CLIMATE CHANGE

UK regulator asked to sanction Carnival, Just Eat over climate disclosures

The Financial Conduct Authority (FCA), Britain's financial markets regulator, has been urged by legal NGO ClientEarth to sanction cruise ship company Carnival and food delivery company Just Eat for poor climate disclosures. The NGO claims both companies have breached their legal obligations by failing to adequately tell investors the risk climate change poses to their businesses, which is a requirement for public companies under UK law. While the Financial Conduct Authority has yet to sanction a company over its climate disclosures, the latest ClientEarth complaint is the first since the UK finance minister told the FCA in March to "have regard" in its work to the government's pledge to reach net zero carbon emissions by 2050. (Reuters)

DIVERSITY & INCLUSION

Prudential Commits $200m to early-stage PE firms with diverse ownership

Global insurance and financial services company Prudential Financial announced today a new initiative to invest $200 million in early-stage private equity firms with diverse ownership. The new Prudential DEI Portfolio will direct private equity investments utilising diversity, equity and inclusion criteria, in firms owned or managed by women and minorities, with a particular focus on those raising capital for first or second funds. Factors to be considered by the DEI Portfolio Investment Steering Committee when evaluating future investments will include diversity of fund management ownership, diversity of the portfolio management team and impact of the investment strategy on diverse populations. (ESG Today)

POLICY 

Switzerland sets mandated climate reporting for public companies, financials

The Swiss government announced its planned timeline for mandated climate disclosure for major companies, joining the ranks of countries boosting sustainability reporting requirements. According to the announcement, public companies, banks and insurance companies with 500 or more employees, more than CHF 20 million in total assets or more than CHF 40 million in turnover will be required to report publicly on climate issues in 2024 (on 2023 financial year events), utilising the Taskforce on Climate-related Financial Disclosures (TCFD)-aligned disclosures. Reporting under the new mandate will include not only issues related to financial risk facing companies as a result of climate change, but also the impact of company activities on climate and the environment. (ESG Today)

TECHNOLOGY & INNOVATION

Royal Mail to trial low-emission tyres on electric delivery vans

Royal Mail has set its sights on driving down particle emissions from its electric vehicle fleet (EV), announcing plans to trial greener, more efficient tyres on 15 of its battery-powered delivery vehicles in London. The new tyres, which are set to be trialled at Royal Mail's West London Delivery Office near Wembley, have been developed by manufacturer ENSO. It claims the tyres both produce fewer microparticles on the road as well as helping boost EV range by up to 11% compared to standard tyres. The news follows the announcement in June that Royal Mail plans to buy 3,000 delivery EVs, a move that is set to increase the size of its battery fleet tenfold. (Business Green)

ENERGY

Maersk signs first green methanol deal in step towards dropping fossil fuels

A.P. Moller-Maersk has signed a contract securing green methanol as the world's largest shipping firm gears up to operate its first carbon-neutral ship in 2023, which is expected to serve as a prototype for a scalable carbon-neutral solution for shipping. Maersk said it had signed its first deal with Denmark's REintegrate to produce roughly 10,000 tonnes of carbon neutral e-methanol, produced by using renewable sources such as biomass and solar energy, which the vessel will need to operate each year. With about 90% of world trade transported by sea, global shipping accounts for nearly 3% of the world's CO₂ emissions. Maersk needs to have a carbon-neutral fleet by 2030 to meet its target of net-zero emissions by 2050. (Reuters)