The European Insurance and Occupational Pensions Authority (EIOPA), the EU’s insurance and pension-focused financial regulator, announced the release of a new report, recommending to the European Commission to implement additional capital requirements for fossil fuel assets on European insurers’ balance sheets, to address the asset’s high exposure to transition risks. The release of the new report follows a mandate given…
A new California law that will effectively require most large U.S. companies to disclose their value chain emissions and report on climate-related financial risks survived a major legal challenge brought by the U.S. Chamber of Commerce, with a California judge refusing a request to immediately disallow the law on constitutional grounds. While ruling that the court did not have sufficient…
The UK’s Competition and Markets Authority (CMA) announced that it has closed an investigation into environmental claims made by Unilever over concerns that the global consumer brand giant had been overstating the environmental attributes of some of its products, after changes made by Unilever and broad green claims improvements noted by the regulator in the consumer goods segment more broadly….
H&M Group announced that it has signed a new virtual power purchase agreement (VPPA) with solar project developer and operator Lightsource bp, supporting the fashion and design brands company’s climate and clean energy goals, and enabling construction of new renewable energy infrastructure in Texas. The agreement follows the launch of a partnership between H&M and Lightsource bp in 2021, including…
Los Angeles County announced that it has filed a lawsuit against beverage giants PepsiCo and Coca-Cola, claiming that the companies play a significant role in plastic pollution’s negative impacts on the environment and public health; have misrepresented the recyclability of plastic beverage containers to the public; and have failed to disclose significant environmental and health harms associated with the use…
BETA Technologies, an electric aerospace company based in Vermont, announced that it has raised $318 million in Series C equity capital. The funding will enable the eight-year-old sustainable aviation company to support continued production, certification, and commercialization of its electric-powered aircraft, as well as of its charging systems and growing infrastructure network. BETA plans to use the funds to commercialize…
ZE Energy, a Paris-based developer of photovoltaic power plants and energy storage solutions, announced that it had raised €54 million (USD $57.8 million), with proceeds aimed at supporting the continued expansion of its products and services throughout Europe. Founded in 2019, ZE Energy develops, builds and operates hybrid photovoltaic power plants with energy storage, and also finances projects that provide…
The EU’s sustainable finance framework would benefit from new measures to help reduce greenwashing risk, such as green and transition labels for sustainable investment products, and from reduced reporting burdens for smaller market participants, according to European Commissioner-designate for Financial Services and the Savings and Investment Union Maria Luis Albuquerque. In her confirmation hearing on Wednesday, Albuquerque expressed her position…
The UAE will invest up to AED200 billion (USD$54.5 billion) in order to meet its targets to significantly increase clean energy capacity and production over the next several years and to progress towards its 2050 climate goals, according to a statement by Suhail Al Mazrouei, Minister of Energy and Infrastructure. Speaking at the ADIPEC energy industry conference in Abu Dhabi,…