ESG International Weekly News 12/4-12/10

December 11,2023
Green and White Minimalist Earth Day Instagram Post-35
Resource:ESG TODAY

1.EU Lawmakers Agree on New Rules to Decarbonize Buildings

The European Parliament and Council have reached a provisional agreement to revise the EU’s Energy Performance of Buildings Directive (EPBD). This update aims to significantly reduce energy use and emissions from buildings, a key source of greenhouse gas (GHG) emissions. Key changes include phasing out fossil fuel boilers and requiring all new buildings to be zero-emission by 2030. This initiative is part of the EU’s ‘Fit for 55’ roadmap, targeting a 55% reduction in GHG emissions by 2030 compared to 1990 levels. The new provisions demand that all new residential and non-residential buildings have zero on-site emissions from fossil fuels by 2030 (2028 for public buildings). Additionally, the directive sets ambitious targets for reducing primary energy use in residential buildings and renovating poorly performing non-residential buildings. It also mandates that all new buildings be solar-ready. Member states are required to establish Building Renovation Plans and “building renovation passport schemes” to support the transition to zero-emission buildings. The directive awaits formal adoption before entering into force.


2.Biden Administration Announces Rules to Cut Methane Emissions for Oil and Gas Sector

The Biden administration has announced a new rule by the U.S. Environmental Protection Agency (EPA) targeting a significant reduction in methane emissions from the oil and gas industry. This rule is expected to prevent about 1.5 billion metric tons of greenhouse gas emissions. The standards focus on addressing the largest sources of methane and other pollutants at oil and gas facilities. Methane is a potent greenhouse gas, up to 80 times more powerful than CO2 in warming the planet. The new rule, revealed at COP28, builds on the Biden administration's Methane Emissions Reduction Action Plan from COP27, which included more than $20 billion in investments from the Bipartisan Infrastructure Law and the Inflation Reduction Act. The rule encompasses a phased-in approach to eliminate routine flaring of natural gas, comprehensive monitoring for methane leaks, and new standards for high-emitting equipment. It also introduces a Super Emitter Program for detecting large methane releases. The EPA estimates this rule will achieve a nearly 80% reduction in projected future methane emissions and will significantly benefit public health.


3.EU Lawmakers Reach Deal on Sustainable Product Rules

The European Parliament and Council have reached a provisional agreement on new regulations for an “Ecodesign” framework. This framework aims to establish sustainability requirements for almost all products in the EU, enhancing information available to consumers about the environmental sustainability of products. The new regulation, evolving from the 2009 Ecodesign directive, will focus on making products more energy-efficient, durable, reusable, repairable, and recyclable, and increasingly made from recycled materials. Key aspects of the regulation include a broad range of sustainability aspects like durability, reusability, energy and resource efficiency, and a new “Digital Product Passport” to aid consumers and businesses in making informed purchases. A significant rule is the ban on destroying unsold textiles to reduce environmental impact. The agreement marks a major step towards sustainable consumerism in the EU.


4.Nestlé Shifts Half of its Global Shipping to Green Fuels

Nestlé has announced a significant shift in its global shipping operations, opting to use alternative, lower-emission fuels for half of its shipping needs. The company has partnered with logistics companies Hapag-Lloyd, Maersk, and CMA CGM, committing to green fuels derived from waste. This move is expected to reduce greenhouse gas emissions by about 200,000 tonnes annually and save around 500,000 barrels of crude oil each year. This initiative is part of Nestlé's broader commitment to achieving net-zero greenhouse gas emissions by 2050, with interim goals set for 2025 and 2030. The agreements with these shipping partners are seen as an interim solution, with Nestlé encouraging ongoing development of more sustainable shipping and distribution methods.

雀巢公司宣布,將其全球一半的航運需求轉移到使用替代的低排放燃料。該公司與物流巨頭赫伯羅德(Hapag-Lloyd)、馬士基(Maersk)和達飛海運集團(CMA CGM)簽署了合作協議,承諾使用從廢物製成的綠色燃料進行貨物運輸,預計每年將減少大約20萬噸的溫室氣體排放,並節省約50萬桶原油。這一舉措是雀巢實現到2050年實現淨零溫室氣體排放承諾的一部分,公司設定了2025年和2030年的中期目標。這些與航運合作夥伴的協議被視為一種過渡解決方案,雀巢鼓勵持續開發更可持續的航運和分銷方法。

5.Abu Dhabi, BlackRock, HSBC, others Launch Climate Finance Think Tank at COP28

Dr. Sultan Ahmed Al Jaber, President of COP28, announced the establishment of the Global Climate Finance Centre (GCFC), a new think tank and knowledge hub dedicated to accelerating the development of global climate finance. This includes market design, frameworks, and skills development. Launched at COP28, the GCFC has founding members like Abu Dhabi Global Market (ADGM), ADQ, BlackRock, CIFF, GFANZ, HSBC, Masdar, Ninety One, and the World Bank Group, with its headquarters at ADGM. Larry Fink of BlackRock highlighted the think tank's focus on providing data, analytics, and insights for the transition to a low-carbon economy. The GCFC will support the growth of green finance markets, drive climate finance, catalyze investment in low and zero-carbon initiatives, and address financial framework barriers. Its core functions include research, policy innovation, advisory services, stakeholder engagement, and a Climate Finance Academy for training in the UAE. HSBC's Noel Quinn emphasized the importance of evolving thinking, developing markets, and international collaboration for achieving climate goals.

COP28主席蘇丹艾哈邁德博士宣布成立全球氣候金融中心(GCFC),這是一個旨在加速全球氣候金融發展的新智庫中心。這包括市場設計、框架和技能發展。GCFC於COP28發布,其創始成員包括阿布扎比全球市場(ADGM)、ADQ、貝萊德(BlackRock)、CIFF、GFANZ、滙豐(HSBC)、Masdar、Ninety One和世界銀行集團,總部設在ADGM。貝萊德的拉里·芬克強調了該智庫在為低碳經濟過渡提供數據、分析和洞察方面的關注。GCFC將支持綠色金融市場的發展,推動氣候金融的增長,促進低碳和零碳倡議的國際投資,並解決阻礙投資流動的金融框架問題。其核心功能包括研究、政策創新、諮詢服務、利益相關方參與和一個氣候金融學院,為UAE提供培訓。滙豐的諾埃爾·奎恩強調了思維的演進、市場的發展和國際合作對於實現氣候目標的重要性。