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<ul class="summary-list"><li><keyword id="6368751" type="UNKNOWN" weightage="60" keywordseo="banks">Banks</keyword> and investment firms have an opportunity to model good governance for their clients. </li><li>The topic was discussed during Insider's virtual event "Financing Net-Zero," presented by IDA Ireland, which took take place on Thursday, May 13, 2021.</li></ul>Financial institutions like banks and private-equity firms can model environmental, social, and environmental (<keyword id="77363" type="ORGANIZATION" weightage="60" keywordseo="ESG">ESG</keyword>) practices for their clients, according to experts speaking at a recent Insider event, titled "Financing Net-Zero" on May 13, 2021, presented by IDA Ireland. A panel titled "Global Outlook for Sustainable Finance" featured Megan Starr, global head of impact at The Carlyle Group, Melissa James, vice chairman of global capital markets and co-head of the ESG center for excellence at Morgan Stanley, and Sandip Sen, co-head, natural resources and clean energy transition group at Citi. The session was moderated by <a href="https://www.businessinsider.com/author/reed-alexander">Reed Alexander</a>, finance reporter at Insider. Alexander asked Starr about Carlyle's <a href="https://www.businessinsider.com/carlyle-ceo-compensation-bonuses-leadership-diversity-equity-inclusion-dei-award-2021-5">recent announcement</a> that the firm would tie compensation at all levels, including the CEO, to diversity, equity, and inclusion (<keyword id="684680" type="ORGANIZATION" weightage="100" keywordseo="DEI">DEI</keyword>) goals.Starr said that with evidence pointing to better outcomes for diverse teams, it's critical that not only the portfolio companies, but the investment firm itself, make progress in DEI, particularly since deal team members are often put onto portfolio company boards. The influence isn't limited to social and governance goals, Alexander said. When Jane Fraser, Citi's CEO, took her position on March 1, 2021, she committed the bank to net zero greenhouse gas emissions by 2050. "Our commitments to closing the gender pay gap, to advancing racial equity, and to pioneering the green agenda have demonstrated that this is good for business and not at odds with it," Fraser said in a statement. "And we will continue to be part of the solution to these challenges and enable others to do so as well."Sen told the audience that by setting this ambitious goal, the bank embodies best practices, while encouraging clients to do the same. "To the extent that our clients are not sort of complying or coming along, we are here to help them." Sen said. "I think it's a tough goal for everybody ... but most of the world appears to be moving in the right direction. So hopefully we can all get there together."

Banks and private equity can lead by example by setting their own ESG goals

<ul class="summary-list"><li>Investors looking to focus on <keyword id="77363" type="ORGANIZATION" weightage="60" keywordseo="ESG">ESG</keyword> goals might find the inconsistent reporting and broad range of information confusing.</li><li>Experts advise investors to look for authenticity from companies reporting on their efforts. </li><li>The conversation was part of Insider's virtual event "Financing Net-Zero," presented by IDA Ireland, which took take place on Thursday, May 13, 2021.</li></ul>Investors looking to implement environmental, social, and governance (ESG) strategy into their portfolios may find themselves perplexed by the lack of consistent standards, and the quality of claims made by companies. "There are a lot of different definitions for what impact means, what ESG means," said Jeff Cohen, director of capital markets integration at the Sustainability Accounting Standards Board. "It can be very easy to get confused or overwhelmed … but ultimately it's about what you are looking to accomplish."Cohen's comments were made during Insider's recent virtual event, "Financing Net-Zero", presented by IDA Ireland, which took place on May 13, 2021.This panel, titled "Making ESG Reporting and Data Actionable," was moderated by Rebecca Ungarino, senior <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword> reporter at Insider and featured Cohen along with Andrew Collins, director of <keyword id="8374461" type="UNKNOWN" weightage="60" keywordseo="ESG-Investing">ESG investing</keyword> for the San Francisco Employees' Retirement System.Investors are increasingly likely to agree that ESG goals are material to how a company performs, Collins said. "The first step is defining which of those ESG issues are material to you as an investor," he added. "And then beginning to understand how they are material, how they affect investment outcomes." More than ever, investors want to understand how ESG issues might factor into the company's operations. But the information that companies provide about their ESG goals is not standardized, and span everything from hard data to banal marketing jargon."When you have a corporate report that is overwhelmingly positive, filled with information that largely highlights employee volunteerism or corporate philanthropy, that's all very wonderful," Cohen said. "But it's not decision-useful to the investor."Corporate reports of this kind may also have insufficient data to back up claims, a point that the Securities and Exchange Commission (SEC) highlighted in <a href="https://www.sec.gov/files/esg-risk-alert.pdf">a recent Risk Alert.</a> The SEC chair, Gary Gensler, <a href="https://markets.businessinsider.com/news/stocks/gary-gensler-confirmed-as-new-sec-chair-as-agency-tackles-gamestop-saga--esg-boom-and-cryptocurrency-10017908">signaled a greater focus</a> on ESG reporting during his confirmation hearings. For investors trying to navigate the many resources available to them, to make good decisions, Collins offered a pragmatic roadmap for getting started.He said first investors need to decide , "what's your objective for seeking an investment outcome that incorporates [ESGs]? Is it to reduce risk or volatility...or maybe it's to create a positive impact with your capital. Maybe it's a way to avoid investments that you have a moral objection to, as socially responsible investors have been doing for a long time."Collins said once you've identified the investment goal, it's a matter of finding partners who are authentic in their approach, and realistic about setbacks and challenges that they might face. He advises that personal engagement is the best way to gauge this. "This is best understood through dialogue with whoever's providing those investment solutions to you," he said. "You want to see that they have conviction ... that it's genuine, that they're being thoughtful and transparent about it."

ESG terms and reports can be confusing. Investors should look for companies that are authentic and honest about their goals, and their challenges

<ul class="summary-list"><li>Leaders from Morgan Stanley, Citi, and The Carlyle Group spoke about the importance of sustainable <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword>.</li><li>The panelists agreed there are financial and ethical incentives to sustainable investing.</li><li>The discussion was part of Insider's virtual event "Financing Net-Zero," presented by IDA Ireland, which took take place on Thursday, May 13, 2021.</li></ul><ul class="summary-list"></ul>Business leaders from three power players in the world of sustainable finance discussed the future of the practice with Insider's Reed Alexander at Insider's "Financing Net-Zero" virtual event, presented by IDA Ireland.Megan Starr, global head of impact at The Carlyle Group, Melissa James, vice chairman of global capital markets and co-head of the <keyword id="77363" type="ORGANIZATION" weightage="60" keywordseo="ESG">ESG</keyword> center for excellence at Morgan Stanley, and Sandip Sen, co-head of the natural resources and clean energy transition group at Citi provided overviews of how their firms are looking to incentivize and institutionalize environmental, social, and governance (ESG) standards.The growth of sustainable investments was significant in 2020."Financial firms today are coming to the conclusion that doing the right thing when it comes to ESG, particularly <keyword id="49089" type="ORGANIZATION" weightage="60" keywordseo="Sustainability">sustainability</keyword>, isn't just the right thing to do ethically or altruistically, but it has a meaningful impact on their bottom line," Alexander said.Morgan Stanley's Melissa James cited data showing that issuance in the ESG-labeled bond market was up significantly in 2020, with an 80% increase over 2019."Companies now recognize that investors are wiling to reward them for incorporating sustainability features into their debt issuances in the form of a lower interest rate," James said.Citi's Sandip Sen explained how the bank is working to bring clean-power companies into the fold of its investment banking division."The thought behind setting up this group is to formalize and put discipline around the coverage and the nurturing of what we believe will be a new subsection of clean-energy-transition companies," Sen said. Discussing private investments, The Carlyle Group's Megan Starr said that the ethos of the company focuses on defining impact as "change over time." Echoing James and Alexander on how better businesses translate to better bottom lines for companies, Starr said that a focus on ESG is not just a moral obligation - it's a financial one. For James, sustainable financial practices simply allow companies to "get rewarded for doing the right thing."The Carlyle Group has put this idea into practice, Starr explained, by tying CEO and executive compensation to diversity, equity, and inclusion-focused targets, among other initiatives like rolling out unconscious-bias training. There are also incentives that Morgan Stanley has used, per James, to allow companies meeting ESG targets to get points off their debt. Sen added that Citi has observed that companies with high ESG scores often trade at higher multiples than their less socially-minded counterparts.

Morgan Stanley, Citi, and The Carlyle Group discuss why sustainable finance is good for the world - and companies' bottom lines

<ul class="summary-list"><li><keyword id="6954789" type="UNKNOWN" weightage="60" keywordseo="sustainable-investing">Sustainable investing</keyword> has grown exponentially over the past few years, along with the financial instruments to fund them.</li><li>Leaders from BNP Paribas, JPMorgan Asset Management, and IDA Ireland described funds helping companies at every stage of going green.</li><li>The talk was part of Insider's virtual event "Financing Net-Zero," presented by IDA Ireland, on Thursday, May 13, 2021.</li></ul>Sustainable financing has grown significantly in recent years as corporations, governments, and institutions invest in <keyword id="77363" type="ORGANIZATION" weightage="60" keywordseo="ESG">ESG</keyword> (environmental, social, governance) initiatives. Even companies that are still reliant on fossil fuels can leverage financial instruments to help them fund progress toward <keyword id="49089" type="ORGANIZATION" weightage="60" keywordseo="Sustainability">sustainability</keyword>.At the same time, with so much at stake, companies are expected to demonstrate a genuine commitment to outcomes, and new and potential regulations are adding to the pressure for transparency. The various financial instruments funding sustainability initiatives were discussed by panelists on Insider's virtual event "Financing Net-Zero," presented by IDA Ireland, which took place on Thursday, May 13.Moderated by <a href="https://www.businessinsider.com/author/aaron-weinman">Insider's capital markets correspondent, Aaron Weinman</a>, the session featured Jennifer Wu, global head of sustainable investing at JPMorgan Asset Management; Anne van Riel, co-head of sustainable <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword> capital markets at BNP Paribas; and Kieran Donoghue, global head of strategy, public policy, and international financial services, at IDA Ireland."The markets have grown exponentially," BNP Paribas' van Riel said. "In the first four months of 2021, we have already surpassed the total volumes in the sustainable bond market for 2019. In recent years that has grown from the more traditional green bonds ... to a wider range of different types of bonds that are issued - social bonds and sustainability bonds." "There is a wide range of different types of instruments now available to us as investors," said Wu, from JPMorgan Asset Management, describing the rise in "sustainability linked bonds." That's a format used when there isn't a dedicated use for the proceeds, but the company commits to targets toward green goals within a specific time frame.<h3>Funding progress for carbon-emitting companies </h3>Many companies are already incentivized to go green, according to IDA Ireland's Donoghue. "Many of our client companies have already publicly subscribed to a net-zero, so that's already part of their strategies," he said. "The vast majority of the companies and sectors in our portfolio are not from heavy carbon-emitting industries as a general rule...but those that do emit carbon are part of the EU's Emissions Trading Scheme...[and] have a good plan in place to progressively reduce their carbon footprint over time." For traditionally rooted, carbon-emitting companies, or companies transitioning to sustainable systems, there are financial instruments that can also help fund the progression."There's a number of high carbon-emitting industries where there's maybe no alternative yet in terms of technology that is low carbon," van Riel said. "We're really talking about industries that are essential to the economy, cement for example, or steel-making, where there's just no economically viable alternative yet for producing these products.For those companies, transition bonds will finance projects that are intended to fund steps towards a more sustainable future, with regulatory guardrails in place to ensure they are legitimately on that path. <h3>Increased focus on the "S" part of ESG</h3>While the climate crisis, central to the "E" parts of ESG, is currently the top priority in the sustainability spectrum, the panel also acknowledged the importance of the social and governance targets in driving innovation and change. In fact, the goals are inextricably linked. "If we want to make sure that we're investing in companies that are helping with the transition to net-zero, we not only want to make sure they have the right technologies in place," Wu said. "But we also want to make sure they have the right governance structure and talent. You can't have a good pathway to transition if you forget about the S and the G." van Riel said the inclusion of social categories in bonds has been growing over the past year, and that the pandemic has created a greater awareness that specific minority groups were hit harder by the economic downturn that ensued. "There has been a bigger focus by companies to provide more assistance or direct its targeted funding or assistance to those groups," she said. <h3>Minimizing the risk of "greenwashing"</h3>The lack of consistent standards for reporting contributes to the risk of "greenwashing," when companies make unsupported environmental claims that are intended to deceive consumers and investors. "We acknowledged that greenwashing is a risk and there is evidence that it has happened and continues to happen, in part because every business now wants to embrace the sustainability or climate action agenda," said Donoghue. "That said, we also recognize the interventions that policymakers and regulators have, have taken, which we believe will diminish the prospects of greenwashing over time." Donoghue cited the EU's Sustainable Finance Disclosure Regulation (SFDR), which came into effect in March 2021, as an important measure in the prevention of false claims and disingenuous goals-setting. "We think that will diminish the risk of greenwashing over time. And that right now we're on a much better path with respect to managing greenwashing in terms of the climate agenda discussion."

Financial instruments help companies make progress towards ESG goals, according to execs from BNP Paribas and JPMorgan Asset Management

<ul class="summary-list"><li>Even before the pandemic, 50% of workers described themselves as disengaged. This is a big problem for companies. </li><li>Investment in workplace issues has been held back due to a lack of consistent standards and metrics. </li><li>The conversation was part of Insider's virtual event "Financing Net-Zero," presented by IDA Ireland, which took take place on Thursday, May 13, 2021.</li></ul>Companies benefit when their workforce is motivated and satisfied, but a commonly understood metric to demonstrate that ROI is still elusive. This topic was discussed in a interview on Insider's virtual event,"Financing Net-Zero," presented by IDA Ireland, which took place on Thursday, May 13.Moderated by Insider's <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword> features correspondent, Danielle Walker, the conversation featured Warren Valdmanis, partner at Two Sigma Impact, a private equity firm that invests in companies that are more dependent on human capital than more tech-driven companies. Valdmanis said the COVID-19 pandemic has helped prioritize workforce issues in ways they haven't been previously. "One of the silver linings of the pandemic is that it has helped the investment world to focus on the "S" in <keyword id="77363" type="ORGANIZATION" weightage="60" keywordseo="ESG">ESG</keyword> [environmental, social, governance targets]," Valdmanis said. <keyword id="6355058" type="UNKNOWN" weightage="60" keywordseo="work">Work</keyword>force issues predate the pandemic. "Long before the pandemic in America, 50% of workers described themselves as disengaged," Valdmanis said. "But 13%, that's one in 8 workers, is so disaffected by how they are treated on the job they actively work against the interest of the company that employs them."The discussion touched on the definition of a "good job" in this context. Valdmanis said the characteristics are pretty widely understood - fair terms of employment, pay, and benefits, as well as a career path and the training to support it. A connection to the mission of the company is also important."When those things are present, that activates the discretionary effort that all of us have...that extra little bit of energy that you bring to your job," he said. That "extra bit of energy" is tough to quantify in terms that drive increased investment in the workforce. "If you talk to 10 different labor economists about what their definition of a good job is, you'll probably hear 10 different answers," Valdmanis said. "Our belief is that until you can set a benchmark and actually have a clear measure for what a good job is, it's really hard to show progress at a company." Valdmanis also endorsed companies being required to disclose workplace issues, so investors can have more visibility into the organization's health. Companies looking for benchmarks will find a wide array of frameworks to choose from - possibly too many to be helpful, Valdmanis said. "I think we're on a path, but it's going to be important in the next few years to really coalesce around a small number or a single standard."

Companies suffer when workers are disengaged, but employers and investors need consistent standards to benchmark and drive change

<ul class="summary-list"><li>The green investing conversation revolves around funding <keyword id="49089" type="ORGANIZATION" weightage="60" keywordseo="Sustainability">sustainability</keyword> and growing a toolbox of sustainable financial instruments.</li><li>On May 13, 2021, Insider is hosting a free <keyword id="9186168" type="UNKNOWN" weightage="60" keywordseo="virtual-event">virtual event</keyword> at noon ET, featuring speakers from J.P. Morgan Asset Management and CalPERS.</li></ul>Sustainability and the green <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword> movement is an ever-growing area of interest and importance with significant global impact.Insider's virtual event "Financing Net-Zero," presented by IDA Ireland, takes place Thursday, May 13, 2021, at noon ET, and includes live conversations with Insider editors and leaders in the financial markets and sector.Sessions will discuss the big trends in sustainable finance, how the net-zero transition is being financed, non-profit, private and public sector collaboration, and ESG investing. <h2>Speakers include:</h2><ul><li>Megan Starr, Global Head of Impact Investing, Carlyle</li><li>Jennifer Wu, Global Head of Sustainable Investing, J.P. Morgan Asset Management</li><li>Anne Simpson, Director, Governance and Strategy, CalPERS</li><li>Jeff Cohen, Director of Capital Markets Integration, Sustainability Accounting Standards Board</li><li>Andrew Collins, Director of ESG Investing, San Francisco Employees' Retirement System</li><li>and more!</li></ul> <h1 class="formheader">Register For “Financing Net-Zero”</h1> Yes, I agree to receive marketing emails from Insider Inc. and event sponsors and accept the <a href="https://www.insider-inc.com/terms">terms and conditions</a>, <a href="https://www.insider-inc.com/privacy-policy">Privacy</a>, and <a href="https://www.insider-inc.com/cookie-policy">Cookie Policies</a> and agree to receive marketing emails from Insider Inc. You can opt-out of emails at any time. Registration information will only be shared with the event sponsors.

SIGN UP NOW: Financial leaders discuss the future of sustainability financing and investing

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;ALID=2C0BF1FHGAMGY#/SearchResult&amp;ALID=2C0BF1FHGAMGY&amp;VBID=2C0BX41LLWW6&amp;POPUPPN=1&amp;POPUPIID=2C0BF1FH7UJCO">Reuters/Clodagh Kilcoyne</a>A young man dives into the water at Salthill beach in Galway, Ireland.</div></div></div>Here is what you need to know.<a href="http://www.businessinsider.com/donald-trump-new-york-delegates-results-2016-4">The frontrunners win in New York</a>. Republican frontrunner Donald Trump and former Secretary of State Hillary Clinton moved closer to their respective nominations after winning their party's primaries in New York. Trump took more than 60% of the vote and 89 of the 92 Republican delegates. Surprisingly, Ohio Governor John Kasich claimed the remaining three delegates after securing 25.1% of the vote. Sen. Ted Cruz was shut out of the delegate count after winning just 14.5% of the vote. On the Democratic side, Clinton won 57.9% of the vote and 135 of the 239 delegates that were available.<a href="http://www.businessinsider.com.au/japan-just-recorded-its-largest-trade-surplus-in-over-5-years-2016-4">Japan had its biggest surplus in more than 5 years</a>. Japan announced a trade surplus of 755 billion yen in March, the largest since October 2010. However, the internals of the report didn't look so good. Exports fell for a sixth straight month, down 6.8% compared to a year ago. On the other side of the ledger, imports shrank 14.9%, largely because of the weakness in energy prices. The Japanese yen is little changed at 109.25 per dollar.<a href="http://www.businessinsider.com/oil-prices-on-april-20-2016-4">Oil is getting smoked</a>. Oil workers in Kuwait have returned to work after they were told pay negotiations wouldn't commence until they were back on the job, according to local news outlet Al Jarida. That news has pushed West Texas Intermediate crude oil down more than 2% to near $40.00 per barrel. The energy component has struggled to take out the recent highs above $42 that were put in last week.<a href="http://www.businessinsider.com/europe-charges-google-with-antitrust-violations-over-android-2016-4">Europe has filed an antitrust complaint against Google</a>. The European Commission has filed a complaint against Google in regards to its Android operating system. At a press conference, European competition chief Margarethe Vestager said, "Google [has] pursued an overall strategy on mobile to protect and expand its dominant position." She went on to say Google's actions have hurt consumers by "stifling competition and harming innovation." Google has three months to formally respond to claims, and faces a fine of up to $7.4 billion, or 10% of 2015 revenues.<a href="http://www.businessinsider.com/mitsubishi-shares-drop-2016-4">Mitsubishi Motors cheated to look more environmentally-friendly</a>. Japanese automaker Mitsubishi Motors admits it falsified test data to make its emissions look more environmentally-friendly. Reuters reports, Mitsubishi says it manipulated the test results of 625,000 cars that have been made over the past three years, and that it would stop making those cars immediately. An independent panel has been created to investigate the matter.<a href="http://www.businessinsider.com/yahoo-earnings-q1-2016-2016-4">Yahoo edged out estimates</a>. The company earned $0.08 per share on revenue of $1.09 billion. Both numbers were just ahead of Wall Street estimates. Yahoo said it expects revenue of between $1.05 billion and $1.09 billion for the second quarter, just below the $1.10 billion that analysts were looking for. "...we made substantial progress towards potential strategic alternatives for Yahoo," CEO Marissa Mayer said in a statement. "Our board, our management team, and I are completely aligned on this top priority for shareholders."<a href="http://www.businessinsider.com/intel-ceo-brian-krzanich-on-restructuring-2016-4">Intel is restructuring</a>. The chipmaker announced earnings of $0.54 per share, topping the $0.49 that was expected by the Bloomberg consensus. Revenue climbed 8% to $13.80 billion, just missing the $13.84 billion that analysts were anticipating. But the real story is the restructuring that the company announced. Intel said it will take a $1.2 billion charge and lay off 12,000 workers, or 11% of its labor force. Additionally, CFO Stacy Smith will step down. The company gave disappointing Q2 revenue guidance of $13.5 billion.Global stock markets trade mixed. Overnight, China's Shanghai Composite (-2.3%) lagged and Australia's ASX (+0.5%) outperformed. In Europe, Britain's FTSE (-0.5%) leads the way down. S&amp;P 500 futures are lower by 1.50 points at 2092.00. Earnings reporting kicks into high gear. Coca-Cola, DISH Network, and EMC highlight the names reporting ahead of the opening bell. American Express, Las Vegas Sands, United Continental, and Yum Brands are among the companies reporting after markets close.US economic data remains light. Existing home sales will be released at 10 a.m. ET and crude oil inventories will cross the wires at 10:30 a.m. ET. The US 10-year yield is down 1 basis point at 1.78%. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/consumer-reports-costco-sams-club-comparison-2016-4">Consumer Reports put Costco and Sam's Club head-to-head - here's the verdict</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Yzb2RzMjE6tMXWBrKBo6QmybmXFiz8Tv" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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