Wells Fargo has decided to exit the Net-Zero Banking Alliance (NZBA), marking the second major departure from the UN-backed coalition of banks dedicated to advancing global net zero goals through their financing activities, following Goldman Sachs earlier this month. Founded in 2021, the Net-Zero Banking Alliance is a coalition of more than 140 banks spanning 44 countries and representing approximately…
By: Mike Hayes, Climate Change and Decarbonization Leader at KPMG It’s just over a month since I returned home from the COP 29 summit in Baku. In that time, there has been widespread commentary and analysis of the gathering – much of it fatalistic and critical. In some corners, it’s been described as ‘no longer fit for purpose’ while others…
This week in ESG news: Biden administration sets new U.S. climate goals on eve of Trump takeover; new sustainability reporting standards for Canada, Hong Kong; BlackRock removed from Indiana pension funds over ESG investing; EU passes law requiring 100% recyclable packaging by 2030; UK bans Lloyds ad for greenwashing; Walmart says it will probably miss climate targets; SAP launches new…
Walmart does not expect to hit its interim climate goals, including its targets to reduce operational greenhouse gas (GHG) emissions by 35% by 2025 and by 65% by 2030, according to a new post on the company’s website, citing “factors beyond our control,” including a lack of low carbon refrigeration and mobility technologies, and clean energy policy and infrastructure. The…
Australia-based JET Charge, which supplies and installs chargers for electric vehicles, has raised AUD $72 million (USD $45 million) in a new funding round, with proceeds aimed at supporting its buildout of EV charging infrastructure across Australia and New Zealand. Founded by Tim Washington and Ellen Liang in 2012, Melbourne-based JET Charge supplies and installs electric vehicle chargers and infrastructure,…
Carbon removal project developer Deep Sky announced that it has secured a USD $40 million grant commitment from Breakthrough Energy Catalyst, a climate solutions-focused initiative founded by Bill Gates, with proceeds aimed at supporting the construction of the company’s first Direct Air Capture Facility, Deep Sky Alpha. Founded in 2022, Montreal-based Deep Sky was established as a technology-agnostic carbon removal…
The Biden administration announced today the release of a new goal to reduce U.S. greenhouse gas emissions by 61% – 66% by 2035, on a 2005 basis. While the target comes only weeks before President-elect Donald Trump is set to take office, and is widely to expected to roll back key climate initiatives, Biden administration officials expressed confidence in the…
The Canadian Sustainability Standards Board (CSSB) announced the publication of its finalized Canadian Sustainability Disclosure Standards (CSDSs), largely aligned with the global standards released by the IFRS Foundation’s International Sustainability Standards Board (ISSB), but adding more time for companies to prepare for some key elements of reporting, such as on value chain GHG emissions, compared to the ISSB standards. The release…
HVAC and climate control solutions company Trane Technologies announced that it has signed a definitive agreement to acquire BrainBox AI, which has developed an artificial intelligence and cloud-based building systems optimization tool aimed at helping building owners to accelerate decarbonization and reduce energy consumption. Headquartered in Montreal, Canada, BrainBox AI utilizes artificial intelligence to predict building energy needs and automate…