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…

The number of plastic bags found on UK beaches has plummeted by 80% over the past decade, following the introduction of a mandatory fee for single-use carrier bags. According to the Marine Conservation Society’s (MCS) annual litter survey, volunteers discovered an average of one plastic bag every 100 meters of coastline surveyed last year, compared…

The International Accounting Standards Board (IASB) published a consultation document, proposing eight examples to illustrate how companies apply IFRS Accounting Standards when reporting the effects of climate-related and other uncertainties in their financial statements. The IASB developed these illustrative examples1 in response to strong demand from stakeholders, particularly from investors. They expressed concerns that information…

EFRAG released a report on the early implementation of the European Sustainability Reporting Standards (ESRS) among large EU companies. Supported by Boston Consulting Group (BCG), this study, titled ‘State of Play as of Q2 2024 | Implementation of ESRS,’ highlights preliminary practices and challenges faced by 28 large companies across various sectors. Double Materiality Assessment Companies…

The Global Reporting Initiative (GRI), one of the leading organizations promoting standardized ESG reporting, and the Taskforce on Nature-related Financial Disclosures (TNFD) announced the publication of a joint interoperability mapping resource, a new guide aimed at helping companies looking to report on nature-related and biodiversity risks and impacts using both the GRI Standards and TNFD…

Indian businesses are taking the lead in ESG reporting and prioritizing diversification efforts, outpacing their global counterparts, according to a recent study by DBS Bank. The comprehensive research, titled “Pivotal: How treasury and finance enable a new era of globalisation,” was conducted in partnership with the Financial Times Longitude and surveyed over 570 senior executives…

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published an Opinion on the Sustainable Finance Regulatory Framework, setting out possible long-term improvements. ESMA acknowledges that the EU Sustainable Finance Framework is already well developed and includes safeguards against greenwashing. At the same time, ESMA considers that, in the…