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2096 articles · Page 173 of 175
Hong Kong Introduces IFRS-Aligned Sustainability Reporting Standards
The Hong Kong Institute of Certified Public Accountants (HKICPA) has released drafts for new sustainability and climate-related reporting standards, fully aligned with the IFRS Foundation’s International Sustainability Standards Board (ISSB). These standards are proposed to be effective from August 2025. The initiative follows the Hong Kong government’s vision to develop a robust sustainability disclosure framework for companies, including financial institutions, aligning with global reporting practices. The HKICPA’s proposed standards, HKFRS S1 and S2, mirror IFRS S1 and S2, which were developed by ISSB to offer investors consistent information on companies’ sustainability risks and opportunities. A technical feasibility study conducted in June 2024 supported this alignment. HKICPA President Roy Leung highlighted that these standards will improve the reliability and comparability of sustainability data for investors, while ISSB Vice Chair Jingdong Hua emphasized the benefits of global consistency. The HKICPA is inviting public comments on the drafts until October 27, 2024.
30 September 2024by Sourav Das
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Utility Global Raises $53M to Decarbonize Industry with Electricity-Free Hydrogen Technology
Utility Global, a clean fuel startup, has raised $53 million in a Series C funding round to commercialize its innovative eXERO technology, which converts industrial off-gases into clean hydrogen without the use of electricity. This breakthrough is aimed at helping decarbonize hard-to-abate industries like steel, where renewable energy capacity is limited. The technology leverages the energy within waste gases, offering a cost-effective and scalable alternative to traditional carbon-intensive methods. The funding round was led by the OPG Pension Plan, alongside investors such as ArcelorMittal’s XCarb Innovation Fund, Ara Partners, and Aramco Ventures. The new capital will accelerate eXERO’s commercialization, with plans to deploy the first commercial units by 2026. Utility Global’s recent success includes a demonstration at a steel facility, producing hydrogen from blast furnace off-gases. The company has also partnered with ArcelorMittal to develop commercial facilities at its steel plants, pushing forward industrial decarbonization efforts.
29 September 2024by Sourav Das
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The Growing Importance of ESG: 64% of Asset Owners Prioritize Environmental Impact
The rising importance of environmental, social, and governance (ESG) factors in investment strategies is reshaping priorities for global asset owners. According to Morningstar's Voice of the Asset Owner Survey, 64% of asset owners now prioritize environmental issues, a notable increase from 52% in 2023. Climate change, especially the transition to net zero emissions, stands out as the top concern for 55% of respondents. This shift highlights the growing materiality of climate risks in financial decision-making and the alignment of ESG considerations with fiduciary responsibilities. Additionally, 78% of asset owners believe active engagement with portfolio companies is the most effective way to drive ESG policies. However, asset owners stress the need for more accurate, standardized ESG data, with 43% identifying data quality as crucial for improving sustainable investment practices. As environmental concerns take precedence, ESG integration continues to evolve as a critical component of long-term financial strategies.
29 September 2024by Sourav Das
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Climate Change Impacting 75% of Farmers Globally: Survey Highlights Need for Innovation
The 2024 Farmer Voice survey, conducted by Kynetec for Bayer, reveals that 75% of farmers globally are experiencing the effects of climate change or are concerned about its future impact. Key challenges include reduced crop yields, pest attacks, and financial losses due to extreme weather events. In India, 41% of farmers cite pest attacks as their primary issue, while rising costs of crop protection chemicals and labour shortages add further stress. Despite these hurdles, 80% of Indian farmers are willing to adopt new technologies, though high costs pose barriers. Regenerative agriculture is also gaining traction, with 80% of Indian farmers employing soil-health-focused practices, though awareness of the term remains limited. The survey underscores the need for increased innovation and collaboration between farmers, businesses, and society to build resilient, sustainable farming systems that can withstand the growing impacts of climate change.
27 September 2024by Sourav Das
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Schneider Electric Launches Innovative Building Decarbonization Calculator for Energy Efficiency and Emissions Reduction
Schneider Electric has launched its Building Decarbonization Calculator, a digital tool aimed at helping building owners and operators reduce energy consumption and carbon emissions. The tool enables users to explore energy and carbon conservation measures (ECCMs), with recommendations tailored to comply with global decarbonization regulations, such as New York City’s Local Law 97 and the European Union’s net-zero carbon requirements by 2030. Built on data from 500,000 building performance models, the system prioritizes retrofit plans based on both carbon impact and financial return on investment (ROI), making it easier to plan for energy savings and regulatory compliance. A case study in Boston demonstrated potential energy savings of $3.7 million and $1 million in avoided fines, with a seven-year ROI. Developed in partnership with JLL and C.scale, the calculator supports sectors like retail, hospitality, and healthcare, offering scalable, customized decarbonization pathways.
27 September 2024by Sourav Das
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U.S. House Passes Controversial Anti-Woke Bill Targeting Diversity, Equity, and Inclusion in Higher Education
The U.S. House passed a controversial bill targeting DEI initiatives in higher education, sparking debate over academic freedom and inclusivity as it moves to the Senate.
24 September 2024by Sourav Das
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Global Solar Power Surges as Costs Plummet, Set to Overtake Coal by 2024
Global solar power is set to surpass coal by 2024 as costs plummet. This shift marks a pivotal move toward cleaner energy and sustainability worldwide.
24 September 2024by Sourav Das
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Accenture and UN Spotlight AI's Role in Advancing Sustainable Development Goals Amid Global Crises
Accenture and the UN highlight how generative AI can accelerate progress on Sustainable Development Goals, offering innovative solutions amid global crises.
23 September 2024by Sourav Das
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Ursula von der Leyen Unveils New EU Commission Team to Tackle Climate Action and Competitiveness
Ursula von der Leyen announces a new EU Commission team focused on climate action, security, and competitiveness, aiming to drive sustainable policies and boost economic growth in Europe.
21 September 2024by Sourav Das
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SBTi Enhances Corporate Net-Zero Standard to Refine Emission Neutralization
The SBTi has updated its corporate net-zero standard, emphasizing genuine emissions reductions over offsetting, and enhancing transparency and accountability for companies' climate actions.
19 September 2024by Sourav Das
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BlackRock, Microsoft, and GIP Unite to Launch $100 Billion Investment Fund for AI, Energy Infrastructure, and Sustainability
BlackRock, Microsoft, and GIP have formed a partnership to raise $100 billion for investments in AI, energy infrastructure, and sustainability, aiming to drive transformative change.
19 September 2024by Sourav Das
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Vanguard Reports 24% of Investors Opt for ESG Policies in Proxy Choice Pilot
Vanguard's proxy choice pilot reveals 24% of investors favor ESG policies, highlighting a growing commitment to sustainable investing among retail participants.
18 September 2024by Sourav Das
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