Thousands of delegates have arrived in Belem and San Paulo as the COP30 kicks off in Brazil with nationally determined contributions (NDCs), adaptation and biodiversity being among the front of mind factors for this year’s discussions. From a sustainable investment perspective, all eyes will be on Finance Day – or dayS with there being two this year on 14 and…
Zurich Decides to Drop Pursuit of SBTi Validation of Net Zero Goals
Zurich Insurance Group revealed that it has decided that it will no longer Science Based Targets initiative (SBTi) validation for its climate targets under the SBTi’s finance-specific standard. Despite dropping its pursuit of SBTi validation, however, the company said that it has not changed its net zero goals. While Zurich did not specify reasons for its decision, the announcement follows…
ECB Fines Spanish Bank ABANCA for Not Meeting Climate Risk Expectations
The European Central Bank (ECB) announced a decision to impose periodic penalty payments on Spanish bank ABANCA over its failure to comply with the central bank’s requirements to sufficiently identify climate risks. The announcement marks the first climate risk-related fine disclosed by the ECB, following its decision in late 2022 to step up efforts to address climate change as one of…
Apple Invests in Renewable Energy, Forest Projects in Australia and New Zealand
Apple announced plans to expand its renewable energy capacity in Australia with a new solar project under construction in Lancaster, Victoria, forming part of the company’s efforts to address the climate impact of its customer’s use of its products. Emissions from product use account for 29% of Apple’s carbon footprint, according to the company’s most recent Environmental Progress report. Addressing…
Nike Signs Deals for Recycled Materials with Cleantech Startups Syre, Loop
Nike announced new agreements to source recycled polyester with circular-economy cleantech companies Syre and Loop industries, Circular economy-focused cleantech companies Syre and Loop industries announced new multi-year agreements to supply Nike with recycled polyester made using textile waste, forming part of the athletic footwear, apparel, equipment, and accessories giant’s efforts to scale the use of sustainable materials. Nike has set…
ISSB to Develop Standards for Nature-Related Reporting
The IFRS Foundation’s International Sustainability Standards Board (ISSB) announced that it will begin work on standard setting for disclosure requirements on nature-related risks and opportunities, with plans to have an initial draft released by late next year. The ISSB said that the new initiative is being undertaken in response to identified investor needs for nature-related disclosures, although it hasn’t yet…
Guest Post: AI Can Be the Positive Catalyst for Climate Action at COP30
By: Mike Hayes, Climate Changes and Decarbonization Leader, Global Head of Renewable Energy, KPMG International As delegates gather in Belém for COP30, the global spotlight is firmly on the urgent need for action and implementation in the fight against climate change. This summit, marking ten years since the Paris Agreement and halfway to the 2030 deadline, is a pivotal moment….