Asia-Pacific business executives urged emerging economies in the region to issue climate bonds indexed to a basket of currencies, which would reduce the risk from foreign exchange fluctuation in raising funds for clean energy transition. The group of business executives comprising ABAC, which is APEC's Business Advisory Council, also proposed on Sunday launching a pilot…

A global accounting body on Wednesday proposed guidance on how companies can do more to show the impact of climate change on their financial performance, saying standalone disclosures do not give investors the clarity they need. Norms written by the International Accounting Standards Board (IASB) are applied by listed companies in more than 140 jurisdictions,…

The International Accounting Standards Board (IASB), the accounting standards-setting body of the IFRS Foundation, announced the publication of a consultation document, with a series of new proposed illustrative examples aimed at enabling companies to provide investors with better information about climate-related risks and other uncertainties. The IASB provides illustrative examples as non-mandatory guidance accompanying IFRS…

Google announced a new 10-year agreement with power company PacificLight and renewable energy developer RExus Bioenergy to build a wood-to-waste plant in Singapore, and provide clean energy to Google to power its data center and operations in the region. The deal marks the latest in a series of renewable energy announcements for Google in Asia,…

In the last month, two new regulations have been formally adopted: the EU’s Eco-design Sustainable Products Regulation (ESPR) and the Corporate Sustainability Due Diligence Directive (CSDDD). The ESPR is a framework regulation that will eventually require the majority of products sold on the EU market (food and medicine are the only exceptions) to make their products…

The House Judiciary Committee sent letters to more than 130 U.S.-based companies, retirement systems and government pension funds that are members of Climate Action 100+, questioning their involvement in the group, the committee announced Tuesday. In addition to asking for the organizations’ documents on their ESG goals, involvement in the climate coalition and communications with…

Global Reporting Initiative (GRI) and the Taskforce on Nature-related Financial Disclosures (TNFD) have unveiled a joint interoperability mapping resource. This tool outlines the alignment between TNFD Disclosure Recommendations and GRI Standards, aiding businesses in streamlined reporting. Over the past two years, GRI and TNFD have collaborated extensively to develop this resource. It helps GRI’s 14,000…

A record number of environmental and social-related shareholder proposals, 349, went to a vote before U.S. boards in the first half of 2024, according to data unveiled by Diligent Market Intelligence Tuesday. This is up from 319 and 256 for the same time span in 2023 and 2022, respectively. In spite of the record number…

The window for lawmakers to repeal the Securities and Exchange Commission’s climate-risk disclosure rule via the Congressional Review Act closed on Thursday, which marked 60 Senate session days since the rule was published in the Federal Register, according to an emailed release from Petkanas Strategies. Republican lawmakers introduced CRA challenges to the rule in both…

Microsoft announced the purchase of 80,000 Tons of Carbon tons of carbon removals from the Northern California-based Western Rivers Conservancy’s Blue Creek Improved Forest Management Project, facilitated by climate solutions provider 3Degrees. Managed by Oregon-based non-profit conservation organization, Western Rivers Conservancy (WRC), the project generates carbon and sustainable timber revenue, rejuvenating old-growth habitat and improving the…

Global issuance of labelled sustainable bonds – including green, social, sustainability, sustainability-linked, and transition bonds – declined sharply in the second quarter of 2024, as fewer new issuers entered the market and issuers contend with regulatory scrutiny, according to a new report released by Moody’s Ratings. Despite the decline, however, Moody’s notes that the sustainable…

Market Dynamics Driving ESG Evolution Market forces, including shifting ESG regulations, U.S. anti-ESG sentiment, and increasing competition among ESG service providers, are reshaping asset managers and rating agencies’ ESG integration. BlackRock’s New Approach BlackRock, the world’s largest asset manager, is adjusting its engagement and voting strategies on climate issues. The firm’s CEO, Larry Fink, has moved away…