Corporate Climate News

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Sainsbury’s commits to 68% emissions cut by 2030

UK-based supermarket chain Sainsbury’s has announced goals for reducing its greenhouse gas emissions by 68% across Scopes 1 and 2 by 2030. These have been validated by the Science Based Targets initiative (SBTi).


SBTi releases updated guidance for carmakers

The Science Based Targets initiative (SBTi) released updated guidance for land vehicles, including a new method for automakers to set 1.5°C emission reduction targets.


Court says KLM guilty of making misleading environmental claims

Dutch airline KLM has misled customers with vague environmental claims around its sustainable aviation fuel, a court has found after a greenwashing case was brought forward by campaign group Fossielvrij. KLM replied, saying that it had not used the 19 communications concerned for some time.


Texas pulls USD 8.5 billion from BlackRock over ESG investing

The Texas State Board of Education announced the termination of an investment with BlackRock, pulling USD 8.5 billion in funds from the investment giant. Its statement cited BlackRock’s “dominant and persistent leadership in the ESG movement.”


Saudi Aramco, Amazon, Siemens invest USD 80m in DAC

CarbonCapture, a US-based direct air capture (DAC) company, announced the completion of its USD 80 million Series A financing following the addition of strategic investors such as Amazon’s Climate Pledge Fund, Aramco Ventures, and Siemens Financial Services.


EU Nature Restoration Law delayed again

A minority of EU members have once again prevented the adoption of legislation designed to reverse decades of ecosystem degradation and to honour a global agreement to halt biodiversity loss.


IIGCC updates Net Zero Investment Framework

The Institutional Investors Group on Climate Change (IIGCC) released an updated version of the Net Zero Investment Framework, which incorporates revised target terminology and criteria as well as guidance on asset classes.


US EPA finalises car emission standards

The U.S. Environmental Protection Agency unveiled final national pollution standards for passenger cars, light-duty trucks and medium-duty vehicles, for model years 2027 through 2032 and beyond.


Korea pledges USD 338 billion won in climate finance to 2030

The South Korean government and local banks pledged to jointly invest 452 trillion won (USD 337.4 billion) up to 2030, to tackle the climate crisis.


Voluntary standards not yet granted full eligibility for CORSIA Phase 1

UN aviation body ICAO has decided to keep major voluntary carbon standards under 'conditional' approval for Phase 1 of CORSIA (2024-2026). This means that such credits are not yet eligible for use by airlines during the current stage of the international offsetting scheme.


Nigeria gives deadline for eco-friendly corporate reporting standards

Nigeria said it will oblige companies to disclose their eco-friendly practices and how they manage the effects of climate change in their financial reporting within four years, or face sanctions. A public-private hybrid working group also issued a roadmap for implementing those standards.


NZBA to update climate target setting guidelines

The UN-convened Net-Zero Banking Alliance (NZBA) is set to vote to adopt a new version of its Guidelines for Climate Target Setting for Banks, the scope of which will extend to include banks’ capital market activities for the first time.


Power Exchange India to launch carbon trading by Q2 of FY2025

Power Exchange India, one of the country's three power exchanges, aims to launch its carbon-credit trading platform by the second quarter of next fiscal (FY25) year as it is already working on the technology for the product, its managing director and chief executive said.


China starts consultation to include aluminum sector into ETS

China opened consultation around the accounting, reporting and verification (MRV) guidance of aluminum smelter emissions, as a step towards the enrollment of the aluminum industry into its national compliance emission trading scheme.


European Parliament adopts Euro 7 rule for road transport emissions

The European Parliament formally adopted the deal reached with the Council on the 'Euro 7' regulation that will require vehicles to remain cleaner throughout their lifetime.


UK FCA publishes Sustainability Disclosure Requirements

The UK's Financial Conduct Authority (FCA) published its final rules and guidance on Sustainability Disclosure Requirements ("SDR") and investment labels, which intend to improve trust and transparency around sustainable investment products.


SBTi axes net zero commitments of 200+ companies

The Science-Based Targets initiative (SBTi) "removed" the net-zero commitments of over 239 organizations following the expiration of a two-year deadline for these companies to submit firm targets for validation. Many of the companies published statements reaffirming their commitment to reaching net-zero, but highlighted challenges in meeting the specific standards set by SBTi.


BCA releases biodiversity credits recommendations

The Community Advisory Panel of the UN-backed Biodiversity Credit Alliance (BCA) released a 20-page draft document of recommendations on biodiversity credits, which will be open for comments until April 10 2024.


Court temporarily halts SEC.’s climate disclosure rules

A U.S. federal court halted new rules from the Securities Exchange Commission (SEC) that require public companies to disclose more about the business risks they face from climate change, siding with two oil and gas companies that criticized the requirements as costly and arbitrary.


Germany launches subsidies for energy-intensive companies

Germany has launched the first round of a tender subsidy (first announced in February) to the tune of EUR 4 billion to support the decarbonization of energy-intensive companies switching to greener production.

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