SS Climate Advisors

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SS Climate Dispatch - September 2024 Nordea’s Sustainability-Focused Investment: Nordea secured a $450 million sustainability-focused equity investment mandate from CalSTRS, highlighting the growing interest in sustainable finance. Carbon Capture Project Financing: Bank of America provided $205 million in tax equity financing for a carbon capture project at Harvestone Biorefinery, emphasizing the importance of carbon capture in reducing greenhouse gas emissions. Corporate Sustainability Priorities: A Bain survey revealed that while sustainability is becoming more important to consumers and corporate buyers, CEOs are deprioritizing it, indicating a potential disconnect between market demands and corporate strategies. ESG Reporting and Assurance: The International Corporate Governance Network (ICGN) published a report providing guidance on sustainability reporting assurances, aiming to improve the quality and reliability of ESG disclosures. Unbundling ESG: A Harvard Business Review article discussed the need to unbundle ESG into more specific and actionable components, suggesting that businesses focus on the most impactful sustainability issues and their material negative impacts. ESG in Banking: A recent study revealed that ESG is becoming more of a regulatory requirement for banks rather than a strategic priority. This shift indicates a growing skepticism among bankers towards ESG initiatives. Leadership Changes in Sustainability: Prudential has hired Zhi Ling Wong, a veteran from Standard Chartered, to lead its sustainability governance and risk management. This move is part of Prudential’s broader sustainability revamp. Debate on ESG vs. Sustainability: An article by Johan Durand in Engineering News argues that businesses need to integrate both ESG criteria and sustainability practices to thrive in today’s economic landscape. UK and EU ESG Developments: The UK Financial Conduct Authority (FCA) has offered temporary flexibility for firms to comply with the “naming and marketing” rules for sustainability products under the Sustainability Disclosure Requirements (SDR). This extension aims to help firms meet higher standards and disclosure obligations. Australia’s Climate Reporting Mandate: The Australian Parliament has passed a bill requiring mandatory climate-related financial disclosures starting in 2025. This includes reporting on climate governance, risk management, and greenhouse gas emissions. Nordea Financial Regulatory Authority FRA Standard Chartered Bank of America #Nordea #SustainableInvestment #CalSTRS #EquityInvestment #BankofAmerica #CarbonCaptureProject #HarvestoneBiorefinery #SustainabilitySurvey #BainSurvey #ConsumerDemand #ESGDisclosure #ICGN #SustainabilityAssurance #UnbundlingESG #MaterialImpacts #ESGInBanking #RegulatoryCompliance #SustainabilityLeadership #Prudential #Governance #ESGvsSustainability #BusinessStrategy #ESGRegulations #UKFCA

🏆 Proud to be Recognized as One of the 10 Most Promising ESG & Sustainability Consultants of 2024! 🌍 We are thrilled to announce that SS Climate Advisors (SSCA) has been named among the "10 Most Promising ESG & Sustainability Consultants – 2024" by siliconindia Magazine! This recognition reflects our unwavering commitment to helping businesses embrace Environmental, Social, and Governance (ESG) best practices and achieve sustainable growth. At SSCA, we believe that true sustainability is about more than compliance—it's about driving long-term value for businesses and communities alike. "Our mission is to empower organizations to leverage sustainability frameworks for long-term success," says Sameeksha Patil, Managing Director of SS Climate Advisors. "This award further fuels our passion to drive meaningful impact across industries." As we move forward, we're excited to: Launch a cutting-edge platform for real-time ESG performance tracking Introduce sustainability certification programs tailored for SMEs Thank you to SiliconIndia for this incredible recognition, and to our clients and partners for your continued trust. Together, we’re building a sustainable future! 🌱✨ #Awards #ESG #Sustainability #SSClimateAdvisors #ClimateAction #Leadership #LEED #CarbonReduction #SustainableBusiness #Innovation #BusinessGrowth

SS #Climate Dispatch 24th August 2024 1. Global Reporting Initiatives: The Global Reporting Initiative (GRI) and the Taskforce on Nature-related Financial Disclosures (TNFD) are refining reporting standards to support alignment across both frameworks. 2. International Accounting Standards: The International Accounting Standards Board (IASB) proposed adding examples to the International Financial Reporting Standards (IFRS) to support consistency in reporting climate-related uncertainties. 3. Carbon Markets: The Integrity Council for the Voluntary Carbon Market (ICVCM) restricted the use of its Core Carbon Principles (CCP) label, citing failure to meet the ‘additionality’ criteria under existing renewable energy methodologies. 4. European Union: The European Commission published FAQs on the implementation of the Corporate Sustainability Reporting Directive (CSRD), providing guidance on the European Sustainability Reporting Standards (ESRS) and their interaction with the Sustainable Finance Disclosure Regulation (SFDR). 5. United Kingdom: HM Treasury confirmed upcoming legislation to regulate ESG ratings providers. 6. United States: The Securities and Exchange Commission (SEC) is facing legal challenges to its climate disclosure rule, delaying its implementation1. 7. Latin America: Costa Rica launched its Sustainable Finance Taxonomy to mobilize financial flows toward achieving the country’s climate change goals. 8. Asia Pacific: The Reserve Bank of India (RBI) announced plans to release guidance on climate scenario analysis and stress testing based on Basel Committee principles. 9. New Zealand: The Financial Markets Authority (FMA) issued a consultation on proposed guidance for climate reporting entities regarding the inclusion of climate statements in disclosure documents. 10. UK Greenwashing Rules: The UK government is preparing to introduce new greenwashing rules to ensure that companies accurately report their environmental impact. 11. ESG Litigation: ESG litigation and activist pressure continue to rise globally. In Switzerland, the European Court of Human Rights ruled that the country’s efforts to meet its emission reduction targets were insufficient, violating the right to respect for private and family life. 12. Challenges to IPOs: ClientEarth challenged the UK Financial Conduct Authority’s approval of Ithaca Energy’s prospectus, arguing it omitted climate-related financial risks. The High Court dismissed the challenge, finding the FCA had acted rationally. Global Reporting Initiative (GRI) IFRS Foundation The Integrity Council for the Voluntary Carbon Market (ICVCM) ClientEarth FMA Reserve Bank of India (RBI)

SS #Climate Dispatch 23rd Aug 2024 1. Green Economy Outlook: J.P. Morgan’s Green Economy Outlook for 2024 highlights key trends in renewable energy, sustainable finance, and climate technology. The report anticipates significant progress in technologies like carbon capture, hydrogen, and sustainable aviation fuel. 2. Sustainable Finance Initiatives: UAE’s Etihad Rail has launched a sustainable finance framework to support green investments, while companies like Qantas, Rio Tinto, and BHP are investing in an Australian Carbon Credit Fund. 3. Iberdrola’s Innovation in Energy: Iberdrola is leveraging AWS Generative AI to boost innovation and sustainability in the energy sector. 4. Green Bonds and Sustainable Finance: Peab has issued $141 million in green bonds to fund green buildings, clean transportation, and pollution management. 5. Corporate Net-Zero Programs: A new survey reveals that over 80% of U.S. companies are building net-zero programs ahead of legislation. 6. Global ESG Standards: Norges Bank Investment Management is urging the alignment of Japan’s sustainability disclosure standards with global ISSB guidelines. #GreenEconomy #SustainableFinance #ClimateTech #CarbonCapture #HydrogenEnergy #SustainableAviationFuel #EtihadRail #GreenInvestments #AustralianCarbonCreditFund #Iberdrola #AWS #GreenBonds #CleanTransportation #PollutionManagement #NetZero #CorporateSustainability #GlobalESG #ISSBStandards Etihad Rail Iberdrola Amazon Web Services (AWS) International Sustainability Standards Board (ISSB) Peab

SS #Climate Dispatch 21st Aug 2024 1. Global Cement and Concrete Industry’s Net Zero Roadmap: The Global Cement and Concrete Association (GCCA) has launched a roadmap to decarbonize the industry. The plan aims to achieve net zero concrete by 2050, with an interim target of reducing CO2 emissions by 25% by 2030. This initiative involves major global producers and focuses on reducing the carbon intensity of cement production12. 2. Schneider Electric’s Sustainability Milestone: Schneider Electric has achieved top sustainability scores and has broken the 600 million tonnes CO2 emissions barrier in Q2 2024. 3. Goldman Sachs’ ESG Investment: Goldman Sachs has injected $120 million into osapiens to boost ESG compliance growth. 4. IFC and Ayala Land Partnership: The International Finance Corporation (IFC) has partnered with Ayala Land for a $250 million sustainability-linked financing project to promote green buildings in the Philippines. 5. Cemex and Circular Economy: Cemex has joined the Ellen MacArthur Foundation to enhance the circular economy in the construction sector. 6. Peab’s Green Bonds: Peab has issued $141 million in green bonds to fund green buildings, clean transportation, and pollution management. 7. Norges Bank’s ESG Advocacy: Norges Bank Investment Management is urging Japan to align its sustainability disclosure standards with global ISSB guidelines. 8. U.S. SEC Climate Disclosure Rule: The U.S. Securities and Exchange Commission (SEC) is defending its authority for a climate disclosure rule in court. 9. CFA Institute Launches Climate Investing Certification: The CFA Institute has introduced a new certification focused on climate investing, aimed at equipping finance professionals with the knowledge to integrate climate considerations into investment decisions. 10. BlackRock’s Carbon Capture Investment: BlackRock has invested $550 million in a carbon capture project, highlighting the growing focus on technologies that can help mitigate climate change. 11. France’s Fossil Fuel Investment Ban: France has banned fossil fuel companies from being included in responsible investment funds, a significant move to align investment practices with climate goals. 12. Australia’s Sustainable Finance Taxonomy: Australia is developing a sustainable finance taxonomy to provide a clear framework for identifying sustainable economic activities 13. Moody’s Climate Plan Assessments: Moody’s has launched new assessments to evaluate the climate plans of companies, helping investors understand the climate-related risks and opportunities associated with their investments. #SustainableFinance #ClimateFinance #GreenInvesting #ESGInvesting #ClimateAction #SustainableInvesting #GreenBonds #CarbonNeutral #NetZero #ImpactInvesting #ClimateChange #SustainableDevelopment #EcoFriendly #ResponsibleInvesting #GreenEconomy

SS #Climate Dispatch for August 19, 2024 : Sustainability Europe 2024 event focused on sustainable investment, bringing together institutional investors, policymakers, and businesses. Discussions centered on developing portfolios that align with ethical values and the global net-zero agenda. The event highlighted new biodiversity, social, and supply-chain related risks and opportunities. Major Australian banks announced a strategic shift away from carbon-heavy lending, aiming to support more sustainable projects. Standard Chartered introduced a new ESG-linked cash account, designed to help clients manage their funds while meeting sustainability goals. Ukraine unveiled a $20 billion plan to increase renewable energy production by 2030, aiming to enhance energy security and reduce carbon emissions. South Africa announced plans to attract $21.9 billion in private investments for renewable energy projects, as part of its commitment to a sustainable energy future. Meta secured 374 MW of solar energy from RWE to power its operations with 100% renewable energy, boosting the U.S. renewable sector. The U.S. Environmental Protection Agency released its 2024-2027 Climate Adaptation Plan, detailing actions to address climate impacts and build a more resilient nation. Despite pushback,US climate disclosure in the US is gaining momentum through state-level and federal supplier requirements, with states like Illinois and New York leading the way. Forbes Middle East Reveals Top 100 CEOs for 2024 list highlighted leaders who have made significant contributions to sustainability and ESG initiatives within their companies. The Science Based Targets initiative (SBTi) entered the drafting phase for its Oil and Gas Standard, following extensive research and stakeholder input. This standard aims to guide the oil and gas sector in setting science-based targets for reducing greenhouse gas emissions. In a conversation with former President Trump, Elon Musk emphasized the importance of sustainable energy solutions amidst challenges in the electric vehicle industry. A group of Nobel laureates and global leaders called on the United Nations to include a fossil fuel phase-out in its climate pact, highlighting the urgent need for action to combat climate change. The Asian Infrastructure Investment Bank (AIIB) and ENGIE announced an $88 million investment to drive solar energy projects in India, supporting the country’s renewable energy goals. Microsoft partnered with Pivot Energy in a five-year agreement to develop 500 MW of community solar projects across the U.S., aiming to increase access to renewable energy. The U.S. Department of Energy granted a $1.45 billion loan to South Korean renewable energy company Qcells for solar supply chain development in Georgia. Amazon invested £300 million in sustainable delivery initiatives, including micromobility hubs and renewable energy projects, to reduce its carbon footprint in the UK. #Sustainability #ESG

As the global push towards net zero emissions accelerates, businesses must evolve their sustainability strategies to meet emerging standards. While PAS 2060 has been a valuable tool for achieving carbon neutrality, the forthcoming ISO 14068 will set the bar even higher, emphasizing true net zero across entire operations. This transition is not just about compliance—it's about future-proofing our businesses, enhancing transparency, and leading the way in sustainability. Whether you're in electronics, fashion, construction, or any other sector, now is the time to start aligning with these evolving standards. Let's work together to make net zero a reality! #Sustainability #NetZero #ISO14068 #PAS2060 #GreenBusiness #ClimateAction

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SS Climate Dispatch for August 7, 2024 #SSCA Google’s 2024 Environmental Report: 1. AI-Powered Initiatives: Google has leveraged AI to significantly reduce greenhouse gas emissions by 2.9 million metric tons, equivalent to removing 650,000 cars from the road. This was achieved through AI-powered fuel-efficient routing. 2. Plastic-Free Packaging: Google achieved 100% plastic-free packaging for its Pixel 8 series, demonstrating a strong commitment to sustainable product design. 3. Clean Energy: The company maintained a global average of 64% carbon-free energy and contracted 4 GW of clean energy generation capacity. 4. Water Stewardship: Google nearly doubled its water replenishment portfolio, replenishing an estimated 1 billion gallons of water. 7th Global Conference on ESG Management & Sustainability: This conference, held from August 6-8, 2024, at Universitas Airlangga in Surabaya, Indonesia, brought together global experts and leaders to discuss the latest trends and strategies in ESG management. Topics included sustainable finance, corporate governance, and environmental stewardship. EU’s Record Investment in Sustainable Transport: The European Commission announced a record €7 billion investment in sustainable transport infrastructure through the Connecting Europe Facility (CEF). This investment aims to enhance sustainable, safe, and smart transport across Europe, with funds allocated to 134 projects. MIT Sloan Management Review highlighted several key sustainability trends for 2024. One notable trend is “greenhushing,” where companies become quieter about their sustainability efforts due to anti-ESG sentiments. This trend has been particularly prominent in the U.S. but has affected multinational companies globally. #Google #AI #ClimateAction #GreenTech #ESGConference #Sustainability #CorporateGovernance #SustainableFinance #SustainabilityTrends #Greenhushing #ESG2024 #CorporateSustainability