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HLEG recommends ‘enhanced’ ESG role for European supervisors

first_imgIt highlighted this as an area of “policy direction” for the European Union, saying the ESAs “should build sufficient expertise on sustainability issues, scenario analysis and general ESG factors related to medium and long-term risks”.It specifically recommended that the role of the ESAs in assessing ESG-related risks be enhanced.The European Systemic Risk Board last year recommended that stress tests of European pension funds cover climate-related risks.The HLEG’s report set out eight recommendations in total in its report.It recommended that the EU develop a classification system and establish an official European standard and label for green bonds and other sustainable assets.Commissioners Valdis Dombrovskis and Jyrki Katainen said in their introduction to the report: “These labels will provide the confidence and trust in sustainable and green products needed for investors to fund the transition to the low-carbon economy.”PensionsEurope, the trade body for European pension funds, welcomed the classification and label recommendations.  However, Matti Leppälä, secretary general of the association, cautioned against introducing new rules and obligations for the European pension fund sector, saying that the HLEG’s report included suggestions on revising the European pension fund directive IORP II.“The new IORP II directive includes many provisions on ESG, as part of risk management and investments,” he said. “It would be advisable to first see the impact of these new rules before expanding them.”ESG ‘integral’ part of fiduciary dutyThe HLEG noted that the IORP directive took sustainability issues into account, but said that it and other directives would need to be reviewed to implement “the clarification of fiduciary duty and sustainability”.The HLEG has recommended it be clarified that managing ESG risks is an integral part of fiduciary duty. A single set of principles on fiduciary duty and the related concepts of loyalty and prudence should be established in the European Union, according to the HLEG.Stefanie Pfeifer, chief executive of the Institutional Investors Group on Climate Change (IIGCC), said “the identification, disclosure and effective management of the huge physical and transition risks posed by climate change” must be at the core of any “functional definition” of fiduciary duty.“We therefore endorse the call by HLEG for the recent recommendations from the FSB’s Task Force on Climate-related Disclosures to be integrated in a way that advances EU leadership on this agenda and provides greater legal certainty alongside efforts to ensure an international level playing field,” she said.The other recommendations set out by the HLEG were to:-       unlock investments in energy efficiency through relevant accounting rules;  –       strengthen ESG reporting requirements;  –       introduce a “sustainability test” for EU financial regulation; and –       create an organisation dedicated to developing and structuring infrastructure projects and matching them with investors. The report said the group had identified “dual imperatives” for the European financial system.The Commission said it would start exploring the HLEG’s early recommendations “as of now”.The group is due to present a final report at the end of 2017 and will continue to examine other policy areas, such as integrating sustainability considerations in ratings.The report can be found here. The European Insurance and Occupational Pension Authority could in future include environmental, social and governance (ESG) risks in its stress tests of pension funds, the European Commission-appointed High Level Expert Group (HLEG) on sustainable finance has suggested.The idea was included in a wide-ranging interim report on its work to help develop an EU strategy on sustainable finance, published today.The other European Supervisory Authorities (ESAs) could do the same, the report said, identifying climate-related risks as the most “obvious”.However, this should only happen once “sufficient expertise on sustainability has been built up to avoid undue scenarios and outcomes”, according to the HLEG.last_img read more

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Fast reaction: 3 quick takeaways from Syracuse’s 76-72 overtime loss against No. 8 Louisville

first_imgSyracuse (16-11, 8-6 Atlantic Coast) crawled out of another double-digit deficit to take a lead in the second half then again in overtime, but the Orange couldn’t hold on in a 76-72 loss to No. 8 Louisville (21-5, 9-4) on Monday night in the Carrier Dome. SU struggled mightily from 3-point range, and despite scoring the first three points of the extra period, the Orange couldn’t pull off its third straight home win over a top-10 team as Tyler Roberson missed a pair of foul shots with SU down two and 2.7 seconds left.Here are three takeaways from Syracuse’s second straight defeat.Deep troubleSU entered Monday the third-best 3-point shooting team in the ACC at 39.1 percent. The Orange hardly lived up to that billing against the Cardinals, shooting a paltry 8-of-34 from behind the arc.The player who had made almost more than twice as many 3-pointers as anyone else on the team coming into the game, Andrew White, turned in an abysmal 2-of-14 showing from long range. Everyone else combined to shoot 30 percent from behind the arc, while Louisville carded a 32-percent clip from 3-point land.AdvertisementThis is placeholder textSyracuse has often delivered a crunch-time 3 to put it over the hump, especially at home, where the Orange hadn’t yet lost in conference play before Monday night. That rarely came against the Cardinals, and Syracuse suffered its 11th loss of the season.Coming back to lifeAfter one of his worst performances of the season in Saturday’s loss to Pittsburgh, an eight-point, three-turnover showing on 3-of-7 shooting from the field, Lydon turned in arguably the best performance on the team in Monday’s loss to the Cardinals.He scored in a variety of ways in the first half — from beyond the arc, the low post, on follow-up dunks and from the foul line. His team-leading 11 points at the break helped Syracuse trim an early 14-point deficit to four when the first 20 minutes were up.With Syracuse shooting 3-of-21 from deep, Lydon hit the team’s fourth 3-pointer on the night to put the Orange up, 45-43. That lead swung back to Louisville in short order when Donovan Mitchell hit a long ball of his own.The sophomore finished with 14 points on 11 shots, also chipping in nine rebounds and four assists.Not his usual selfWhite’s customary 3-pointers were hard to find in the Dome on Monday night, but the fifth-year senior still found a way to leave his mark when all was said and done. White shot only 14.3 percent from beyond the arc but still extended his streak of scoring 20 or more points to seven games.It wasn’t only from long range that White struggled — he threw away a pass in the backcourt that led to a seamless Mitchell breakaway layup and he almost threw away a second several possessions later. The next shot SU took was a White airball from the corner.Out of the under-four timeout, Syracuse had a chance to cut its deficit to four when White caught the ball wide open on the left wing. He hoisted up a 3-pointer, but just like 11 other times Monday night, it missed. He did hit from right in front of the Syracuse bench to trim the SU deficit to five with 36 second left in overtime, but by that time it was too late despite his 22-point showing. Comments Published on February 13, 2017 at 9:29 pm Contact Matt: mcschnei@syr.edu | @matt_schneidman Facebook Twitter Google+last_img read more

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Hyun-Jin Ryu stifles another opponent, as Dodgers take 3 of 4 from Mets

first_img Dodgers’ Max Muncy trying to work his way out of slow start The Dodgers captured three of four games against the Mets. Although they never trailed Thursday, a low hum of drama accompanied the series finale. Mets pitcher Jason Vargas (1-3) nearly out-finessed Ryu for seven innings.The Apple Valley native allowed back-to-back hits to begin the game. Chris Taylor scorched a line drive that went under the glove of J.D. Davis in left field and dribbled far enough for Taylor to reach third base, a triple. The next hitter, Max Muncy, smacked an RBI double to right-center field. After four pitches the Dodgers led 1-0.Vargas didn’t permit another runner to pass second base. He allowed four more hits, all singles, and walked three. Using a fastball that topped out at 87 mph, a changeup, and a curveball that regularly dipped below 70, Vargas effectively kept the Dodgers off-balance on a day off for regulars Justin Turner, Joc Pederson and Corey Seager. He struck out six.The Dodgers worked Vargas for 98 pitches over seven innings before left-hander Hector Santiago took over in the eighth. David Freese greeted him with a one-out double into the right-field corner. Kiké Hernandez drove in Freese with a two-out single. The Dodgers led 2-0.That was enough run support for Ryu, who said his changeup was the most effective it’s been all season. He recorded three strikeouts on cut fastballs, three on changeups and one on a four-seam fastball.“My changeup worked the best today,” Ryu said. “I was able to throw it for a strike and I was able to make them chase when I wanted to. In general, all my pitches have been working well. Commanding those pitches gives me a lot of confidence and definitely led me to a good sequence for success.”By now, it’s beyond coincidence that Ryu is seeing unprecedented success with a repertoire that stands out a little more each year.While the average velocity has trended up in MLB since Ryu debuted in 2013, his has gradually declined. A four-seamer that once regularly touched 95 mph topped out at 93 on Thursday. Mostly, Ryu relies on guile and command. Todd Frazier became only the fifth batter to draw a walk against him in 2019. No starting pitcher is issuing walks at a slower pace than Ryu.“With his stuff, he can survive in any era,” Roberts said. “It’s always a good thing to be able to command the baseball and to use different pitches. I think now, when you’re talking about the ability to strike guys out, which he has, and the ability to put the ball on the ground – now you’re talking about shifting and defensive metrics and putting guys in the right spots, depending on the tendencies of the hitter – and you look at Hyun-Jin’s balls in play, they’re converted into outs more than any of our pitchers.“Right now probably, as an outlier with the defensive metrics, gives (Ryu) even a better opportunity for me.”Related Articles How Dodgers pitcher Ross Stripling topped the baseball podcast empire Ryu was allowed to throw 106 pitches, 10 short of his season high. He batted for himself in the bottom of the seventh inning. In the top of the eighth, he was allowed to pitch to Amed Rosario, a right-handed hitter with six hits in the series, with a runner on base. Rosario grounded out on a 1-and-0 sinker, and Ryu exited to a standing ovation.“To go from Hyun-Jin to Kenley was the right thing to do tonight,” Roberts said.Credited with his 16th save, Jansen closed the door on a pleasantly anticlimactic win – a rarity for the Dodgers’ bullpen of late. He grazed Pete Alonso with a pitch in the ninth inning, but came back to strike out Frazier and retire Carlos Gomez on a flyout. It was the first time since Saturday the Dodgers’ bullpen did not allow a run.For much of March, Ryu deflected questions about the potential for starting on Opening Day, even when the assignment appeared inevitable. His first question about pitching in an All-Star Game for the first time met a similar fate Thursday.“I think it’s a bit too early for that conversation,” Ryu said. “I haven’t really put a lot of thought into it.” Newsroom GuidelinesNews TipsContact UsReport an Error Dodgers hit seven home runs, sweep Colorado Rockies center_img Fire danger is on Dave Roberts’ mind as Dodgers head to San Francisco ­PreviousLOS ANGELES, CA – MAY 30: Chris Taylor #3, Alex Verdugo #27 and Cody Bellinger #35 of the Los Angeles Dodgers celebrate after the final out in a 2-0 win over the New York Mets at Dodger Stadium on May 30, 2019 in Los Angeles, California. (Photo by John McCoy/Getty Images)The Dodgers’ David Freese, right, scores on a single by Kiké Hernandez as Mets catcher Tomas Nido stands at the plate during the eighth inning of Thursday’s game at Dodger Stadium. (AP Photo/Mark J. Terrill)Los Angeles Dodgers starting pitcher Hyun-Jin Ryu, of South Korea, throws during the first inning of the team’s baseball game against the New York Mets on Thursday, May 30, 2019, in Los Angeles. (AP Photo/Mark J. Terrill) SoundThe gallery will resume insecondsNew York Mets starting pitcher Jason Vargas throws during the first inning of the team’s baseball game against the Los Angeles Dodgers on Thursday, May 30, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)New York Mets left fielder J.D. Davis can’t reach a ball hit for a triple by Los Angeles Dodgers’ Chris Taylor during the first inning of a baseball game Thursday, May 30, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)LOS ANGELES, CA – MAY 30: Todd Frazier #21 of the New York Mets stands at third base while Chris Taylor #3 of the Los Angeles Dodgers arrives for a triple in the first inning at Dodger Stadium on May 30, 2019 in Los Angeles, California. (Photo by John McCoy/Getty Images)LOS ANGELES, CA – MAY 30: Todd Frazier #21 of the New York Mets gets the throw at third base after Chris Taylor #3 of the Los Angeles Dodgers arrived for a triple in the first inning at Dodger Stadium on May 30, 2019 in Los Angeles, California. (Photo by John McCoy/Getty Images)LOS ANGELES, CA – MAY 30: Chris Taylor #3 of the Los Angeles Dodgers is congratulated by Manager Dave Roberts #30 after Max Muncy #13 drove him in on a double in the first inning against the New York Mets at Dodger Stadium on May 30, 2019 in Los Angeles, California. (Photo by John McCoy/Getty Images)New York Mets starting pitcher Jason Vargas throws during the first inning of the team’s baseball game against the Los Angeles Dodgers on Thursday, May 30, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)New York Mets’ Michael Conforto, second from left, is thrown out at first by Los Angeles Dodgers shortstop Chris Taylor, right, as first baseman David Freese takes the throw and starting pitcher Hyun-Jin Ryu, of South Korea, watches during the fourth inning of a baseball game Thursday, May 30, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)Dodgers starting pitcher Hyun-Jin Ryu pitched another 7-2/3 scoreless innings on Thursday night, lowering his ERA to 1.48. (AP Photo/Mark J. Terrill)LOS ANGELES, CA – MAY 30: Pete Alonso #20 of the New York Mets slides into second base ahead of the tag by Enrique Hernandez #14 of the Los Angeles Dodgers on a double in the seventh inning at Dodger Stadium on May 30, 2019 in Los Angeles, California. (Photo by John McCoy/Getty Images)The Mets’ Aaron Altherr, below, is forced out at second as Dodgers second baseman Kiké Hernandez attempts to throw out Amed Rosario at first during the eighth inning of a Thursday’s game at Dodger Stadium. Rosario was safe. (AP Photo/Mark J. Terrill)LOS ANGELES, CA – MAY 30: Michael Conforto #30 of the New York Mets was not able to catch this ball off the bat of David Freese of the Los Angeles Dodgers allowing Freese to earn a double in the eighth inning at Dodger Stadium on May 30, 2019 in Los Angeles, California. (Photo by John McCoy/Getty Images)Mets right fielder Michael Conforto can’t handle a ball hit for a double by Los Angeles Dodgers’ David Freese during the eighth inning of a baseball game Thursday, May 30, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)LOS ANGELES, CA – MAY 30: David Freese #25 of the Los Angeles Dodgers stands on second base on his double in the eighth inning against the New York Mets at Dodger Stadium on May 30, 2019 in Los Angeles, California. (Photo by John McCoy/Getty Images)LOS ANGELES, CA – MAY 30: Alex Verdugo #27 of the Los Angeles Dodgers hits a double in the eighth inning against the New York Mets at Dodger Stadium on May 30, 2019 in Los Angeles, California. (Photo by John McCoy/Getty Images)Los Angeles Dodgers’ Enrique Hernandez hits an RBI single as New York Mets catcher Tomas Nido watches during the eighth inning of a baseball game Thursday, May 30, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)Los Angeles Dodgers’ David Freese, right, scores on a single by Enrique Hernandez as New York Mets relief pitcher Hector Santiago, left, and catcher Tomas Nido wait during the eighth inning of a baseball game Thursday, May 30, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)The Dodgers’ David Freese is congratulated by Manager Dave Roberts after scoring on a single by Kiké Hernandez during the eighth inning of a baseball game against the New York Mets on Thursday, May 30, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)LOS ANGELES, CA – MAY 30: Kenley Jansen #74 of the Los Angeles Dodgers pitches in the ninth inning in a 2-0 win over the New York Mets at Dodger Stadium on May 30, 2019 in Los Angeles, California. (Photo by John McCoy/Getty Images)Los Angeles Dodgers relief pitcher Kenley Jansen gets set to pitch during the ninth inning of the team’s baseball game against the New York Mets on Thursday, May 30, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)Los Angeles Dodgers catcher Russell Martin, left, and relief pitcher Kenley Jansen congratulate each other after the Dodgers defeated the New York Mets 2-0 in a baseball game Thursday, May 30, 2019, in Los Angeles. (AP Photo/Mark J. Terrill)LOS ANGELES, CA – MAY 30: Chris Taylor #3, Alex Verdugo #27 and Cody Bellinger #35 of the Los Angeles Dodgers celebrate after the final out in a 2-0 win over the New York Mets at Dodger Stadium on May 30, 2019 in Los Angeles, California. (Photo by John McCoy/Getty Images)The Dodgers’ David Freese, right, scores on a single by Kiké Hernandez as Mets catcher Tomas Nido stands at the plate during the eighth inning of Thursday’s game at Dodger Stadium. (AP Photo/Mark J. Terrill)NextShow Caption1 of 23The Dodgers’ David Freese, right, scores on a single by Kiké Hernandez as Mets catcher Tomas Nido stands at the plate during the eighth inning of Thursday’s game at Dodger Stadium. (AP Photo/Mark J. Terrill)ExpandLOS ANGELES — If every starting pitcher in the Dodgers’ rotation can remain healthy between now and the All-Star break, with no extra days of rest, Hyun-Jin Ryu will start seven games. That includes the final contest before the break, a Sunday home game against the Padres.This schedule would create a unique situation. Any pitcher who starts the Sunday before the break can petition Major League Baseball for an exemption from appearing in the All-Star Game. It would be a shame if the National League manager were unable to use Ryu on July 9 in Cleveland. The left-hander leads the NL with eight wins and a 1.48 earned-run average.That NL manager is Dave Roberts. Thursday night against the New York Mets, the Dodgers’ skipper heeded the advice that will surely follow him all the way to Progressive Field: he let Ryu pitch. Cody Bellinger homer gives Dodgers their first walkoff win of season “We’re not there yet,” Roberts said of the All-Star Game, “but he’s a clear frontrunner right now.”Ryu (8-1) tossed 7⅔ shutout innings, allowing only four hits and striking out seven in a 2-0 victory before an announced crowd of 47,848 at Dodger Stadium. He allowed only two Mets runners to reach second base; neither reached third. His 0.59 ERA in May is the lowest by any Dodgers pitcher in a calendar month since Clayton Kershaw’s 0.27 ERA in July 2015.Since his career-best streak of 32 consecutive scoreless innings concluded Saturday in Pittsburgh, Ryu has started a new streak. It was up to 11⅔ innings when he was relieved by closer Kenley Jansen with two outs in the eighth inning Thursday.“This month of May was incredible,” Ryu said through his interpreter. “I’ve always told everyone how I wanted to do my job as a starting pitcher, meaning I want to throw six, seven innings and put the team in a position where they can win. I’ve always said that but not necessarily executed the way that I wanted. This month of May, I definitely was able to do that. I do feel it is unbelievable.”The Dodgers (38-19) have won five of their last six games, moving a season-high 8 ½ games ahead of the second-place San Diego Padres (29-27) in the National League West. They are thus far 18-7 in May with one game remaining Friday against the NL East-leading Phillies.last_img read more

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