1) The Environmental Disclosure Platform CDP has found that almost 55% of S&P 500 companies are almost fully compliant with the TaskForce on Climate-related Financial Disclosures ( TCFD ) guidelines.
CDP’s Global Director of Climate Change, Amir Sokolowski, stated : “Disclosure must go beyond the impacts captured by the TCFD recommendations. Rather than focusing only on financial and risk-based data.”
2) On Sep 21, 2022, the Climate Data Steering Committee announced their recommendations, also supported by the United Nations General Assembly, known as the Net-Zero Data Public Utility ( NZDPU ) that will be open for feedback until October 20, 2022.
The committee recommends:
1) That the fundamental information required to support and scale the transition be made widely available.
2) The Utility should be developed and constructed such that it can be a component of the Global Climate Action Portal of the United Nations Framework Convention on Climate Change (UNFCCC).
The aim of the NZDPU is to resolve data omissions, contradictions and inconsistencies, and accessibility issues that hinder climate action.
3) Due to the increasingly strict decarbonization pledges, Wall Street Banks like JPMorgan, Morgan Stanley, and Bank of America are warning to withdraw from Mark Carney’s financial alliance in the combat against climate change. Representatives and members of the alliance were startled after finding out they had been blindsided and not informed about a more rigorous UN climate criteria which could cause legal problems for the banks.
“What if we get it wrong, make a mistake or someone lies? Then the bank can be sued, that is an unacceptable risk” expresses one senior executive at one of the banks.
4) We reported in previous newsletters that following the inclusion of fossil gas as an eligible activity in the EU taxonomy, environmental groups and NGOs have argued that this goes against the European Union’s vision of “achieving cleaner, cheaper and more secure energy” and that this law contradicts the EU’s obligations to the Paris Agreement. A lawsuit was issued and there currently is 22 weeks until the EU Court of Justice judges on the matter of whether the law should be retracted.
5) Korea’s Ministry of Environment has recently announced that nuclear energy was going to become a part of the country’s “environmentally sustainable economic activities”. This has resulted in major repercussions from environmental organisations that argue that Korea is not meeting international standards. In response, the ministry stated this decision follows the EU’s new recommendation where fossil gas is considered sustainable, and that the Korean government will safely store and get rid of the natural waste.