Delegates at the ongoing UN Climate Change Conference (COP29) achieved an important breakthrough on the first day of the event in Baku, Azerbaijan, reaching consensus on standards for the creation of carbon credits under Article 6.4 of the Paris Agreement, key for advancing the establishment and growth of a global carbon market. The consensus will help develop and approve methodologies…
Recently elected Prime Minister Keir Starmer unveiled a new climate target today, committing to cut UK greenhouse gas (GHG) emissions by 81% by 2035, on a 1990 basis. The new target, announced at the COP29 climate conference in Baku, Azerbaijan, raises the UK’s climate ambition from the 78% target set under Prime Minister Boris Johnson in 2021. The new decarbonization…
Climate research provider and environmental disclosure platform CDP and the European Financial Reporting Advisory Group (EFRAG) announced today that they have achieved a high degree of commonality and interoperability between CDP’s disclosure platform and the EU’s recently adopted European Sustainability Reporting Standards (ESRS). The organizations added that they will continue to work together to further align the CDP system and…
A Dutch appeals court issued a ruling in Shell’s favor, reversing a landmark 2021 ruling holding the company responsible for greenhouse gas (GHG) emissions resulting from its customers’ use of its products, and ordering the company to dramatically reduce emissions by the end of the decade. In a statement following the ruling, Friends of the Earth Netherlands (Milieudefensie), who launched the case…
Temasek-owned decarbonization solutions-focused investment platform GenZero and global commodities trading company Trafigura announced today a commitment to invest more than $100 million in Brújula Verde, a nature-based project in Colombia anticipated to produce high-integrity carbon removal credits, by restoring land degraded by intensive agricultural activities and fires. Located in Orinoco River Basin, the Brújula Verde project is the largest nature-based carbon…
Zurich-based energy transition-focused investor Energy Infrastructure Partners (EIP) announced today an agreement with Italian energy company Eni to increase its investment in Eni’s renewables, retail and EV charging company Plenitude, with an additional capital injection of €209 million (USD$222 million). Following the new investment, EIP will hold a 10% stake in Plenitude, following its initial €588 million investment in the…
The government of Brazil announced today a new climate goal, targeting a 59% – 67% reduction in economy-wide greenhouse gas (GHG) emissions by 2035, on a 2005 basis, and highlighted key progress in the fight against deforestation, which it said has decreased by nearly a third over the past year. The new decarbonization goal, to be officially presented at the…
The U.S. Securities and Exchange Commission (SEC) announced that it has charged global asset manager Invesco for making misleading claims regarding its ESG-related investments, including overstating the proportion of assets under management that integrated ESG considerations. Invesco has agreed to pay a $17.5 million civil penalty to settle the SEC’s charges, while not admitting or denying the Commission’s allegations. According…