Top Stories

October 24, 2022


ISSB confirms Scope 3 emissions to be included in disclosure standard

Reporting on Scope 3 emissions will be included as part of required company disclosures under new standards being developed by the International Sustainability Standards Board (ISSB) of the International Financial Reporting Standards (IFRS) Foundation. The decision marks a significant milestone in the development of climate and sustainability-related reporting standards for companies, as investors and other stakeholders increasingly demand information on companies’ management of climate risks and impact. Reporting requirements around Scope 3 emissions are one of the most controversial aspects of disclosure requirements. The IFRS said that the ISSB voted unanimously to require company disclosures on Scope 1, Scope 2 and Scope 3 greenhouse gas emissions. It added that it will develop “relief provisions” in order to help companies apply the Scope 3 requirements. (ESG Today)


Church of England sues Volkswagen over climate lobbying reporting

The Church of England Pensions Board has announced it is taking legal proceedings against carmaker Volkswagen for refusing to reveal information on its climate lobbying activities. The legal action is being taken in partnership with four of Sweden’s AP Funds and Danish pension fund AkademikerPension. The shareholders have been asking the manufacturer for over 3 years to reveal information on its lobbying over fears this runs counter to its stated aims to reach carbon neutrality by 2050. There are concerns over its membership in automotive and business associations, such as the German Association of the Automotive Industry which has fought against progressive climate policy. A spokesperson for the Church of England Pensions Board said it was “extremely disappointed” to have to turn to litigation to gain transparency on Volkswagen’s climate lobbying practices. (Environmental Finance)*


India fines Google $161m for suite of anti-competition practices

Indian authorities have fined global tech giant Google 13 billion rupees ($161 million) for using its Android platform to dominate the market. The country's competition regulator has accused the tech giant of entering into "one-sided agreements" with smartphone makers to ensure the dominance of its apps. It has ordered Google to "cease and desist" from such practices. The Competition Commission of India said Google was “abusing” the licencing of its Android operating system for a range of smartphones, web searches, browsing and video hosting services. It said Google was entering into forced agreements with players in the space to ensure its bouquet of apps – such as Chrome, YouTube, Maps and others – were used. It concluded that this practice stifled competition and gave Google continuous access to consumer data and lucrative advertising opportunities. (BBC News)


Reckitt launches paper-based packaging for Finish dishwashing tablets

Consumer goods company Reckitt has announced trials of paper-based packaging for Finish dishwashing products, in a move that will reduce plastics by 75% per stand-up pouch. Reckitt has confirmed the new packaging will be launched exclusively with French retailer Carrefour and will be introduced across 1,200 stores. The company claims that any adaptations required following the initial market launch will be incorporated into new designs before a wider rollout across other countries. The packaging was developed in partnership with packaging company Mondi using paper from certified sustainable sources. Reckitt estimates that the new paper-based packaging will eliminate the need for more than 2,000 tonnes of plastic annually, equivalent to around 50 million plastic one-litre bottles. The packaging is also expected to reduce emissions by 15% across the lifecycle of the packaging. (edie)


Global deforestation pledge will likely be missed without urgent action

The destruction of global forests slowed in 2021 but the vital climate goal of ending deforestation by 2030 will still be missed without urgent action, according to an assessment by the Forest Declaration Platform. The area razed in 2021 fell by 6.3% after progress in some countries, notably Indonesia. However, almost 7 million hectares were lost and the destruction of the most carbon- and biodiversity-rich tropical rainforests fell by 3%. The CO2 emissions resulting from the lost trees were equivalent to the emissions of the entire EU plus Japan. At COP26 in 2021, 145 countries pledged to end the felling of forests by the end of the decade. However, researchers have found that many signatories were found to be putting their progress at risk by phasing out or rolling back forestry protections. (The Guardian)

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