Author: Amy Cox

On December 22nd, the European Financial Reporting Advisory Group (EFRAG) released three crucial documents for companies navigating the new European Sustainability Reporting Standards (ESRS) under the Corporate Sustainability Reporting Directive (CSRD).  This includes drafts for EFRAG IG, which deals with the requirements on the materiality assessment in ESRS and EFRAG IG 2 with the value chain aspects in ESRS. Draft EFRAG IG 3 contains the detailed ESRS data points as a Microsoft Excel workbook with an accompanying explanatory note. The drafts contain thirteen and seven key points respectively that you can read directly here: IG 1 (materiality) IG 2 (value…

Read More

The Department of Transport claims it would be ‘grossly unfair’ for the taxpayer to cover the costs of the UK’s SAF production ambitions. The letter, organised by Transport & Environment and endorsed by a host of environmental campaign groups and think tanks, calls on the government to follow through on its commitment to become a “world leader” in SAF production with its revenue certainty mechanism, but urges that the cost of this should not fall on the UK taxpayer.  The revenue certainty mechanism was announced in September and aims to provide investors with greater certainty in the industry and drive…

Read More

The UK government has announced the successful completion of the first hydrogen allocation round, awarding contracts to 11 projects for the development of commercial-scale green hydrogen production facilities. The 11 projects, which have been selected from an initial list of 17, have a combined generation capacity of 125MW and are spread across eight regions in England, Scotland, and Wales. These facilities will be used to produce hydrogen to decarbonise hard-to-abate industries, such as industrial processes and heavy transport. Announced today (14 December), the successful projects will receive £2 billion of revenue support from the government’s Hydrogen Production Business Model (HPBM)…

Read More

The draft, which is still being negotiated, proposes to “reduce” rather than “phase out” fossil fuels, a significant retreat from previous commitments to accelerate the transition to clean energy. The removal of language specifying a “phase-out” of fossil fuels has faced criticism from climate-vulnerable nations, branding it a “missed opportunity” to take decisive action to avert catastrophic climate change.  Moreover, the draft’s use of the word “could” instead of “shall” suggests that the outlined measures are not mandatory, leaving ample room for interpretation and inaction, potentially emboldening fossil fuel producers who have long resisted stricter emissions’ reduction measures. The relevant…

Read More

A record number of companies disclosed their environmental performance data to CDP in 2023, but ambition continues to ‘fall short’. Over 23,000 companies reported to CDP in 2023 according to its latest factsheet, representing $67 trillion (£53trn) in market capitalisation. This marks a significant increase from the 18,700+ companies that disclosed through CDP in 2022, demonstrating a growing commitment among companies to environmental transparency and accountability. The increase in disclosures was particularly pronounced in Europe, which saw a 193% rise over the past three years. Asia followed closely behind with a 172% increase, while Australia and Africa lagged behind with…

Read More

The IFRS Foundation has launched a knowledge hub to support the use of the ISSB Standards, which are expected to be adopted by many jurisdictions from 2024 onwards. The ‘IFRS Sustainability hub’, which went live at COP28’s Climate Action Day, is a key component of the IFRS Foundation’s capacity building programme, a systematic approach of knowledge and skills development around the ISSB standards.  The standards offer a comprehensive global baseline of sustainability disclosures and have been embraced by investors, companies, governments, and regulators, providing a global baseline for understanding sustainability risks and opportunities. Included in the hub are a wide…

Read More

In a pivotal moment, governments have unanimously agreed to establish a Loss and Damage Fund at COP28, providing a long-awaited source of funding to assist developing nations grappling with the devastating impacts of climate change. The ‘historic agreement’, has been hailed as a beacon of hope for communities on the frontlines of the climate crisis, offering a much-needed lifeline to rebuild, adapt, and cope with the intensifying effects of climate change.  The newly established fund, to be administered by the World Bank, will initially provide an annual pool of “at least” $100 billion by 2030, with the potential to increases…

Read More

H&M Group has announced the launch of a new collaborative finance tool that will help suppliers reduce greenhouse gas emissions. The tool is part of the company’s Green Fashion Initiative, which provides funding to suppliers to invest in technologies and processes that can help them reduce their environmental impact. The new tool is a partnership between H&M Group, DBS Bank, and Guidehouse. It will provide suppliers with access to “highly favourable” terms for financing from DBS and technical support from sustainability consultant, Guidehouse, to implement factory upgrades that will reduce their climate impact. “H&M Group has been engaged in climate…

Read More

A staggering number of consumers believe that at least some brands engage in greenwashing, according to research from brand engagement platform PicoNext. The study, titled “Digital Product Passports: Unlocking Sustainability Transparency,” surveyed 1,001 online consumers in the US and Europe to gauge their attitudes towards sustainability transparency. The findings suggest that while sustainability remains a crucial factor in purchasing decisions for many consumers, there is a widespread perception of greenwashing practices. Over 70% of respondents stated that sustainability influences their purchasing decisions, yet a staggering 91% expressed their belief that some brands engage in “greenwashing”. This disconnect highlights the need…

Read More

Prime Minister Rishi Sunak has unveiled £29.5 billion of new investment for thriving UK sectors, triple the sum raised at the last Global Investment Summit in 2021. Sunak says the investments, which were announced at the Global Investment Summit yesterday, will, “create thousands of new jobs and are a huge vote of confidence in the future of the UK economy” will impact several industries, such as tech, life sciences, infrastructure, housing and renewable energy. In a move to expedite the UK’s transition to a low-carbon energy system, Spanish electric utility company Iberdrola has pledged to invest £7 billion as part…

Read More