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Welcome back to the ESG News Week In Review!
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ESG NEWS SMART READ OF THE WEEK
Tim Mohin: The Rio Trio – Previewing Three Upcoming COP Summits
This week’s header image is the biodiversity stripes. Similar to the climate stripes, it visually represents how biodiversity has collapsed in the last 50 years. Each line represents a year from 1970-2020 and shows the declining health of global biodiversity, which diminished by 73% during that time.
Key Impact Points:
- Biodiversity COP16 begins with only 25 of 195 countries submitting plans to meet the Montreal Global Biodiversity Framework.
- Upcoming COP29 will focus on climate finance, aiming to increase funding commitments from $100 billion to $500 billion annually for developing nations.
- The Rio Trio Initiative sees the first collaboration between biodiversity, climate, and desertification COPs, highlighting the interconnectedness of global environmental challenges.
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This Smart Read article is contributed by Tim Mohin, Global Sustainability Leader, BCG. Every week ESG News delivers smart commentary from ESG practitioners and experts to unpack issues of the week. Submit your ESG Smart Read to editor@esgnews.com
ESG AROUND THE WORLD
- Google Signs World’s First Corporate Nuclear Energy Deal to Power Clean AI Growth
- Amazon Joins Google in Nuclear Energy Deals for Carbon-Free Growth
- Sustainable Funds Reach Record $3.5 Trillion AUM in 2024: Morgan Stanley Report
- Saudi Arabia’s Public Investment Fund Unveils $20 Billion Plan for Green Projects
- Forbes Middle East Reveals its Sustainability Leaders 2024
- 99% of Insurers Set Low-Carbon Transition Goals Across Investment Portfolios: BlackRock Survey
CLIMATE & ENERGY TRANSITION
- Amazon’s Climate Pledge Fund Leads $500M Investment in X-energy’s Nuclear Reactor Technology
- Meta Pledges $35 Million for Carbon Removal Projects in Partnership with U.S. Department of Energy
- 3M Launches “Green Works” Docuseries to Spotlight Green Jobs and Close the Climate Talent Gap
- Germany Allocates $3 Billion to Help Industries Cut Carbon Emissions
- Greece Aims for Renewables to Account for 82% of Electricity Generation by 2030
SUSTAINABLE FINANCE
- Macquarie Group Commits £20 Billion to UK Infrastructure, Including Nationwide EV Charging Rollout
- U.S. Department of Energy Approves $3 Billion for Two Sustainable Aviation Fuel Projects
- Middle East Issued $16.7 Billion in Sustainable Bonds from January to September 2024: S&P Global Ratings
- Fidelity International Launches Global Blue Transition Bond Fund, Targets Ocean and Freshwater Sustainability
- Canada Raises $2 Billion in Green Bond Reopening, First to Include Nuclear Energy Expenditures
- CalSTRS Awards $150M Sustainability Mandate to Ninety One’s Global Environment Strategy
CARBON MARKETS
- Meta Pledges $35 Million for Carbon Removal Projects in Partnership with U.S. Department of Energy
- Brazil to Consult Indigenous Communities on Carbon Credits Sale
- UK Commits £21.7 Billion to Carbon Capture Despite Project Delays and Rising Costs
RESEARCH & ANALYTICS
- $737 Billion Annual Nature-Based Finance Gap Puts Two-Thirds of Asia’s GDP at Risk, CDP Report Finds
- Over 450 Businesses Advance Nature Positive Solutions to Halve Emissions by 2030
- 65% of Real Estate Participants Set Net Zero Targets: GRESB’s 2024 ESG Benchmark
- Middle East Issued $16.7 Billion in Sustainable Bonds from January to September 2024: S&P Global Ratings
SUSTAINABILITY GOALS, INITIATIVES AND ACHIEVEMENTS
- Over 450 Businesses Advance Nature Positive Solutions to Halve Emissions by 2030
- Saudi Arabia Completes First Hydrogen Train Test in Middle East
- Bloomberg Philanthropies Partners with U20 to Boost Urban Climate Action at G20 Summit
- ADNOC Increases Stake in Fertiglobe to 86.2% to Drive Global Low-Carbon Ammonia Growth
- eBay Expands Circular Fashion Fund to Global Markets with $1.2M Investment by 2025
ESG INVESTING & FUNDS
- 79% of Agrifood Executives Report Revenue Growth from Sustainability Investments: Deloitte Survey
- J.P. Morgan, Capital One Backs BrightNight with $260M Tax-Equity Financing for Solar Project
- ClientEarth Files Greenwashing Complaint Against BlackRock Over ‘Sustainable’ Investment Claims
TECHNOLOGY, ESG TOOLS & SERVICES
- Bloomberg Launches New Tool to Help Investors Assess Biodiversity, Nature-Related Risks
- PwC UK, IFS Collaborate to Help Companies Meet New EU Sustainability Reporting Requirements
- COP29 Azerbaijan Launches Public Sustainability Training to Empower Public Ahead of Climate Summit
- ESG Book Partners with Zfolio to Simplify Financed Emissions Calculations
- IBM Acquires Prescinto to Boost AI-Driven Asset Performance Management for Renewable Energy
- 3M Launches “Green Works” Docuseries to Spotlight Green Jobs and Close the Climate Talent Gap