August Insights

With elections taking place around the world, 2024 marks a pivotal moment in the fight against climate change. The policies set by newly elected governments will shape environmental action for years to come, influencing everything from regulatory frameworks to investment in sustainable initiatives. In this edition of Carbon Insights, we share some of the latest plans from new governments and assess what these changes mean for the finance industry.?

Industry news roundup

• New study shows government action is the most important factor for reaching climate targets:?While rapid decarbonisation is technologically possible, a new study shows that political restraint significantly reduces the likelihood of staying within the 1.5°C target.

• The new UK government has the potential to lead global climate finance: By prioritising climate risk management, strengthening data and regulation, enhancing international finance, creating market incentives, and focusing on decarbonising the built environment.?
• Major American companies set to invest in carbon reporting: Over two-thirds of large U.S. companies are investing in sustainability reporting, driven by new regulations like California's SB 253 and SB 261. Many are increasing budgets and adopting advanced technologies to improve reporting on greenhouse gas emissions.
• EU’s new leadership to drive climate and economic growth: The re-election of Ursula von der Leyen and appointments like António Costa and Kaja Kallas signal a balanced approach to integrating sustainability with economic growth in the EU. Their focus on competitiveness and action highlights a commitment to achieving climate neutrality by 2050.

Cogo news

• Cogo partners with SaaScada to progress carbon reduction in the finance industry. This collaboration enables banks to use SaaScada’s real-time data alongside Cogo’s insights, to empower customers to understand the carbon footprint of their purchases while supporting banks in achieving their ESG goals. Read more.
• David Beer, Cogo’s Global Head of Enterprise Solutions and Partnerships, recently joined Jon Hart, Moneyhub’s API Partnerships Director, in the Fintech Power 50 webinar. They discussed how fintechs play a role in driving climate action and promoting financial inclusion. Watch the webinar here.
• The Cogo team is heading to Money20/20 Las Vegas to encourage American banks to seize the $3.5 trillion annual opportunity in sustainable finance, urging them to "green and grow" their loan books by financing the transition to net-zero. Learn more.
• Brian Johnson, Chief Impact Officer, and Tim Baynes, Co-Founder at Footprint Lab, our carbon data partner, collaborated on a thought leadership piece exploring how spend-based carbon emissions data can drive impactful, scalable climate action. Discover here.

Expert insights

• The road ahead: What the new UK government means for fintech and financial services across Europe: One month after the Labour Party's victory, we spoke with Adam Jackson, Chief Strategy Officer at Innovate Finance, about how the new UK government might change the fintech and financial services landscape.
• Fintech and banks: Collaborating for a greener future: This blog explores how banks can partner with green fintechs to overcome barriers to climate action and unlock new opportunities for innovation and growth, ultimately driving climate progress.?

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And if you want to meet with the team at Money20/20, reach out to Ben Gleisner or Christina Bellis.

Thank you,

The Cogo team