This week in ESG news: Climate stress test finds EU banks overexposed, underprepared for climate risk; Blackstone invests $400 million in carbon & environmental markets platform; Pfizer commits to net zero; HSBC responsible investing head resigns after downplaying climate risk; capital raises for green transition, climate solutions funds; FCA delays ESG disclosures for fund managers; ECB to transition €350 billion bond portfolio to better climate performers; MSCI launches tool to measure portfolio emissions; India implements single-use plastic ban; high cost, lack of data, holding back SME climate action; TCS launches ESG integration tool for investors, and more.

See below for the highlights of the past week, and get all your ESG news at ESG Today:

Sustainability Goals, Initiatives and Achievements

Pfizer Announces 2040 Net Zero Commitment

US Foods to Ask Key Suppliers for Science-Based Emissions Reduction Commitments

MSC Cruises, Fincantieri to Launch World’s First Cruise Ships Utilizing Hydrogen Power

SLC Management Commits $139 Billion Portfolio to Net Zero by 2050

SMEs Lagging on Climate Action Due to Cost, Lack of Information: Report

HKEX Forms Council to Launch International Carbon Market

Government & Regulators

ECB Climate Stress Test: Banks are Overexposed, Underprepared for Climate Risk

India Implements Single Use Plastic Ban

European Lawmakers Defeat Move to Keep Nuclear and Gas out of Green Investment Taxonomy

ECB to Transition Corporate Bond Portfolio to Better Climate Performers

ESG Reporting & Disclosure

FCA Pushes Back Process to Introduce Sustainability Disclosures, ESG Labels for Investors

ESG Services and Tools

TCS Launches ESG Integration Tool for Investors

K2 Launches ESG Certification for Fund Managers to Tackle Greenwashing Risk

ERM Acquires UK-Based Marine Environment Consultancy MarineSpace

BBVA, Fifth Wall Team up to Invest in Climate Solutions for Real Estate and Construction Industries

MSCI Launches Tool to Measure Emissions of Investment & Loan Portfolios

ESG Investing

HSBC Re-Launches Small & Mid Cap Growth Fund with New ESG Focus

LOIM Targets Sustainable Food Transformation Opportunities with New Investment Strategy

S&P DJI, BOCHK, Launch Climate Transition Index Covering Hong Kong Bay Area Companies

abrdn Launches Sustainable Index Series in MyFolio Investment Product Range

LGIM Launches New Net Zero Corporate Bond Fund

Sustainable Finance

Dollarama Integrates ESG Goals into $1 Billion Credit Facilities

Private Equity & Venture Capital

Blackstone Invests $400 Million in Carbon & Environmental Markets Platform Xpansiv

Partners Capital Raises $143 Million for Inaugural Environmental Impact Private Equity Fund

Climentum Capital Launches €150 Million Venture Fund to Scale Climate Solutions Startups

Algebris Raises €200 Million for Private Equity Fund Targeting Green Transition Opportunities

Carbon Transformation Startup Twelve Raises $130 Million to Turn Captured CO2 into Products

Energy Transition

PwC Australia Launches Dedicated Energy Transition Practice

Ørsted Wins UK Contract for Largest-Ever Wind Farm

Shell to Build the Largest Renewable Hydrogen Plant in Europe

Exec Moves

HSBC Global Head of Responsible Investment Resigns Following Controversial Remarks Downplaying Climate Risk

Wells Fargo Appoints Otis Rolley as Head of Social Impact

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