GoImpact | Impact Made Easy! July 2023
GoImpact Capital Partners
IMPACT MADE EASY | From AMBITION to ACTION: through Sustainability Learning and Advocacy
We at GoImpact are proud and honoured to announce that our Co-Founder & CEO, Helene Li , has been appointed as one of the 5 Founding Faculty of the newly launched Mandatory Accreditation Programme Part II: Leading for Impact (LIP) for all Board Directors of publicly listed companies on Bursa Malaysia with other esteemed and professional Faculty members.
LIP is an initiative under the Securities Commission Malaysia 's Corporate Governance Strategic Priorities 2021-2023 and is mandated by Bursa Malaysia, aiming to provide directors with the foundational knowledge and practices to address sustainability matters effectively and exercise better oversight over their companies' material sustainability concerns.
GoImpact is excited to be a part of this pioneering initiative and we look forward to working with the Institute of Corporate Directors Malaysia (ICDM) and fellow Faculty members to help shape the future of sustainability in Malaysia.
The programme will be held in August 2023.
Visit https://lip.icdm.com.my/ for more information or to register.
Great news! GoImpact has partnered with susGain to bring our latest ESG micro-learning modules onto their app.?
Take part in the two challenges 'What is Greenwashing?' and 'All about the SG Green Plan' and earn points for completing them!
Convert your points to create impact! Upgrade your skills whilst doing good!
Get the susGain app here on:
GoImpact recently co-hosted a webinar with Hong Kong Securities and Investment Institute on "Green Real Estate Financing in Hong Kong and Greater China". In this session moderated by our Co-Founder, Clarence T'ao , two top industry players, Albert Tsang, Head of Real Estate Financing GCNA, Global Credit Markets at Standard Chartered Bank, and Sam Crispin, Head of Sustainability and ESG at Savills Asia Pacific, shared with the audience their valuable insight on the evolution and future trends in green real estate financing in Hong Kong and Greater China; and how the banking community and developers are adapting to changes in the industry.
Session recording available soon, stay tuned if you missed the live!
Singapore Management University - ESG Data – Strategy and Practice for Management
ESG is mostly about Data. Getting this data right is critical for organisations since it can determine the access to capital or preferable financing conditions, attractiveness for investors but also the engagement of employees and interest from talents, and prioritisation of actions on efficiency gains, decarbonisation, regenerative projects or social and governance initiatives.
At the end of this one-day programme offered by?SMU Academy,?Singapore Management University?and GoImpact Capital Partners, participants will be able to have an overview of existing organisational data challenges and approaches to overcome them; understand ESG data transformation and analytics pipeline and architecture; identify ESG data providers – The good, the bad and the reality check; understand what is the role of AI to augment the processing of unstructured ESG data.
Upcoming Intake Commencement Date: 30 Oct 2023
IPI - Sustainability Basics: Then, Now and Next
GoImpact's latest online course, "Sustainability Basics: Then, Now and Next" is now available on?IPI x Henley Business School Online!
This module provides a comprehensive understanding of the importance of sustainability, trends and implications across industry sectors, global risks and opportunities, and helps professionals integrate the knowledge and skills acquired to develop a strategic approach for their organizations and stakeholders.
SkillsFuture Career Transition Programme (SCTP) -
Advanced Certificate in Driving Sustainability for the Future: The Future of Work through a Sustainable Lens
This certificate course is offered under the SkillsFuture Career Transition Programme (SCTP) to help mid-career individuals develop emerging and industry-relevant skills to increase employability and pivot to job roles in the green sector.
The emerging green sector is poised for growth in years to come and is increasingly being regarded as a sector with job opportunities in many areas. To take on jobs in this sector, it is important that its working people be equipped with the relevant skills. This certificate aims to prepare participants for this expanding sustainability sector, containing modules that will teach them all the knowledge and expertise required. These include corporate sustainability concepts and strategies, data analysis and documentation, writing sustainability reports, and many more lessons to give participants the confidence to enter and excel in this dynamic industry.
Upcoming Intake Commencement Date:
Australian Government Launched Consultation on Climate-related Financial Disclosure
The Australian government is planning to introduce mandatory climate-related financial disclosure requirements for companies and financial institutions, starting as soon as 2024. The consultation paper, launched by the Treasury, seeks feedback on the proposed reporting rules, which would cover governance, strategy, risk management, targets and metrics, including greenhouse gasses. The government is also considering implementing the rules using a phased approach, beginning with large entities.
ASA Updated Guidance on Misleading Environmental Claims in Advertising
The Advertising Standards Authority (ASA) has updated its guidance on misleading environmental claims in advertising. The new guidance includes specific advice on how to make carbon neutral and net zero claims, as well as more general principles on how to ensure that environmental claims are not misleading.
The guidance states that advertisers must have clear evidence to support any environmental claims they make, and that claims must be clear, unambiguous, and easy to understand. The guidance also emphasizes the importance of contextualizing environmental claims, so that consumers are aware of the full environmental impact of a product or service.
The ASA has said that it will be shining a brighter regulatory spotlight on environmental matters in the years to come, and that it will take enforcement action against advertisers who make misleading environmental claims.
FCA Outlines Concerns about Sustainability-linked Loans Market
The UK's Financial Conduct Authority (FCA) has outlined concerns about the sustainability-linked loans (SLL) market, including the potential for greenwashing. The FCA is concerned that some SLLs may not be as sustainable as they claim, and that borrowers may not be held accountable for missing sustainability targets. The FCA is also concerned about the lack of transparency in the SLL market.
The FCA has called for more robust standards and disclosures in the SLL market, and has said that it will be monitoring the market closely.
New IBM Report: 2023 Chief Executive Officer Study
A new report from IBM shows that more CEOs are tying their pay to ESG goals. The report, which surveyed over 3,000 CEOs worldwide, found that 50% of CEOs now have their pay tied to ESG goals, up from 15% just one year ago. The report also found that CEOs are increasingly seeing ESG as a key driver of business growth and profitability.
The report's findings suggest that ESG is becoming an increasingly important factor in corporate governance and decision-making. As more CEOs tie their pay to ESG goals, it is likely that we will see even more companies taking steps to improve their environmental, social, and governance performance.
VCMI Launched New Claims Code of Practice for Company Carbon Market Claims
The Voluntary Carbon Market Integrity Initiative (VCMI) has launched a new Claims Code of Practice to help companies make more accurate and transparent carbon market claims. The Claims Code sets out a set of principles and requirements for companies making carbon market claims, including the need to have clear evidence to support claims, to be transparent about the methodology used to calculate emissions reductions, and to disclose any potential conflicts of interest. The Claims Code is designed to help build confidence in the voluntary carbon market and to ensure that companies are using carbon credits in a way that is truly beneficial to the environment.
Salesforce Expands its Sustainability Platform with ESG Report Building Feature
Salesforce has added new ESG reporting capabilities to its sustainability platform. The new features include a SASB Report Builder, which helps companies create standardized sustainability reports, and an ESG Data Collection Tool, which helps companies collect ESG data from their operations. The new features are designed to help companies improve their ESG reporting and to make their sustainability data more accessible to investors and other stakeholders.
UK Emissions Trading Scheme Authority Announced limits on industrial, power and aviation emissions from 2024
The UK government has announced a tightening of emissions caps for the aviation and power sectors, beginning in 2024. The new caps will require these sectors to reduce their emissions at a faster rate, in line with the UK's net-zero target of 2050.
The aviation sector will be required to reduce its emissions by 5% per year, while the power sector will be required to reduce its emissions by 3% per year. The government has also announced that it will provide financial support to help these sectors meet the new caps.
New Fidelity Study: ESG Analyst Survey 2023
A Fidelity International survey of ESG analysts found that 60% of companies are not matching their ESG claims with their actions. The survey also found that companies need to spend much more on net-zero initiatives in order to meet their climate targets.
The survey was conducted among 750 ESG analysts from around the world. The analysts were asked to assess the ESG performance of 1,000 companies.
The survey results suggest that there is a gap between what companies say they are doing to address ESG issues and what they are actually doing. This gap is likely to be a major challenge for companies as they seek to meet their climate targets.
ESG Data and Ratings Working Group (DRWG) Launched Consultation to Develop a Voluntary Code of Conduct for ESG Ratings and Data Product Providers
The International Capital Market Association (ICMA) has launched a consultation on a Code of Conduct for ESG Ratings and Data Providers. The code is designed to promote transparency, accountability, and quality in the ESG ratings and data industry.
The code covers a range of topics, including:
The consultation on the code is open until 5 October 2023.
EU Proposed Rules on Circular economy for textiles
The European Commission has proposed new rules to make producers of textiles pay for the environmental costs of their products, including waste. The rules would also require producers to make their products more durable and recyclable.
The proposal is part of the EU's Circular Economy Action Plan, which aims to make the EU's economy more sustainable. The plan also includes measures to reduce the use of virgin materials, increase the use of recycled materials, and improve the recycling rates of textiles.
The new rules are expected to come into force in 2025. They are seen as a way to address the environmental impact of the textile industry, which is a major source of pollution and waste.
New McKinsey Report: The Net-Zero Materials Transition: Implications for Global Supply Chains
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McKinsey's recent report?on the net-zero materials transition highlights the need for significant investment in new materials and technologies. The report estimates that up to $4 trillion will be needed to address materials shortages and meet decarbonization goals. The metals and mining sector will play a critical role in this transition, as it is responsible for the production of many of the critical materials needed for clean energy technologies.
The report discusses the challenges and opportunities facing the metals and mining sector as it transitions to a net-zero emissions economy. It identifies some of the key areas where investment is needed, including reducing emissions from mining and processing, developing new technologies, and managing the supply of critical materials.
IFRS Taking Over Responsibilities of TCFD from 2024
The International Sustainability Standards Board (ISSB) will take over the responsibilities of the Task Force on Climate-related Financial Disclosures (TCFD) from 2024. The ISSB is a new standard-setting body that was created by the IFRS Foundation to develop global sustainability disclosure standards. The TCFD was created by the Financial Stability Board in 2015 to develop recommendations for companies to disclose climate-related risks and opportunities.
The ISSB's decision to take over the responsibilities of the TCFD is a significant development in the global sustainability reporting landscape. The ISSB's standards are expected to be more comprehensive and aligned with other global financial reporting standards. This will make it easier for companies to comply with sustainability disclosure requirements and for investors to assess the sustainability risks and opportunities of companies.
Singapore Proposed Mandatary Public and Private Companies Climate Reporting
The Accounting and Corporate Regulatory Authority (ACRA) in Singapore is proposing mandatory climate reporting for both public and private companies. The proposal is part of a wider effort to turn Singapore's climate ambition into action. The consultation period for the proposal is open until 30 September 2023.
The proposal would require companies to disclose their climate-related risks and opportunities, as well as their greenhouse gas emissions. The information would be disclosed in a standardized format, making it easier for investors and other stakeholders to assess the climate risks and opportunities of companies.
The proposal is supported by the Sustainability Reporting Advisory Committee (SRAC), which was set up by ACRA to advise on the development of climate reporting standards in Singapore. The SRAC believes that mandatory climate reporting is essential to help Singapore achieve its climate goals.
IMO Adopted Revised GHG Reduction Strategy for Global Shipping
The International Maritime Organization (IMO) has adopted a revised strategy to reduce greenhouse gas (GHG) emissions from international shipping. The strategy aims to reduce emissions by at least 50% by 2050, and to achieve net-zero emissions as soon as possible in this century.
The strategy includes a number of measures, including:
The adoption of the revised strategy is a significant step forward in the fight against climate change. It is a clear signal that the international shipping industry is committed to reducing its emissions and playing its part in the global effort to achieve net-zero emissions.
New Deloitte Survey - 2023 Global Chief Procurement Officer Survey
Procurement executives are increasingly prioritizing ESG (environmental, social, and governance) factors in their strategies. A recent survey by Deloitte found that 72% of procurement leaders cited "enhancing ESG/CSR" as a top enterprise priority, second only to "driving operational efficiency." Key ESG factors targeted by CPOs in the survey included waste reduction and material circularity, at 72%, followed by climate mitigation at 62%. While ESG is rising in the list of priorities for procurement professionals, the study indicated that initiatives to quantify the sustainability factors remains at an early stage.
ESMA Provides Insights into Expected Sustainability Disclosures in Prospectuses
The European Securities and Markets Authority (ESMA) has published guidance on sustainability-related disclosures in prospectuses. The guidance is intended to help investors make informed investment decisions and ensure that issuers provide consistent and comparable information. The guidance covers a range of topics, including the use of proceeds, project evaluation and selection, and the alignment of the issuer's business model with sustainability objectives.
New WTW and Nasdaq Survey: Boards see improvement opportunities in climate and governance areas
A recent survey by WTW and Nasdaq found that half of board members lack the skills and expertise to address climate issues. However, the survey also found that boards are increasingly focused on ESG (environmental, social, and governance) issues and are looking to improve their oversight in these areas. The survey also found that boards are more likely to invest in ESG-related skills and education in the coming years.
EU Proposed New Regulations to Decarbonize Freight Transport
The European Commission has proposed new regulations to decarbonize freight transport. The proposals include measures to accelerate the shift to zero-emission vehicles, attract more freight shipping to rail, and help shipping companies to communicate their carbon footprint. The measures are part of the EU's strategy to decarbonize the transport sector by 90% by 2050.
US Announced $20 Billion Investment in Climate and Clean Energy Projects
The Biden administration has announced a $20 billion investment in climate and clean energy projects through the U.S. Environmental Protection Agency (EPA). The funding will support the development of clean energy technologies, the deployment of renewable energy, and the improvement of energy efficiency. The investment is expected to create millions of jobs and spur economic growth, while also helping the United States reduce its greenhouse gas emissions and address climate change.
Australia Releases Guidance for Environmental and Sustainability Claims for Business
The Australian Competition and Consumer Commission (ACCC), has released draft guidance for businesses on how to make environmental and sustainability claims. The guidance is designed to help businesses avoid making misleading or deceptive claims, and to ensure that consumers can make informed decisions about the sustainability of products and services. The guidance covers a range of topics, including the use of terms like "green", "eco-friendly", and "sustainable", as well as the need to provide clear and accurate information about environmental impacts.
New EY Survey: 2023 Global EY DNA of the CFO Report
A recent survey by EY shows that ESG is now the top priority area for CFOs, but it is also the most vulnerable to near-term budget cuts, according to a new survey by EY. The survey found that 70% of CFOs see ESG as a top priority, but 40% also said that their budgets for ESG initiatives are likely to be cut in the near future. The survey also found that CFOs are increasingly focused on digital transformation, with 60% saying that it is a top priority. Overall, the survey suggests that CFOs are facing a number of challenges, including the need to balance ESG with budget constraints, and the need to adapt to the changing digital landscape.
Australian Government Launched Plans to Develop Decarbonization for 6 Key Sectors
The Australian government has announced plans to develop decarbonization plans for six key sectors, including electricity and energy, industry, the built environment, agriculture and land, transport, and resources. The plans are intended to support the government's net zero target of 2050, and will be developed in consultation with industry and stakeholders. The government has also announced a A$20 billion package of investment in clean energy, including funding for renewable energy projects, electric vehicles, and energy efficiency measures. The announcement is seen as a significant step forward in Australia's efforts to reduce its greenhouse gas emissions.
Bezos Earth Fund Announces $400 Million Commitment to Greening Underserved Urban Communities in the US
The Bezos Earth Fund has announced a $400 million commitment to greening underserved urban communities in the United States. The funding will support projects to plant trees, create parks, and improve access to green space in cities across the country. The initiative is part of the Bezos Earth Fund's broader effort to address climate change and protect the environment. The fund is targeting historically underserved communities, which often lack access to green space. The initiative is expected to have a positive impact on the health, well-being, and economic opportunities of these communities.
EIB Announced €800 Million in Financing for Climate Action Projects in Argentina, Brazil and Chile and Launch €600 Million Sustainable Finance Program for SMEs in Belgium, the Netherlands and Luxembourg with ING
The European Investment Bank (EIB) has announced two new initiatives to support climate action and sustainable finance. The first initiative is a €800 million commitment to finance climate projects in Argentina, Brazil, and Chile. The second initiative is a €600 million sustainable finance program for small and medium-sized enterprises (SMEs) in the Netherlands, Belgium, and Luxembourg.
The EIB's climate projects in Argentina, Brazil, and Chile will support the development of renewable energy, energy efficiency, and sustainable transport. The SME sustainable finance program will provide loans and guarantees to help SMEs invest in sustainable technologies and practices.
The EIB's initiatives are part of its broader effort to support the transition to a more sustainable economy. The bank's goal is to become climate neutral by 2025 and to support €1 trillion in climate finance by 2030.
New Honeywell Survey: Environmental Sustainability Index
A new survey by Honeywell found that 82% of business leaders are confident in meeting new sustainability disclosure requirements. The survey also found that 93% of respondents have formal plans in place for reporting on their progress towards sustainability goals, and 82% said that they were “somewhat” or “extremely” optimistic about meeting sustainability reporting requirements that may emerge over the next 12 months. The survey was conducted among 750 business, technology, and sustainability professionals across numerous regions and sectors. The results of the survey suggest that businesses are taking sustainability seriously and are committed to meeting the increasing demands for transparency and accountability.
Canadian Government Announced Plans to Phase Out Public Fossil Fuel Financing
The Canadian government has announced plans to phase out public financing of the fossil fuel sector. The government has said that it will stop providing new direct subsidies for fossil fuel projects by the end of 2023, and that it will phase out all public financing of the sector by the end of 2025. The announcement is a significant step forward in Canada's efforts to address climate change. It is also consistent with the commitments that Canada made at the COP26 climate summit in Glasgow. The government has said that it will provide support to workers and communities that are affected by the phase-out of fossil fuel financing.
IOSCO Announced Endorsement of the New IFRS Sustainability Reporting Standards
The International Organization of Securities Commissions (IOSCO) has endorsed the International Sustainability Standards Board (ISSB)'s first two sustainability reporting standards. IOSCO has called on its 130 member jurisdictions to consider incorporating the standards into their regulatory frameworks.
The standards, which cover climate-related disclosures and general disclosures, are designed to provide investors with consistent, comparable, and reliable information about the sustainability risks and opportunities of listed companies.
IOSCO's endorsement is a significant step forward in the development of global sustainability reporting standards. It is expected to help to improve the quality and comparability of sustainability disclosures, which will ultimately benefit investors and other stakeholders.
EU Adopted Laws to Cut Emissions from Transport Vehicles and Energy Consumption
The European Council has adopted two laws to cut emissions from transport vehicles and energy consumption. The first law requires a 100% reduction in CO2 emissions from new cars and vans registered in the EU from 2035. The second law sets an indicative target of reducing final energy consumption in the EU by 11.7% by 2030.
The two laws are part of the EU's Fit for 55 package, a set of proposals to reduce greenhouse gas emissions by 55% by 2030. The package is seen as a key step in the EU's efforts to achieve climate neutrality by 2050.
WTW Launches Climate Vista to Bridge Climate Skills Gap in Board-Level
Willis Towers Watson (WTW) has launched a new tool called Climate Vista to help boards of directors understand and manage climate-related risks. The tool provides boards with a suite of data, insights, and tools to help them assess their climate risks, develop climate strategies, and track their progress.
Climate Vista is designed to help boards bridge the climate skills gap and make better decisions about climate change. The tool is available to boards of directors of all sizes and industries.
The launch of Climate Vista is a significant step forward in the effort to help boards of directors understand and manage climate-related risks. The tool is expected to be a valuable resource for boards as they work to address climate change.
Bridging the great divide between the talk and action, accelerating the Sustainable Development agenda and moving from intention to implementation. GoImpact means Sustainable Impact made easy and actionable. We are an ecosystem developed to connect the dots and provide action enablers built around 3 key pillars:
Through our partners network with online-to-offline initiatives, we provide learning opportunities to drive real change by example for everyone keen to understand more about the Sustainable Finance agenda.
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