1) The Platform Recommendations on Data and Usability was released by the EU to provide recommendations related to the EU taxonomy. This document, which is currently being dissected by us , is an overview of suggestions that have been given a high, medium, or low priority depending on how quickly they need to be implemented to satisfy ongoing and future Sustainable Finance reporting requirements.
2) Prior to the COP15 international biodiversity discussions in December, more than 300 firms urged world leaders to compel big corporations to evaluate and publish their impact on the environment by 2030. Countries will attempt to reach an agreement on a new Global Biodiversity Framework at the COP15 conference that will be held in Montreal to address the climate change crisis.
“Without this information, we are flying blind into extinction,” said Eva Zabey, executive director at Business for Nature
3) The UK Financial Conduct Authority suggested regulations to prevent greenwashing or false statements made by companies about the environmental effects of their products or actions. These regulations also include sustainability labels on investment products to correctly use terms like “green,” “sustainable,” and “ESG.”
“Consumers must be confident when products claim to be sustainable that they actually are” says an FCA director.
4) A recent report released by UN Climate Change shows that efforts against climate change have indeed been decreasing GHG emissions but are still insufficient as more action should be taken. With the current combined efforts, it is expected to see an average increase of global temperature of 2.5 degrees Celsius at the end of the century instead of 1.5 degrees. According to the UN’s Intergovernmental Panel on Climate Change, carbon emissions must be reduced by 43% by 2030 to reach the goal at the end of the century.
5) RBC just announced its initial set of 2030 interim emissions reduction targets (initial interim targets) for three important industries—oil & gas, power generation, and automotive as part of its mission of achieving net-zero by 2050. Additionally, they released a framework that describes the method the bank uses to track its progress toward its goal of providing $500 billion in sustainable financing by 2025.
“We know the greatest impact RBC can have to drive emissions reductions in the economy is through partnerships with our clients,” says CEO at RBC.