Although Environmental, Social and Governance-related (“ESG”) initiatives continue to face some political headwinds, and the ESG-linked debt market suffered a downturn in 2023, a nascent product type is piquing the interest of certain players in the sustainable debt space. Several debtors have entered the so-called blue financing space in an effort to contribute to the maintenance of the world’s waterways and…
SEC Approves Scaled-Back Climate Disclosure Rules
The U.S. Securities and Exchange Commission (SEC) announced today the approval of its long-awaited requirements for climate-related disclosures for U.S. public companies, requiring companies for the first time to provide information in annual reports and registration statements on climate risks facing their businesses, plans to address those risks, the financial impact of severe weather events, and, in some cases, greenhouse…
New York Launches Greenwashing Suit Against World’s Largest Beef Producer JBS
New York Attorney General Letitia James announced the launch of a new lawsuit against JBS USA, the U.S. subsidiary of Brazil-based protein giant JBS Foods, the largest global producer of beef and poultry, alleging that the company has made a series of misleading statements about its environmental impact, including its claim that it will achieve net zero greenhouse gas emissions…
Invesco Joins List of Investors Exiting Climate Action 100+
Global asset manager Invesco has withdrawn from Climate Action 100+, a climate-focused investor network focused on engaging with companies to reduce their greenhouse gas emissions and implement climate transition plans. The firm’s withdrawal forms the latest in a growing series of investors who have recently chosen to exit the group, which now include JPMorgan Asset Management (JPMAM), State Street Global…
EU Lawmakers Agree on Rules to Ban Products Made with Forced Labor
Lawmakers in the European Parliament and Council announced that they have reached a provisional agreement on new rules banning products made with forced labor from being sold on the EU market, or exported. The agreement follows an initial proposal by the European Commission in September 2022 aimed at addressing modern slavery, directing customs authorities to identify and stop products made…
Singapore to Provide Funding for Companies to Meet New Climate Reporting Requirements
The government of Singapore announced the launch of a new Sustainability Reporting Grant, providing companies with support covering up to nearly a third of the cost of producing their first sustainability reports. The new grant system follows the government’s announcement last week that it will introduce mandatory climate-related reporting requirements for listed and large non-listed companies, based on the IFRS…