WELCOME TO THE LATEST EDITION OF ECOBUZZ

We’re thrilled to bring you a fresh wave of insights, showcasing the latest in global sustainability news along with thought-provoking perspectives on the issues that truly resonate.??

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?HIGHLIGHTS FROM OCTOBER

Germany has launched a $3.1 billion subsidy program to help industries reduce carbon emissions, aiming for climate neutrality by 2045. This "climate protection contract" initiative will offer 15-year subsidies to companies in energy-intensive sectors, targeting a reduction of 17 million metric tons of emissions. Companies like BASF and Saint-Gobain are among the beneficiaries. While some critics cite high costs, Berlin views the subsidies as transitional support until renewable energy becomes more accessible. A second funding round is planned for 2025, following a revised funding strategy due to a court ruling that restricts climate-related debt.?

Industry progress in tracking nature and biodiversity impacts is rising, with CDP reporting a 43% increase in biodiversity data disclosures following the adoption of the Kunming-Montreal Global Biodiversity Framework (GBF). This growth aligns with increased transparency in water and forest data. However, significant gaps remain, as less than 10% of companies assess their biodiversity dependencies, despite the potential economic risks. Investor interest is growing, highlighted by a new €100 million biodiversity fund, while increased water management transparency has already led to a 22% reduction in corporate water use.?

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The Canadian government announced plans to expand mandatory climate-related financial disclosures to include large, federally incorporated private companies. This builds on efforts that began in 2021 when Prime Minister Justin Trudeau mandated TCFD reporting. By 2024, federally regulated financial institutions will be required to align with TCFD standards. The government is now planning amendments to the Canada Business Corporations Act to formalize these new disclosures. While small and medium-sized businesses won’t be required to comply, the government is exploring ways to encourage voluntary participation. The Canadian Sustainability Standards Board (CSSB) has also proposed new sustainability reporting standards based on the ISSB framework

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