Impactful partnerships and breakthrough private capital investments shaping the future - Don't miss NeoImpact's essential ESG updates this week
Welcome to the 16th edition of the Impact Herald Weekly. We've got interesting updates from world over that bring out the significance of ESG in today's world.
In China, HKMA forms new significant partnerships with multilateral organizations at the Asia Climate Investment seminar. Elsewhere, SBTi releases draft "Chemicals Sector Target-Setting Criteria" to promote decarbonization in the chemicals sector. In Canada, Deep Sky has secured its first major buyers to purchase carbon removal credits. In Azerbaijan, CDP and GRI partner to enhance environmental reporting, while at the COP29 this week, investors with over USD 10 trillion in assets under management commit to drive private capital to fight climate change.
Monday, November 11, 2024
Hong Kong strengthens climate investment efforts with new strategic partnerships
The Hong Kong Monetary Authority (HKMA) has formed a powerful new alliance with key multilateral organizations, including the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), and International Finance Corporation (IFC), to accelerate climate investment in Asia. Announced at the Asia Climate Investment Seminar, this partnership aims to mobilize at least USD 500 million for sustainable projects, focusing on renewable energy, energy solutions, and low-carbon transportation. With Asia facing urgent climate challenges, the partners emphasize the critical need for collaborative action to drive green growth and reduce emissions, positioning Hong Kong as a key leader in green finance.
Tuesday, November 12, 2024
The Science Based Targets initiative (SBTi) has unveiled the revised draft of its “Chemicals Sector Target-Setting Criteria”
The SBTi has launched a second round of public consultation on its revised Chemicals Sector Target-Setting Criteria. The chemicals industry, responsible for 5% of global CO2 emissions, plays a crucial role in global decarbonization efforts. As fossil fuels dominate the sector's feedstocks, decarbonizing it is vital for achieving net-zero goals. SBTi is calling for expert input from stakeholders in the chemicals sector, finance, academia, and civil society. The consultation runs until January 10, 2025, to help refine the final criteria and facilitate pilot testing.
Wednesday, November 13, 2024
Microsoft and RBC back carbon removal innovation with 10,000 credit purchase from Deep Sky
Deep Sky, a Canadian carbon removal developer, has secured its first major buyers, including the Royal Bank of Canada (RBC) and Microsoft, to purchase carbon removal credits. The deal aims to remove 10,000 tonnes of CO2 from the atmosphere over a 10-year period. The credits will support Deep Sky Labs, the world’s first Carbon Removal (CDR) Innovation & Commercialization Center. This project brings together multiple Direct Air Capture (DAC) technologies to optimize CO2 removal and accelerate scalable solutions for global climate challenges. Deep Sky’s hub aims to accelerate global carbon capture efforts, offering a clear path for investors and partners to drive impactful climate action.
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Thursday, November 14, 2024
Carbon Disclosure Project ( CDP )and Global Reporting Initiative (GRI) strengthen partnership to simplify environmental reporting
CDP and GRI have signed a Memorandum of Understanding (MoU) at the COP29 conference to streamline environmental reporting. This alignment will help over 24,800 companies disclose GRI-compliant data to global stakeholders, promoting greater transparency and accountability. By improving the accessibility of comparable data, the collaboration aims to support global climate strategies and increase accountability in environmental impact reporting. The agreement also includes mapping CDP’s questionnaire to GRI’s upcoming climate, energy, and biodiversity standards, set to be published in 2025. This initiative is expected to simplify the reporting process, helping businesses meet higher standards of transparency and drive meaningful climate action.
Friday, November 15, 2024
Investors worth USD 10 trillion in assets make major pledge to climate action at COP29
Leaders from business, finance, and philanthropy, managing a collective $10 trillion in assets, announced a historic commitment to drive private capital into climate markets at COP 29’s Finance, Investment, and Trade Day. The announcement came as the Asian Development Bank unveiled a $3.5 billion program to address glacier melt impacts in Central Asia. Azerbaijan’s banking sector pledged $1.2 billion for green projects through 2030, and Sweden committed $730 million to the UN Green Climate Fund. These moves are part of the Baku Initiative for Climate Finance, Investment, and Trade (BICFIT), a new platform aimed at aligning global efforts to tackle climate change.
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