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Morgan Stanley Raises $750 Million for Climate-Focused Private Equity Fund
Morgan Stanley Investment Management (MSIM) has closed its 1GT climate solutions private equity fund, raising $750 million. Launched in November 2022, the fund targets decarbonization by supporting companies focused on reducing global carbon emissions. Its goal is to eliminate 1 gigaton of CO2 emissions by 2050, with investments in sectors like mobility, power, agriculture, and the circular economy. 1GT is classified as Article 9 under the EU’s SFDR regulation, and half of the team’s compensation is tied to achieving its emissions reduction target. The fund aims to deliver both financial returns and measurable climate impact.
02 October 2024by Sourav Das
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EU Commission Takes Action Against 17 Member States for Failing to Implement CSRD Rules
The European Commission has initiated infringement procedures against 17 EU member states for not fully transposing the Corporate Sustainability Reporting Directive (CSRD) into their national laws. The CSRD, an update to the Non-Financial Reporting Directive (NFRD), significantly expands the scope of mandatory sustainability reporting to over 50,000 companies. It introduces stricter reporting requirements on environmental, social, and governance (ESG) impacts and risks. Despite the July 2024 deadline, countries like Germany, Belgium, and Spain have not yet complied. The Commission warned that without transposition, the harmonization of sustainability reporting across the EU would be compromised, affecting investment decisions. Member states have two months to respond before further legal action is taken. Additionally, the Commission has opened infringement cases against 26 states for failing to meet renewable energy permitting provisions, with only Denmark meeting the deadline for compliance.
01 October 2024by Sourav Das
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India's Clean Energy Transition: Navigating Growth and Sustainability
India’s clean energy transition is a delicate balancing act between economic growth and emissions reduction. As the country aims to become a developed nation by 2047, integrated energy planning is crucial to support both growth and sustainability. The energy sector, responsible for almost 75% of India’s greenhouse gas emissions, plays a key role in this journey. India's energy demand is set to double by 2047, with per capita consumption increasing significantly. To meet this demand sustainably, the share of electricity in the energy mix will rise, with a strong focus on renewable energy and reducing energy poverty. However, this cleaner transition introduces concerns over mineral security, as India must diversify its import sources for critical minerals like lithium and cobalt. Natural gas and nuclear energy are expected to play larger roles in the energy mix, while infrastructure challenges and inefficient pricing models, such as electricity subsidies, need to be addressed. The development of innovative delivery models and the adoption of smart technologies will be essential. NITI Aayog and other institutions are crafting a roadmap to achieve net-zero emissions by 2070, focusing on people-centric approaches, sectoral strategies, and a sustainable, inclusive energy transition.
01 October 2024by Sourav Das
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Atlas Metrics Secures €12.2 Million to Expand ESG Reporting Platform
Berlin-based ESG software startup Atlas Metrics has raised €12.2 million in Series A funding to expand its team, enter new markets, and enhance its ESG compliance and performance management platform. Founded in 2021, the company helps mid-sized businesses and financial institutions meet regulatory requirements, including the EU’s Corporate Sustainability Reporting Directive (CSRD). Atlas Metrics’ platform automates ESG reporting, utilizing AI and advanced analytics to transform sustainability data into strategic insights. The funding round was led by MMC Ventures, alongside existing investors Cherry Ventures, b2venture, and Redstone.
01 October 2024by Sourav Das
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Italy Investigates Shein for Alleged Greenwashing in Environmental Claims
The Italian Competition Authority has launched an investigation into online fashion retailer Shein’s operator, Infinite Styles Services Co, for possibly misleading environmental claims. The investigation centers around claims made in sections of Shein’s website, such as “#SHEINTHEKNOW,” “evoluSHEIN,” and “Social Responsibility,” which allegedly convey a false image of sustainability through vague or confusing statements on circularity, product quality, and responsible consumption. This inquiry is part of broader efforts by EU regulators to tackle greenwashing and ensure companies substantiate environmental claims. The European Commission has already introduced regulations, such as the Green Claims Directive, to address transparency issues in sustainability advertising. The fashion sector, known for its significant environmental footprint, is a key focus of these efforts. Shein has set emission reduction goals, but the Italian regulator noted inconsistencies between these targets and the company’s actual practices. Shein expressed its willingness to cooperate with authorities.
30 September 2024by Sourav Das
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Microsoft Expands Carbon Removal Efforts with UNDO's Enhanced Rock Weathering
Microsoft has strengthened its commitment to carbon removal by partnering with UNDO, a company specializing in enhanced rock weathering (ERW), to remove 15,000 tonnes of CO2. This deal builds on a 2023 agreement between the two organizations, which removed 5,000 tonnes of CO2 by spreading crushed basalt on UK agricultural land. Under the new arrangement, UNDO will spread 65,000 tonnes of crushed basalt and wollastonite across farmland in the UK and Canada, facilitating CO2 absorption through natural soil and plant processes. Alongside carbon capture, the project aims to improve soil quality and fund crucial research on ERW’s scalability, focusing on measurement, reporting, and verification (MRV). Microsoft, committed to being carbon-negative by 2030, views this partnership as a key part of its broader strategy, which includes diverse carbon removal technologies like direct air capture and biochar. UNDO’s innovative approach offers significant potential for scalable and permanent carbon removal solutions.
30 September 2024by Sourav Das
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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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