ESG 國際新聞週報 1/15-1/21

January 23,2024
Green and White Minimalist Earth Day Instagram Post-39
Resource:ESG TODAY

1.EU Parliament Approves New Law Banning Misleading Product Sustainability Claims

The European Parliament voted overwhelmingly to adopt a new anti-greenwashing law, aiming to ban misleading commercial practices like generic claims of products being "environmentally friendly" or "climate neutral." The law stems from EU Commission proposals to amend consumer protection rules to include green transition considerations. It mandates clearer product labels, bans unproven environmental claims, and regulates sustainability labels to only those with official certification. The law also focuses on product durability, requiring visible guarantee information and a harmonized label for goods with extended guarantees. The legislation, which must be approved by the EU Council, gives member states two years to integrate it into national law. Additionally, the EU Commission proposed a “Directive on Green Claims” to ensure companies substantiate their environmental claims.


2.Australia Proposes New Law Requiring Mandatory Climate Reporting for Companies

The Australian government has introduced draft legislation mandating climate-related reporting for large and medium-sized companies. This includes disclosures on climate risks, opportunities, and greenhouse gas emissions. The law aims to provide transparency and certainty for investors and companies in the net zero transformation. It follows consultations and announcements throughout 2022 and 2023, with standards based on the International Sustainability Standards Board's (ISSB) guidelines. Reporting requirements cover material climate risks, Scopes 1, 2, and 3 emissions, and governance processes. The legislation will affect public and large proprietary companies, with phased implementation starting July 2024 for the largest entities, and gradually including smaller companies by 2027. The law also introduces phased-in Scope 3 reporting and assurance requirements for climate reports.


3.Barclays Launches New Sustainable Banking Business

Barclays has announced the formation of a new Sustainable Banking Group within its Capital Markets division, merging its Sustainable Capital Markets and ESG Advisory teams. This move aims to address clients' sustainability needs across various industries. The new group, led by Susan Barron and Cindy Quan, will integrate expertise in M&A, Equity, Debt, and Risk Management to provide customized client support. This initiative is part of Barclays' broader commitment to sustainable finance, evidenced by its recent establishment of an Energy Transition Group and a goal to facilitate $1 trillion in sustainable and transition financing by 2030. The group's focus is to assist clients in navigating the transition to a low carbon future and to work closely with other teams like Sustainable Project Finance.


4.KIRCHHOFF Signs €130 Million Green Steel Supply Deal with H2 Green Steel

KIRCHHOFF Automotive, a global automotive supplier, has entered into a significant seven-year, €130 million agreement with H2 Green Steel to purchase near-zero emissions steel, marking a crucial step in decarbonizing its supply chain and achieving its environmental sustainability objectives. In KIRCHHOFF's supply chain, steel is a primary material, representing half of its material purchases, and conventional steel and aluminum production are major contributors to its carbon footprint. This strategic move is in response to the automotive industry's increasing demand for sustainable vehicle components. H2 Green Steel, established in 2020, is at the forefront of environmentally-friendly steel manufacturing, developing a green steel plant in Boden, Sweden. This plant will utilize innovative green hydrogen technology and renewable energy sources to significantly reduce CO2 emissions typically associated with steel production. The plant aims to start production in 2025 and produce 5 million tons of nearly fossil-free steel by 2030. Deliveries of green steel to KIRCHHOFF's European plants are expected to commence in 2027. Additionally, KIRCHHOFF and H2 Green Steel plan to collaborate on a circularity initiative, aiming to recycle at least 30% of steel scrap back into H2 Green Steel's manufacturing process, thus enhancing sustainability efforts in the automotive supply chain.


5.Green Steel Startup Element Zero Raises $10 Million
Element Zero綠色材料平台公司,已獲得1000萬美元的種子融資

Element Zero, a green materials platform company, has secured $10 million in seed funding to enhance its platform focused on decarbonizing iron and other critical metals production. Founded in 2022, the company uses a unique, non-aqueous electrochemical process to convert iron ore and other metals into pure forms with zero carbon emissions. This process is more energy-efficient, utilizing 30-40% less energy than traditional methods and can be powered by intermittent renewable sources like wind and solar. Located in Western Australia, near major iron ore ports, Element Zero plans to produce 2.7 million tons of high purity iron annually from five million tons of iron ore feed. The funding will be used to expand R&D, engineering, and project development teams, and to develop a pilot iron plant. The funding round was led by Playground Global, whose co-founder, Peter Barrett, highlighted Element Zero's potential to transform Western Australia into a sustainable foundry hub.

Element Zero,一家綠色材料平台公司,已獲得1000萬美元的種子融資,以擴大其旨在對鐵和其他關鍵金屬生產進行脫碳的平台。該公司成立於2022年,使用一種獨特的非水電化學過程將鐵礦石和其他金屬轉化為純淨形式,同時實現零碳排放。這個過程比傳統方法更節能,使用的能源比傳統的煤炭和天然氣過程少30-40%,並可由風能、太陽能等間歇性可再生能源驅動。Element Zero位於西澳大利亞,靠近負責近55%世界海運鐵礦石供應的港口,計劃每年從500萬噸鐵礦石原料中生產約270萬噸高純度鐵。該公司將使用新資金擴大研發、工程和項目開發團隊,並開發一個試驗性鐵廠。本輪融資由早期風險投資公司Playground Global領投,其聯合創始人兼普通合夥人Peter Barrett已加入公司董事會。Barrett強調了Element Zero將西澳大利亞轉變為可持續鑄造中心的潛力。