Finance : News brief

Leading banks could soon have access to a formal code of practice designed to minimise their impact on the environment, under a new plan being proposed by NGO The Climate Group.

Steve Howard, chief executive of The Climate Group, said he hopes the framework will be published in the next few months and will provide banks with guidance on how to deliver on emission reduction commitments and develop products and services to support the transition to a low carbon economy.

World Bank funding for efficient and renewable energy rose 87 this year to nearly $2.7 billion, reflecting the importance of moving to a low-carbon economy, the bank's energy chief said on Thursday.

Investment in "green" energy projects is essential for poor countries hit hard by soaring oil prices, said Jamal Saghir, World Bank Director for Energy, Transport and Water.

A head-scratcher: While CEOs are frequently the main drivers behind corporate sustainability efforts, their vice presidents and department heads are more likely to view green as an opportunity for growth, according to a new executive survey.

The survey of top executives, conducted by consulting firm Frost & Sullivan, finds that organizational leaders below the CEO level perceive going green as more of a growth opportunity than CEOs do (34% to 23%).

A head-scratcher: While CEOs are frequently the main drivers behind corporate sustainability efforts, their vice presidents and department heads are more likely to view green as an opportunity for growth, according to a new executive survey.

The survey of top executives, conducted by consulting firm Frost & Sullivan, finds that organizational leaders below the CEO level perceive going green as more of a growth opportunity than CEOs do (34% to 23%).

Many old downtown banks in the USA lie empty now, or have been repositioned to other use. In spite of the growing popularity of online banking, many newly-built banks have continued on this archaic path: building "Ducks" that are far more detached from the nature of the services being offered and from natural capital then when the many marble-fronted

Charles Best, founder of the New York-based nonprofit DonorsChoose, sat in his garment district office yesterday and contemplated the loss of his biggest corporate benefactor after the bankruptcy of Lehman Brothers Holdings Inc.

The Carbon Trust has helped UK businesses save £1billion in energy costs and cut carbon emissions by 17 million tonnes since its inception in 2001, according to new figures released today. Businesses working with the Carbon Trust cut their carbon footprint by approximately two million tonnes last year - an increase of around half a million tonnes compared to the previous year.

China is raising its sales tax on big cars to as high as 40 percent, and drastically cutting taxes on small cars, in its latest attempt to combat emissions that contribute to heavy blankets of smog over most of its cities.

The tax on passenger vehicles with engines bigger than 4 liters will be doubled to 40 percent from 20 percent, effective Sept. 1, the Finance Ministry said in a statement on its Web site. Those buying vehicles with engines sized from 2 liters up to 4 liters will have to pay a 25 percent tax, up from the current 15 percent, it said.

The global greenhouse gas market needs better governance to give investors and banks confidence to finance trades potentially valued at $1 trillion by 2020, said Merrill Lynch & Co.'s Abyd Karmali.

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