Weekly Sustainable Finance Newsletter 33/2024

Explore the latest product launches, regulatory developments and innovations in the area of Sustainable Finance and much more!

It is our pleasure to share the Sustainable Finance Daily Newsletter 33/2024?covering?August, 12 until August, 18 with you.

Standard Chartered Introduces ESG-Linked Cash Accounts for Corporate Clients

Standard Chartered has launched a new ESG-linked cash account that rewards corporate clients with favorable interest rates or fee pricing for meeting significant ESG-related targets. This initiative is part of the bank’s broader range of sustainability-focused Transaction Banking Cash solutions, which includes products like the Sustainable Account and Sustainable Trade Finance. Read more here.

Silva Capital launches Silva Carbon Origination Fund

Silva Capital has launched the Silva Carbon Origination Fund, a new initiative focused on generating high-integrity carbon credits through reforestation and sustainable agriculture projects in Australia. Mining giants Rio Tinto and BHP, along with airline Qantas, have collectively invested A$80 million (USD$53 million) as the fund’s initial investors, with a goal to ultimately raise A$250 million. Read more here.

Microsoft Launches Multi-Framework ESG Reporting Tool

Microsoft has introduced Project ESG Reporting, a new tool designed to help companies create, review, and approve ESG reports across various standards and frameworks. Currently in preview, the tool addresses the challenges of reporting under multiple voluntary and regulatory frameworks. Read more here.

Ambercycle Secures $10 Million Investment from Shinkong for Circular Materials Plant

Ambercycle, a materials sciences company focused on circularity, has received a $10 million investment from Taiwanese polyester manufacturer Shinkong Synthetic Fibers Corporation to support the construction of its first commercial plant, set to open in 2026. Read more here.

AESG Appoints Devan Valenti as Director of Sustainability for New Australia Office

AESG has launched a new headquarters in Sydney, Australia, to serve the Australasian market, appointing Devan Valenti as Director of Sustainability. The Sydney office will focus on services such as Environmentally Sustainable Design (ESD), ESG Advisory, and Net Zero Consultancy. Read more here.

World Bank Issues Groundbreaking $225 Million Amazon Reforestation Bond Tied to Carbon Removal

The World Bank has launched a $225 million bond, linking investor returns to carbon removal units (CRUs) generated by reforestation projects in Brazil’s Amazon rainforest. This marks the first bond to tie financial returns directly to carbon removal rather than avoided emissions. The nine-year bond offers a fixed guaranteed return and a variable component tied to CRUs from projects by Mombak, a company focused on large-scale reforestation. Read more here.

KLA Sets New 2030 Goal to Reduce Scope 3 Emissions from Product Use

KLA has announced a new Scope 3 emissions reduction target, approved by the Science Based Targets initiative (SBTi), aiming for a 52% reduction in emissions per billion transistors inspected, measured, or processed by customers using KLA products by 2030, based on a 2021 baseline. Read more here.

GM Signs Largest Renewable Energy Deal to Power U.S. Assembly Plants

GM has signed its largest renewable energy purchase agreement to date, a 15-year deal with NorthStar Clean Energy to supply power to three of its assembly plants. This milestone supports GM’s goal to become carbon neutral by 2040 and solidifies its position as the automotive industry’s largest buyer of renewable energy by capacity. Read more here.

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Your Sustainable Finance Daily Team