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MESSAGES FROM US
Dear readers,
In this issue, we highlight the key developments on the global climate agenda ahead of COP30. Following the online summit led by Brazilian President Lula and attended by representatives from 17 countries, the European Union, and the African Union, the message is clear: there is no more time to delay action against the climate crisis. We compile the latest news for you and strive to raise awareness about sustainability. In addition, this issue offers a brief look at an increasingly prominent concept: climate attribution.
Stay sustainable…
ÖZGÜN ÇINAR, CEO
ESG NEWS
- The European Securities and Markets Authority (ESMA) has published the findings of its 2024 Common Supervisory Action (CSA) on environmental, social, and governance (ESG) disclosures under the Benchmarks Regulation (BMR). This marks a pivotal step in ESMA’s role as a direct supervisor of benchmark administrators—its first coordinated review with National Competent Authorities (NCAs). The outcome includes a dual set of recommendations: To the European Commission (EC): ESMA proposes amending BMR Level 2 measures to reduce the regulatory burden on benchmark administrators. To benchmark administrators: ESMA urges clearer and more comparable ESG disclosures to better serve the needs of benchmark users. DETAIL
- Microsoft has signed a major purchase agreement with CO280, committing to purchase 3.685 million tons of permanent carbon dioxide removal over 12 years. The carbon dioxide will be captured from boiler stack emissions at a U.S. paper and pulp mill and stored permanently underground. The agreement is considered one of the largest engineering carbon dioxide removal agreements on record. DETAIL
- Countries have agreed to a new set of policies to try to drive the global shipping sector to net-zero, including financial penalties for ships that fail to cut their emissions from 2028. The rules, agreed around midday today at the UN International Maritime Organization (IMO) headquarters in London, represent the world’s first meaningful global carbon-pricing scheme on any industry polluter.
- The Green Impact Exchange (GIX) announced that the U.S. Securities and Exchange Commission has approved its application for registration as a national securities exchange, enabling the GIX to launch as the first sustainability-focused stock market in the U.S. DETAIL
- Dolphins in seas around the UK are dying from a combination of increased water temperatures and toxic chemicals that the country banned in the 1980s. Polychlorinated biphenyls (PCBs) are a long-lasting type of persistent chemical pollutant, once widely used in industrial manufacturing. They interfere with reproduction and immune responses, and can cause cancer in people. DETAIL
- Chinese scientists have developed a new material from moss that could transform how we clean up oil spills. The team from Guizhou Education University modified sphagnum moss to absorb oil while repelling water. DETAIL
- The European Commission has rolled out a set of revisions to simplify implementation of its EU Deforestation Regulation (EUDR), aiming to ease compliance burdens while maintaining its environmental objectives. Objectives: 30% cost reduction: Revised due diligence processes expected to lower compliance costs for companies by 30%. Annual reporting allowed: Businesses can now submit due diligence statements annually instead of per shipment. Flexibility for reimports & groups: Reuse of due diligence statements and group-wide submissions now permitted. DETAIL
🍃 GREEN COLUMN🍃
Global Calls Ahead of COP30
United Nations Secretary-General António Guterres and Brazilian President Luiz Inácio Lula da Silva issued an urgent call to accelerate global climate action ahead of COP30, which will be held in Brazil. Guterres emphasized, “We have no time to lose,” highlighting that climate disasters are affecting all regions, deepening poverty, displacing communities, and fueling global instability. It was underlined that further delays in the face of the climate crisis are unacceptable, and all leaders were urged to take stronger and faster steps.
Attention was drawn to the fact that countries party to the Paris Agreement are falling behind in submitting their updated climate commitments (NDCs). Although the deadline was February, it has been extended to September. Lula and Guterres called on countries to submit their new NDCs, which should include targets for 2035, on time. These new plans must align with the 1.5°C goal and cover all greenhouse gases and economic sectors.
Once again, the transition to renewable energy was emphasized as the pathway out of the climate crisis. Guterres stated that clean energy offers great opportunities for both economic growth and energy security. It was conveyed that renewable energies will enhance global competitiveness by ending fossil fuel dependency, and that this transformation is now irreversible.
Despite Africa’s strong solar energy potential, it was pointed out that the continent still receives insufficient investment. It was stated that at COP30, leaders must present a credible roadmap to mobilize $1.3 trillion annually in climate finance for developing countries by 2035. Developed countries were also reminded to fulfill their pledge to raise adaptation financing to at least $40 billion this year.
A new study revealed that major corporations bear a $28 trillion share in global climate damages. It was noted that fossil fuel companies, in particular, play a significant role in greenhouse gas emissions and the resulting heat-related economic losses. Research shows that the damage caused by companies can now be directly measured, and this data could strengthen climate litigation cases.
It was also emphasized that global public opinion is demanding strong climate action. According to peer-reviewed scientific studies, the majority of people around the world expect more ambitious climate policies from their governments. Leaders were called on to respond to this clear public demand more effectively.
As the host of COP30, Brazil is taking on an active role and is working to ensure that countries submit their NDCs on time. It also aims to persuade Europe, China, and other major economies to adopt more ambitious emissions reductions.
President Lula, calling for support for four key initiatives at COP30 (the Global Ethical Assessment, the Global Alliance Against Hunger and Poverty, the Global Initiative for the Integrity of Climate Information, and the Rainforest Forever Fund), emphasized the importance of addressing social policies and information integrity in the fight against climate change.
COP30 is expected to be a critical turning point—where negotiations translate into concrete actions, trust in multilateralism is rebuilt, and new momentum is given to the global climate struggle.
DAMLA GÜNALP, SUSTAINABILITY ASSISTANT SPECIALIST
