Sustainable Insights: ESG Briefing Unveils January 2024 Highlights
Discover the latest in sustainability with Antaris Consulting's monthly newsletter. In our January 2024 briefing, we delve into key updates: The European Council and Parliament's alignment on ESG ratings, reinforced regulations on fluorinated gases, and CDP's assessment of 2023 scores for over 21,000 companies signify notable advancements. Amazon's acquisition of offshore wind energy and Nephin Energy's aspirations in biomethane production propel the uptake of renewable energy. Additionally, the evolution of standards, such as GRI's biodiversity reporting and the surge in validation by SBTi, emphasizes the worldwide commitment to sustainability.
Regulatory
Environmental, social and governance (ESG) ratings: Council and Parliament reach agreement.
The Council and European Parliament today reached a provisional agreement on a proposal for a regulation on environmental, social and governance (ESG) rating activities, which aims to increase investor confidence in sustainable products. ESG ratings provide an opinion on a company’s or a financial instrument’s sustainability profile, by assessing its exposure to sustainability risks and its impact on society and the environment. The new rules aim to strengthen the reliability and comparability of ESG ratings by improving the transparency and integrity of the operations of ESG ratings providers and preventing potential conflicts of interests.
Source: Environmental, social and governance (ESG) ratings: Council and Parliament reach agreement - Consilium (europa.eu)
European Commission adopts ambitious rules to limit fluorinated gases and ozone depleting substances.
On the 29th of January 2024, the Commission adopted stronger rules on the use of fluorinated gases (F-gases) and ozone-depleting substances (ODS), which currently represent over 3 percent of the EU's total greenhouse gas (GHG) emissions. The new rules will eliminate the use of hydrofluorocarbons (HFCs), the most common F-gases, by 2050. Under the new regulations, the existing quota levels have been significantly reduced, further limiting imports and production of HFCs year-on-year. By 2030 HFCs placed on the market in the EU will be phased down by 95% below 2015 levels and will be completely phased out by mid-century.
Corporate News
CDP publishes 2023 scores for 21,000 companies
CDP was established as the ‘Carbon Disclosure Project’ in 2000, asking companies to disclose their climate impact. In 2023, CDP scored over 21,000 companies on their environmental disclosures. Nearly 400 companies scored an A for their leadership in environmental transparency and performance on climate change, deforestation and water security. The A list of companies is available here: Companies scores - CDP. In an Irish context, Kingspan Group PLC is on the list.
Source: Companies scores - CDP
Amazon Signs Purchase Agreement for 473 MW of Offshore Wind Energy.
Power company Engie has announced a corporate power purchase agreement (CPPA) with Amazon, for the purchase of 473 MW of renewable energy from Ocean Winds’ Moray West offshore wind farm in Scotland.
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Nephin Energy establishes a new company which aims to become Ireland's largest producer of biomethane.
Nephin Energy announces the creation of its new business Nephin Renewable Gas (NRG). NRG is a newly established renewable energy company and has set up its operational headquarters in Tipperary Town. The new office facility was officially opened today by the Minister for Enterprise, Trade and Employment, Mr. Simon Coveney T.D. NRG’s ambition is to become the leading producer and supplier of biomethane in Ireland.?
Standards and Guidance?
GRI issues new biodiversity reporting standard.
On 25 January 2024, the Global Reporting Initiative (GRI) published a major revision to the GRI Biodiversity. GRI 101: Biodiversity 2024 updates, expands, and replaces GRI 304: Biodiversity 2016. The Standard, aligned with the goals and targets of the Kunming-Montreal Global Biodiversity Framework, will help companies and organisations to better understand which decisions and business practices lead to biodiversity loss, where in their value chain impacts occur, and how they can be managed.
Source: GRI - Transparency standard to inform global response to biodiversity crisis (globalreporting.org)
SBTi doubles corporate climate validations in one year as scale up gathers pace.
The number of companies and financial institutions setting greenhouse gas (GHG) reduction targets and having them validated by the Science Based Targets initiative (SBTi) doubled in 2023 (up to 4,204 in 2023 from 2,079 in 2022). Moreover, the SBTi has been awarded charitable status by the UK’s Charity Commission.