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Science-based target announcements round-up

Nasdaq and Nestle Nespresso will both set 2050 net-zero targets, along with interim ones. Nasdaq additionally committed to having 70% of its suppliers set SBTi targets by 2027. Rolex committed to reduce Scope 1 and 2 emissions by 42%, and Scope 3 by 25%, by 2030 (vs. 2021).


AP7 pension fund excludes seven oil groups from portfolio

Sweden's Seventh AP Fund (AP7) has blacklisted seven companies from its portfolio all due to large-scale operations within oil extraction or coal production — namely India’s ONGC plus China’s Sinopec, PetroChina, SCIE, Wintime Energy Group and Zhejiang Energy.


NY assembly passes Climate Change Superfund Act

The New York State Assembly passed the Climate Change Superfund Act to make fossil fuel polluters pay for costs associated with climate change, including climate resiliency projects. The bill now requires the State Governor’s signature to become law.


Thailand to roll out carbon tax in 2025

Thailand has announced its intention to implement a carbon tax by 2025 as part of its efforts to address climate change and promote sustainable practices.


Chinese steelmakers may join carbon trading in 2024

According to the China Iron and Steel Association (CISA), the country’s steel industry may be included in the national carbon emissions trading market this year.


Indonesia, South Korea sign MoU on Article 6

Ministers from Indonesia and South Korea signed a memorandum of understanding on the implementation of Article 6 of the Paris Agreement. Companies from the two countries will cooperate on emission-reduction projects in Indonesia.


Oka and Delagua launch new Corresponding Adjustment revocation insurance

Carbon insurance company Oka and project developer Delagua launched the first carbon insurance solution to protect against the risk of credits losing their Article 6 authorization due to the corresponding adjustment (CA) not being made by the host country.


Verra consolidates ARR methodologies

Verra is consolidating the Afforestation, Reforestation, and Revegetation (ARR) methodologies in its Verified Carbon Standard (VCS) Program.


Hitachi to invest USD 4.5 billion in energy transition

Hitachi Energy will invest an additional USD 4.5 billion in manufacturing, engineering, digital, R&D and partnerships by 2027. This complements the USD 1.5 billion investment it announced in April this year.


EU approves EUR 1.75 billion compensation for German coal exit

The European Commission gave clearance to compensate power company LEAG with up to USD 1.9 billion (EUR 1.75 billion) for exiting coal by 2038.


AfDB to devote USD 2 billion to clean cooking

The African Development Bank (AfDB) pledged to mobilise USD 2 billion for access to clean cooking in Africa over the next 10 years, in statements made at the Clean Cooker Summit in Paris, France.


ICVCM announces first high-integrity CCP-labelled credits

The Integrity Council for the Voluntary Carbon Market announced seven carbon-crediting methodologies that meet its high-integrity Core Carbon Principles (CCPs). The latter now apply to an estimated 27 million credits.


Environmental groups to sue Suncor

Environmental and conservation groups represented by Earthjustice submitted a 60-day notice of intent to sue Canadian oil-sands company Suncor Energy for alleged repeated violations of the Clean Air Act.


Neste records results of first commercial 100% SAF flight

Finnish renewable fuel supplier Neste highlighted a significant reduction in emissions of soot particles and in formation of contrail ice crystals, in its in-flight study of a commercial aircraft using 100% sustainable aviation fuel.


Engie pre-purchases 5 million nature-based credits

Energy group Engie pre-ordered 5 million tonnes of nature-based carbon removals set to be issued between 2030 and 2039 from climate finance company Catona.


US sets principles for high-integrity VCMs

The United States government released new Principles for Responsible Participation in Voluntary Carbon Markets, which set out its view on the right “incentives and guardrails” for the market to fulfill its potential. The Principles are closely aligned to existing integrity initiatives already underway.


VIA Rail unveils emissions reduction plan

Canada-based VIA Rail unveiled its VIAction 2030 strategic objectives, which include a goal of reducing its greenhouse gas emissions by 50% compared to a 2005 baseline.


Boots and No7 launch supply chain emissions cut initiative

UK-based pharmacy chain Boots and No7 Beauty Company have teamed up with carbon reduction platform Manufacture 2030, in a bid to speed up their move toward net zero.


Microsoft to buy 1.6 million reforestation credits

Microsoft will purchase 1.6 million tonnes of reforestation credits from the ARC Restaura Azuero (ARC) Project in Panama, alongside Rubicon Carbon and Carbon Streaming. This continues a recent buying spree for removal credits, both engineered and nature-based, by the US technology giant.


Tullow Oil to partner with Ghana on J-REDD program

Oil & gas major Tullow Oil formed a partnership with the government of Ghana to implement a jurisdictional-based Reduced Emissions from Deforestation and Degradation (REDD+) program expected to generate up to 1 million credits per year.

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