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UN Paper Recommends GRI and ISSB Standards for Sustainable Finance Framework at FfD4

Preparations are underway for the United Nations Fourth International Conference on Financing for Development (FfD4), set to take place in June 2025 in Seville, Spain. A recently published Elements Paper will guide these negotiations, emphasizing the critical role of sustainability reporting in aligning finance with the Sustainable Development Goals (SDGs). The paper recommends that nations adopt…

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Meta Secures Green Energy Credits from U.S. Solar Projects to Support Sustainability Goals

Meta Platforms Inc. has announced a new agreement to purchase green energy credits from four large-scale solar energy projects in the United States, marking another significant step toward meeting its clean electricity objectives. As the demand for power from its data centers continues to grow, the company has increasingly focused on securing sustainable energy sources. The…

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EU Institutions Finalize Compromise on Deforestation Regulation, Implementation Delayed to December 2025

Negotiators from the European Union's key institutions reached a consensus on Tuesday to delay the implementation of the EU Deforestation Regulation by one year. The revised timeline sets the enforcement date for December 30, 2025, while maintaining the regulation’s original provisions without incorporating proposed amendments. The European Commission had proposed the delay in October, citing concerns…

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European Commission Announces €4.6 Billion Investment in Net-Zero and Clean Hydrogen Technologies

The European Commission today revealed a significant investment plan, committing €4.6 billion toward decarbonization and renewable hydrogen projects. This funding, sourced through the EU Emissions Trading System (ETS), underscores the Commission’s dedication to advancing the EU’s climate neutrality goals and strengthening the competitiveness of its green industries. Investment Overview Net Zero Technologies: Two calls for…

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EU Taxonomy FAQs Released: European Commission Simplifies Sustainability Framework

The European Commission has published a comprehensive set of FAQs to assist investors and companies in implementing the EU Taxonomy, the classification system for defining sustainable economic activities. The initiative aims to enhance usability and reduce the administrative burden associated with the EU’s sustainable finance framework. The EU Taxonomy is a cornerstone of the EU Action…

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EFRAG Releases Final Comment Letter on IASB Climate-Related Exposure Draft

The European Financial Reporting Advisory Group (EFRAG) has published its Final Comment Letter regarding the International Accounting Standards Board’s (IASB) Exposure Draft IASB/ED/2024/6, titled Climate-related and Other Uncertainties in the Financial Statements – Proposed Illustrative Examples (the “ED”). Support for IASB’s Illustrative Examples EFRAG expressed strong support for the IASB’s proposed examples, highlighting their potential to enhance the…

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GRI and Japan’s SSBJ Strengthen Partnership Through MoU on Sustainability Reporting

The Global Sustainability Standards Board (GSSB) of the Global Reporting Initiative (GRI) and Japan’s Sustainability Standards Board (SSBJ) have formalized their collaboration with a Memorandum of Understanding (MoU). This partnership, established during a meeting in Tokyo, aims to advance sustainability reporting practices and enhance corporate transparency in Japan and globally. Key Objectives of the MoU: …

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EU Institutions Release Results of “Fit-For-55” Climate Scenario Analysis

The European Supervisory Authorities (EBA, EIOPA, and ESMA – the ESAs), in collaboration with the European Central Bank (ECB), have published the results of the “Fit-For-55” climate scenario analysis. The assessment concludes that while transition risks alone are unlikely to destabilize the EU financial system, combining these risks with adverse macroeconomic shocks could amplify losses…

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COP29 deal reveals growing tensions in global climate collaboration

At the COP29 climate summit in Baku, Azerbaijan, President Mukhtar Babayev delivered a climactic speech on Sunday, securing a $300 billion global climate finance plan to aid developing nations over the next decade. Dubbed the "Baku Breakthrough," the agreement emerged from contentious negotiations and narrowly avoided collapse. Babayev, who prepared two speeches for different outcomes, hailed…

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EU Releases Next Generation EU Green Bonds Allocation and Impact Report 2024

The European Commission has unveiled its NextGenerationEU (NGEU) Green Bonds Allocation and Impact Report 2024, detailing the allocation of proceeds from its green bond issuances and their anticipated environmental impacts. The report highlights that investments funded by the program are expected to reduce greenhouse gas (GHG) emissions by an estimated 55 million tons annually across…

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