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For a five-episode YouTube series launched in the lead-up to Earth Day 2023, former BBC presenter Dallas Campbell travelled the world to tout, in actorly British tones, the “exciting potential of hydrogen.” It dismissed a petition that circulated at COP26, asking it to cut ties with the fossil fuel industry.
The Financial Conduct Authority (FCA) has published its much-anticipated consultation outlining measures to tackle greenwashing, including the introduction of three categories for sustainable investments. Greenwashing misleads consumers and erodes trust in all ESG products,” said Sacha Sadan, FCA’s Director of ESG. .
The TPT launched its framework in November 2022, and is expected to publish it and its implementation guidance for transition plans in the summer of 2023. Following the anticipated publication, the government committed to consult on the introduction of requirements for climate transition plan disclosure in late 2023.
In this article, I’ll summarise key events defining 2022 and present four sustainability trends that will prepare you to create an impact in 2023. In 2022, the voice against “greenwashing” practices was clear and loud. Sustainability trends 2023: Mandatory reporting. 2022 Sustainability Summary.
Unveiled at COP26 and consolidating the Value Reporting Foundation (VRF) and? The EU standards are mandatory for the largest 50,000 companies operating in the region, starting from the 2023 financial year. The International Sustainability Standards Board (ISSB) is the latest initiative. Focused on alignment.
Regulators around the world are considering increasing their scrutiny of companies’ emissions-reduction claims in a bid to dispel greenwashing concerns. . Following public consultation and testing by businesses over the rest of the year, the next version of the code is expected to be released by early 2023. .
Suga’s pledge was followed up at COP26 last November when current Prime Minister Fumio Kishida promised US$10 billion over the next five years to support Asia’s migration from fossil-fuel-fired to zero-emission thermal power, such as ammonia and hydrogen.
The disclosure framework and implementation guidance are open for public consultation until 28 February, 2023. Later in 2023, the TPT will also publish sectoral guidance, including an overview of sector-specific metrics from existing guidance that can supplement the TPT’s disclosure framework. .
The disclosure framework and implementation guidance are open for public consultation until 28 February, 2023. Later in 2023, the TPT will also publish sectoral guidance, including an overview of sector-specific metrics from existing guidance that can supplement the TPT’s disclosure framework. .
Furthermore, expansion to new sectors, faster cuts of the supply of allowances and other climate policies like EU’s fit-for-55 or COP26 adoption of Article 6 are pushing prices up. Besides, a third of the respondents consider offsetting as pure greenwashing. Offsetting is often hypocrisy, and it is swirling around at #COP26.
This builds onto the UK’s existing national commitments, such as the Glasgow Climate Pact from COP26, promising the 2020s to be a decade of action. Unfortunately, with less than eight years left to halve emissions and current national commitments consistent with a 2.4 o C remains highly uncertain. What does a credible strategy look like?
There are disappointments, such as the perceived failure of the UK’s leadership of 2021’s COP26 and the taxonomy delay. Alongside disclosure from corporates, the UK is also working on disclosure from the financial sector on sustainability which will feed into a labelling system for funds in a bid to combat greenwashing. .
At the same time, the credibility of their climate strategies has been brought into question both by greenwashing scandals and recent analyses of the Paris-alignment of fund offerings. . Managers have been under close scrutiny during the current AGM season as their past voting records have not always aligned with their net zero commitments.
The fine print, including who is going to pay into the fund and how much, will be published at COP28 in Dubai, with a transitional committee planning to meet before the end of March 2023. . billion in first-phase financing, provided through grants, concessional loans, investments and risk-sharing instruments over three to five years.
Getting to net-zero – without greenwashing. The last climate conference, COP26 in Glasgow, Scotland, nearly fell apart over frustration that international finance wasn’t flowing to developing countries and that corporations and financial institutions were greenwashing – making claims they couldn’t back up.
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