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The Royal Bank of Canada is out with a long-awaited net-zero strategy that sets a far softer target than the emerging international standard for financial institutions, while touting its ability to engage with clients in the fossil fuel sector and beyond to drive emission reductions. This article is republished from The Energy Mix.
Over the last decade and a half, a standard form has emerged in which governments and corporations have made their promise to do so: the net-zero target. As a strategy, the net-zero target has been criticized by climate advocates; at its worst, it can be a vague, unenforceable greenwashing program.
Airlines have faced "flygskam" — or flight shame — which has seen some travelers shun air travel, heightening pressure for the sector to demonstrate that it can develop a flight path to net-zero emissions. It is a big business. Between 2008 and 2017, fossil-fuel industry trade associations in the U.S. spent almost $1.4
The International Organization for Standardization (ISO) announced that it has commenced work on the development of a new international standard on netzero, aimed at providing clarity and credibility to organizations’ netzero targets and strategies, and to guard against greenwashing.
The agenda focuses on bridging the gap between innovative visions and tangible actions, with a special emphasis on the energy transition, corporate decarbonization, climate finance, food and agriculture, and adaptation and resilience. You’re invited to explore the agenda and register to be part of these progressive conversation.
Last month, the Canada Pension Plan Investment Board (CPPIB) released its 2022 Report on Sustainable Investing , highlighting its commitment to be net-zero by 2050 and its engagement strategy to pressure companies to manage climate risks. requires an immediate end to fossil fuel expansion and a rapid phase-out of production.
Achieving a net-zero economy is a huge challenge, requiring change on a global scale that impacts the way we live, work and do business. Mahapatra has been leading a global decarbonization of the cooling sector with a particular focus on super pollutant HFCs for more than a decade. But achieving a net-zero economy?
This week in ESG news: SBTi publishes first draft of new corporate netzero standard; Canadas new PM cancels consumer carbon tax; Amazon launches service to sell carbon credits to companies; UBS pushes back netzero goals after acquiring Credit Suisse; BlackRock enhances sustainability characteristics for funds ahead of new regulations; global accounting (..)
The lawsuit comes as companies globally face increasing scrutiny of their environmental sustainability claims, with consumers and regulators increasingly on the lookout for greenwashing, or claims that exaggerate or misrepresent the impact or sustainability profile of products and business operations.
The European Council today announced today that it has reached an agreement on a series of proposals aimed at protecting consumers from greenwashing, setting requirements for companies to substantiate and verify claims and labels regarding the environmental attributes of products and services.
(Photo by Elena Mozhvilo on Unsplash ) Scaling Impact and Strengthening Accountability Toward NetZero Through the B Corp Climate Collective Brigitta Nemes, Senior Manager Environmental Standards at B Lab Global, shares her reflections on a new direction for the B Corp Climate Collective’s work on netzero.
While the report found little progress on advancing corporate climate strategies over the past year, it also highlighted corporate leaders with deep decarbonization commitments and leading initiatives to achieve emissions reductions. Click here to access the 2023 Corporate Climate Responsibility Monitor.
The organizations’ key functions include defining and promoting best practice in emissions reductions and net-zero targets in line with climate science, providing technical assistance to companies who set science-based targets, and providing companies with independent assessment and validation of their emissions reduction targets.
By: Rob Fisher, Maura Hodge, and Bridget Beals, KPMG From top companies committing to net-zero emissions targets to national and international bodies crafting standards and regulations, reporting on ESG topics is quickly becoming a norm of doing business in 2023. Greenhushing refers to a company’s refusal to publicize ESG information.
In the climate world, aviation is referred to as a hard-to-abate sector, alongside other heavy industries — shipping, aluminum, cement and concrete, among others — that aren’t easy to decarbonize through redesign or electrification. aviation sector to achieve a 35 percent reduction in carbon emissions by 2035 and netzero emissions by 2050.
C-aligned climate transition plans; BNP Paribas AM requires portfolio companies to integrate climate component into executive compensation, and more. C-aligned climate transition plans; BNP Paribas AM requires portfolio companies to integrate climate component into executive compensation, and more.
As more issuers aim to finance their net-zero ambitions and transform their business strategies to adapt to rising policy and market risks, labeled sustainable bond issuance from companies in sectors highly exposed to carbon transition is likely to rise this year.” trillion in 2021.
See below for the highlights of the past week, and get all your ESG news at ESG Today: Sustainability Goals, Initiatives and Achievements Microsoft Purchases Carbon Credits Helping U.S.
The Big Five all have commitments to reach net-zero by 2050, but none have published plans that show how they’ll reach their goals. NDP MP Matthew Green asked RBC CEO Dave McKay, “When will you stop the greenwashing and double speak with climate plans when really you’re the companies pouring fuel on the fire?”
Decarbonization. Decarbonization is an effort to actively reduce one’s carbon expenditure into the environment. Decarbonization is an effort to actively reduce one’s carbon expenditure into the environment. When stating net-zero goals, it’s important to clarify the exact action taken by your organization.
COP28 may have not delivered all it promised, but investors now have a clearer idea of how the path to netzero will impact their portfolios. The first-ever mention of “transitioning away from fossil fuels” in COP final text was regarded as a major milestone on the path to netzero, even by those who acknowledged its multiple caveats.
This week in ESG news: EU lawmakers vote to require company climate transition plans; insurers flee netzero industry alliance over U.S. This week in ESG news: EU lawmakers vote to require company climate transition plans; insurers flee netzero industry alliance over U.S. Billion EV Battery Plant to Meet “Soaring” U.S.
This week in ESG news: Germany’s €50 billion industrial decarbonization plan; U.S. This week in ESG news: Germany’s €50 billion industrial decarbonization plan; U.S.
Billion Green Bond Private Equity & Venture Capital JPMorgan Builds Out Sustainable Growth Private Equity Team ESG Data Startup Atlas Metrics Raises €5.2 Million to Build Out Platform Sustainable Protein Company Unibio Announces $70 Million Investment from SIIG Exec Moves Mirova Appoints Zineb Bennani as U.S.
This week in ESG news: EU launches green industrial plan to counter US Inflation Reduction Act; California lawmakers propose rule requiring full value chain emissions disclosure from companies; survey finds large majority of companies boosting spend this year on sustainability initiatives despite headwinds; Amazon sets corporate renewable energy record; (..)
The European Union, China, the United Kingdom and about 20 other countries are developing such taxonomies as a way of discouraging greenwashing and channelling investment to the climate transition. The EU’s taxonomy has been particularly controversial because of its inclusion of natural gas and nuclear as “green investments.”
CPPIB Lags the Field, Earns Praise from Oil and Gas The report acknowledges that some Canadian pension funds have published ambitious climate strategies, emission reduction targets, and decarbonization plans.
Over a 3-year horizon, however, decarbonization was the most-often cited strategic priority, at 43%. For the study, EY’s CEO Outlook Pulse Survey, EY surveyed 1,200 CEOs from large companies across 21 countries and five industries, as well as 300 institutional investors in 21 countries.
If airlines are to meet their net-zero commitments by 2050 – a goal set in 2021 by the industry’s trade association, the International Air Transport Association – they will have to find a substitute for fossil fuels fairly quickly. “So Renewable diesel and SAF are decarbonization solutions that are available today.”.
Trillion in 2023 – But Still Not on Track for NetZero: BloombergNEF More than 80% of Companies Adopting ESG Metrics in Exec Compensation Plans: WTW Study
This week in ESG news: IFRS releases global sustainability and climate reporting standards; Australia to introduce mandatory climate disclosure beginning 2024; AstraZeneca announces $400 million reforestation and biodiversity investment; IBM survey finds surge in CEOs with pay tied to ESG goals; UK environment minister quits over government’s climate (..)
I am very proud of our work toward achieving our 2030 Corporate Responsibility Commitment goals—including a bold 60 percent reduction in greenhouse gas emissions from operations on a journey to netzero by 2050, as well as a 99 percent or more reduction in process emissions of fluorinated organic compounds.
The new S&P BOCHK China Hong Kong Greater Bay Area NetZero 2050 Climate Transition Index is designed to measure the performance of companies in the bay area, while achieving a variety of decarbonization targets.
See below for the highlights of the past week, and get all your ESG news at ESG Today: Sustainability Goals, Initiatives and Achievements American Airlines Signs Carbon Removal Agreement with Cleantech Startup Graphyte Dow to Build $6.5
Julien Beaulieu 29, Gatineau, QC law lecturer, Université de Sherbrooke Almost half the world’s largest corporations have pledged to go net-zero, but far too many of them are “climate-washing,” Julien Beaulieu says. Robert Raynor 27, Toronto net-zero coordinator, TAS Toronto, like many Canadian cities, is in a housing crisis.
Join thousands of companies seizing the opportunities of climate action for a netzero, 1.5°C-aligned As customers demand greener products and services, investors seek out the next big climate solution, and governments legislate to cut emissions, companies know they need to decarbonize, and fast.
These claims are a result of the increasing pressure on companies from regulators, customers, investors, employees and trade unions to provide a greater degree of environmental accountability — that’s the reason you see “Made in a NetZero Factory” printed on your cosmetics, for example.
Net-zero emissions companies is one of the fastest-growing business trends. According to scientists achieving net-zero before 2050 is critical to keeping us safe from the catastrophic consequences of climate change. Still, many organizations struggle to make their first steps to become Net-Zero companies.
On the decarbonization front, Moody’s highlights the pressures likely to face sectors that are highly exposed to carbon transition risks that have yet to disclose detailed transition plans, such as oil and gas, mining and agriculture. Click here to access Moody’s 2023 ESG Outlook.
bank to commit to net-zero emissions generated from its financing activities by 2050. . Signatories agree to implement decarbonization strategies in line with the Paris Agreement. Because yahoos such as me write critical columns about how they’re greenwashing or failing to do enough.
Every business that has made a net-zero commitment is part of an unprecedented global experiment. We know the destination we are trying to reach and science is very clear on the deadline – emissions cut in half by 2030 and net-zero by 2050. However, we are determining the route as we move and learning as we go.
SB 253: Climate Corporate Data Accountability Act The common phrase in the GHG accounting world “you can't measure what you can't track" underlines the fact that decarbonization action starts with GHG emissions accounting. In this article, we'll summarize each new law as well as outline the likely impact on businesses.
Australian Securities Regulator Warns it’s on the Lookout for Greenwashing. Citi, ING, SocGen to Develop Finance Framework to Decarbonize Aluminum Sector. Brookfield Raises $15 Billion for Largest-Ever NetZero Transition Fund. UK Launches “Green Nudge” Initiative to Encourage Sustainable Investment Choices.
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