Sustainability Notice #43 (23 - 29 October)
Forvis Mazars Turkey
A leading international audit, tax, accounting and advisory firm, present in 90+ countries and territories.
COP28:
$1 Trillion business coalition calls for plans to phase out fossil fuels at COP28 (Source: ESG Today)
A group of over 130 companies, representing approximately $1 trillion in global revenue, announced the release of an open letter to governments attending the upcoming UN COP28 climate conference, urging them to set timelines for phasing out fossil fuel production and use, and to massively increase the global deployment of renewable energy capacity this decade.
COP28 chief, groups, urge tripling renewable capacity by 2030 (Source: Reuters)
The presidency of next month's COP28 climate summit and two renewable energy organisations on Monday urged governments to triple renewable energy capacity by 2030 as part of efforts to stop global warming exceeding 1.5 degrees Celsius.
UAE will not host next year's COP29 climate talks, official says (Source: Reuters)
The United Arab Emirates will not double up on hosting the United Nations' annual climate conference by holding next year's summit, according to leadership involved in the event.
UAE's Jaber urges countries to find common ground on fossil fuels (Source: Reuters)
The United Arab Emirates President of COP28 on Monday urged countries to seek "common ground" to resolve disagreements over the future of fossil fuels ahead of a U.N. climate summit he will host from the end of the month.
China warns against 'empty slogans' at COP28 climate talks (Source: Reuters)
Countries must refrain from "empty slogans" and adopt a pragmatic attitude to climate change that reflects concerns such as energy security, employment and growth, a Chinese climate official said on Friday ahead of COP28 climate talks next month.
India unlikely to join global cooling pledge at COP28 - govt sources (Source: Reuters)
India is unlikely to sign onto a global pledge to reduce cooling-related emissions at the COP 28 climate meeting, citing the need for the world's most populous country to have affordable cooling, two government officials told Reuters.
Nestle, Volvo among 130 companies urging COP28 agreement to ditch fossil fuels (Source: Reuters)
The 131 companies, which have nearly $1 trillion in global annual revenues, wrote in a letter published on Monday that attendees at the COP28 summit must commit to reach 100% decarbonised power systems by 2035 for richer economies, and help developing countries financially so they can ditch fossil fuels by 2040 at the latest.
World:
Vivaldi's Four Seasons gets climate change makeover (Source: Reuters)
A Spanish music director has adapted Antonio Vivaldi's "The Four Seasons" to the grim reality of global warming, adding prominence and drama to the summer concerto while shortening the other three, and he believes the Italian great would not mind.
The sale of products containing microplastics is banned in Europe (Source: Yeşil Gazete)
The decision of the European Union (EU) Commission to ban products containing microplastics came into force as of yesterday (October 15). The ban covers many products, from toothpaste to make-up, hair spray, softeners and toys. However, due to the transition period, some products will remain on the shelves for a while longer.
Britain's Prince William to visit Singapore for Earthshot prize (Source: Reuters)
Prince William will travel to Singapore next month for the annual Earthshot Prize which awards 1 million pounds ($1.22 million) to five winners developing solutions to environmental problems, Kensington Palace said on Tuesday.
New IEA outlook: With renewable energy ‘unstoppable,’ fossil fuels will peak by 2030 (Source: Grist)
The International Energy Agency also warns of a natural gas glut that could threaten the world’s ability to meet Paris Agreement targets.
What happens when solar panels wear out? (Source: Grist)
The majority end up in landfills. Advocates say we can do better.
Home countries of major rainforests agree to work together to save (Source: Reuters)
Countries that are home to the world's three major rainforests agreed on Saturday to cooperate to overcome deforestation and safeguard biodiversity but fell short of a concrete alliance to protect the vital carbon sinks.
Japan, Denmark to collaborate on floating offshore wind technology (Source: Reuters)
Japan and Denmark have agreed to join hands in researching and developing floating offshore wind power technologies in a bid to combat climate change, Japan's trade and industry ministry said. The nascent floating offshore wind industry is poised for explosive growth in the coming decade as countries strive to cut their carbon emissions.
In the Amazon, communities next to the world’s most voluminous river are queuing for water (Source: AP News)
As the Amazon drought rages on, public authorities in Brazil are scrambling to deliver food and water to thousands of isolated communities throughout a vast and roadless territory, where boats are the only means of transportation.
China to unveil new maritime cooperation initiative at belt and road summit (Source: SCMP)
China will launch a new international maritime cooperation initiative at this week’s belt and road summit as it seeks to showcase its “blue economy” goals to the world. Beijing will mark 10 years of its infrastructure-led global development strategy at the third Belt and Road Forum for International Cooperation, which begins in the Chinese capital on Tuesday.
ESG reporting, tools and services:
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Financial and industry data, research and news provider S&P Global Market Intelligence and management consulting firm Oliver Wyman today announced the addition of climate-related physical risk to the Climate Credit Analytics solution, aimed at enabling clients to understand and manage companies’ and portfolios’ physical and financial exposure to climate change.
Business and financial markets information service provider Bloomberg and climate financial risk data analytics provider Riskthinking.AI announced today the launch of new science-based physical risk indicators, aimed at enabling companies and investors to assess and understand exposure to climate-related risks such as floods, droughts and wildfires.
UK-based health, Safety and ESG risk management provider Alcumus announced today the acquisition of sustainability certification provider Planet Mark.
Singapore-based financial services group DBS today announced the launch of the DBS Eco Renovate Loan, a new sustainable finance tool targeted at small and medium enterprises (SMEs), aimed at enabling smaller companies to access a wider pool of capital to fund green projects.
Brazil to require mandatory Sustainability Reporting from 2026 (Source: ESG Today)
Public companies in Brazil will be required to provide annual sustainability and climate-related disclosures, starting in 2026, according to a new announcement from Brazil’s Securities and Exchange Commission (CVM) and Ministry of Finance.
Australia releases proposed IFRS-based climate-related reporting standards (Source: ESG Today)
The Australian Accounting Standards Board (AASB) announced today the release of a new exposure draft, outlining its proposed standards for companies to report climate-related information, based on the recently released sustainability disclosure standards by the IFRS Foundation’s International Sustainability Standards Board (ISSB).
TMF group launches ESG reporting service (Source: ESG Today)
Compliance and administrative services provider TMF Group today announced the launch of its new environmental, social and governance (ESG) administration services, aimed at helping companies and fund managers meet their ESG reporting requirements.
Green fintech ecosystem in Hong Kong and other Apec economies needs standardised reporting framework and regional collaboration, Ant Group-backed report says (Source: SCMP)
Standardised taxonomy provides clarity and transparency, enabling investors to make informed decisions and channel funds towards sustainable projects, Ant executive says
Business:
Switzerland to Introduce Labelling and Disclosure Rules for Sustainable Investment Products
Switzerland’s Federal Department of Finance (FDF) announced today that it will proceed with plans to propose regulations to address greenwashing in the financial sector, including investment and disclosure rules for financial products using labels such as ‘sustainable,’ green,’ or ‘ESG.’
EU Council Adopts New European Green Bond Standard
The Council of the European Union announced today the adoption of a regulation creating a new European Green Bond Standard, marking the last major step for the establishment of a new European Green Bonds (EuGB) label, aimed at fighting greenwashing and helping advance the sustainable finance market in the EU.
Cement production has an enormous carbon footprint. That can be curbed with plug-and-play solutions, but eliminating emissions entirely will require big, ambitious action.
According to the company, the move will save 7.6 million pounds of new plastic in 2024, and reduce CO2 emissions by nearly 7,000 metric tons annually.
Amazon adds more than 1 GW of renewable energy capacity in Europe (Source: ESG Today)
Amazon announced that it has added 39 new renewable energy projects in Europe year-to-date, adding more than 1 GW of clean energy capacity.
Industrial products, solutions and technologies company Honeywell announced that it will make available technologies and digital solutions to enable its Asia Pacific refining customers to produce renewable fuels, such as Sustainable Aviation Fuels (SAF), from renewable feedstocks.
9 out of 17 banks in Turkey say "no" to coal (Source: İklim Haber)
According to the study examining the practices of banks in Turkey to combat climate change, 9 out of 17 banks said "no" to coal, while 10 committed to act in accordance with the "net zero" target.
Sustainable mining tech startup Eden raises $12 Million (Source: ESG Today)
Founded in 2017, Eden has developed Electrical Reservoir Stimulation (ERS) technology, designed to “break rocks with electricity,” in order to increase the recovery of natural resources, improve the economics of resource recovery, and minimize environmental impact.
Hamp;M issues its first $500 Million green bond to fund climate, circularity goals (Source: ESG Today)
Fashion and design brands company H&M Group announced the issuance ofits inaugural green bond, raising €500 million (USD$530 million) to support the company’s environmental initiatives, including its climate and circularity roadmap.
Deutsche Bank publishes net zero transition plan for operations, supply chain, financed emissions (Source: ESG Today)
Deutsche Bank announced the publication of its initial Transition Plan, outlining the bank’s methodologies, targets and achievements on its path to net-zero by 2050, across its own operations and supply chain, as well as financed emissions.