ESG News Week In Review: 06 May – 12 May
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Welcome back to the ESG News Week In Review!
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ESG News Smart Read Column
Tim Mohin: Flurry of US Climate Actions Unnoticed by Voters
The US has issued a raft of new climate policies in recent months as the Biden administration attempts to shield progress against any future government backtracking.
Key Impact Points:
- EPA’s Methane Reporting Rule: EPA finalizes rule to enhance methane reporting and detection equipment for oil and gas industry emissions.
- Subsidies for Sustainable Aviation Fuel: President Biden introduces tax credits for sustainable aviation fuel with 50% fewer emissions than jet fuel.
- Biden Administration’s Climate Actions: $1.6 trillion committed to climate spending, including the Inflation Reduction Act and coal phase-out, but only 17% spent.
- Voter Awareness and Perception: Despite progress, polls show low awareness and skepticism of Biden’s climate policies, challenging re-election efforts.
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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 [email protected]
ESG Around the World
- Climeworks Begins Operations at World’s Largest Direct Air Capture Plant in Iceland
- Microsoft Signs Worlds Largest-Ever Carbon Removal Deal of 3.3 Million Tonnes with Stockholm Exergi
- Britain’s Climate Action Plan Deemed Unlawful, UK High Court Rules
- S&P Global Reveals: Less than Half of Leading US Companies Have Net-Zero Emissions Goals, Despite Growing Pressure
- 54% of Global CEOs are Committed to Decarbonizing Their Business to Reach Net Zero: EY Survey
- Goldman Sachs Acquires Majority Stake in Environmental Risk Reduction Services Provider Adler and Allan
- Hong Kong Launches Green Finance Taxonomy to Boost City’s Fundraising Credentials
Climate & Energy Transition
- Frontier Facilitates $58M Biomass-Based Carbon Removal Deal for Stripe, Alphabet, McKinsey, JPMorgan
- Mars Announces $47 Million Plan to Reduce Emissions in the Dairy Supply Chain
- Amazon Launches Their Largest-ever Fleet of Heavy-duty Electric Trucks across Southern California
- Renewables Generated a Record 30% of Global Electricity in 2023, Reports Think Tank Ember
- PepsiCo Outlines Plans to Deliver First Net-zero Plant by 2025
- BCG Signs Their Largest-ever SAF Deal to Eliminate 100,000 Tons of CO2 Emissions
Sustainable Finance
- Standard Chartered Commits to Methane Emissions Reduction Target, Enhancing Net Zero Roadmap
- KKR, HASI Partner To Invest $2 Billion In Sustainable Infrastructure Projects
- Allianz Trade and Inclusive Brains Collaborate on AI and Neurotech for Disability Inclusion
- Real Estate Investment Trust OUE REIT Secures $444 Million Sustainability-linked Loan
- EU High-Level Expert Group Proposes 10 Steps to Advance Sustainable Finance in Emerging Economies
- UK and Singapore Enhance Cooperation in Sustainable Finance and FinTech
How I See it Column: By Matthew Sekol
All is Not OK in Oklahoma
In the tumultuous landscape of the US culture wars, fear and values have become the twin engines of US politics. Their combination forms a formidable narrative that sways voters. As a reader of ESG News, you’re likely no stranger to the fact that the latest specter raised by conservatives is ESG.
Key Impact Points:
- ESG in US Politics: Fear and values drive US politics, with ESG emerging as a contentious issue, particularly in fossil fuel-dependent states.
- Unintended Consequences of Anti-ESG Laws: States like Oklahoma face unexpected costs and limitations due to anti-ESG legislation, impacting taxpayers and municipalities.
- Costly Boycotts and Limited Choices: Anti-ESG measures lead to financial burdens and reduced options for financing, as seen in states like Indiana and Texas.
- Call for Considerate Policy: The Oklahoma Rural Association urges policymakers to evaluate anti-ESG laws carefully, emphasizing the importance of considering tradeoffs and stakeholder interests.
Click here to view the full article
Every week ESG News delivers smart commentary from ESG practitioners and experts to unpack issues of the week. Submit your ESG Smart Read to [email protected]
Sustainability Goals, Initiatives and Achievements
- Microsoft Partners with re.green for Largest Carbon Removal Project Worth 3 Million Tons of Carbon Removal Credits
- London Metal Exchange (LME) Plans for Aluminium Producers to Submit Carbon Emission Data by 2025
- How Amazon is Reducing its Carbon Footprint in the UK
- DOE Invests $500 Million to Develop Safe, Reliable CO2 Transportation Infrastructure
ESG Reporting
- BCG’s 2023 Sustainability Report Highlights Progress and Innovative Solutions
- Prince William’s Earthshot Prize 2024 Impact Report Highlights 420k Tonnes Carbon Emissions Avoided
- Plenitude Releases 2023 Financial Statements and Sustainability Impact Report
- Biden-Harris Administration Finalizes Rule to Reduce Methane Emissions in Oil and Gas Sector
- IFRS Foundation and EFRAG Issue Guidance on Interoperability Between Global and European Sustainability Standards
ESG Leaders
- H&M Introduce their Team of Sustainability Experts
- IBM Appoints Christina Shim as New Chief Sustainability Officer
- KfW Appoints Jürgen Kern as New Chief Sustainability Officer
- ExxonMobil Welcomes Maria Jelescu Dreyfus, Renowned Sustainable Investing Leader, to Board of Directors
ESG Investing & Funds
- Blackstone, Vista Equity Partners Complete Acquisition of Energy Market Simulation Software Provider, Energy Exemplar
- S&P Global Reveals: Less than Half of Leading US Companies Have Net-Zero Emissions Goals, Despite Growing Pressure
- KKR, HASI Partner To Invest $2 Billion In Sustainable Infrastructure Projects
- Bloomberg Introduces Customizable Sustainable Investment Screening Tool for Investors
Research & Analysis
- Sustainalytics: UK’s New SDR Rules Increase Requirements for ESG Product Providers‘
- Bain & Company Survey: Only 24% of Companies Ready for New Sustainability Regulations
- European State of the Climate 2023 – New Report Released by WMO and Copernicus ECMWF
Technology, ESG Tools & Services
- ESG Book, SAP Fioneer ESG Solutions Partner to Bring Transparent Sustainability Data Integration
- Meta Uses Artificial Intelligence to Map the Earth’s Forests
Recommended Reads:
ESG Mindset: Business Resilience and Sustainable Growth – By Matthew Sekol
ESG Mindset guides business leaders, ESG specialists and CSR strategists through the nuanced and most thoughtful ways to focus on these core business issues. Equipping readers with an enhanced way to think through complex business decisions and interconnected crises, the book provides accessible perspectives and real-world examples from companies around the world that have implemented a meaningful approach to ESG and learned lessons along the way.
Last Weeks Review: ESG News Week In Review: 29 April – 05 May
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