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Tim Mohin – NY Climate Week 2024: 5 Key Takeaways

The SEC’s beleaguered ESG agenda took another hit this week as their Enforcement Division’s Climate & ESG Task Force, set up three years ago, was quietly disbandThe world’s climate experts, influencers, and changemakers descended on New York City for this year’s largest climate event. With more than 100,000 attendees and 600+ events, Climate Week took over parts of the city with almost a festival-like atmosphere – Climate-chella anyone?

Key Impact Points:

1. Regulatory Pressure: Companies are bracing for stricter climate reporting rules like the EU’s CSRD, causing compliance challenges.
2. Realism Over Ambition: Focus has shifted from 1.5°C goals to practical actions, targeting “below 2°C” warming.
3. Voluntary Carbon Markets (VCM): Despite past criticism, VCM is gaining attention as a key part of global decarbonization.
4. Improved Reporting: New updates to GHG Protocol and partnerships like CDP aim to make climate data more accessible and transparent.
5. Geopolitical Roadblocks: Mistrust between nations and vested interests are slowing global climate progress.

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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]

CLIMATE WEEK 2024 HEADLINES

• Earthshot Prize 2024 Finalists Announced: Who They Are, What They’re Solving, and Why It Matters
• Siemens Launches Digital Decarbonization Tool at Climate Week NYC to Help Simplify the Path to Net-Zero Facilities
• Climate Week NYC Outshines COP29: Convenience and Leadership Drive Attendance Shift
• Schneider Electric Drives Global Decarbonization at Climate Week NYC 2024
• Climate Week NYC Opening Ceremony: Key Principles for Climate Action—Who, What & Why
• Climate Week NYC 2024 Top 10 Programs On Climate Finance
• Climate Week NYC Unveils Urgent 12-Month Action Plan to Combat Global Warming

ESG AROUND THE WORLD

• CDP and NZDPU Collaborate to Unlock Free Public Access to Critical Corporate Climate Data Worldwide
• Billie Eilish Teams Up with Google Maps for Sustainable Touring
• 64% Globally Feel that Environmental Factors Have Become More Material, or Financially Relevant: Morningstar Survey
• IFRS Foundation Publishes Guide to Help Companies Voluntarily Apply ISSB Standards Amid Investor Demand
• 69% of executives say that anticipating stricter future regulations is a key driver of sustainability initiatives: Capgemini Report
• EU Commission Launches Public Consultation on Flight Emissions Label to Standardize Airline CO₂ Reporting
• Air France-KLM and TotalEnergies Expand Sustainable Aviation Fuel Partnership with 1.5 Million-Ton Deal

CLIMATE & ENERGY TRANSITION

• Bloomberg Expands Climate Solutions to Enhance Corporate Transition Risk Assessments and Net Zero Alignment
• FTSE Russell Launches Two New Fixed Income Indices to Support Investors’ Climate Commitments Using TPI Data
• Michael R. Bloomberg and Mary Schapiro Announce Beta Launch of Digital Platform to Boost Climate Finance Capacity for Financial Institutions
• UAE to Announce New Climate Plan Before COP29, Setting Global Precedent
• Masdar to Acquire Saeta Yield’s 745MW Renewable Energy Portfolio from Brookfield for $1.4 Billion

And More…

SUSTAINABLE FINANCE

• Climate Asset Management and Apple’s Restore Fund Secure Over $1 Billion for Natural Capital Projects to Restore Global Landscapes
• BBVA Invests $200 Million in KKR’s Global Climate Strategy, Forming Strategic Partnership to Support Decarbonization
• Hong Kong Sets Stage for Global Sustainability Reporting Standards with HKFRS S1 and S2
• Morgan Stanley Leads $33 Million Series-C Funding for Datamaran to Accelerate ESG Software Growth and AI Initiatives
• Brookfield Secures $2.4 Billion for Clean Energy in Emerging Markets
• Deutsche Bank Enhances Ocean Protection Policies Under #BackBlue Initiative

And More…

CARBON MARKETS

• H&M Group Joins LEAF Coalition in Landmark Deal to Combat Amazon Deforestation
• Microsoft Expands Partnership with UNDO to Remove 15,000 Tonnes of CO₂ via Enhanced Rock Weathering
• Nokia Launches Private Wireless Sustainability Calculator to Drive Emissions Reductions and Efficiency Gains for Industry 4.0
• U.S. CFTC Approves First Guidelines for Trading Voluntary Carbon Credit Derivative Contracts
• Patch Releases a Carbon Credit Playbook for Chief Sustainability Officers
• H&M Group Joins LEAF Coalition in Landmark Deal to Combat Amazon Deforestation
• S&P Global Launches World’s First Daily Carbon-Accounted Iron Ore Price Assessments

RESEARCH & ANALYTICS

• 69% of executives say that anticipating stricter future regulations is a key driver of sustainability initiatives: Capgemini Report
• 64% Globally Feel that Environmental Factors Have Become More Material, or Financially Relevant: Morningstar Survey

SUSTAINABILITY GOALS, INITIATIVES AND ACHIEVEMENTS

• Deloitte Implements GreenLight Powered by Salesforce in Over 120 Countries to Advance Sustainability and ESG Reporting
• Fortescue & Liebherr’s Historic $2.8 Billion Green Mining Deal

ESG INVESTING & FUNDS

• FTSE Russell Launches Two New Fixed Income Indices to Support Investors’ Climate Commitments Using TPI Data
• New York State Insurance Fund Reduces Carbon Exposure by 40% Through Coal Divestment and Investment in Responsible ETF
• IFRS Foundation Publishes Guide to Help Companies Voluntarily Apply ISSB Standards Amid Investor Demand

TECHNOLOGY, ESG TOOLS & SERVICES

• Schneider Electric’s Building Decarbonization Calculator Accelerates Net Zero Pathways
• Deloitte Implements GreenLight Powered by Salesforce in Over 120 Countries to Advance Sustainability and ESG Reporting
• Siemens Launches Digital Decarbonization Tool at Climate Week NYC to Help Simplify the Path to Net-Zero Facilities
• Nokia Launches Private Wireless Sustainability Calculator to Drive Emissions Reductions and Efficiency Gains for Industry 4.0
• Eurofins’ New Deforestation Assessment Tool Aims to Meet EU Standards