ESG News Week In Review: 29 April – 05 May

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ESG News Smart Read of the Week

Tim Mohin: Europe’s Green Deal Finalized

After a green voting marathon, the EU Parliament closed its final plenary of this term before its June elections. The huge voting sessions yielded a plethora of new policies, including the Corporate Sustainability Due Diligence Directive (CSDDD), which we covered last week.

Key Impact Points:

• Net Zero Investment Act (NZIA): EU's counterpart to the US Inflation Reduction Act aims to enhance competitiveness in manufacturing net zero technologies.
• Ban on Forced Labor Products: Companies investigated for selling products made with forced labor face EU market expulsion.
• Withdrawal from Energy Treaty Charter: EU's exit allows climate regulations without fossil fuel investor litigation threats.
• Common Agricultural Policy Updates: Small farm owners exempted from fines, additional exemptions for extreme weather events.

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This Smart Read article is contributed by Tim Mohin, Global Sustainability Leader, BCG. Every week ESG News delivers smart commentary from ESG practitioners and experts to unpack issues of the week. Submit your ESG Smart Read to editor@esgnews.com

ESG Around the World

• Canada to Mandate Plastic Reporting, Tracking from Plastic Manufacturers and Importers
• EU approves 2 year delay for reporting obligations for certain sectors and third country companies
• PwC Report: Over 70% of Critical Minerals for Net Zero Transition at Risk Due to Climate Change
• ISSB Releases Digital Sustainability Taxonomy to Enhance Analysis of Financial Disclosures
• EU Commission Takes Action Against 20 Airlines for Misleading Greenwashing Practices
• World’s Largest Sovereign Wealth Fund Releases 2025 Climate Action Plan

Climate & Energy Transition

• Microsoft Signs Historic Corporate Renewable Energy Deal with Brookfield Asset Management
• World’s Largest Sovereign Wealth Fund Invests €203 Million in Spanish Solar Portfolio
• Salesforce Unveils Sustainable AI Policy Principles and Climate-Focused Initiatives
• American Express Champions Climate Solutions Throughout Earth Month 2024
• Columbia Business School Launches Tamer Institute for Social Enterprise and Climate Change with Major Donation
• US Streamlines Environmental Reviews for Clean Energy and Infrastructure Projects

And More…

Sustainable Finance

• Citi Group achieves $441B of $1T sustainable finance 2030 goal with renewables a ‘major driver’
• Goldman Sachs aims to deliver $750 billion in sustainable financing, investing by 2030
• African Development Bank Sets $4 Trillion Annual Target to Achieve Sustainable Development Goals
• Bridgewater Associates Partners with Global Citizen to Help Raise $5 Bln in Loans for Developing Countries
• BBVA Mobilizes €20 Billion in Sustainable Business, Up 41% in Q1 2024, Nears €300 Billion Goal

And More…

Sustainable Fashion Column

Shaping the Future of Fashion: Sustainable Practices and Realistic Solutions

Uncover how the fashion industry is addressing sustainability concerns amidst its rapid growth. Explore initiatives like the EU's Circular Economy Action Plan, aimed at promoting eco-friendly practices and reducing environmental impact.

Key Impact Points:

• EU Circular Economy Action Plan: Drives sustainable practices in fashion through eco-design and waste management.
• Patagonia's Worn Wear: Reduces textile waste and ensures fair labor practices.
• H&M's Sustainability Transformation: Shifts towards recycled and organic materials, supported by a €500 million green bond.
• Nike's "Move to Zero" Initiative: Focuses on low-carbon materials and sustainable partnerships to minimize environmental impact.

Click here to view the full article

Every week ESG News delivers smart commentary from ESG practitioners and experts to unpack issues of the week. Submit your ESG Smart Read to editor@esgnews.com

Sustainability Goals, Initiatives and Achievements

• EY, Denkstatt Partner to become one of the largest consulting firms in the field of ESG and sustainability in Bulgaria
• Octopus Energy Named UK’s Largest Electricity Supplier, Surpasses British Gas in Market Share
• UpLink Challenges Start-Ups to Propel Net-Zero Economy with Innovative Tech Solutions

ESG Reporting

• IBM Enhances ESG Data Platform with CSRD Sustainability Reporting Features
• Bloomberg’s 2023 Impact Report Showcases Progress Towards Net-Zero Emissions and Climate Action
• Krones Sets Ambitious Goal for Net-Zero Emissions Across Value Chain by 2040
• World’s Largest Sovereign Wealth Fund Releases 2025 Climate Action Plan
• General Motors Releases 2023 Sustainability Report, Outlines Path to Zero Emissions
• EFRAG Partners with Datamaran for Smart ESG Solutions in Developing European Sustainability Reporting Standards

ESG Leaders

• Schneider Electric Appoints Farrukh Shad as Head of Sustainability for APMEA Region
• QBE Insurance Names Nicola Schroder as New Group Head of Sustainability

ESG Investing & Funds

• Bloomberg Introduces Customizable Sustainable Investment Screening Tool for Investors
• S&P Global Sustainable1 Unveils Dataset on Climate Risks for U.S. Municipal Bonds

Research & Analysis

• Morningstar Report Reveals Record $8.8 Billion pulled from US Sustainable Funds in Q1
• New CREA Report Reveals China Misses Air Quality Goals as Their Economy Takes Priority
• Workiva Survey: Sustainability Regulations Drive Major Shifts in Corporate Reporting

Technology, ESG Tools & Services

• Bloomberg Introduces Customizable Sustainable Investment Screening Tool for Investors
• Salesforce Unveils Sustainable AI Policy Principles and Climate-Focused Initiatives
• Microsoft Introduces AI-Powered Tools for Sustainable Business Strategies to Sustainability Platform
• IBM Enhances ESG Data Platform with CSRD Sustainability Reporting Features
• EFRAG Partners with Datamaran for Smart ESG Solutions in Developing European Sustainability Reporting Standards

Recommended Reads

ESG Mindset: Business Resilience and Sustainable Growth - By Matthew Sekol

ESG Mindset guides business leaders, ESG specialists and CSR strategists through the nuanced and most thoughtful ways to focus on these core business issues. Equipping readers with an enhanced way to think through complex business decisions and interconnected crises, the book provides accessible perspectives and real-world examples from companies around the world that have implemented a meaningful approach to ESG and learned lessons along the way.