As financial institutions and ESG and sustainability ratings providers navigate mounting regulatory and data requirements, artificial intelligence (AI) is emerging as both a powerful enabler and a potential risk. From boosting efficiency in sustainability reporting to raising new ethical dilemmas and governance concerns, AI is reshaping how ESG and Sustainability are implemented, monitored, and governed. For sustainable investors and investment…
ESG Today: Week in Review
This week in ESG news: Net Zero Banking Alliance ceases operations; survey finds businesses facing increasing pressure for sustainability reporting despite regulatory pullback; Microsoft invests in startup to provide low-carbon cement for data centers; Barclays signs its first carbon removal agreement; EU businesses support tougher sustainability regulations than proposed under Omnibus initiative; Apple launches project to restore forests and generate…
Net Zero Banking Alliance Ceases Operations
The Net-Zero Banking Alliance (NZBA) announced that it will cease operations, ending the activities of the UN-backed banking sector coalition dedicated to advancing global net zero goals through their financing activities. The decision was made following a series of high-profile departures from the coalition, leading to a vote by its member banks to significantly restructure the initiative from a membership-based…
Global Cement and Concrete Association Launches New Membership to Drive Net Zero in Industry
The Global Cement and Concrete Association (GCCA) announced the launch of a new membership category aimed at strengthening collaboration across the building and construction value chain to accelerate the industry’s net zero ambitions. The association said that decarbonizing cement and concrete, the second most-used material on the planet after water, cannot be achieved without active engagement from the wider building…
Amazon Signs Deal for Solar Energy to Power Data Centers in U.S.
Amazon announced it has signed a Power Purchase Agreement (PPA) with U.S. energy company Avangrid, which is part of the Iberdrola Group, to purchase electricity from a new solar project in Oregon. Avangrid has a long-standing presence in Oregon, dating back to its first project in 2001. Today, the company operates 2.5 GW of energy capacity across the state and…
Barclays Signs its First Carbon Removal Deal to Capture CO2 in Crushed Rocks and Soil
Enhanced rock weathering (ERW)-focused carbon removal project developer UNDO announced that it has signed a new agreement with UK-based bank Barclays, to permanently remove more than 6,500 tonnes of CO2 from the atmosphere using an accelerated process using rocks and soil. The new deal marks Barclays’ first-ever carbon removal agreement, coming after the bank recently revealed that it has reduced…
Most EU Businesses Favor Tougher Sustainability Reporting, Due Diligence Rules than Omnibus Proposals: Survey
The majority of EU-based businesses support retaining more substantial and broadly applied sustainability reporting and due diligence rules than envisioned under the European Commission’s Omnibus simplification proposals, including a lower threshold for companies covered by the regulations and mandatory transition plans, according to a new survey published by climate think tank E3G, and conducted by global research data and analytics…
Nuveen Climate Impact Fund Acquires Majority Stake in C&I Energy Solutions Provider Ally
Global investment manager Nuveen announced the acquisition of a majority stake in US-based commercial and industrial (C&I) energy solutions provider Ally Energy Solutions. The acquisition was made by Nuveen’s Private Equity Impact team, through the Nuveen Climate Inclusion Fund II (NCIF II). Nuveen’s Climate Inclusion strategy aims to address climate change and inequality by investing in businesses that drive an…