SUSTAINABILITY BULLETIN (ISSUE 16)

MESSAGES FROM TRASTA ESG

Dear Readers,

This edition of our newsletter coincides with the 29th session of the Conference of the Parties (COP29). Therefore, we aim to provide you with detailed information about COP29 while also shedding light on IBM's 2024 Sustainability Readiness Report, which recently caught our attention among other reports, and sharing updates from the ESG world.

At COP29, the primary focus remained on climate financing, particularly on taking concrete steps to support developing countries.

IBM's 2024 Sustainability Readiness Report delves deeply into how the business world is managing climate risks and what strategies it is adopting to ensure sustainable growth. Key highlights of the report include the role of artificial intelligence and digitalization in this endeavor and the pathways companies are taking to achieve their sustainability goals.

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Stay sustainable…

?ZGüN ?INAR, CEO

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ESG NEWS

• The Impact Disclosure Taskforce, a group consisting of some of the world’s largest finance and investment companies, announced today the release of its final voluntary Impact Disclosure Guidance, aimed at helping businesses and governments to measure and report their efforts and progress to advancing the UN Sustainable Development Goals (SDGs), in order to facilitate the capital flows needed to meet global sustainability ambitions. DETAIL
• ?The European Commission announced today that it has selected 85 decarbonization technology-focused projects to receive €4.8 billion in grants utilizing funds raised through its EU Emissions Trading System (EU ETS). DETAIL
• ?A majority of company finance leaders globally say that they are concerned about perceived greenwashing risks from sustainability reporting in their industries, and most do not believe that their organizations will hit their major sustainability ambitions, as nearly all report problems with the integrity of their nonfinancial data, according to a new survey released by global professional services firm EY. DETAIL
• ?Yet again, global greenhouse gas emission concentrations have risen to record highs for 2023, according to a new report by the World Meteorological Organization (WMO). DETAIL
• ?Net greenhouse gas emissions across the EU fell by 8.3% in 2023, according to a new report released by the European Commission, marking one of the largest declines in decades, and a significant acceleration from the 3% reduction in 2022. DETAIL
• The 2024 global winners of the One Planet City Challenge (OPCC) organized by the World Wildlife Fund (WWF) were Istanbul and Sunderland, England. The national finalists of the global climate challenge, the Turkish leg of which was coordinated by WWF-Turkey, were determined as Antalya, Istanbul and Kad?k?y; Istanbul was selected as the national winner of the year as a climate pioneer by an international jury of climate experts and earned the right to be among the global finalists. DETAIL
• ?A recent report from RSM International highlights the challenges and opportunities faced by 200 Latin American businesses in adopting International Financial Reporting Standards (IFRS) S1 and S2 for sustainability. The ESG Latin America Landscape 2024 survey reveals that only 46% of companies in the region have a formal sustainability policy or strategy, indicating a significant gap in ESG commitment. DETAIL
• ?In Baku, Azerbaijan, during COP29 held from November 11 to 22, an agreement was reached later on the first day on the core rules governing carbon credit trading. These rules aim to regulate the operation of the new UN carbon market established under Article 6.4 of the Paris Agreement. DETAIL

??GREEN COLUMN??

COP29: NEW STEPS IN THE GLOBAL CLIMATE STRUGGLE

The United Nations Climate Change Conference (COP29), ongoing in Baku, Azerbaijan, marks a critical turning point in the global fight against climate change. The conference is expected to take significant steps toward supporting developing countries, with a particular focus on climate financing. COP29’s designation as the “Finance COP” underscores the centrality of this issue on the agenda. Climate financing not only mitigates the impacts of climate change but also supports renewable energy investments, contributing to global sustainability.

However, the lack of concrete action from developed countries to provide financial support to developing nations has disappointed many participants. Small island states and poorer nations, in particular, are demanding stronger commitments and more substantial actions. Youth movements have also made a significant impact at COP29, with groups like YOUNGO calling for faster and more ambitious steps. Given this year’s record-breaking temperatures and the intensification of climate change’s adverse effects, COP29 is not just a meeting but a pivotal moment in reshaping global climate policies.

Developing countries state they need at least $1 trillion annually to combat climate change and extreme weather events. Yet, developed nations have yet to make a concrete commitment to provide this funding. Many experts emphasize that the majority of this financing must come from the private sector and multilateral development banks. The lack of adequate financing exacerbates the challenges faced by poorer nations in addressing climate change.

While China has pledged assistance to developing nations, the lack of detailed information on these contributions makes it difficult to evaluate their effectiveness. Experts stress the need for China to share more information to strengthen global collaboration.

COP29 also saw the formation of the “Climate Alliance of Football Clubs,” an initiative in which football clubs unite to combat climate change. Leveraging football’s global influence, this alliance aims to raise awareness of climate action. Participating clubs plan to adopt sustainability practices not only in their on-field operations but also in their broader activities.

Digitalization has also found its place on the COP29 agenda. The "Green Digital Action" declaration highlighted the critical role of digital technologies in reducing emissions and building a sustainable future. This underscores the importance of digitalization in the climate fight.

Fossil fuel usage and its impact on the climate remain key discussion points at COP29. Although last year’s decisions in Dubai aimed to phase out fossil fuels, emissions have since risen. Experts warn that global emissions must be reduced by 42% within this decade to limit the temperature increase to 1.5°C. However, achieving these targets is becoming increasingly challenging, and the lack of significant progress during the first week of COP29 has raised concerns.

In conclusion, COP29 once again underscores the necessity of faster and more effective actions in the fight against climate change. Developed nations must collaborate with developing countries to increase climate financing and ensure transparency. While the conference has not yet concluded, and the specifics of future global cooperation and concrete steps remain uncertain, COP29 is crucial in amplifying the call for urgent and robust global action against climate change.

DAMLA GüNALP, SUSTAINABILITY ASSISTANT SPECIALIST

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?ABOUT US

Trasta ESG, is a consulting firm in Turkey that offers services such as gap analysis and sustainability consulting, providing businesses with the opportunity to determine their ESG score using a "Sustainability Assessment and Management Platform" designed according to international standards and tailored to different sectors.

Our motto is, "We are with you at every stage of your sustainability journey!"

You can explore our services in detail here and reach us through the links below.

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Telephone: +90 (216) 455 39 66

Email: [email protected]