Weekly Sustainable Finance Newsletter 37/2024

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 37/2024?covering?September, 09 until September, 15 with you.

Oracle Introduces Comprehensive Sustainability Data and Reporting Solution

Oracle has introduced Oracle Fusion Cloud Sustainability, a new solution designed to assist companies in managing and reporting their sustainability efforts. Integrated within Oracle’s Fusion Cloud Applications Suite, this tool pulls data from various ERP and SCM applications to provide a flexible framework for capturing and analyzing sustainability-related data. Read more here.

Microsoft Purchases 234,000 Rainforest Carbon Credits from Toroto

Microsoft has purchased 234,000 Rainforest Restoration Carbon Removal Credits from Toroto, supporting a project in the Calakmul region of Campeche, Mexico. The credits help Microsoft offset its carbon emissions while restoring 47,000 hectares of tropical rainforest. Read more here.

Novameat Raises $19 Million to Expand Plant-Based Meat Production

Barcelona-based sustainable food startup Novameat has raised €17.4 million (USD $19.2 million) in an oversubscribed Series A funding round. The funds will be used to scale production of its plant-based meat alternatives and launch its new Shredded Nova-b*ef product in mid-September. Read more here.

Euronext Launches ESG Benchmarking and Advisory Tools for SMEs

Euronext has launched new ESG tools, including a benchmarking solution for listed companies to compare their ESG performance with peers and an advisory service for SMEs to meet the EU’s Corporate Sustainability Reporting Directive (CSRD) requirements. These initiatives were unveiled during Euronext Sustainability Week, alongside the release of the ESG Trends Report 2024 and the Euronext Sustainable Network, which fosters collaboration in sustainable finance. Read more here.

FCA Delays Implementation of Sustainable Fund Labeling Rules to April 2025

The Financial Conduct Authority (FCA) has postponed the implementation of new sustainability-related labeling rules for investment products from December 2024 to April 2025. This delay gives asset managers additional time to comply with the FCA’s Sustainability Disclosure Requirements (SDR), which aim to clarify the sustainability attributes of investment products and mitigate greenwashing. Read more here.

EPA Proposes Expanded Ecolabel Standards to Boost Sustainable Federal Purchasing

The U.S. Environmental Protection Agency (EPA) has proposed updates to its Recommendations of Specifications, Standards, and Ecolabels for Federal Purchasing, aiming to guide buyers towards environmentally sustainable products. This update follows the Biden administration’s new procurement rule prioritizing sustainable goods, finalized in April 2024. Read more here.

Bank of America Funds $205 Million Carbon Capture Project at Harvestone Biorefinery

Harvestone Low Carbon Partners (HLCP) has secured $205 million in tax equity financing from Bank of America for its carbon capture and storage project at its North Dakota-based biorefinery. This deal is the first of its kind since the Inflation Reduction Act (IRA) was passed in 2022, which significantly enhanced the 45Q tax credit for carbon capture. Harvestone’s Blue Flint biorefinery, one of the first U.S. facilities to implement carbon capture, has captured over 125,000 metric tons of CO2 and aims to capture more than 200,000 tons annually. Read more here.

Standard Chartered and Partners Back UNDO's Carbon Removal Project with New Financing

Standard Chartered has announced a debt financing deal with carbon removal developer UNDO, supported by British Airways, CUR8, CFC, and WTW. This innovative transaction aims to create a scalable financing model for Carbon Dioxide Removal (CDR) projects. UNDO, founded in 2022, uses enhanced rock weathering to accelerate CO2 removal through the application of crushed silicate rock on agricultural land. The deal is designed to overcome financing barriers by decoupling project costs from carbon credit sales, thus providing greater financial flexibility and reducing risks. Read more here.

Amex GBT Sets Net Zero Emissions Target by 2050

American Express Global Business Travel (Amex GBT) has committed to achieving net zero greenhouse gas emissions across its value chain by 2050. The company’s interim goals, validated by the Science Based Targets initiative (SBTi), include an 80% reduction in absolute Scope 1 and 2 emissions and a 30% reduction in Scope 3 emissions by 2030, relative to 2019 levels. Read more here.

Google Secures Record-Price Carbon Removal Deal with DAC Startup Holocene

Google has signed a deal with Direct Air Capture (DAC) company Holocene to purchase 100,000 tons of carbon removal credits at a record-low price of $100 per ton. Holocene, founded in 2022, uses DAC technology to extract CO2 from the atmosphere using organic compounds, which is then stored underground. This technology is essential for achieving net-zero emissions and could scale significantly in the future. Read more here.

Companies Boost Sustainability Investments Amid Rising Climate Concerns

A recent Deloitte survey reveals that 85% of companies have increased their sustainability investments over the past year. Executives are increasingly prioritizing climate change, which now ranks third among their top concerns. As climate-related impacts rise, 70% of executives foresee significant effects on their company’s strategy in the next three years. Notably, companies are shifting focus from compliance to leveraging sustainability for direct business benefits, such as supply chain efficiency and operational margins. 92% of executives are optimistic about growing while reducing emissions and believe the world will take adequate action against climate change. Read more here.

Sustainability Slips for CEOs as Consumer and Corporate Demand Rises: New Bain Report

A recent Bain & Company survey reveals that sustainability is increasingly falling down the list of priorities for CEOs, who are focusing on more immediate issues such as inflation and geopolitical uncertainties. However, this shift does not reflect the growing concerns of consumers and corporate buyers. The survey, which included over 19,000 consumers and 500 B2B buyers, shows that consumer anxiety about climate change has risen, with many expressing a willingness to pay more for sustainable products. Read more here.

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Your Sustainable Finance Daily Team