EU's 2040 GHG emission reduction targets & a new women climate leader network by EIB
International Sustainable Finance Centre (ISFC)
Apolitical, expertise-led think tank with an advisory practice focused on #sustainablefinance in finance and business
This month (February), the European Commission recommended reducing the EU’s net greenhouse gas emissions by 90% by 2040 relative to 1990.
The 2040 climate target is meant to reaffirm the EU’s determination to tackle climate change and will shape our path after 2030, to ensure the EU reaches climate neutrality by 2050. The climate neutrality objective is at the heart of the?European Green Deal, and is a legally binding objective set out in the?European Climate Law.
The EU's?2030 climate target is to reduce net greenhouse gas emissions by at least 55% relative to 1990. The 2040 climate target is our next intermediate step on the path to climate neutrality.
Coverage by media:
Nature - EU unveils controversial climate target: what scientists think - The goal leans heavily on the largely unproven approach of carbon removal, concerning researchers.
POLITICO Europe - EU calls for 90 percent emissions cut by 2040: The EU executive’s recommendation comes as the bloc’s green policies are facing a growing backlash.
Climate Action Network (CAN) Europe - 2040 Target: Increased ambition welcomed – but 90% reduction is not enough
European Investment Bank (EIB) launched its Women Climate Leaders Network (WCLN) at the sidelines of the EIB Forum, on its dedicated website.
EU Adopts New Regulation Eliminating 500 Million Tonnes of Greenhouse Gas Emissions shared by ESG today. The new legislation is aimed at phasing down highly potent greenhouse gases including fluorinated gases (F-gases) and ozone depleting substances (ODSs).
Mirova and Robeco announce that they have selected I Care and Quantis to develop a global database of greenhouse gas emission avoidance factors, offering a standardized and transparent calculation of the emissions avoided by an extensive list of low-carbon or green enabling solutions.?
Major insurers risk falling behind on climate change as net-zero coalition fights for survival. Major?insurers are not taking the threat of climate change?as seriously?as banks and asset managers,?campaigners have claimed, as the sector's biggest climate alliance?fights for survival shared Kristen McGachey for Financial News.
Netherlands considering Paris-aligned investment mandate for financial institutions shared by Green Central Banking. The Dutch government is exploring what legal measures it can use to ste up progress to the net-zero transition, which could include requiring financial institutions’ balance sheets to be aligned with a 1.5°C scenario.
Majority of Investors Planning to Increase Sustainable Investments this Year: Morgan Stanley Survey shared by ESG today. A new study found that a large majority of investors believe that strong ESG practices can lead to better long-term returns. 80% of investors consider a company’s reporting on sustainability practices, carbon footprint, and emissions reduction commitments when making a new investment.
Brookfield Raises $10 Billion for Climate Transition Fund article by ESG today. Brookfield launched the new fund last year, is already on track to exceed the size of its record-breaking predecessor BGTF fund, which reached $15 billion at its final close in June 2022, making it the largest private fund dedicated to investing in the net zero economy.
Polish state auditor claims oil group sold assets for less than they were worth shared by Financial TimesEU mulls emergency aid for collapsing solar producers shared by Politico.
Council of the European Union and European Parliament reached a provisional agreement on a proposal for a regulation on (ESG) rating activities, which aims to boost investor confidence in sustainable products.
Responsible Investor shared SDG funds no more aligned with UN goals than non-SDG aligned funds, finds ESMA. Read the whole report here.
Chinese Exchanges Endorse Double Materiality in Market First Disclosure Rules shared by Responsible Investor.
Recommended readings
UN Environment Programme published a report on Comparison of Nature-related Assessment and Disclosure Frameworks and Standards. It provides comparative research on seven leading standards, frameworks and systems for assessment and disclosure on nature-related issues.
Irene Monasterolo and Luca de Angelis published a report "Greenness confusion and the greenium" analysing evidence of the greenium across the most used classifications of green activities.
Reclaim Finance published report "CORPORATE CLIMATE TRANSITION PLANS: WHAT TO LOOK FOR".
Byung Hyun Ahn, Panos N. Patatoukas, George S. Skiadopoulos published a paper Material ESG Alpha: A Fundamentals-Based Perspective calling attention to the overlap between accounting fundamentals and ESG characteristics.
Nordic businesses call on their governments to support the Corporate Sustainability Due Diligence Directive shared by Business & Human Rights Resource Centre.
领英推荐
European Investment Bank (EIB) shared Investment Report: Transforming for competitiveness on developments and drivers of investment finance in the EU.
Online community insights
LinkedIn Post: John Berrigan shared a summary of a report “?? ???????????????????? ???? ???????????? ??????????????????” by EU Platform on Sustainable Finance. The report provides evidence that the EU Taxonomy and the wider sustainable finance framework are being used by the market and have already had a positive impact on the ground.
LinkedIn Post: Nossa Data shared important terms for ESG reporting frameworks: ESRS (CSRD), GRI, and IFRS S1 & S2 (ISSB).
LinkedIn Post: Hans van Dam shared 3 do’s & dont’s on reporting for a group in a CSRD-compliant double materiality assessment (based on the latest EFRAG guidance).
LinkedIn Post: EFRAG shared its first set of Explanations on ESRS Q&A Platform.
LinkedIn Post: Irene Heemskerk highlighted based on European Central Bank ‘s climate and nature plan 2024-2025 three focus areas that will guide their work going forward.
LinkedIn Post: Eurosif - The European Sustainable Investment Forum summarized a new report of ESMA on EU financial market trends, risks and vulnerabilities covering data from the second half of 2023.
Presentation: Nat Bullard shared the annual presentation on the state of decarbonization told with climate, capital markets, technology, and sector data.
Blog Post: Tiahna Joshi shared insights on RICS and Decarbonisation Across the Development Lifecycle.
LinkedIn Post: Alex Wilks talked about pension funds' investments in oil and gas companies.
LinkedIn Post: Raymond Frenken shared insights on newly launched European Long-Term Investment Funds(#ELTIFs).
Blog Post: Louie Alexander Woodall shared "Why I’m a transition finance skeptic".
LinkedIn Post: Dr. Mohamed Tash shared insights on ESG Market Trends and Customer Focus.
LinkedIn Post: Kasper Benjamin Reimer Bj?rkskov shared that that the Science Based Initiative does not have its basis in science, stating directly.
Podcasts
ESG Now shared podcast on Carbon Credits in 2024 with the head of Carbon Markets at MSCI, Guy Turner.
ESG Insider podcast by S&P Global published an episode on How the insurance industry is seeking solutions to climate change and nature loss.
Recording of webinar on “A Compendium of market practices” report by the Platform on Sustainable Finance showcases how (non-) financial actors are using the EU?taxonomy and the broader sustainable finance framework to transition to net-zero.
Recordings of EIB Group Forum 2024 brings insights about the?growth outlook for the European economy,?against the backdrop of?war, inflation, and tight financial conditions.
Events
Online: Florence School of Banking & Finance organises Geopolitical Risks and Bank Boards seminar (29 February) with banking experts to discuss the geopolitical risks that banks are facing and ways to navigate them.
Online/ Brussels: EFRAG invites users (analysts, data providers, investors, asset managers, financial institutions, etc.) to a hybrid workshop to present the ESRS Set 1 Draft XBRL Taxonomy on Thursday 29 February.
Bratislava, Slovakia: On the 12th of March, Národná banka Slovenska, The British Embassy in Bratislava and International Sustainable Finance Centre (ISFC) will host a joint event on sustainable finance - policy and implementation of Net Zero. To stay posted, follow this newsletter, ISFC or Národná banka Slovenska LinkedIn pages!
Amsterdam: Future of Utilities: Energy Transition Summit 2024 (20 - 21 March) brings together senior decision-makers from the full spectrum of the energy ecosystem to lead the industry on its next path. Key speakers: CEOs from Octopus Energy Germany, TransnetBW, E.ON Italia and Essent; Hot Topics: Energy Security, Financing the Transition, The Grid, Renewable Generation and more
Spain: Wind Europe 2024 Annual Event in Bilbao (20 - 22 March): At this year’s conference, the focus is on driving home the value of wind – and what it represents for Europeans at home and abroad. Our conference will look at the net benefits of wind for five focus areas: Energy security, Jobs, Communities, Growth and investment, Nature.
Online/Brussels: The Recovery & Resilience Facility (RRF) and European Strategic Investments and Reforms event (9 April, 9.30 am) The European Commission and the Belgian Presidency of the Council of the European Union 2024 invite you to an event to mark the publication of the mid-term evaluation of the Recovery and Resilience Facility.
Prague: CEE Sustainable Finance Summit 2024 (27 - 29 May): This year is dedicated to exploring the latest developments and practices in sustainability integration, management, data and reporting. The Summit will provide opportunities to learn about how the macro level of EU Sustainable Finance Agenda (SFDR, CSRD, EU Taxonomy, CSDDD, etc.) connects to the to micro level of company (SME) and financial institution change in practices. For the latest updates, follow #CEESummit2024.
London: Responsible Investor Europe 2024 (12 - 13 June): The 2024 edition of the flagship event will discuss sustainable finance developments and industry best practices. Join over 600 leading investors and fund managers for two days of networking at the must-attend event for sustainable finance. Topics: accelerating net zero progress, EU regulatory landscape, biodiversity risk management, the future of ESG data strategy
Careers in Sustainable Finance
National Bank of Slovakia is looking to recruit two new directors: Director of Economic and Monetary Analysis and Director of Research
The Ministry of Finance in Czechia is looking for new staff: https://www.mfcr.cz/cs/ministerstvo/kariera-a-vzdelavani/volna-mista-mf/vedouci-oddeleni-analyz-udrzitelnosti-54639