AGRICULTURE

Egypt initiative launched for nations to drive sustainable food systems

As holder of the COP27 presidency, Egypt has launched an initiative aimed at increasing climate finance to farmers and driving knowledge-sharing and policymaking for sustainable food systems. The initiative, called ‘Food and Agriculture for Sustainable Transformation’ (FAST) will be facilitated by the UN’s Food and Agriculture Organisation (FAO). It will aim to unite nations under a vision to transform agriculture and food systems this decade, aligning them with a 1.5°C temperature pathway while also generating benefits for nature, people and the economy. Nations will be asked to share up-to-date information on current levels of climate finance for farmers and investment in sustainable food systems, and, in time, be asked to develop a roadmap for increasing financing. Nations will also be encouraged to improve advocacy of food systems in their policymaking. (edie)

BIODIVERSITY

Campaigners step up calls for ‘Paris Agreement for nature’

The architects of the Paris Agreement have come together to urge world leaders to accelerate preparations for the 2022 ‘COP15 Biodiversity’ summit in Montreal. In a statement, the climate leaders urge governments to deliver a “Paris Agreement for nature” that enhances natural carbon sinks. The COP15 summit has been tasked with negotiating a new set of biodiversity goals to replace the ‘Aichi Targets’, which were agreed upon in 2010 and established a set of nature protection goals for 2020, all of which were missed. Campaigners and diplomats hope COP15 will deliver a new treaty to ensure up to 30% of the world’s land and sea is protected for nature by 2030, although there is significant opposition towards an ambitious accord and scepticism over whether governments will act on any targets. (Business Green)*

LAWSUITS

Walmart announces $3.1bn plan to settle opioids lawsuits

Retail giant Walmart has announced a plan to settle lawsuits filed by state and local governments over the toll of powerful prescription opioids sold at its pharmacies across the US. The $3.1 billion proposal follows similar announcements from the two largest US pharmacy chains, CVS Health and Walgreens Co, which each said they would pay about $5 billion. Walmart said in a statement that it “strongly disputes” allegations in lawsuits from state and local governments that its pharmacies improperly filled prescriptions for the powerful prescription painkillers. New York’s attorney general said in a release that the company would have to comply with oversight measures, prevent fraudulent prescriptions and flag suspicious ones. Walmart’s settlement plan will need to be approved by 43 states. (The Guardian)

STRATEGY

EU finance watchdog opens fact-finding dive into ‘greenwashing’

The EU’s banking, securities and insurance watchdogs have launched a joint public consultation to help them better discern ‘greenwashing’ as billions of euros flow into investments that tout their sustainability credentials. Greenwashing refers to companies or products exaggerating their sustainability claims to attract investors. The bloc is already rolling out mandatory disclosures for asset managers and companies. "Growing demand for sustainability-related products combined with rapidly evolving regulatory regimes and sustainability-related product offerings create a context that may be conducive to increased greenwashing risks," the watchdogs said in a joint statement. The watchdogs are expected to issue final recommendations by May 2024 to the European Commission. The watchdogs said they were looking for greenwashing across the whole ESG spectrum in relation to companies, products and services. (Reuters)

RENEWABLE ENERGY

Solar power saves $34bn in fossil fuel costs for Asian countries

Solar generation helped seven Asian countries avoid US$34 billion in fossil fuel spending in the first half of 2022, amid soaring gas prices, according to a new study by independent energy thinktank Ember.  China, India, Japan, South Korea, Vietnam, the Philippines and Thailand saved fossil fuel costs equivalent to 9% of total fossil fuel costs between January and June. China saw the biggest savings of $21 billion as solar met 5% of total electricity demand. Japan saw the second-biggest savings of $5.6 billion due to solar alone. India, which is grappling with high coal prices, saved $4.2 billion from solar. South Korea, which had a 5% generation in solar, saved $1.5 billion. Vietnam, where solar accounted for 11% of electricity demand, saved $1.7 billion, with Thailand and the Philippines saving $209 million and $78 million respectively. (Eco-Business)

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