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Shell suffers drop in investor support for climate strategy

Shell’s climate goals came under fire at the company’s annual meeting as shareholders backed the strategy in lower numbers than last year and activists protesting against the energy major’s continued development of fossil fuels delayed proceedings for almost three hours. Under the ornate domed roof of Central Hall Westminster in London, protesters, who all had…
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24 May 2022 0

HSBC saga reveals how much climate and financial risk are misunderstood

HSBC banker Stuart Kirk has done the world of green finance a tremendous service. He has exposed widespread, muddled thinking about a central aspect of climate change: financial risk. It is not the lesson that he intended, nor one that many in the industry wish to take, but it is a start. Kirk, the global…
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24 May 2022 0

Snap breaks bad news on ads

This article is an on-site version of our #techFT newsletter. Sign up here to get the newsletter sent straight to your inbox Things are going south fast for social media, with Snap warning overnight of a rapid deterioration over the past month in the “macroeconomic environment”, leading to its shares falling more than 40 per…
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24 May 2022 0

UK banks face up to £225bn in climate-related credit losses, stress test finds

UK banks and insurers that fail to manage the risks associated with climate change could suffer a 10-15 per cent hit to their annual profits, the Bank of England warned on Tuesday. The results of the regulator’s inaugural “climate stress test” indicated that banks could incur up to £225bn in credit losses by 2050, while…
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24 May 2022 0