LOBBYING

Investors launch global standard for corporate climate lobbying

In an effort to standardise responsible climate-related lobbying, a group of influential investors has launched a 14-point action plan called the Global Standard on Responsible Climate Lobbying. The plan urges companies to commit to responsible climate lobbying, disclose the support given to trade groups lobbying on their behalf and take action if it contradicts the Paris Agreement objective of limiting temperature increases to 1.5°C. Developed by pension schemes AP7, BNP Paribas Asset Management and the Church of England Pensions Board, the standard is backed by investor groups managing $130 trillion. In a statement, investors said that lobbying that sought to delay, dilute or block climate action by governments ran counter to their interests and could result in resolutions being filed at shareholder meetings of firms that failed to act. (Reuters)

SUSTAINABLE INVESTMENT

Siemens launches $100 million initiative for SME decarbonisation

Industrial manufacturing giant Siemens has announced a $100 million capital programme aimed at advancing and supporting decarbonisation goals for small to medium enterprises (SMEs). According to Siemens, SMEs, which make up most of the US economy are coming under increasing pressure to participate in decarbonisation efforts. Launched by Siemens’ subsidiaries Siemens Smart Infrastructure and Siemens Financial Services, the initiative aims to address the challenges that SMEs face when advancing their own decarbonisation, provide access to capital as well as consulting services and key technologies. Companies selected for the programme will be able to consult with a team of Siemens financial and technological experts to create custom end-to-end decarbonisation roadmaps. These roadmaps will include products and services from Siemens Smart Infrastructure with financing options provided by Siemens Financial Services. (ESGToday)

TECHNOLOGY & INNOVATION

EU launches €300 million plan to accelerate hydrogen research

A European Union public-private initiative, the Clean Hydrogen Partnership, has launched its first call for proposals on 41 hydrogen-related research topics. With €300.5 million in available funding, the partnership will drive the development of renewable hydrogen production, storage, distribution and transport. The partnership’s research agenda will see the mobilisation of €600 million for various research projects whose cost will be split equally between the EU budget and private sector participants. This comes as consumer goods behemoth Unilever aims to manufacture an array of household products such as its Persil and TRESemme brands using a 100% hydrogen blend at its UK-based Port Sunlight factory. The factory will be supplied with low-carbon hydrogen for manufacturing purposes with access to both 100% hydrogen and a blend of natural gas and hydrogen. (edie^A; edie^B)

STRATEGY

UBS ties executive compensation to sustainability performance

Investment banking company UBS has revealed it has tied executive pay to specific sustainability goals, strengthening its link between ESG performance and compensation. The announcement accompanied the publication of its 2021 Sustainability Report and Climate Report. Here, UBS details the revision of the company’s enhanced compensation programme. UBS said its performance scorecards for all members of its Group Executive Board and group CEOs now include explicit sustainability objectives linked to the firm’s priorities. These scorecards are measured through robust quantitative metrics and qualitative criteria with each member’s sustainability objectives individually assessed. The company’s ESG performance also determines the performance award pool across the firm, measured against its key sustainability focus areas including climate, wealth inequality, health & education and diversity, among others. (ESGToday)

REPORTING

China condemns companies for falsifying carbon emissions data

China’s Ministry of Ecology and Environment has slammed firms for what it claims to be “falsifying” carbon data, following an investigative campaign. The ministry’s investigation aimed at ascertaining the accuracy of carbon emission verification reports in hopes of preparing to expand its national emissions trading scheme into industrial sectors. The findings of the investigation reveal concern from the government and market participants around the transparency and accuracy of emission data being used in the country’s national emission trading scheme. Four verification firms were charged by the ministry with “tampering with and forging test reports”, “making false coal samples”, and “writing distorted and inaccurate conclusions”. The ministry also said it will further strengthen the supervision of carbon data verification companies and urge local environment bureaus to continue investigations into the firms. (Reuters)

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