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<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> requires an investment support of USD 1.4 trillion — an average of USD 28 billion per year — to become a net-zero economy by 2070 and raising <keyword id="20260327" type="General" weightage="20" keywordseo="financial-resources" source="keywords">financial resources</keyword> for adaptation and mitigation action of this scale is an "unprecedented challenge", according to the <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-24 tabled in Parliament on Monday. Reaching net zero means achieving a balance between greenhouse gas emissions and the amount of these gases removed from the atmosphere by either natural processes, such as photosynthesis, or by other methods of carbon capture and storage. The consolidated report on the state of the economy in the previous year said India's climate action has been largely financed through domestic resources and the flow of international finance has been "very limited". Citing the Reserve Bank of India's (RBI) data, the report said bridging the "substantial funding gap" necessitates allocating 2.5 per cent of India's annual Gross Domestic Product (GDP) to <keyword id="20018880" type="General" weightage="20" keywordseo="green-finance" source="keywords">green finance</keyword>. "Preliminary estimates indicate that the aggregate investment support required by India to achieve its 2070 net-zero target will be USD 1.4 trillion at an average of USD 28 billion per year. Raising financial resources for <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword> adaptation and mitigation actions of this scale is an unprecedented challenge," the document read. A 2022 report by the Climate Policy Initiative found that domestic sources accounted for the majority of green finance in India, at 87 per cent and 83 per cent in financial years 2019 and 2020 respectively. While international sources are increasing (from 13 per cent in FY 2019 to 17 per cent in FY 2020), the economic survey said they are still insufficient to meet India's net-zero target. "Mobilising substantial capital from traditional sources presents multifaceted challenges in emerging economies like India. The perceived sovereign risks associated with emerging market and developing economies (EMDEs) and the capital-intensive nature of such projects, coupled with lengthy gestation periods and evolving regulatory frameworks, can create misalignment between investor expectations and project timelines," the government said. The economic survey also noted that the flows of global capital to <keyword id="20200084" type="General" weightage="20" keywordseo="developing-countries" source="keywords">developing countries</keyword> have been impeded by high costs of capital. Despite securing a good rating on its green-bond framework, Indian sovereign <keyword id="20177085" type="General" weightage="20" keywordseo="green-bonds" source="keywords">green bonds</keyword> have hardly received any "greenium" from private investors. It is more a "wall of capital" than a "flood of capital" that is waiting to fund energy transition in EMDEs. It is just not mobile. All of these together have severely hampered the flow of finance for green-transition projects, the survey said. "Greenium" or green premium refers to the savings an issuer of a green bond realises on the associated coupon payment because the bond is green. Financial support to help middle-income and poor countries fight climate change will be at the centre of this year's UN climate conference in Baku, Azerbaijan, where the world will reach the deadline to agree on the New Collective Quantified Goal (NCQG) -- the new amount developed nations must mobilise every year starting 2025 to support climate action in developing countries. But achieving consensus will not be easy, given the disappointing progress made on major conflict points at the mid-year UN climate talks in Bonn, Germany. At the 2009 UN climate conference in Copenhagen, rich nations pledged to provide USD 100 billion annually from 2020 to help developing countries mitigate and adapt to climate change. However, delays in achieving this goal have eroded trust between developed and developing nations and have been a continual source of contention during annual climate negotiations. In May, the Organisation for Economic Cooperation and Development (OECD) claimed that developed countries had met the long-standing USD 100 billion-a-year promise by providing nearly USD 116 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> to developing countries in 2022, with nearly 70 per cent of the money given in the form of loans. However, international non-profit organisation Oxfam last week said climate finance provided by rich countries in 2022 totalled no more than USD 35 billion. Developing nations argue that they cannot be expected to reduce carbon dioxide (CO2) emissions faster if developed countries -- historically responsible for climate change -- do not provide enhanced financial support. Rich countries are now expected to raise more than USD 100 billion, with developing countries, including India, demanding trillions of dollars to tackle climate change.

Raising massive financial resources for net-zero goal unprecedented challenge: Economic Survey

<ul class="summary-list"><li>The Fed has started cutting rates, but it's not likely to boost the economy much, Lisa Shalett says.</li><li>The economy is less rate-sensitive than it was during previous rate cuts, Shalett argues.</li></ul>Rate cuts have long been seen as an integral part of the Federal Reserve's monetary policy toolbox to juice up the economy.However, don't expect rate cuts to save the economy this time around, according to Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management.Investors may have reacted positively after the initial 50-basis-point cut, but Shalett believes rate cuts have already been largely priced in from here on out. Beyond the stock market, several parts of the economy aren't very sensitive to interest rate cuts and won't see much upside either.Today's economy is facing different challenges than it has in past cutting cycles. In an interview with Business Insider, Shalett shared what to expect — and not expect — from this cutting cycle.<h2 id="f23ffa4b-b498-4d31-84b2-6a9dff847e03">3 reasons rate cuts won't work</h2>First, companies today are carrying more cash, resulting in stronger balance sheets.Many also locked in low borrowing rates after the Global Financial Crisis. The average cost of capital for the biggest companies in the index is only 4.2%, according to Shalett. With less debt, and subsequently fewer interest payments, many S&amp;P 500 constituents aren't that exposed to interest rate risk.Household consumption also points to reduced rate-cut relief. Wealth is disproportionately concentrated across American households, Shalett said, with the top 40% of households driving two-thirds of total consumption."For those households with net savings, high interest rates were actually stimulative," Shalett said. High-income households with extra cash on hand benefited from increased interest income in a higher-rate environment.One example is baby boomers, many of whom live off of fixed incomes in retirement. "For them, lower interest rates are not stimulative. It's actually net reductive to their incomes," Shalett said.While lower interest rates could potentially spur consumption for lower-income households, this group makes up only a small portion of overall spending, so don't count on that to materially stimulate the economy, she said.Lastly, the housing market poses a large challenge for the economy, and Shallett doesn't believe rate cuts will be able to improve the situation.Lower mortgage rates can help housing affordability, but they won't solve the underlying issue of housing inventory undersupply. According to Shalett, the US is about 4 million housing units short, thanks to a lack of construction after the housing crisis.In addition to a dearth of supply, how homes are financed also poses an issue."Forty percent of the entire housing stock of the US is now owned outright with zero mortgage," Shalett said. That means homeowners are disincentivized to sell into a housing market where mortgage rates — while down from earlier highs — are still hovering around 6%. Many of these homes are owned by retired baby boomers, Shalett added.Another 36% of the housing market has a mortgage locked below 4%, thanks to record-low pandemic interest rates."So the fact that mortgage rates are at 6% today doesn't really create an incentive for those people to transact in the mortgage market," Shallett said. "Seventy-six percent of your entire housing market is frozen and is not moved by the rate cuts."<h2 id="002388a3-cc3f-44ad-bf7c-dd5d6ca2a259">Keep an eye out for corporate earnings</h2>If rate cuts won't significantly kickstart the economy, then what will?In Shalett's view, the economy's success hinges on increasing corporate productivity. Shalett recommends that investors closely monitor corporate earnings for the upcoming quarters.Earnings expectations are already quite ambitious for the next year — Wall Street is forecasting 13-14% profit growth in 2025, a tall order in a slowing economy.However, a productivity-driven rebound isn't out of the question. Companies are still reporting above-average capital expenditures, and government stimulus will boost areas of the economy such as infrastructure and energy. And the promise of AI could also drive productivity gains. All of these factors could lead the economy to a soft landing.

3 reasons rate cuts won't stimulate the economy like they have in the past: Morgan Stanley Wealth Management CIO 

<ul class="summary-list"><li>Citigroup was massively bailed out by US taxpayers because it failed to manage key financial risks.</li><li>The bank is exposed to huge risks of fossil fuel stranded assets.</li><li>Citi's new CEO Jane Fraser must show global leadership and seize the energy transition.</li><li>Tim Buckley is Director Energy Finance Studies, Australasia at IEEFA.</li><li>This is an <keyword id="11905565" type="UNKNOWN" weightage="100" keywordseo="opinion" source="Orion">opinion</keyword> column. The thoughts expressed are those of the author.</li></ul>In September 2007, with a mortgage crisis clearly on the horizon, <a href="https://www.nytimes.com/2008/11/23/business/23citi.html">Citigroup's CEO Charles Prince III</a> gathered with his top executives to understand whether the bank - then the nation's largest - faced any risk. The consensus was no.How wrong they were. In a year's time, Lehman Brothers crashed, triggering a global financial collapse. Citigroup lost 90% of its value and 75,000 employees, and ultimately, needed US taxpayers to bail it out. Since that low point, the bank has worked hard to rehabilitate its image, but not its ability to understand and address key global financial risks.This month, <a href="https://anthropocenefii.org/afii-suek-bofa-citi-cmzb">Citi was named</a> as <a href="https://mailchi.mp/banktrack/commerzbank-citi-and-bank-of-america-among-banks-issuing-new-deal-for-russian-coal-giant-suek-just-two-months-before-cop26?e=e9f794d617">Joint Lead Managers for Suek</a>, Russia's largest coal miner, and owner of 17 gigawatts (GW) of coal power plants. The <a href="https://www.ifre.com/story/3041635/suek-finds-sanctuary-in-bond-markets-fpjjvgq9lp">proceeds of this bond issue</a> will <a href="https://www.fitchratings.com/research/corporate-finance/fitch-rates-proposed-suek-guaranteed-notes-bb-exp-01-09-2021">help finance 1.6 GW</a> of more coal power and another 28 million tonnes of new coal export port capacity per year. This deal is in direct contradiction to the Paris Agreement and the findings of the International Energy Agency's (IEA) recent <a href="https://www.iea.org/reports/net-zero-by-2050">Net Zero by 2050</a> roadmap, which couldn't be clearer, that to avoid impending climate catastrophe, there must be "<a href="https://www.iea.org/news/pathway-to-critical-and-formidable-goal-of-net-zero-emissions-by-2050-is-narrow-but-brings-huge-benefits">no investment in new fossil fuel supply</a> projects, and no further final investment decisions for new unabated coal plants."It also contradicts the spirit of <a href="https://blog.citigroup.com/2021/03/citis-commitment-to-net-zero-by-2050/">Citi's Commitment to Net Zero by 2050</a>, which CEO Jane Fraser announced on her first day on the job. Following that pledge, Citi joined the <a href="https://www.sustainable-markets.org/">Sustainable Markets Initiative</a> Financial Services Task Force, the Mark Carney-chaired <a href="https://www.unepfi.org/net-zero-banking/">Net-Zero Finance Alliance</a>, delivered a <a href="https://www.citigroup.com/citi/sustainability/data/Environmental-and-Social-Policy-Framework.pdf">strengthened but still flawed coal exit policy</a> and a <a href="https://blog.citigroup.com/2021/04/citi-commits-1-trillion-to-sustainable-finance-by-2030/">$1 trillion capital deployment</a> in low-carbon solutions pledge.What good are pledges and promises of distant future action when there is a climate emergency today?<h2>Banking on <keyword id="11896311" type="UNKNOWN" weightage="60" keywordseo="climate-change" source="Orion">climate change</keyword> </h2>Citi remains a key global climate laggard, rated by the Rainforest Action Network as the <a href="https://www.ran.org/bankingonclimatechaos2021/#facts-panel">second largest financier of fossil fuels globally</a> in the five years leading to 2020 (second only to JPMorgan Chase). The bank has financed a staggering $237 billion in total, many multiples of the nearest Chinese mega-banks.As a former Citi Managing Director, I want to see the bank succeed. But a pivotal change is overdue after two decades of ongoing market underperformance. Since my days at Citi, I've worked primarily in the energy technology space, tracking the role of global finance and evaluating stranded asset risks and climate investment opportunities. At IEEFA we have tracked <a href="https://ieefa.org/finance-exiting-coal/">180 globally significant financial institutions</a> with formal coal exit policies. To date in 2021 we have seen 68 new or improved coal policies - a 33% increase on the run rate in 2020, which in turn was 60% more than reported in 2019. And with the rising number of zero emission <a href="https://www.unglobalcompact.org/take-action/events/climate-action-summit-2019/business-ambition">1.5 degree Celsius pledges</a>, we are seeing an accelerating global flight from the monumental risk of "stranded assets" in fossil fuel investments including coal, oil and gas, arctic drilling and oil sands. As <a href="https://www.woodmac.com/horizons/commit-and-collaborate-squaring-the-carbon-circle-for-oil-and-gas/">Wood Mackenzie</a> reported in August 2021, "The pool of investors that will agnostically invest in the oil and gas sector, indifferent to the energy transition, will continue to shrink."When it comes to climate, US banks lag behind European and Asian banks. But with the decisive climate leadership of <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2021/04/23/fact-sheet-president-bidens-leaders-summit-on-climate/">President Joe Biden</a>, and the increasingly clear climate risk guidance coming from the <a href="https://home.treasury.gov/faq-for-new-fossil-fuel-energy-guidance-for-the-multilateral-development-banks">US Department of the Treasury</a> and <a href="https://www.ngfs.net/en">Network for Greening of the Financial System</a>, this is Fraser's moment to break away from the pack and lead the way. Fraser must eschew the hubris of Citi's former leaders and demonstrate clarity of vision to see obvious global financial risks for what they are. A start would be making a more detailed commitment going into COP26 next month, one that rejects activities like funding giant Russian coal companies and similar projects the world will soon be forced to abandon. Citi should also commit to a clear end date beyond which the bank will not provide any financial assistance across its advisory, debt, equity and capital market services, to any company still building out greenfield oil, gas, and coal operations (including associated facilitation of rail and port infrastructure). These kinds of massive turnarounds in policy are possible. BlackRock, the world's largest financial institution, has moved at lightning speed from also being a global climate laggard in <a href="https://ieefa.org/ieefa-report-blackrocks-fossil-fuel-investments-wipe-us90-billion-in-massive-investor-value-destruction/">2019</a>. <a href="https://www.blackrock.com/corporate/literature/publication/blk-commentary-climate-risk-and-energy-transition.pdf">In 2021</a>, <a href="https://www.bloomberg.com/news/videos/2021-04-12/blackrock-s-fink-temasek-s-pillay-on-climate-investing-video">CEO Larry Fink</a> enthusiastically beat the drum about the magnitude of investment opportunities the changing climate entails. The firm set records on new <a href="https://www.bloomberg.com/news/articles/2021-04-08/blackrock-raises-4-8-billion-to-invest-in-renewable-power">zero emissions infrastructure</a>, <a href="https://www.blackrock.com/corporate/newsroom/press-releases/article/corporate-one/press-releases/temasek-and-blackrock-launch-decarbonization-investment-partnership">private equity</a> in emerging climate technologies, and <a href="https://www.bloomberg.com/news/articles/2021-04-14/blackrock-s-record-breaking-esg-fund-looks-just-like-a-big-tech-etf">ESG</a> capital raises. These records were subsequently broken as <a href="https://www.reuters.com/business/sustainable-business/brookfield-raises-7-billion-global-energy-transition-fund-2021-07-27/">Brookfield</a> and <a href="https://press.tpg.com/news-releases/news-release-details/tpg-announces-54-billion-first-close-tpg-rise-climate-fund">TPG</a> followed suit, playing catch up to innovative global financial leaders like <a href="https://www.afr.com/chanticleer/big-picture-drives-macquarie-s-growth-20210908-p58pw4">Macquarie Group</a>.Citi should carefully evaluate the substance of BlackRock's pivot. The megabank can align its investments with the IEA's net-zero guidance, enhancing its risk-return profile in doing so. To stymie rapid global emissions growth, the world needs financial leadership to move away from fossil fuel legacy businesses of old and to start providing the multitude of technology solutions commercially viable today. Fraser should focus on the enormous opportunities in providing financial services to the zero emissions world leaders of tomorrow, and turn the bank's sorry past into global leadership.

I'm a former Citi executive. The bank failed to react to the warning signs before the 2008 financial crisis, and its record on climate change shows it's making the same mistake again.

<a href="https://www.businessinsider.com/financing-a-sustainable-future-2022"></a><div type="image" title="Engineer walking on a wind farm at sunset" height="3733" width="5600" msid="90236826" hostid="261"></div><ul class="summary-list"><li>ESG is not just a moral obligation, but a financial commitment to hold companies accountable for sustainable progress.</li><li>Sustainable finance executives will discuss "Planet," the second of the four pillars of ESG reporting defined by the World Economic Forum.</li><li>On April 12, 2022, Insider is hosting "<keyword id="13301621" type="UNKNOWN" weightage="100" keywordseo="financing-a-sustainable-future" source="Orion">Financing a Sustainable Future</keyword>: Accelerate the Net-Zero Transition," a free virtual event at noon ET, featuring speakers from Bank of America, Walmart, Cognizant, and more.</li></ul>As part of the "Financing a Sustainable Future" series, Insider's virtual event "Financing a Sustainable Future: Accelerate the Net-Zero Transition," in partnership with Bank of America, takes place Tuesday, April 12, 2022, at noon ET, and includes live conversations with Insider editors, sustainable finance experts, business leaders, and ESG professionals. Panelists will discuss toolbox items such as <keyword id="13391959" type="UNKNOWN" weightage="60" keywordseo="green-bonds" source="Orion">green bonds</keyword>, <keyword id="11896309" type="UNKNOWN" weightage="60" keywordseo="sustainability" source="Orion">sustainability</keyword> bonds, public-private collaborations, metrics that track companies' dependencies and impacts on the natural environment. At a time when sustainable investments have been growing at a rapid pace, this virtual conversation will dive into the financial obligations behind the transition to a net-zero world. The event will take a closer look at the second of the four pillars of ESG reporting, as defined by the World Economy Forum: Planet. <h2>Speakers include:</h2><ul><li>Karen Fang, Managing Director, Global Head of Sustainable Finance, Bank of America</li><li>Kathleen McLaughlin, Executive Vice President and Chief Sustainability Officer, Walmart</li><li>Sophia Mendelsohn, Chief Sustainability Officer and Global Head of ESG, Cognizant</li><li>Moderator: Aaron Weinman, Finance Correspondent, Insider</li></ul><h2>A look at the series events:</h2><ul><li>Financing a Sustainable Future: Investing in People Transforms Economies on March 8, 2022</li><li>Financing a Sustainable Future: Creating Broad-based Economic Prosperity on May 10, 2022 </li><li>Financing a Sustainable Future: Advancing Effective Corporate Governance on June 14, 2022 </li></ul>We hope to see you there!

SIGN UP NOW: How companies can fund the energy transition to net-zero

By Jimit Devani, Naman Shah and Jash Davda India has made revolutionary development in the renewable energy (RE) sector. In the last 7.5 years the RE installed capacity has increased by 286%, making India the fourth biggest in the world, for installed RE capacity. As of October 2021, India’s RE capacity has reached 149.57 gigawatts (GW), from 94.4 GW in 2020. The <keyword id="6360189" type="General" weightage="20" keywordseo="union-budget" source="Orion">Union Budget</keyword>, 2021 outlined various reforms and initiatives towards boosting the non-conventional energy sector in India. The first one amongst it was the clarion call for ‘<keyword id="9210258" type="General" weightage="20" keywordseo="Atmanirbhar-Bharat" source="Orion">Atmanirbhar Bharat</keyword>’ and ‘Vocal for Local’, by introducing production-linked incentive (PLI) scheme of ₹4,500 crore for solar cells and modules. An overwhelming response from the industry to the PLI scheme led to further enhancement of the scheme to ₹24,000 crore to boost exports. Recently, on January 20, 2022, the Cabinet also approved capital infusion of ₹1,500 crore to the Indian Renewable Energy Development Agency (IREDA) as proposed in the Union Budget, 2021. However, the journey has just begun and much is yet to be accomplished. The RE sector has a mammoth target of 227 GW capacity generation in 2022, of which about 114 GW is planned for solar, 67 GW for wind and the remaining for hydro and bio, amongst others. Further, at the COP 26 climate summit in Glasgow, enhancing its commitment towards climate change India pledged five – ‘Panchamrits’ – to become a ‘<keyword id="13030731" type="General" weightage="20" keywordseo="net-zero-carbon-emitter" source="Orion">net zero’ carbon emitter</keyword> by 2070. To achieve this ambitious target, various reforms are expected in the Union Budget, 2022 to push the industry. A few of them are listed below: 1. Expansion of PLI schemes Presently, the PLI scheme only covers solar cells and modules. However, to boost domestic manufacturing it is also imperative to incentivise other limbs of the RE segment. This can be achieved by extending the benefits of the scheme with additional budgetary allocation to: <ol><li>Manufacturers of electrolysers to generate green hydrogen</li><li>Battery manufacturers for electric vehicles</li><li>Greening of Indian railways</li><li>Wind turbines.</li></ol>2. Tax incentives for green economy adoption Promoting green technology is critical to India’s commitment towards its ‘net zero’ emissions target. Countries across the globe are taking steps for furtherance of the green economy by providing free land, concessional power cost, funding at low interest costs, government incentives, etc in addition to concessional tax rates. To push the RE players and provide a level playing field globally, similar benefits may be provided in the upcoming Budget. With respect to tax related measures, it is expected that a concessional tax rate of 15% should also be extended to companies which invest in green technologies coupled with an additional deduction towards investment or purchase of green technology assets. 3. Promotion of social infrastructure projects like conversion of waste to energy In order to promote social infrastructure projects like waste to energy as well as projects that lead to transformation of waste to energy, it is recommended to include them under priority sector lending. This has been successfully implemented by municipal corporations of Indore and Nagpur. The government may, along with the state government/municipal corporation/gram panchayat develop a policy, setting a target to develop such social infrastructure projects in the respective localities. Companies participating in such projects should also be incentivised with subsidies on tariff rates, free land and other benefits. 4.Tax consolidation policy Typically, RE projects are domiciled in separate special purpose vehicles (SPVs) due to various reasons such as regulatory compulsion, banker’s comfort, and the need to segregate cash flows. Having multiple SPVs for a single line of business results in inefficiencies and increased compliance burden. Further, the losses of one SPV cannot be set-off against the profits of another SPV. All these factors make <keyword id="13030730" type="General" weightage="20" keywordseo="Tax-consolidation-schemes" source="Orion">tax consolidation schemes</keyword> a need of the hour and hence, consolidation of group tax may be considered for streamlining tax provisions and making more proceeds available in the hands of the investors. 5. Rationalising GST rates Goods and Services Tax (GST) rates on specified RE devices and parts have been increased from 5% to 12%, due to which effective GST rate for EPC contracts has increased from 8.9% to 13.8%. It is thus recommended to restore the GST rate of 5% so as to bring down the cost to companies. There are various other steps, which are required to be taken in order to bring in long-term policy stability and for promoting investments in the RE sector such as regularisation of payment from DISCOMs, land acquisition, and resumption of staggered projects. Thus, the RE sector expects <a href="https://www.cnbctv18.com/budget-2020/">Budget 2022</a> to step up towards achieving the ambitious dream of making India ‘net zero’ carbon emitter by 2070. Jimit Devani is Partner, Naman Shah is Senior Manager and Jash Davda is Deputy Manager with Deloitte Haskins and Sells LLP. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/future-retails-independent-directors-haved-turned-down-amazons-financial-support-offer/articleshow/89116781.cms">Future Retail's independent directors haved turned down Amazon's financial support offer </a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/maruti-suzuki-shares-up-nearly-7-as-the-automaker-has-2-4-lakh-pending-vehicle-orders/articleshow/89116076.cms">Maruti Suzuki up nearly 7% as the automaker expects good demand at a time when industry is feeling the heat</a>

OPINION: Tax consolidation schemes is the need of the hour for India’s renewable energy sector

<ul><li>Climate Action 100+ has demanded the world's largest greenhouse-gas emitters to execute "net-zero" strategies by 2050 or earlier.</li><li>The group formally urged 161 companies including Anglo-Australian miners BHP and <keyword id="46642" type="CITY" weightage="60" keywordseo="Rio-Tinto">Rio Tinto</keyword>, as well as <keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">oil</keyword> producers Chevron, <keyword id="32848" type="ORGANIZATION" weightage="60" keywordseo="BP">BP</keyword>, Total and <keyword id="46532" type="COMPANY" weightage="60" keywordseo="Shell">Shell</keyword> to cut emissions by 45%, relative to 2010 levels, by 2030.</li><li>These "focus companies" will be evaluated against targets in a benchmark report to be released early next year.</li><li>Asset managers are becoming increasingly concerned over <a href="https://www.businessinsider.com/exclusive-after-bp-takes-a-hit-investors-widen-climate-change-campaign-2020-6">climate change affecting financial investments</a>. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>A group representing investors that manage assets worth more than $47 trillion has demanded the world's largest polluters to execute carbon-neutral business strategies earlier than or by 2050. <a href="http://www.climateaction100.org/">In a letter</a> to 161 large carbon emitters, Climate Action 100+ set out targets against which each company will be scrutinized in a benchmark report expected to be published by early 2021. The group said it would assess progress made by each of the "focus companies", which include oil producers Chevron, Shell, ExxonMobil and BP; miners BHP and Rio Tinto, carmaker Honda and engineering company and luxury carmaker Rolls Royce.Their evaluation will depend on "indicators" that measure whether they have a plan to reach net zero emissions by 2050 or earlier, and reduce emissions released by customers that use those companies' products.The measures are aimed at a 45% reduction in greenhouse-gas emissions by 2030 compared to 2010 levels in order to meet a "net-zero" target, which means the complete elimination of carbon before 2050. Read More: <a href="https://www.businessinsider.com/stock-market-crash-expert-warns-great-depression-setup-90-plunge-2020-9">'The worst crash in our lifetime': One market expert says stocks are screaming towards a Great Depression-like setup in early 2021 — and warns an 80% to 90% plunge isn't out of the question</a>"The benchmark will ensure it's clear which companies are acting on climate change as a business-critical issue and embracing a net-zero future," said Stephanie Pfeifer, a steering committee member at Climate Action 100+."Investors will be paying particular attention to those shown to be falling short." The group said some companies have made significant progress, but it emphasized the need for defined targets and goals that help achieve the <a href="https://www.businessinsider.com/paris-agreement-explained-2016-11">Paris Agreement's 1.5C global warming limit</a>. 59 companies have formally supported recommendations for climate-related disclosure, the group said.Climate Action 100+ is an investor initiative supported by 518 members, including investment managers such as BlackRock and Pimco, and institutional investors, such as top US public pension fund CalPERS. Read More: <a href="https://www.businessinsider.com/stock-market-crash-dot-com-similarities-meltdown-in-next-year-2020-9">'The psychology is even more dangerous than 20 years ago': A Wall Street investment chief says stock valuations are giving him dot-com bubble flashbacks — and warns of a major meltdown in the next year</a>

An influential investor group demands the world's largest polluters execute strategies for 'net-zero' carbon by 2050

<ul class="summary-list"><li>$43 trillion worth of assets under management globally are now linked to <keyword id="4364729" type="PERSON" weightage="60" keywordseo="net-zero">net zero</keyword> emissions goals via the Net Zero <keyword id="184030" type="COMPANY" weightage="60" keywordseo="Asset-managers">Asset Managers</keyword> Initiative.</li><li>41 firms have joined the initiative, raising the amount of funds managed with an ESG focus. </li><li>Asset managers are aiming to bring client portfolios to net zero by 2050 under the initiative. </li></ul>Almost half of all global assets under management are now geared towards net zero goals after 41 more firms joined the Net Zero Asset Managers initiative - a group of fund managers that aim to lower the carbon footprint of their clients' portfolios and reach net zero by 2050.The group <a href="https://www.netzeroassetmanagers.org/net-zero-asset-managers-initiative-announces-41-new-signatories-with-sector-seeing-net-zero-tipping-point">said</a> on Tuesday it now had 128 signatories that manage $43 trillion of the $100 trillion strong <keyword id="138356" type="COMPANY" weightage="60" keywordseo="Asset-Management">asset management</keyword> industry, saying that this moved the sector closer to a "net zero tipping point". "This marks a fundamental tipping point across the investment sector and a significant boost in efforts to tackle <keyword id="6361617" type="UNKNOWN" weightage="60" keywordseo="climate-change">climate change</keyword> and decarbonize the global economy. There's a lot more to achieve, but the sector is increasingly on a path to a net zero future." Stephanie Pfeifer, CEO of the Institutional Investors Group on <keyword id="6375923" type="UNKNOWN" weightage="60" keywordseo="climate">Climate</keyword> Change - one of the founding members of the Net Zero Asset Managers initiative - said. The initiative, which was founded in December 2020 and is recognized by the United Nations Framework Convention on Climate Change Race to Zero campaign, sees asset management firms committed to supporting emissions reductions in the real economy, developing investment products that are geared towards net zero and encouraging clients to invest in a climate friendly way. Signatories report their progress annually according to guidelines set by the Task Force for Climate-related Financial Disclosures. In May, the International Energy Agency published a <a href="https://www.iea.org/reports/net-zero-by-2050">special report</a> that concluded that in order to achieve net zero by 2050, there should be no new investments in fossil-fuel supply projects as well as a series of other limitations, including on the funding for coal-fired power plants. Amundi and <keyword id="6358584" type="UNKNOWN" weightage="60" keywordseo="HSBC">HSBC</keyword> Asset Management are among those that joined competitors including BlackRock, Vanguard, UBS, Fidelity, State Street and Allianz. Other major investment banks such as JPMorgan, Goldman Sachs and BNY Mellon have however not signed up to the net-zero plans so far.Earlier this year, <a href="https://markets.businessinsider.com/news/stocks/hsbc-stop-funding-coal-industry-following-investor-pressure-2021-3">HSBC narrowly avoided a shareholder revolt</a> over its continued fossil fuel investments. It later committed to end funding for the coal industry. "As the world moves to a net zero carbon future, we are committed to playing our part in addressing climate change, both as a business and as stewards of our clients' assets." Nicolas Moreau, the CEO of its asset management unit said about the move to now join the net zero initiative.

Almost half of all global assets under management are now geared towards net-zero goals, according to a group of fund managers

<ul class="summary-list"><li><keyword id="13328613" type="UNKNOWN" weightage="60" keywordseo="uniqlo" source="Orion">Uniqlo</keyword> founder Tadashi Yanai has seen his net worth fall by 44% this year.</li><li>Uniqlo's profits have been affected by slowing sales in Japan and <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword> and a weakening yen.</li></ul>Tadashi Yanai, the <keyword id="12136587" type="UNKNOWN" weightage="60" keywordseo="billionaire" source="Orion">billionaire</keyword> founder of Uniqlo, is the richest person in Japan — but his lead is narrowing.His net worth currently stands at $23.6 billion, down 44% since the beginning of the year. <a href="https://www.forbes.com/sites/forbespr/2022/05/31/collective-wealth-of-japans-50-richest-on-forbes-list-falls-by-nearly-a-third-to-170-billion/?sh=391ddb975fec">That's according to Forbes' list of the richest 50 people in Japan</a>, which was published on June 1. Japan's wealthiest people have seen nearly a third of their collective wealth disappear since last year due to rising energy and commodity prices, as well as supply-chain disruptions.With a net worth of $21.6 billion, Takemitsu Takizaki, the founder of sensor-maker Keyence, is the second-wealthiest person on <keyword id="11956280" type="UNKNOWN" weightage="60" keywordseo="forbes" source="Orion">Forbes</keyword>' Japan's 50 Richest list. Coming close behind is SoftBank Group founder and CEO Masayoshi Son, who is worth $21.1 billion. Son, who was the wealthiest person in Japan in 2021, saw his fortune tumble by more than half due to this <a href="https://www.cnbc.com/2022/01/27/softbank-shares-tumble-9percent-as-investors-turn-sour-on-alibaba-.html">year's tech stock sell-off</a>.Yanai was not born into wealth. While Fast Retailing — Uniqlo's parent company — is Yanai's family business, it was not always a <a href="https://www.asiaone.com/lifestyle/uniqlo-story-single-store-global-fashion-empire-ambitions-be-worlds-no-1-brand">multibillion-dollar enterprise</a>. Yanai spent his post-graduation years working in supermarkets, according to <a href="https://www.theceomagazine.com/business/coverstory/uniqlo-tadashi-yanai/">The CEO Magazine,</a> and had to do everything himself when he finally joined the family business."I needed to clean the store, brush the jackets, (do the) sourcing – I literally had to do everything myself because there was nobody else," he told the <a href="https://www.businessoffashion.com/articles/retail/uniqlo-fast-retailing-ceo-tadashi-yanai-management-principles/">Business of Fashion</a> in 2016. "It was a huge learning opportunity."In 1984, Yanai took over the reins from his father and launched Unique Warehouse Company, the company now known as Uniqlo. By 1998, Uniqlo had an estimated 300 stores across Japan, and sold over 2 million of its signature fleece jacket in just 12 months, per The CEO Magazine.<h2>Tough times for Uniqlo</h2>Uniqlo has seen slumping sales in China and Japan recently. In April, Yanai raised concerns about a profit drop in China thanks to the country's strict lockdown measures, per <a href="https://www.reuters.com/business/retail-consumer/uniqlo-operator-fast-retailings-h1-profit-rose-18-despite-china-slowdown-2022-04-14/">Reuters</a>. "We are very much in trouble with China's zero-Covid policy, in terms of profit and the livelihoods of our employees," Yanai told reporters in April, per <a href="https://www.ft.com/content/0b9641f2-2145-4358-bd45-61675f5c6b1b">The Financial Times</a>. "Shanghai has been forced to suspend operations and shipping from the port has become difficult," he added.With <a href="https://www.fastretailing.com/eng/group/strategy/greaterchina.html">865 stores</a>, mainland China is Uniqlo's largest market; almost <a href="https://www.japantimes.co.jp/news/2022/04/14/business/corporate-business/uniqlo-owner-expecting-big-drop-china-profit-due-covid-restrictions/">90 of those are located in Shanghai.</a> The company has <a href="https://www.fastretailing.com/eng/group/strategy/japan.html">813 stores</a> in Japan.The lockdown in China, which restricted consumer spending, also impacted Uniqlo's online sales turnover, according to the <a href="https://www.scmp.com/tech/big-tech/article/3179090/online-sales-brands-uniqlo-zara-plunge-china-covid-19-lockdowns">South China Morning Post</a>. In April, Uniqlo's Alibaba Group Holding's Tmall site was down 33% compared to the previous year.<div type="image" title="A Uniqlo clothing store is open in Changzhou" height="2679" width="3572" msid="91960788" hostid="261"></div>Aside from dwindling sales in China, Japan's weakening currency also contributed to Uniqlo's decreasing profit, per The FT. On April 28, the Japanese currency reached a <a href="https://markets.businessinsider.com/news/currencies/japan-yen-vs-dollar-currency-crash-economy-inflation-federal-reserve-2022-4">20-year low</a> against the dollar, losing around 11% of its value this year alone. In January, Uniqlo's chief financial officer, <a href="https://www.reuters.com/business/retail-consumer/uniqlo-owner-fast-retailing-reports-56-rise-q1-profit-beats-estimates-2022-01-13/">Takeshi Okazaki, told reporters</a> that the weakening yen was driving up the costs of raw commodities and shipping. To keep up with rising costs, the <keyword id="11893588" type="UNKNOWN" weightage="100" keywordseo="retail" source="Orion">retail</keyword> brand has hiked some prices, going against the brand's <a href="https://www.forbes.com/sites/pamdanziger/2021/02/17/uniqlo-intends-to-become-the-worlds-top-fashion-retailer-by-distancing-from-hm-and-zara/">promise of affordability</a>."We have reached a point where we have no choice but to raise the prices of some products," Okazaki said. "Our basic policy is to avoid raising prices as much as possible, recognizing that our customers have strict cost expectations." Uniqlo's parent company Fast Retailing reported in its <a href="https://www.fastretailing.com/eng/ir/financial/summary.html">first-half 2022 fiscal summary</a> that Uniqlo Japan had a 10.2% year-on-year dip in revenue. Fast Retailing published the fiscal summary on April 14 using figures dating from September 2021 to February.In the report, Fast Retailing consolidated China's performance with the brand's international market performance. However, Fast Retailing said China's profits and revenue contracted significantly during the fiscal period. Despite slumping sales and increased operating costs, Fast Retailing still recorded 146.8 billion yen ($1.21 billion) in profit. The company attributed significant revenue and profit gains to international operations in South Asia, Southeast Asia &amp; Oceania, North America, and Europe.

Tadashi Yanai, the billionaire founder of Uniqlo and the richest person in Japan, has seen his net worth crash by 44% so far this year

<ul><li>Investors should stay bullish on US large cap stocks, according to Bank of America's Savita Subramanian.</li><li>"The Fed just told us the economy is still too hot to stop hiking... good news for stocks," Subramanian said.</li><li>Here are five reasons why stocks are poised to perform well going forward, according to Subramanian.</li></ul>Despite <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-stocks-attempt-rebound-interest-rates-move-2023-9">rising interest rates, higher oil prices,</a> and <a href="https://www.businessinsider.com/uaw-auto-workers-union-expands-strike-second-week-new-locations-2023-9">ongoing labor strikes,</a> investors should stay bullish on the stock market.<a href="https://markets.businessinsider.com/stocks/bac-stock">Bank of America's</a> equity strategist Savita Subramanian still sees plenty of reasons why US large cap stocks are well positioned to perform well going forward, according to a recent note.These are the five reasons why investors should favor US large cap stocks, according to Subramanian.<h3>1. The S&amp;P 500 is getting in good shape.</h3>"Stocks that grow up into large caps generally take share from peers that drift into small caps. But since 2021, 50% more large caps have become small caps than small caps becoming large caps (the reverse of prior decades), suggesting a purge of weaklings. Since rates began to rise, a record proportion of one in three Russell 2000 companies loses money vs. roughly one in 20 for the S&amp;P 500."<h3>2. High cash yields to power boomer spending.</h3>"Since 1980, US debt to GDP rose 90%, lining Baby Boomers' pockets with $77 Trillion net worth / $60 trillion financial assets. Today's higher cash return of 5% translates to an annual $4 trillion, or 14% of US GDP. Moreover, years of refinancing opportunities at ultra-low rates drove the effective mortgage rate (3.6%) below pre-COVID levels (3.9%). Boomers' extra returns help spending and a massive wealth/real asset transfer to Gen X / Z."<h3>3. 'It's the economy, stupid.'</h3>"The Fed just told us the economy is still too hot to stop hiking, bad news for bonds but good news for cyclicals and stocks. US companies continue to rebuild closer to home despite higher capital costs; manufacturing is necessitated by a decade of underinvestment and is bolstered by stimulus. Cyclical stocks should lead."<h3>4. Stocks are a good deal even with high interest rates.</h3>"We hear, <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-tina-tama-investors-have-alternatives-interest-rates-2023-9">'The equity risk premium (ERP) is zero. Buy bonds.'</a> comparing the earnings yield based on the <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> PE of 20x to nominal Tsy yields of 5%. But earnings are nominal; fixed income is fixed. Real rates vs. ERP is more apples to apples, and 2% real rates suggests ~300bps in ERP – low vs. the last decade but high vs. '85 to '05's labor efficiency boom, where real rates were 3.5% and S&amp;P 500 returns were 15% per year."<h3>5. Equal-weighted stocks still relatively cheap.</h3>"The equal-weighted S&amp;P 500 ERP is 50bp+ higher than the cap-weighted S&amp;P 500, and trades at 17x on trough earnings. Our Regime Indicator flipped to a 'Recovery', typically associated with an earnings pickup; we forecast +8% EPS growth in '24. The equal-weighted S&amp;P 500 also almost always beat the cap-weighted S&amp;P 500 in past 'Recovery' cycles."

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