ESG Insider: Investor group issues net-zero standard for oil and gas companies
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The Institutional Investors Group on Climate Change (IIGCC) on April 18 published a net-zero standard to help investors assess whether the transition plans of oil and gas companies align with the goal of limiting global warming to 1.5 degrees C relative to preindustrial levels. The IIGCC has more than 400 members in 26 countries with collectively over €60 trillion in assets under management.
The oil and gas sector faces "some of the biggest challenges in the transition to a low carbon economy," IIGCC CEO Stephanie Pfeifer said in a news release. The group plans to use the new standard to assess the transition plans of the largest European and North American oil and gas companies in late 2023.
Metrics in the IIGCC's net-zero standard include decarbonization timelines and strategies, disclosure practices, capitol allocation, climate policy engagement and just transition strategies.
In this week's newsletter, we explore the creation of a new White House Office of Environmental Justice in the US, and how the US Environmental Protection Agency's new tailpipe emissions standards could boost electric vehicle sales. We also highlight a significant methodology revision at the world's largest issuer of voluntary carbon credits.
Our weekly ESG Insider podcast explores how Indigenous communities are engaging with companies, financial institutions and investors to ensure a just transition to a low-carbon economy.
Chart of the Week
'Strongest-ever' emissions rules could boost EVs to two-thirds of new US car sales
New tailpipe emissions standards proposed by the US Environmental Protection Agency April 12 could prompt a surge in electric vehicle sales to account for 67% of new car sales by model year 2032 while bolstering US energy security by slashing US oil imports by 20 billion barrels.
New White House office to lead agencies' environmental justice efforts
US President Joe Biden signed an executive order April 21 that establishes a new White House Office of Environmental Justice tasked with ensuring that federal agencies help communities disproportionately exposed to environmental and health hazards.??
Verra makes major changes to methodology of forest-based carbon offsets
Verra, the world's largest issuer of voluntary carbon credits, released a new draft methodology for REDD+ projects April 19, calling it the most "significant revision" of its practices, as it looks to restore the integrity and quality of its forest carbon credits.
Countries face challenge in matching US 'firepower' over green industrial policy
US trading partners will struggle to match the Inflation Reduction Act's economic breadth with their own decarbonization policies, experts told S&P Global Commodity Insights.
ESG Insider Podcast
In this episode of ESG Insider, we explore how Indigenous communities are engaging with companies, financial institutions and investors to ensure a just transition to a low-carbon economy. We speak to the executive director of First Peoples Worldwide, an Indigenous-led organization that aims to increase corporate accountability to Indigenous peoples at the intersection of business, law and finance. And we speak to the CEO of the Shareholder Association for Research and Education, or SHARE, a shareholder advocacy organization for institutional investors in Canada, that is part of a climate benchmarking exercise that includes metrics on how companies are considering Indigenous rights in their low-carbon transition plans.
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