The Paris Agreement
Pension schemes urged to set net-zero targets ahead of COP26
More than 80 defined benefit (DB) pension schemes have been urged to align with the Paris Agreement by aiming to reach net-zero emissions by 2050 at the latest while also ensuring a rapid exit from coal investments.
Report: Oil and gas companies set to eat up 80% of global carbon budget
The oil and gas sector is set to burn through some 80% of the total global carbon budget the world will need to stick to if the Paris Agreement's 1.5C trajectory is to be realised, a major new report has revealed.
Shell to appeal court ruling compelling it to set more ambitious climate targets
Royal Dutch Shell has confirmed plans to appeal a court ruling ordering the energy major to set stronger targets to reduce greenhouse gas emissions.
COP26 Action Tracker: China's ETS launches as UK's Cambo oilfield plans draw controversy
With less than four months to go until COP26, this new series from edie will provide a regular temperature check of global climate action from nations and businesses.
Inditex and Elsevier commit to net-zero emissions by 2040
Clothing giant Inditex and research publishing firm Elsevier are the latest corporates to have updated their corporate strategies, setting ambitions to reach net-zero emissions by 2040 at the latest.
SBTi to increase minimum target-setting requirements to 1.5C
The Science Based Targets initiative (SBTi) is updating its strategic approach to increase the minimum ambition for corporate climate action from "well below 2C" to 1.5C above pre-industrial levels, as envisioned by the Paris Agreement.
Aviva's Steve Waygood: Now is the time for finance firms to become climate macro-stewards
With the world on track for 3.2C of warming by the end of the decade, by UN estimates, Aviva Investors' chief responsible investment officer Steve Waygood is urging professionals in his line of work to go beyond their four walls and influence international climate plans.
UK's carbon capture and storage market could create 50,000 jobs
The UK could become an early mover in the global carbon capture utilisation and storage (CCUS) market and create up to 50,000 jobs if new enabling policies are introduced.
Carbon offsetting: Global governance body to be formed this year
With more businesses turning to carbon offsetting as a means to net-zero, the sector will need to grow dramatically - but concerns persist about greenwashing. To that end, plans have been drawn up to launch an independent governance body by the end of 2021.
Report: Built environment failing to account for lifecycle emissions of projects
Businesses operating in the built environment sector have been called upon to adopt a whole lifecycle approach to assessing greenhouse gas (GHG) emissions, with a new report finding that less than 1% of global building projects currently calculate and report on lifecycle emissions.
How are UK businesses approaching the net-zero transition? Find out with edie's new Barometer
The first edition of edie's new bi-annual Net-Zero Business Barometer, providing a regular temperature check and progress update regarding the decarbonisation of organisations across the UK, is now available to download.
Investors call on banking giants to step up on climate and biodiversity commitments
More than 100 investors, including the likes of Aviva and M&G Investments, representing $4.2trn in assets under management have written to some of the world's biggest banks, calling on them to strengthen climate and biodiversity targets this year.
COP26 Action Tracker: Recapping the G7 Summit and outlining a green policy wishlist
With less than five months to go until COP26, this new series from edie will provide a regular temperature check of global climate action from nations and businesses.
Analysis: Two-thirds of UK finance firms have climate targets, but most are failing to shift investments
While most of the UK's biggest banks and asset managers have updated their climate targets in light of net-zero, finance flows are still ultimately favouring high-carbon projects and businesses, according to new analysis of more than 1,200 financial institutions.
'Landmark ruling': French Government ordered to align with climate targets within nine months
France's top administrative court has condemned the Government's failure to comply with the Paris Agreement and fight global warming, giving it nine months to get in line with the climate objectives it signed up to.
World Bank increases climate finance for developing nations
The World Bank Group has issued a new spending plan through to 2025 that will ensure that an average of 35% of total spending is focused on climate adaptation and decarbonisation in developing countries.
Addo Food Group targets net-zero emissions by 2035
The owner of food brands such as Wall's, Bowyers and Pork Farms has announced its intention to reach net-zero emissions by 2035 by setting science-based targets across its whole value chain in line with the 1.5C ambition of the Paris Agreement.
Burberry to become 'climate positive' by 2040
Luxury fashion firm Burberry has updated its science-based targets in a bid to become "climate positive" by 2040, a move that will aim to decarbonise the value chain and utilise a bespoke carbon insetting fund.
G7: What was (and wasn't) agreed by world leaders to combat the climate crisis
From "green Marshall Plans" and net-zero energy sectors to a lack of clarity on green spending and transport decarbonisation, edie rounds up what was and wasn't agreed at the G7 Summit.
Airlines accused of lobbying against stronger EU climate policy
Aviation giants including British Airways' parent company International Airlines Group (IAG) and Ryanair have been accused of opposing proposals for stronger climate policy in the European Union (EU), as the bloc works towards a 2050 net-zero target.
Kingfisher, DS Smith and Turner & Townsend unveil science-based targets
Screwfix and B&Q's parent firm Kingfisher has had carbon reduction targets consistent with the required pace to limit global warming to the 1.5C target of the Paris Agreement approved by the Science Based Targets initiative (SBTi), while both packaging firm DS Smith and consultants Turner & Townsend have unveiled net-zero commitments.
G7 nations failing to align major stock indexes with climate commitments, report reveals
None of the largest stock indexes operating in G7 nations are aligned with either of the Paris Agreement on climate change's two pathways, according to new research out today (10 June).
Domino's introduces electric mopeds into delivery fleet
Pizza brand Domino's is set to introduce more than 200 electric mopeds for deliveries across London, after trialling the vehicles from NIU Technologies.
Net-zero and COP26: Achieving Mission Possible
Six months out from the COP26 summit, edie hosted an exclusive virtual roundtable discussion with a select group of sustainability leaders, exploring how businesses can accelerate the net-zero carbon transition in the run-up to the crucial climate talks.
Climate change at the G7 Summit: Everything you need to know
World leaders are meeting in Cornwall this week (11-13 June) as part of the G7 Summit. The climate crisis is a key theme for policymakers going into the event, but how much prominence will it have as the world's largest economies attempt to respond to the ongoing coronavirus pandemic?
ABP and National Trust sign up to net-zero investment initiative
Europe's largest pension fund, the Church of Sweden and the National Trust are among six new signatories to a global net-zero asset owner commitment to decarbonise financial portfolios in line with the ambitions of the Paris Agreement.
Report: Climate change to deliver GDP loss double that of Covid-19 on current policy levels
Nations could experience a loss in GDP double that of the economic crash caused by the coronavirus pandemic, if leading countries do not introduce more ambitious climate pledges, according to a new report warning that the G7 could lose 8.5% of its economy each year by 2050.
Highland Spring commits to net-zero emissions by 2040
The Highland Spring Group has unveiled an ambition to achieve net-zero emissions by 2040, with targets in place to halve emissions by 2030 through soon-to-be-developed science-based targets.
EU and Japan seal 'green alliance' in bid for climate neutrality
The European Union and Japan have reaffirmed their "shared ambition of reaching net-zero greenhouse gas emissions by 2050" at the conclusion of a bilateral summit which included the signature of an EU-Japan "Green Alliance".
Shareholders pass vote for HSBC to phase-out global coal financing by 2040
Shareholders of HSBC have today passed a proposed management resolution that commits the bank to phase-out financing for the coal industry by 2040 worldwide, following successful campaigning from investors.
World's hottest year on the horizon, new Met Office climate analysis warns
There is a 90% chance that one of the next five years will be the hottest on record, a new report from the Met Office and World Meteorological Organisation (WMO) is warning.
Dutch court orders Shell to strengthen carbon reduction targets
A Dutch court has ordered a groundbreaking ruling for Royal Dutch Shell to raise its commitments to carbon reduction, in what could mark the first of many legal cases against energy firms on climate grounds.
ENCORE: UN-backed biodiversity module to help investors factor nature into spending decisions
A new UN-back module has been launched today to enable financial institutions to map their exposure to biodiversity risks based on sectoral activities, in a bid to push the economy towards a nature-positive future.
G7 nations agree 2030s net-zero targets for power sector
The leaders of the G7 nations have agreed a joint commitment to ensure their power sectors reach net-zero in the 2030s, setting up for the economy-wide transition by 2050.
'Engage your suppliers and competitors': COP26 architect urges business collaboration ahead of crucial climate summit
The UK COP26 unit's director of partnerships and engagement, Matt Toombs, used his keynote speech at edie's flagship Countdown to COP26 event to outline exactly how businesses can properly prepare for the crucial talks.
UK climbs energy investment rankings, but concerns persist over green finance availability
The UK has climbed one position to fourth in the rankings for EY's national attractiveness of renewable energy investment, but the organisation has warned that global green finance efforts need to improve considerably to meet clean energy demand for existing climate commitments.
IEA: World must stop petrol and diesel car sales by 2035 for net-zero transition
The International Energy Agency (IEA) has published a landmark report outlining the sweeping changes needed in the power, energy and heat sectors if the world is to have the best chance of limiting temperature increases to 1.5C.
Global transport emissions to skyrocket 16% based on current policies
Global traffic emissions look set to rise by 16% by 2050 based on current policies, as demand for transport activity doubles, according to a new report that is calling for ambitious climate policies to reduce emissions from the sector.
BP shareholders reject tougher climate targets
More than one-fifth of BP shareholders supported a resolution from climate activists calling on the energy giant to set tougher emission reduction targets for its net-zero transition, but ultimately the filing was rejected.
COP26 will go ahead in person, Alok Sharma confirms
COP26 President Alok Sharma has confirmed that the Government is planning to host the conference in-person rather than on Zoom, stating that face-to-face meeting is important to deliver "an inclusive summit".
Global Paris-style biodiversity agreement 'lacks scientific basis', researchers warn
Efforts to formulate a "Paris-style" agreement to halt global biodiversity loss lack definition, fails to align with the scientific need to reverse nature loss and place Indigenous People at risk, according to a global alliance of NGOs.
Report: Nations falling short on collective efforts to meet Paris Agreement
Nations are adopting stronger climate targets in the build-up to COP26, but new research has revealed that current policies would still lead to global warming twice what it should be if the world is to meet the aims of the Paris Agreement.
BlackRock launches temperature-aligned investments funds
The world's largest investor BlackRock has unveiled two new temperature-based exchange funds aimed at helping investors align portfolios with the pathways of the Paris Agreement.
Amazon and Unilever among businesses teaming with governments on $1bn deforestation pledge
A group of businesses including Amazon, Unilever, and Nestlé has joined the UK, US and Norwegian governments in setting up a new public-private initiative committing $1bn to combat the climate crisis through the conservation and preservation of tropical forests across the globe.
Breakthrough as EU negotiators clinch deal on European climate law
European Union negotiators reached a deal on the European Climate Law after 14 hours of talks on Wednesday (21 April), allowing the EU to go into this week's US-hosted climate summit with an agreement on the bloc's 2030 target.
HP targets net-zero value chain by 2040
HP has confirmed it will transform parts of its business from a transactional model to a services-based proposition, as part of a sweeping new climate strategy that will see the business's value chain reach net-zero by 2040 and embrace closed-loop materials.
Sixth Carbon Budget: UK to reduce emissions by 78% by 2035
Prime Minister Boris Johnson has agreed to legislate a new target to reduce national emissions by 78% by 2035, including emissions from international shipping and aviation, following the Climate Change Committee's advice on the Sixth Carbon Budget.
Toyota to review industry associations as part of carbon-neutral target for 2050
Japanese car manufacturer Toyota will review the industry associations it is part of to ensure they are compliant with the aims of the Paris Agreement, as part of a commitment to reach carbon neutrality by 2050.
Fujitsu sets 1.5C science-based climate targets
Japanese multinational IT firm Fujitsu has unveiled new climate targets, verified in line with the Paris Agreement's more ambitious 1.5C trajectory.
CISL calls for standardised climate disclosure framework for investors
While most investors are measuring and disclosing their climate performance, it is hard to compare progress between companies because there is not a universal framework. This makes it more challenging for investors to be held to account or to accelerate progress.
Report: Net-zero targets from corporates becoming more 'genuine'
An analysis of the climate commitments of 401 companies has found that the uptake of "genuine" net-zero targets - those regarded as ambitious and not greenwashing - has more than doubled in the past year.
Delivering Paris Agreement could help save most endangered species, report reveals
More than nine in ten plant and animal species will face challenges if the current global warming trajectory continues, a new study has revealed. But most species could be saved from extinction if the world delivers on the Paris Agreement.
Crypto Climate Accord aims for 100% renewables and net-zero digital currency by 2040
A new global accord has been set up to align the swelling cryptocurrency market with the ambitions of the Paris Agreement by ensuring that blockchain and energy-intensive currency mining systems are powered by renewables and reach net-zero emissions by 2040.
The coronavirus 'white swan': Companies and investors ramping up sustainability commitments
The coronavirus pandemic is acting as a "white swan" moment that is accelerating corporate focus on long-term sustainability strategies, but better disclosure and communication is needed for investors to unlock new finance to spur the green transition.
G7 ponders increasing climate finance in build-up to COP26
Chancellor Rishi Sunak met with G7 finance ministers and central bank governors to discuss the role of finance in supporting the net-zero transition and implored developed nations to raise efforts to generate $100bn in annual revenue to support developing nations combat the climate crisis.
Countdown to COP26: edie launches bumper virtual event ahead of climate talks
Registration is now open for a brand-new edie event which aims to help businesses seize the opportunity of the UN's COP26 climate summit later this year, with a stellar speaker line-up including senior representatives from BEIS, ClientEarth, Green Alliance, We Mean Business and the High-Level Champions for Climate Action.
Building resilience post-Covid-19: Businesses urged to 'reinvent capitalism' and regenerate nature
If the climate crisis is to be averted and the UN's Sustainable Development Goals to be met, businesses must help to "reinvent capitalism" so the "true value" of nature and society are appreciated.
Meat giant JBS commits to net-zero emissions and zero deforestation
Brazilian meat producer JBS has ringfenced $1bn to reaching net-zero emissions across its value chain by 2040, while also aiming to eliminate illegal deforestation.
IRENA: Existing solutions can spur progress to net-zero
Global power sourced from renewables is set to treble by 2050, with wind, solar and hydrogen all required to account for 90% of all decarbonisation solutions to push the global economy towards the 1.5C pathway, a new report from the International Renewable Energy Agency (IRENA) has found.
HSBC to vote on phase-out of fossil fuel funding
HSBC will propose a new commitment to completely phase-out financing of coal-fired power and thermal coal mines by 2040 globally, following negotiations with a group of investors with $2.4tn in assets under management.
US takes step towards 2050 net-zero target with sweeping climate bill
A wide-ranging climate bill has been introduced to the US House of Representatives this week that, if passed, will commit the nation to net-zero by 2050.
EIB spent €890m on fossil gas since phase out pledge, activists say
The European Investment Bank (EIB) has invested €890m in gas projects since it pledged to phase out investments into fossil fuels by 2022, contradicting the bank's "gas is over" narrative, activists say.
UN: Global climate pledges will only reduce emissions by 1% this decade
The world is falling "far short" of alignment with the Paris Agreement, despite the fact that many nations have updated their climate targets.
EU unveils data-driven climate adaptation strategy, drawing green criticism
More and better data is needed to improve knowledge of how to adapt to climate change, according to the European Commission's new adaptation strategy, which immediately came under fire from green activists for missing binding targets.
Global heavy industry failing to align with Paris climate goals
Only 14% of publicly listed companies in the steel, cement, aluminum, paper and mining sector are on track to meet the Paris Agreement's 2°C climate target, according to a report by the Transition Pathway Initiative (TPI), a global investor group supported by the UN. Still, some European companies offer hope, EURACTIV Germany reports.
ExxonMobil, LafargeHolcim and Elon Musk: The corporate giants placing their faith in CCS
Over the last couple of days, the world's largest cement manufacturer, one of the world's largest fossil fuel firms and the founder of the biggest electric vehicle (EV) manufacturer have all unveiled strategic efforts to commercialise carbon capture and storage projects.
Sustainability Leaders Forum: Five top tips for turning climate ambition into action
With the dust settling on three days of thought-provoking conversations at edie's Sustainability Leaders Forum (SLF), edie rounds up how businesses can make 2021 a super year for climate action, which turns ambition into action for corporate sustainability.
Business giants' climate disclosure 'clearly inadequate', lawyers warn
Lawyers have warned that the majority of FTSE 100 and the largest companies on the FTSE 250 are failing to disclose adequate climate-related data as part of annual corporate reporting frameworks, with some potentially breaching UK law.
Tom Rivett-Carnac: In the face of the climate emergency, we must all be stubborn optimists
EXCLUSIVE: Paris Agreement architect Tom Rivett-Carnac used his platform at edie's Sustainability Leaders Forum (2 February) to urge listeners to remain solutions-focussed, courageous and optimistic in the face of the world's biggest environmental challenges.
Global carbon market grew 20% in 2020
The valuation of the global carbon market grew 20% in 2020, totalling almost €230bn and the fourth consecutive year of record growth, new research has found.
COP26 President launches challenge to deliver net-zero 'tipping points' in every sector
The UN High-Level Climate Champions and COP26 President Alok Sharma have today (28 January) unveiled a radical new roadmap to push the global economy towards net-zero emissions, targeting a range of near-term, sectoral tipping points to deliver decarbonisation.
Prince Charles: Sustainable business leadership alone won't combat climate change
While congratulating companies to have been named the most sustainable in the world, the Prince of Wales has warned that more must be done to deliver the global low-carbon transition in line with the Paris Agreement's 1.5C trajectory.
Bank of England's high-carbon financing a 'moral hazard', MPs warn
The Bank of England risks creating 'moral hazard' by continuing to finance high-carbon projects and companies and providing no-strings-attached financing to carbon intensives companies, the Environmental Audit Committee (EAC) has warned.
Biden returns US to Paris Agreement as part of climate policy overhaul
In one of his first acts after being sworn in as the 46th President of the United States of America, Joe Biden moved to readmit the US back into the Paris Agreement, claiming that tackling the climate crisis, racial inequality and current coronavirus pandemic were the "gravest responsibilities" that countries face.
Developed nations accused of over-reporting climate adaptation finance by billions
Wealthy nations have exaggerated figures around how much finance they have provided to developing countries for climate adaptation, with up to $20bn less spent than promised between 2013 and 2017.
NGOs call for heightened standards on corporate sustainability reporting
An alliance of NGOs has called for the European Union's Non-Financial Reporting Directive (NFRD) to be reformed to ensure that more corporates are disclosing relevant climate-related information.
Report: Major asset managers still voting against tougher climate measures
In the same week that BlackRock was widely criticised for continuing to hold $85bn in coal, an analysis of the world's 30 largest fund managers has found that the global sector is failing to translate high-level climate commitments into investment decisions and support for shareholder resolutions.
Investors file climate resolution at HSBC
Investors with a combined $2.4trn in assets under management have filed a resolution at HSBC, calling on the bank to publish a strategy that outlines efforts to reduce exposure to fossil fuel assets.
Kwasi Kwarteng steps up to BEIS Secretary post as Alok Sharma takes on full-time COP Presidency
The Government has confirmed that Alok Sharma will step down from his position as Secretary of State for the Department of Business, Energy and Industrial Strategy (BEIS) to enable more focus on his role as COP26 President, with Kwasi Kwarteng named as his replacement.
Lenovo to deliver global rollout of customer offset scheme
Computer manufacturer Lenovo has unveiled plans to rollout a carbon offsetting scheme for customer purchases across the globe, following a trial run in the Nordics that saw 26,000 metric tonnes of carbon dioxide offset.
Gatwick Airport under fire over 'callous' runway expansion plan
Green groups have criticised the decision from Gatwick Airport to transform its emergency runway into a fully functioning second runway, claiming that the organisation is "ignoring" noise and emissions issues.
Global decarbonisation efforts need to be five times greater to reach 1.5C pathway
Global efforts to combat the climate crisis will need to be five times greater than current levels, with new research warning that the rate that carbon emissions are decoupled from economic growth slowed in 2019.
Telefónica, Nestlé and Ragn-Sells commit to net-zero supply chains
Technology giant Telefónica, food manufacturer Nestlé and waste management firm Ragn-Sells are the latest businesses to sign up to a collaborative movement to reduce value chain emissions in line with the 1.5C ambition of the Paris Agreement.
UK ramps up climate adaptation plans in build up to COP26
The UK has become one of the first countries to publish an official plan setting out how the nation is responding to the climate crisis through adaptation and resiliency plans that focus on flood prevention and rewilding.
UK Government to end support for overseas fossil fuel projects
Prime Minister Boris Johnson has confirmed that the UK Government will end financing and support for overseas fossil fuel projects in the build-up to COP26 in 2021.
EU clinches hard-fought deal on 55% 2030 climate target
European leaders haggled through the night to clinch a deal on the bloc's updated climate target for 2030 on Friday morning (11 December), agreeing an EU-wide goal of cutting net greenhouse gas emissions by 55% by 2030.
Shipping, aviation and carmakers failing to align with Paris Agreement
The majority of the worlds largest automotive, shipping and aviation companies are failing to deliver emissions reduction plans in line with a pathway to keep global warming to 2°C - let alone 1.5C - new research has found.
13 big businesses including Unilever and Microsoft join Amazon's Climate Pledge
More than a dozen large businesses including Unilever, Microsoft and Coca-Cola European Partners have signed up to Amazon's Climate Pledge, which requires signatories to reach net-zero by 2040 or sooner.
UN: Green Covid-19 recovery will put world on track to meet Paris Agreement
While Covid-19 lockdown restrictions have resulted in falling carbon emissions, they will rebound and the world will warm by more than 3C this century without a coordinated and ambitious global green recovery approach.
A 'vital step': Green economy reacts to the UK's new climate commitment
Green groups and business leaders have welcomed Prime Minister Boris Johnson's announcement that the UK has created an updated domestic emissions target for 2030 as its contribution to the Paris Agreement, but with progress lacking against upcoming carbon budgets, many want to see more detailed action plans.
UK to slash emissions by 68% by 2030, as part of Paris Agreement NDC
The UK Government will aim to reduce emissions by 68% by 2030, as part of a domestic action plan that will deliver the nation's contribution towards the Paris Agreement and limiting global temperature increases to well below 2C and build towards net-zero by 2050.
CCC pushes Boris Johnson to bolster UK's 2030 climate target ahead of COP26
The Climate Change Committee (CCC) is urging Boris Johnson to commit to reducing the UK's emissions by at least 68% by 2030, through its updated Paris Agreement pledge for COP26.
BlackRock debuts software that assesses climate risk for investors
Investment giant BlackRock has unveiled new software to help investors quantify climate risk and low-carbon opportunities relating to their portfolios.
Former COP26 chair Claire O'Neill: UK falling behind on international climate engagement
Former Energy Minister Claire O'Neill (nee Perry) has told MPs she is concerned that the UK Government is failing to engage policymakers from other nations on climate action ahead of COP26, risking an unjust global low-carbon transition.
Survey: Just 1 in 10 businesses have backed up net-zero ambitions with science-based targets
While the number of businesses setting net-zero commitments has grown rapidly in recent months, just 10% of firms have set interim science-based emissions targets to ensure they're aligning with climate science.
G20 urges preparedness to tackle climate crisis
As Donald Trump skipped some of the key virtual meetings between G20 leaders to play golf, the European Union (EU) has called on nations to learn lessons from the coronavirus pandemic by stepping up preparedness and resiliency to tackle the climate crisis.
Report: Carmakers including Tesla and Honda 'driving in the slow lane' towards climate goals
Two-thirds of the world's largest carmakers have not set electric vehicle (EV) and emissions targets in line with the Paris Agreement's less ambitious trajectory - and the auto sector is failing to deliver on human rights commitments, as well.
Net-zero by 2050: Canada tables first climate legislation in more than a decade
Canadian Prime Minister Justin Trudeau has tabled a bill which would legally bind the nation to reaching net-zero emissions by 2050.