The E in ESG: Sustainability News Roundup
The E in ESG ?curates the week’s latest?#sustainability ?news; focusing on regulatory developments, innovation, and the intersection of?#environmental ?and organizational best practices.
In honor of International Women’s Day, we start this week accordingly!
*Twenty-five trailblazing women leading the fight against climate change
“With so many extraordinary women engaged in the battle against climate change, the biggest task in compiling Reuters Impact's list of trailblazing women for #InternationalWomenDay was whittling down our long list to only 25.”
*ESG Next: An Interview with IBM’s Justina Nixon-Saintil
“ Justina Nixon-Saintil , IBM : There’s such a sense of urgency right now. When you think about how quickly technology is advancing, when you think about climate change and the urgency around it, when you think about the pandemic and its global impact, you realize this unprecedented urgency is driving everyone to figure out how you move from theory to scaling, and reaching the masses — because these pressures are impacting so many people.”
*International Women’s Day: Why a diverse green finance sector is key to delivering a just net-zero transition
*“To mark International Women's Day (IWD) 2023, edie speaks to three women leaders that are driving change and improving approaches to green finance and environmental, social and governance (ESG) investing.
It is?a well-known fact that the climate crisis disproportionately impacts women and girls globally . However, women and girls account for 51% of the global population but only?21% ?of government ministers are women. The percentage drops even further for governmental positions heading up nations or states. In short, the decisions to combat the climate crisis and alleviate the most severe impacts are being decided by men.”
GOVERNMENT & REGULATIONS:
*Biden-Harris Administration Announces $6 Billion To Drastically Reduce Industrial Emissions and Create Healthier Communities
The Biden-Harris Administration, through the U.S. Department of Energy (DOE), today announced approximately $6 billion in funding to accelerate #decarbonization projects in energy-intensive industries and provide American manufacturers a competitive advantage in the emerging global clean energy economy. Funded by President Biden’s Bipartisan Infrastructure Law and Inflation Reduction Act, the?Industrial Demonstrations Program ?will focus on the highest emitting industries where decarbonization technologies will have the greatest impact, such as iron and steel, aluminum, cement and concrete, and other energy-intensive industrial processes. Widespread demonstration and deployment of #decarbonization projects within these industries is key to achieving the President’s goal of a #netzero economy by 2050 and will help strengthen and secure America’s global leadership in manufacturing for decades to come.??
*EU Strikes Landmark Deal to Fight #Greenwashing in Bond Market
European Union negotiators reached a deal to establish a green bond standard, giving investors long-awaited clarity that their money is aligned with the region’s climate ambitions.
Companies that use the standard will have to prove that the proceeds from their green bonds are in line with the bloc’s list of environmentally friendly activities, known as the taxonomy. They will, however, get a 15% “flexibility pocket” for activities that aren’t yet covered by the rulebook, according to the terms of the agreement reached by EU lawmakers and member states.
*#Greenwashing crackdown in Europe leaves investors in the dark
New rules in Europe to crack down on greenwashing are not making it easier to spot genuine environmentally-friendly funds as asset managers continue to apply different standards for what constitutes sustainable investing.
More than 30 fund managers, consultants, lawyers and regulators interviewed by Reuters said that despite European Union rules demanding more disclosure, funds remained hard to compare and greenwashing difficult to spot.
*From emissions to employment, #ESG could change the way Australians farm
As of December 2022, all New Zealand farmers are required to calculate their greenhouse gas #emissions and must have a written plan in place to manage them by December 2024.
"I can't see any future where we won't have a similar kind of 'know your number' strategy in Australia,"?Mr Poole said.
He predicted this "form of base-level reporting" could be necessary through both government and corporate policy.
*ACCC to crack down on ‘#greenwashing’ after survey reveals spike in misleading claims
Competition watchdog analysis of 247 businesses showed 57% had promoted concerning claims about #environmental credentials
The competition watchdog will step up its probe of companies’ environmental claims after an initial sweep found more than half made misleading statements ranging from overstating climate action to developing their own certification schemes.
The survey of 247 businesses or brands across eight sectors by the Australian Competition and Consumer Commission last October found 57% had promoted “concerning claims about their environmental credentials”.
*Government of Canada to Require Suppliers to Disclose Emissions, Set GHG Reduction Targets
Large suppliers to the Government of Canada will be compelled to disclose their greenhouse gas (#GHG ) emissions and set targets to reduce them, starting April 1, 2023, according to new standards released today.
According to Canada’s new “Standard on the Disclosure of Greenhouse Gas Emissions and the Setting of Reduction Targets,” federal procurements greater than $25 million will induce suppliers to measure and disclose their and adopt a science-based target to reduce #GHG emissions in line with the Paris Agreement.
领英推荐
BUSINESS AND FINANCE
“The 安永 organization (EY) and IBM (NYSE:?IBM ) today announce a global collaboration to focus on environmental, social and governance (ESG) solutions that aim to help organizations accelerate business transformation with value-led sustainability. EY and IBM teams will pursue innovative offerings that help integrate sustainability with business strategy, support the operationalization of their programs with speed and scale, and transform how value is created for their business, their stakeholders, their people and the planet.”
*New Updates to ESG Loan Principles: Key Takeaways for Borrowers and Lenders
Borrowers and lenders entering into loan transactions that are marketed or intended to qualify as #ESG loan transactions from March 9 onwards will likely be expected to align with recent updates to the Green Loan Principles, Social Loan Principles and Sustainability-Linked Loan Principles (collectively, the “2023 Principles”) developed by the Loan Market Association (“LMA”), Loan Syndications & Trading Association (“LSTA”) and Asia Pacific Loan Market Association (“APLMA”) (collectively, the “Loan Associations”).1
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*Citi pledges to cut emissions for more sectors including coal
U.S. bank 花旗 ?(C.N) ?on Thursday announced targets for cutting emissions tied to loans it makes to coal mining, auto, steel and real estate clients by the end of this decade, in its latest update to its plan to reach net-zero emissions by 2050.
*Dana Commits to Net Zero by 2040
Automotive supplier Dana Incorporated announced today a new sustainability commitment to achieve net zero greenhouse gas emissions by 2040.
The company also announced that it accelerating its interim climate goals, and now plans to achieve a 75% reduction in Scope 1 and 2 emissions by 2030, compared to its prior target of 50%. The company also has a goal to reduce Scope 3 value chain emissions by more than 25% by 2030.
*Carbon-Emissions Data to Inform the MBS Market
“Impact investors and those with net-zero commitments who have exposure to the U.S. property market may be seeking state-level data on residential emissions. It could be used to meet three requirements. First, to help understand the emissions in either their property loans or mortgage-backed securities (MBS); second, to track how these emissions change over time; and third, to accelerate the reduction in the emissions they are financing in the most efficient manner. With this in mind, we collected and analyzed state-level data on Scope 1 and 2 emissions at the household level.”
*ESG Factor Returns: 2022 in Review
Trickle-Down #ESG : The Impact of ESG Initiatives on Small and Medium sized Businesses Environment + Energy Leader Reporting. This aspect of a supplier climate cause requires suppliers to measure and report their environmental footprint or other ESG metrics.
*Implementing ESG in 2023: Less talk, more action
“The environmental dimension (E) is taking precedence as the hotel industry joins the race to reach net zero carbon emissions. Sustainability programs are evolving quickly as customers and asset owners demand green credentials and make net zero commitments. Despite good intentions, emissions from real estate are at an all-time high and hotels face a greater challenge to reach net zero goals due to their high energy use intensity. Making hotels more energy efficient, switching to renewable energy, and filling a skills gap in teams are important steps to close the gap between intent and action. Consumers and employees want sustainability initiatives to go faster and further, and hotels must also consider the social dimension (S) such as fair pay, labor rights, and diversity, equity, and inclusion. A joined-up ESG strategy provides accountability for driving and managing the strategy, and reporting transparently on outcomes.”
*The E in ESG: Sustainability and Finance
Be sure to check out our #Sustainability ?and Finance overview examining the exponential growth in?#ESG ?Investment, generational factors, how investment decisions being made, and the financial impact of #ESG investment.
*RBC Ties Incentive Comp for CEO, Top Execs to Climate Strategy
Royal Bank of Canada ( RBC ) announced today that it plans to incorporate climate considerations into the medium- and long-term incentive plans for its top executives, including the bank’s CEO and Group Executives, beginning this year.
The plans for the modified incentive programs was unveiled in RBC’s 2022 Climate Report, issued today, which outlines the bank’s progress in managing climate-related risks and opportunities in line with its climate strategy, RBC Climate Blueprint. RBC also published its 2022 ESG Report today.
*Nearly All Large Global Companies Disclose ESG Information
For the third year in a row, more big global companies disclosed environmental, social and governance (ESG) matters than in previous years, with 95 percent having done so in 2021, the latest year available. The percentages were 92 in 2020 and 91 in 2019.
This is according to a?third report ?about ESG disclosures and assurance practices around the world by the International Federation of Accountants (IFAC) and the Association of International Certified Professional Accountants.
*Data, Disclosures, and Decarbonization: Top Takeaways from GreenBiz23
GreenBiz 23 ?is an annual three-day sustainability conference held in Scottsdale, Arizona, that brought together leaders, innovators, and activists from various industries to discuss and exchange ideas, strategies, and best practices for building a sustainable future. The conference featured over 150 speakers, including CEOs, policymakers, and thought leaders, who shared their experiences and insights on various topics.