ESG International Weekly News 9/8 - 9/14

1.EU Adopts New Waste Rules: Textile Producers to Fund Recycling, Binding 2030 Food Waste Targets

The European Parliament has passed major updates to the Waste Framework Directive, focusing on cutting textile and food waste. Member states must establish Extended Producer Responsibility (EPR) schemes for textiles, making producers and fashion brands cover the costs of collection, sorting, and recycling. Fees will depend on product durability and circular design. For the first time, the EU has also set binding 2030 food waste reduction targets—10% for processing/manufacturing and 30% for retail, hospitality, and households.

• 📉 Textile waste: 12.6 million tonnes annually, with 78% landfilled or incinerated.

• 🧵 New EPR scope: Includes clothing, footwear, bed/kitchen linen, curtains; e-commerce sellers outside the EU also covered.

• ⏳ Timeline: Member states must set up schemes within 30 months; microenterprises get 1 extra year.

• 🍽 Food waste: 60 million tonnes annually, worth €132 billion.

• 🎯 2030 targets: –10% in processing/manufacturing, –30% in retail, food services, and households.

“This marks the EU’s first binding food waste targets, while ensuring the fashion industry pays for the full lifecycle of its products.”
 

2.ISO and GHG Protocol Partner to Harmonize Global Carbon Accounting Standards

The International Organization for Standardization (ISO) and the Greenhouse Gas Protocol (GHG Protocol) have announced a major new partnership to unify greenhouse gas (GHG) measurement and reporting standards. The collaboration will align existing standards and co-develop new ones, including a joint product carbon footprint standard, aiming to simplify corporate reporting, reduce policy fragmentation, and provide consistent, comparable data for climate action and investment decisions.

• 🤝 Scope of partnership: Harmonization of ISO 1406X family with GHG Protocol’s Corporate, Scope 2, and Scope 3 standards into co-branded international standards.

• 📊 New development: Joint product carbon footprint standard to provide granular value chain data for corporate decarbonization strategies.

• 🏛 Background:

  • ISO (founded 1947) is the world’s leading standard-setting body.

  • GHG Protocol (founded 1997 by WRI & WBCSD) underpins key frameworks including IFRS ISSB and EU ESRS/CSRD.

• 📑 Global impact: Establishes a harmonized global language for carbon accounting, cutting complexity for companies and policymakers.

• Sergio Mujica, ISO: “This is a new era for the carbon accounting landscape.”

• Emmanuel Faber, ISSB: “Consistent, comparable carbon data is essential for investors globally.”

3.🇺🇸 SEC May Revisit IFRS Filing Rules Over ISSB Funding and Governance Concerns

SEC Chair Paul Atkins warned that the Commission could reconsider its 2007 decision allowing foreign companies to file U.S. reports using IFRS instead of U.S. GAAP. His concern centers on the IFRS Foundation’s expanded role funding both the IASB and the ISSB, which could undermine IASB’s independence and financial stability—key conditions for the original rule. Atkins also criticized the EU’s CSRD and CSDDD double materiality requirements, noting potential burdens on U.S. companies operating in Europe. The IFRS Foundation responded that IASB and ISSB operate and are funded independently, and that a long-term funding strategy is underway.

• 📜 2007 ruling: Allowed foreign issuers to use IFRS without U.S. GAAP reconciliation.

• 🏦 SEC concern: Shared funding between IASB and ISSB may weaken IASB’s independence.

• 🌍 IFRS response: Boards remain independent; new funding strategy in progress.

• 🇪🇺 EU regulations: SEC criticizes CSRD and CSDDD’s double materiality approach as burdensome for U.S. firms.
   

• Atkins: “If the IASB does not receive full, stable funding, we may need to review the 2007 decision.”

• IFRS Foundation: “IASB and ISSB operate and are funded independently.”

4.💶⚡ EIB Pledges €17.5B for SME Energy Efficiency, Targeting €65B Investment by 2027

The European Investment Bank (EIB), backed by the European Commission, will provide €17.5 billion over the next three years to support SMEs in improving energy efficiency and decarbonization. The program, expected to benefit over 350,000 businesses, combines debt and equity financing and aims to mobilize more than €65 billion in total investments by 2027. A new “one-stop-shop for energy efficiency for SMEs” will streamline access to financing, while a Commission-led working group will tackle barriers and tailor financing solutions for small businesses.

• 💰 Funding: €17.5B EIB investment, mobilizing €65B total.

• 🏭 Beneficiaries: 350,000+ SMEs across Europe.

• 🛠 Instruments: Debt, equity, and private-sector investment platforms.

• 🏦 Mechanism: Launch of a one-stop-shop to simplify financing access.

• 📑 Policy support: New working group under European Energy Efficiency Financing Coalition.

• 💬 Quotes:

  • Jørgensen: “With more energy-efficient SMEs, we boost our economy, benefit our climate, and keep communities strong.”

  • Calviño: “This is also a key step in strengthening Europe’s competitiveness.”

5.🌍♻️ Una Terra Secures €50M to Scale Circular Economy Solutions

Venture capital fund Una Terra announced it has raised €50 million ($54.5 million) for its Circular Economy Growth Fund, targeting technology-led companies across Europe, the Middle East, and North America. The fund focuses on scalable circular solutions in packaging, waste, food, fashion, and the blue economy, with goals to remove one million tons of plastic waste—equivalent to 100 billion bottles—and avoid two gigatons of CO₂ emissions. A final close is expected in 2026.

• 💰 Funding: €50M secured; final close in 2026.

• 🌍 Focus sectors: Packaging, waste, food, fashion, blue economy.

• 🎯 Impact goals: Remove 1M tons of plastic waste; avoid 2Gt of CO₂.

• 🏢 Portfolio:

  • Pulpex (paper-based liquid packaging)

  • Greyparrot (AI waste analytics)

  • Another Tomorrow (circular fashion brand)

• 🤝 Investors: CDP Venture Capital (Green Transition Fund), Prince Albert II of Monaco Foundation, Deutsche Nachhaltigkeit, family offices.

  • CEO Zerbini: “Sustainability is not a cost, but a value creation opportunity.”

  • Oliver Wenden: “We need bold actions like Una Terra to reconcile economy, finance, and sustainability.”