Climate Action Chronicles: Transforming Industries, Finance, and Reporting Standards
Hi there!
Welcome to our November edition of Climate Action Chronicles! ??
As we approach the end of 2024, we're witnessing unprecedented momentum in global climate initiatives. This month's digest brings you three groundbreaking developments that are reshaping our approach to environmental sustainability.
First, we dive into a revealing BRSR report that spotlights how just four industrial sectors account for 90% of corporate emissions, offering crucial insights for targeted climate action. Next, we explore the upcoming COP29 in Baku, where world leaders will tackle the ambitious $1 trillion climate finance goal. Finally, we celebrate a historic milestone as the public sector receives its first-ever dedicated climate reporting standards, marking a new era of governmental accountability.
?? Inside This Issue:
90% of Industrial Emissions Traced to Just Four Sectors: BRSR Report 2023
A comprehensive analysis of India's Business Responsibility and Sustainability Reports (BRSR) reveals that the cement, metals, power, and wood/paper industries are responsible for 90% of corporate direct and indirect emissions.
Key Findings:
Industry Impact: The report establishes BRSR Barometer as an annual publication to track sustainability progress and will include sector-specific webinars to help companies develop targeted environmental strategies.
COP29's Critical Mission: The $1 Trillion Climate Finance Challenge
The upcoming UN Climate Conference (COP29) in Baku, Azerbaijan (Nov 11-22) faces a crucial task of establishing the New Collective Quantified Goal (NCQG) on climate finance, replacing the previous $100 billion annual commitment. India proposes a minimum $1 trillion target from developed nations, highlighting growing tensions between developed and developing countries.
Key Points:
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Stakes: The conference's outcome will significantly impact developing nations' ability to commit to more ambitious climate targets in 2025, with experts calling it potentially the most important climate conference since Paris.
IPSASB Releases Proposed Climate-Related Reporting Standard for Public Sector
The International Public Sector Accounting Standards Board (IPSASB) has unveiled SRS ED 1, the world's first climate disclosure standard specifically designed for governments and public sector entities. Backed by The World Bank, this groundbreaking initiative aims to standardize how public institutions report their climate-related activities and impacts.
Key Points:
The standard comes in response to urgent demand for public sector sustainability reporting guidelines and will help governments lead climate action through policy tools like taxation, regulation, and subsidies.
Featured Insights
Understanding GRI Standards: A Complete Guide to GRI Reporting for ESG
As a leading framework for ESG (Environmental, Social, and Governance) reporting, GRI provides a structured approach for businesses to disclose their sustainability efforts transparently. Whether you're embarking on your first GRI report or seeking to refine your existing practices, understanding these standards is essential for building stakeholder trust and aligning with global sustainability goals. In this comprehensive guide, we’ll delve into what GRI reporting involves, explore the latest updates for 2023, and provide a step-by-step roadmap to mastering the reporting process.
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