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Investors must ‘move beyond talking’ on climate risk disclosure – AODP

first_imgHe added that the writing was on the wall regarding transparency, and that leaders in the field were already fully disclosing all risks associated with climate change.“It’s time to accept the inevitable and embrace this change,” Poulter said.The warning came as the UK’s Prudential Regulation Authority warned that pension funds should not underestimate their fiduciary duty to consider the financial risks of climate change.In a report aimed at the insurance industry and launched by Bank of England governor Mark Carney, it outlined lawsuits brought in the US against pension trustees for failing to consider the financial risks associated with the “structural decline” of the coal industry.In a speech at Lloyd’s of London on Tuesday, Carney referenced the US lawsuits.“Cases like Arch Coal and Peabody Energy – where it is alleged the directors of corporate pension schemes failed in their fiduciary duties by not considering financial risks driven at least in part by climate change – illustrate the potential for long-tail risks to be significant, uncertain and non-linear.“These risks will only increase as the science and evidence of climate change hardens.”The AODP and ClientEarth previously warned that pension funds falling behind on climate-risk mitigation risked breaching their fiduciary duty. Institutional investors have been urged to back the “inevitable” shift towards even greater climate-risk transparency to protect investments against climate change risks.The Asset Owners Disclosure Project (AODP) said it was time for investors to “move beyond the talking” when it came to tackling the risk associated with climate change.Its chief executive Julian Poulter added that those leading the organisation’s index on climate-risk disclosure had proven investments could be protected “against a carbon crash and still make money”.“It’s time to focus attention on those laggards who are digging their heels in – some for ideological reasons and some out of negligence,” he said. last_img read more

Report: Reina set for Napoli medical

first_imgSky Sport Italia claim Liverpool goalkeeper Pepe Reina is flying in for his Napoli medical on Wednesday.The shot-stopper has agreed to join on loan for one season and it’s reported the two clubs have already exchanged contracts.Personal terms have also been finalised, so Reina will undergo a medical on Wednesday or Thursday.He reunites with Rafa Benitez, who first signed him at Liverpool and is the new Coach of Napoli.Meanwhile, this opens the door for Morgan De Sanctis to join Roma for €0.5m.Napoli are active on the transfer market, as they are also reportedly on the verge of completing a €37m move for Real Madrid striker Gonzalo Higuain.last_img read more

Eto’o, Song in Cameroon’s final 23 for World Cup

first_imgCameroon coach Volker Finke has included Samuel Eto’o and Alex Song in his 23-man squad for the World Cup.Finke kept the Chelsea striker and Barcelona midfielder in a final selection that showed no major surprises.Tottenham defender Benoit Assou-Ekotto and strikers Vincent Aboubakar and Maxim Choup-Moting also made the cut on Monday, FIFA’s deadline for World Cup squads to be registered.Finke dropped five players from the larger group he took to Europe for a training camp in Austria and friendly games against Macedonia, Paraguay and his native Germany.Among those to miss out were striker Mohammadou Idrissou and defender Jean-Armel Kana Biyik, whose father and uncle played at the 1990 World Cup in Italy when Cameroon became the first African team to make the quarterfinals.Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.last_img read more