Sustainable Finance Newsletter - First Solar minerals deal an early win for ESG
05/02/2025 18:14
By Ross Kerber
Feb 5 (Reuters) - The fate of shareholder resolutions on
environmental and social themes may seem peripheral to the
dramatic reordering of power in Washington, D.C. this week.
But a recent deal one investor group reached on deep-sea
minerals still struck me as useful context for the upcoming
corporate annual meeting season. Whatever you think of the
rituals, they provide a rare chance to hear directly from
shareholders, executives and directors.
You can read this week's column via the link below. The
newsletter also includes items to judge the severity of trade
tensions between the U.S. and China, and details about two
financial analysts who were among the victims of the Jan. 29
plane crash in Washington.
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First Solar bars use of deep-sea minerals, early win for ESG
group
First Solar FSLR.O agreed to refrain from using minerals mined
from the deep sea, an early win for shareholder environmental
activists and a sign their agenda might make progress despite
opposition from U.S. President Donald Trump's administration.
The step is hardly revolutionary: other companies and
governments have made similar commitments on worries that the
quest to exploit the seabed for rare metals like those used for
electric vehicle batteries could damage the ocean's ecosystem.
But the deal shows many corporate executives remain concerned
about environmental matters, said Andrew Behar, CEO of As You
Sow, the backer of the resolution and scores of others every
year.
You can read more in my column this week by clicking here.
Company News: Trade War Edition
A sign of escalating trade tension: Trump said on Tuesday he is
in no hurry to speak to Chinese President Xi Jinping to try to
defuse a new trade war between the world's two largest economies
sparked by Trump's sweeping 10% tariffs on all Chinese imports.
Signs trade tensions won't escalate: China restricted exports of
five metals used in defense and clean energy in response to
fresh U.S. tariffs, stopping short of outright export bans,
while the U.S. Postal Service said it would resume accepting
parcels from China and Hong Kong after a temporary suspension.
Two Moody's analysts among crash victims
Among the 67 people killed in the Jan. 29 aircraft collision
over the Potomac River in Washington were two analysts from
Moody's Ratings, MCO.N Chris Collins and Melissa Nicandri.
Both worked on a finance team covering higher education, the
company said.
"The Moody’s family mourns the loss of two of our best," a
spokesperson told me via email. "Chris and Melissa were
cherished colleagues who embodied our values and enriched our
lives with kindness and warmth. They leave an immeasurable void
in our community, and our hearts go out to their families,
friends and colleagues, as well as all those grieving from this
terrible tragedy.”
On my radar
Looking to slash corporate climate reporting burdens, a group of
sustainable finance experts advising the European Union proposed
simplifications as Brussels looks to cut red tape.
A 38-year-old former Google GOOGL.O software engineer faces an
expanded indictment accusing him of stealing artificial
intelligence trade secrets to benefit two Chinese companies he
was secretly working for.
Delaware is corporate home to about two-thirds of the Fortune
500, but that could change after the U.S. state's Supreme Court
issued a decision involving TripAdvisor TRIP.O that could make
it easier for some companies to move elsewhere.
(Reporting by Ross Kerber in Boston; Editing by David Gregorio)
((mailto:ross.kerber@thomsonreuters.com; (617) 412 0093;))