Sustainability Notice #38 (14 August - 20 August)
Forvis Mazars Turkey
A leading international audit, tax, accounting and advisory firm, present in 90+ countries and territories.
World:
EU greenhouse gas emissions fall 3% in the first quarter (Source: Reuters)
Greenhouse gas emissions in the European Union fell by nearly 3% in the first quarter of 2023, even as the bloc's economy grew slightly, statistics agency Eurostat said on Wednesday. The EU's emissions over the January to March quarter amounted to 941 million metric tonnes of CO2 equivalents, down 2.9% from a year earlier, while the economy grew 1.2% year-on-year.
‘Gigantic’ power of meat industry blocking green alternatives, study finds (Source: Guardian)
The “gigantic” power of the meat and dairy industries in the EU and US is blocking the development of the greener alternatives needed to tackle the climate crisis, a study has found. The analysis of lobbying, subsidies and regulations showed that livestock farmers in the EU received 1,200 times more public funding than plant-based meat or cultivated meat groups. In the US, the animal farmers got 800 times more public funding.
China to set up solar, wind recycling system as waste volumes surge (Source: Reuters)
China, the world's biggest renewable equipment manufacturer, will set up a recycling system for ageing wind turbines and solar panels as it tries to tackle the growing volumes of waste generated by the industry, the state planner said.
Canada demands Meta lift news ban to allow wildfire info sharing (Source: Reuters)
The Canadian government on Friday demanded that Meta lift a "reckless" ban on domestic news from its platforms to allow people to share information about wildfires in the west of the country. Meta started blocking news on its Facebook and Instagram platforms for all users in Canada this month in response to a new law requiring internet giants to pay for news articles.
Brazil govt pushes Congress to approve 'green' bills before COP28 (Source: Reuters)
Brazil's government expects Congress to approve a series of energy transition-related bills in the next 100 days that it believes will boost the country's decarbonization credentials at the upcoming COP28 climate summit, an official told Reuters on Friday.
Japan's release of Fukushima water not discussed at Camp David summit (Source: Reuters)
South Korea President Yoon Suk Yeol said on Friday the controversy of Japan soon pumping water from its wrecked Fukushima nuclear plant into the sea was not on the Camp David trilateral summit agenda and did not come up.
Pacific Island sea levels rising faster than global average, WMO says (Source: Reuters)
Sea levels in the South-West Pacific are rising faster than the global average, threatening low-lying islands while heat damages marine ecosystems, the U.N. meteorological agency said on Friday.
Paris bans pony rides for children following animal rights campaign (Source: Reuters)
Paris will ban pony rides for children in its public parks from 2025 following a campaign by animal rights activists who argue that the ponies are not well treated.
Mountain treelines are rising due to climate crisis, study finds (Source: ESG Today)
Scientists from the Southern University of Science and Technology in Shenzhen, China, used remote sensing to map the highest points of patches of tree coverage on mountains. They found that 70% of mountain treelines had moved uphill between 2000 and 2010.
Fossil fuel firms move to dismiss climate lawsuit in Hawaii as Maui faces wildfires (Source: Guardian)
Hawaii’s supreme court on Thursday heard attempts by fossil fuel companies to dismiss a climate accountability lawsuit. The hearing came as the deadly fires in Maui capture global headlines.
Canada wildfire: all 20,000 Yellowknife residents evacuating (Source: Reuters)
Canadian fire crews on Thursday battled to prevent wildfires from reaching the northern city of Yellowknife, where all 20,000 residents are leaving by car and plane after an evacuation order was declared.
ESG reporting, tools and services:
The European Commission announced today the adoption of reporting rules for importers of products under the Carbon Border Adjustment Mechanism (CBAM), the EU’s new carbon tax on imported goods, aimed at equalizing the carbon price paid by European producers with those outside the EU. The new rules will require companies to begin collecting data on the embedded emissions of imported products in October of this year, with reporting beginning by the end of January 2024, and will apply through the transitional phase of CBAM, which runs until the end of 2025.
S&P launches service enabling investors to assess portfolio nature & biodiversity risk (Source: ESG Today)
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S&P Global’s ESG and sustainability-focused business Sustainable1 announced today the launch of its new Nature & Biodiversity Risk portfolio assessment services, aimed at enabling financial institutions to understand and assess portfolio nature-related risks.
Climate Management & Accounting Platform (CMAP) provider Persefoni announced that it has raised $50 million. The company also announced the launch of its AI-focused CMAP product, PersefoniGPT.
Business:
Zero-carbon industrial heat solutions provider Rondo Energy announced today that it has raised $60 million, with proceeds from the financing aimed at accelerating the global rollout of its industrial heat decarbonization product, the Rondo Heat Battery.
Technology-focused industry, infrastructure, transportation, and healthcare solutions company Siemens announced that it will begin manufacturing solar inverters in the U.S., in a move the company said will help meet growing demand for American-made renewable energy components, and address supply bottlenecks.
Google to address business travel emissions with sustainable aviation fuel purchases (Source: ESG Today)
American Express Global Business Travel (Amex GBT) and Shell Aviation announced today that Google has joined the companies’ sustainable aviation fuel (SAF) program, enabling companies to offset business travel emissions through SAF purchases, and supporting the scale-up of SAF production.
Water management and leak-prevention solutions provider Wint Water Intelligence announced that it has raised $35 million, with proceeds from the financing aimed at supporting its growth and innovation in its AI- and IoT-based solutions.
HSBC’s new energy transition platform makes first investment in solar developer Tekoma Energy (Source: ESG Today)
HSBC Asset Management announced an investment by its Energy Transition Infrastructure (ETI) team Tokyo-based solar platform Tekoma Energy. The investment marks the first for HSBC’s ETI platform, formed following the asset manager’s addition of an energy transition infrastructure-focused investment team to its alternatives unit in Asia, in a business transfer agreement with Hong Kong-based asset manager Green Transition Partners earlier this year.
Green Hydrogen Startup Advanced Ionics Raises $12.5 Million in bp-led Funding Round (Source: ESG Today)
Cleantech startup Advanced Ionics announced today that it has raised $12.5 million, with proceeds from the funding round supporting the deployment of its green hydrogen production technology aimed at helping to decarbonize heavy industry.
Australia regulator launches greenwashing suit against Active Super over ESG investing claims (Source: ESG Today)
The Australian Securities & Investme
nts Commission (ASIC), Australia’s corporate, markets, and financial services regulator, announced that it has launched a court action against superannuation fund Active Super, alleging that the fund made misleading ESG-related claims to members, by investing in companies in sectors that it had claimed to eliminate from its holdings.
Sustainable mining solutions company ceibo raises $30 million (Source: ESG Today)
Sustainable mining technology company Ceibo announced that it has raised more than $30 million at the close of its Series B financing round, with proceeds aimed at accelerating its leaching process to extract copper more economically and sustainably.
Norway fund wants more women on boards, concerned about excessive CEO pay (Source: Reuters)
Norway's $1.4 trillion wealth fund, the world's single largest stock market investor, is to step up pressure on the companies it invests in to have more women board members and to also reduce excessive executive pay, a top fund official said.
US investor group clinches tax credit deal for $1.5 bln renewable power acquisition (Source: Reuters)
Invenergy Renewables, Blackstone (BX.N) and Canada's second-largest pension fund said on Wednesday they struck a deal with Bank of America (BAC.N) to help buy wind and solar plants worth $1.5 billion, capitalising on a new tax structure included in President Joe Biden's landmark climate law.
Norway wealth fund to firms: use AI, but do it responsibly (Source: Reuters)
Norway's $1.4 trillion wealth fund, the world's single largest stock market investor, is urging firms it invests in to engage with artificial intelligence as a way to drive profits, but to do so responsibly, top officials told Reuters.