Curated by NeoImpact, we bring you rapid developments across the ESG world driven by impactful decisions and innovative tools this week

Welcome to the 13th edition of the Impact Herald Weekly. From landmark action plans to the release of emissions gap report 2024, the world is on a hard fight with climate change, equipped with more information and innovative projects. In Hong Kong, the Hong Kong Monetary Authority launches a Sustainable Finance Action Agenda, focusing on net-zero operations. In Finland, Vaisala launches a new measurement product MGP241, for enhancing transparency in carbon capture. In Europe, the European Union grants EUR 4.8 billion for 85 selected innovative decarbonization projects, through Innovation Fund. In India, the Indian Institute of Technology launches a landmark ESG course along with eduXLL Elsewhere, the United Nations Environment Programme (UNEP) releases Emissions Gap Report 2024. Read through this week's round-up to know more!

Monday, 21 October 2024

Hong Kong’s Monetary Authority unveils new Sustainable Finance Action Agenda comprising eight action goals

Hong Kong Monetary Authority (HKMA) has introduced a Sustainable Finance Action Agenda, outlining its vision to strengthen Hong Kong's status as a sustainable finance center and support the sustainable growth of Asia and beyond. This comprehensive plan includes eight objectives across four key areas, including net-zero operations by 2030 for all banks. Mr. Eddie Yue, Chief Executive of the HKMA, emphasized the importance of addressing climate change and the duty of Hong Kong to facilitate sustainable fund flows. The HKMA will now embark on implementing the Action Agenda, offering guidance and tools, while also remaining open to refining the plan as necessary to consider market developments and industry feedback.?

Tuesday, 22 October 2024

Vaisala, a leading Finnish company in measurement technology, has launched a new measurement product MGP241, to resolve greenwashing in the carbon capture, utilization and storage (CCUS) field. This new tool, which measures CO2, along with humidity at point source, is yet to be equipped well for extensive use since it needs advancements for credible values of captured carbon. Relevant carbon intensive industries like materials manufacturing and energy production may utilize CCUS for successful decarbonization in their operations. The MGP241 promises to revolutionize the measurement process, offering cost – effective and sustainable solutions for the fight against climate change.

Wednesday, 23 October 2024

EU Allocates EUR 4.8 Billion for green projects via carbon funds

The European Union has granted €4.8 billion for 85 selected innovative decarbonization projects across 18 countries, through the Innovation Fund. The selected projects, spanning across various sectors like Cleantech manufacturing, energy transition, industrial carbon management, renewable hydrogen and net-zero mobility, are expected to commence operations before 2030, reducing an estimated 476 million tons of CO2 over the first decade. This funding has significantly raised the total amount to €12 billion and expanded the number of supported projects by 70%, for the first time since its beginning in 2020. These granted projects are set to play a pivotal role in EU’s leadership on a path to a sustainable future.

Thursday, 24 October 2024

UNEP calls for Urgent call for stronger climate action in its new Emissions Gap Report 2024

The United Nations Environment Programme (UNEP) launched the latest “Emissions Gap Report 2024: No More Hot Air … Please,” urging global nations to ramp up their climate efforts significantly.? The report stresses the need for a 42% reduction in greenhouse gas emissions by 2030, and a 57% cut by 2035, to stay on track for 1.5°C goal. Emphasizing the potential of renewables like solar and wind, the report seeks immediate government action, international collaboration, and a six-fold increase in investment towards climate mitigation. Without immediate action on new Nationally Determined Contributions (NDCs), the world faces a temperature rise of 2.6-3.1°C and catastrophic consequences with severe impacts on people, planet, and economies.

Friday, 25 October 2024

IIT Kanpur in collaboration with eduXLL launches an inaugural 4-month course on ESG and business sustainability

India’s most prestigious education institutions, Indian Institute of Technology (IIT) in collaboration with higher education startup eduXLL has launched an engaging 50-hour course on ESG and business sustainability. This course is aimed at equipping participants with practical insights and critical knowledge on the evolving sustainable business landscape and its impact on ESG pillars. The course will offer discourse from sustainability industry professionals and provide mentorship, collaborative real-life projects, and interactive sessions among webinars and doubt clearing sessions. The course is flexible, offered online for helping professionals to grow from learners to futuristic leaders.

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