The European Financial Reporting Advisory Group (EFRAG) has finalized its due process on the Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7 and submitted its Endorsement Advice Letter to the European Commission. Background Published by the International Accounting Standards Board (IASB) on 18 December 2024, the Amendments aim to enhance the financial…

The European Banking Authority (EBA) has released detailed Environmental, Social, and Governance (ESG) risk management guidelines, setting a framework for EU financial institutions to address climate, social, and governance risks effectively. Effective Dates Large institutions: Comply by January 11, 2026 Small and non-complex institutions: Comply by January 11, 2027 Core Focus Areas Governance…

The Platform on Sustainable Finance (PSF) has launched a public consultation to gather feedback on proposed updates to the EU Taxonomy, the European Union's framework for classifying sustainable economic activities. The proposed revisions aim to simplify criteria, expand covered sectors, and enhance the usability of the sustainable finance system. Key Proposals and Updates: New…

The European Union has officially enacted the updated Construction Products Regulation (CPR), replacing the 2011 framework to modernize the construction industry and enhance competitiveness across the EU Single Market. A key feature of the new regulation is the introduction of Digital Product Passports, offering detailed data on product performance, safety, and sustainability. These digital tools will…

Los Angeles is under siege as massive wildfires, fueled by dry conditions and hurricane-force winds, ravage the city, claiming five lives and displacing over 100,000 residents. The blazes have consumed iconic neighborhoods, including Hollywood Hills and Pacific Palisades, destroying celebrity homes and landmarks. Key Highlights: Extent of Fires: Six major wildfires are burning, with three at…

A new Future of Jobs Report 2025 reveals that technological advancements and climate priorities are set to reshape global labor markets, with 60% of businesses projected to undergo transformative changes by 2030. The report, which draws insights from over 1,000 global employers across 22 industries, highlights the growing demand for AI and sustainability expertise,…

As climate change intensifies, businesses worldwide are confronting increasing risks tied to water scarcity, floods, and poor water quality. Agriculture accounts for 70% of global freshwater use, but sectors like textiles, pharmaceuticals, and semiconductors are equally reliant on this vital resource. Historically viewed as an abundant commodity, water is now a pressing concern for businesses as…

U.S. renewable diesel and biodiesel producers ramped up operations in October, achieving multi-month utilization highs driven by improved margins, according to advisory group AEGIS Hedging. Renewable diesel producers utilized 77% of total operable capacity in October, the highest since July 2024. Biodiesel plant utilization reached 89%, a peak not seen since June 2023. The rebound comes…

Former UN Environment assistant secretary-general, Satya Tripathi, is challenging conventional approaches to environmental finance with a bold grassroots initiative. Launching this month at the World Economic Forum in Davos, the Green Economy Accelerator for a Just Transition (GREAT) aims to empower smallholder farmers and promote sustainable practices at the village level in India. Rejecting top-down strategies,…

The U.S. Treasury Department plans to release long-awaited guidance later this week on accessing tax credits for hydrogen production under the 2022 Inflation Reduction Act, according to sources familiar with the matter. The guidance will clarify how hydrogen produced using nuclear power could qualify for the credits. A key point of contention has been whether existing…

The Biden administration announced Monday its decision to safeguard the Ruby Mountains in northeast Nevada from oil, gas, and geothermal development for the next 20 years. The Interior Department approved a U.S. Forest Service application to withdraw 264,442 acres of federal land in the Ruby Mountains from mineral and geothermal leasing. This move temporarily halts development…

As COP29's Energy Day kicks off, a stark new report from non-profit CDP highlights a troubling shortfall in corporate renewable energy adoption. Nearly half of the global companies analyzed use no renewable electricity, underscoring the urgent need for accelerated action to combat climate change. The report analyzed nearly 10,000 companies, accounting for a quarter of global…