, continuing to pile on the pressure on majors. Aviva \u2014 one of the UK\u2019s largest asset managers with GPB 355 bn AUM \u2014 threatened to fully exit<\/a> its stakes in 30 oil, gas and mining companies if they don\u2019t do more to tackle climate change.<\/p>\n

Meanwhile, the world\u2019s largest asset manager, BlackRock, threatened to vote against <\/strong>company <\/strong>directors who do not align<\/strong> with global efforts to reach net-zero greenhouse gas emissions by 2050. \u201cWe expect directors to have sufficient fluency in climate risk and the energy transition to enable the whole board\u2014rather than a single director who is a \u2018climate expert\u2019\u2014to provide appropriate oversight of the company\u2019s plan and targets,\u201d the firm said in a document yesterday which ran on Bloomberg<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

ESG investors vs Big Oil: As ESG investing continues to gain more prominence in board rooms across the world and driving up demand for green economy assets, oil majors have started to feel the pressure, with Total CEO Patrick Pouyann\u00e9 even sounding the alarm that maybe the world is adapting to climate change a little […]<\/p>\n","protected":false},"author":1,"featured_media":564666,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7825],"tags":[147,633,7229,246],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-564665","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-green-economy","tag-climate-change","tag-enterprisepm","tag-esg","tag-green-economy","wpautop","entry"],"acf":{"mongo_id":"6ae434fa-9250-41b6-b415-0736a36335d7","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/2\/481.jpg","photo_position":"above","related_issue":[564656],"teaser":"","voice_url":""},"yoast_head":"\nESG\u2019s truth keeps marching on.. - 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Climate stocks are overheating as investors get more bullish on renewable energy companies looking to capitalize on the shift by policymakers and consumers towards environmentally-friendly products, analysts tell the Financial Times.The historic post-corona rally in US stocks has been particularly\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/493.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555606,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/21\/whats-on-the-agenda-for-cop27-pressure-for-the-rest-of-the-world-to-help-em-meet-climate-commitments\/","url_meta":{"origin":564665,"position":1},"title":"What\u2019s on the agenda for COP27? Pressure for the rest of the world to help EM meet climate commitments.","author":"enterpriseam admin","date":"21 November 2021","format":false,"excerpt":"Securing and de-risking financing to help emerging markets meet climate commitments will be a central focus at Egypt-hosted COP27, International Cooperation Minister Rania Al Mashat told Bloomberg (watch, runtime: 5:38). In an interview on the sidelines of the Bloomberg New Economy Forum, Al Mashat stressed that expectations placed on EMs\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/525.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564820,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/01\/the-asset-managers-climate-change-naughty-list\/","url_meta":{"origin":564665,"position":2},"title":"The asset managers climate change naughty list","author":"enterpriseam admin","date":"1 March 2021","format":false,"excerpt":"Vanguard, BlackRock called out for not committing to ESG principles: Some 30 top asset managers are holding a combined USD 512 bn in coal assets, according to the FT, citing a report done by 29 NGOs including Urgewald (an NGO focused on the environment and human rights) that tracks asset\u2026","rel":"","context":"In "Green economy"","block_context":{"text":"Green economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/green-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/392.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577314,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/17\/karim-moussa-head-of-pe-and-asset-management-co-ceo-of-efg-hermes-investment-bank\/","url_meta":{"origin":564665,"position":3},"title":"Karim Moussa, head of PE and asset management + co-CEO of EFG Hermes Investment Bank","author":"enterpriseam admin","date":"17 November 2022","format":false,"excerpt":"Enterprise Climate CEO Poll - Karim Moussa: Our Enterprise Climate CEO Poll interviews with top C-suite execs and business leaders about key issues being raised at COP27, including climate finance, regulation, and the green economy.This morning we\u2019re talking to EFG Hermes\u2019 Karim Moussa: Moussa wears many hats at EFG Hermes:\u2026","rel":"","context":"In "CLIMATE CEO POLL"","block_context":{"text":"CLIMATE CEO POLL","link":"https:\/\/enterpriseam.com\/egypt\/category\/climate-ceo-poll\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/281.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565001,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/11\/you-cant-just-say-nice-green-things-and-call-yourself-an-esg-investor\/","url_meta":{"origin":564665,"position":4},"title":"You can\u2019t just say nice green things and call yourself an ESG investor","author":"enterpriseam admin","date":"11 March 2021","format":false,"excerpt":"New European Union (EU) rules to regulate ESG investment products and prevent greenwashing went into effect yesterday. The EU\u2019s new rules are part of a wider series of green finance regulations that will see investment products categorised as sustainable or non-sustainable, reports The Financial Times. 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