In Brief: UK Government Announces Green Policy Plans; Colombian Indigenous Tribes Win Carbon Credit Case

The latest news on ESG policy and regulation

EU

Consultations with the Chinese government have intensified in recent weeks, with the European Commission announcing that it will start applying temporary tariffs on battery imports from 5 July, which will last for a maximum of four months. electric vehicles from China.

The European Securities and Markets Authority has called on companies to ensure that their data collection and management systems are fit for purpose Corporate Sustainability Reporting Directive in 2025. The regulator said it would continue to monitor reporting practices and work to harmonise EU national authorities’ approach to the directive.

During a diplomatic visit to India, European Commission Director General Gerassimos Thomas said the EU “will jointly explore options to adapt and improve the CBAM (Carbon Border Adjustment Measure)” to counter some of the potentially negative impacts on Indian companies.

The European Food Safety Authority has published a scientific opinion stating that certain types genetically modified plants derived from new genomic techniques can be considered equivalent to conventional plants and do not pose additional risks. The EFSA opinion refers to category 1 of the commission’s proposal for new EU law. Commenting on the opinion, Greenpeace EU Ecosystems campaigner Eva Corral said the EFSA opinion “contradicts European national agencies, including Anses in France, which warn about the potential risks of new (genetically modified) organisms to human health and the environment” and called for “all new GMOs to be subject to safety controls and monitoring”.

A group of nonprofits, including WWF, have published an “independent, science-based taxonomy” that they say fills gaps where the EU’s taxonomy for sustainable activities lacks a solid science base. WWF and other environmental groups are taking the Commission to the European Court of Justice, challenging the inclusion of gas and nuclear power plants in the EU taxonomy.

June 2024 was the 13th consecutive warmest month on record, according to data from the EU’s Copernicus climate change service. It was also the 12th month in a row that temperatures reached 1.5°C above pre-industrial levelsThe global mean surface air temperature in June was 16.66°C, which is 0.67°C warmer than the monthly average from 1991 to 2020 and 0.14°C warmer than the previous record set in June 2023. “We will certainly see new records as the climate continues to warm. This is inevitable unless we stop adding greenhouse gases to the atmosphere and oceans,” said C3S Director Carlo Buontempo.

SolarPower Europe has published a position paper on cybersecurity. Deputy CEO Dries Acke said that digitalization of the energy sector “was obvious.” He added: “It increases the efficiency of power plants and allows for better management of distributed energy to match demand and grid capacity. A digital, electrified energy system will save Europeans €160 billion by 2040.” However, he stressed that it also brings new challenges, such as cybersecurity. “We didn’t need antivirus protection for a typewriter, but we do for our laptops,” Acke said. “The risk of a major cyberattack on the European grid via solar power plants is limited at the moment. However, we are a forward-looking sector that is on track to supply the majority of Europe’s electricity. We take this responsibility seriously.”

Great Britain

The UK Financial Conduct Authority has issued new regulations that form the basis review of the national quotation systemThe rules, which come into force on July 29, have been criticised for weakening governance standards for UK-listed companies and restricting shareholder rights.

The London-based International Maritime Organization offers developing countries support in creating national action plans to reduce greenhouse gas emissions emissions from maritime transportThe deadline for applications is 6 September.

Former Climate Change Committee chief executive Chris Stark has been appointed to head a new mission control centre set to deliver Labour’s promise to provide clean energy by 2030Earlier this week, the UK Government announced plans for a National Prosperity Fund and lifted a ban on onshore wind projects.

The previous Conservative government dropped the case concerning Lincolnshire Oil Drilling Permissionsaid a statement from the law firms, which acted as legal representatives for the applicants. The approval for the permit was granted by the government following a recent UK Supreme Court ruling that halted permission for oil drilling in Surrey on the grounds that local authorities are required to take into account the impact of Scope 3 emissions when granting planning permission for oil projects.

America

Indigenous communities in Colombia have won a lawsuit related to a disputed carbon credit project in the Amazon. Sustainable Views previously reported on how the Colombian lawsuit could set a precedent to establish how the rights of indigenous peoples should be protected within the country’s voluntary carbon marketwith potential repercussions for other jurisdictions. The ruling by Colombia’s constitutional court ordered tribal representatives to decide within six months whether to authorize a new agreement. If they decide otherwise, the carbon credit project should be canceled.

US bank Citibank has agreed to change its environmental and social risk management framework to no longer provide financing expansion of oil and gas activities in the AmazonThe policy will affect about 20 percent of the bank’s sector financing in the Amazon. The change in the regulatory framework follows pressure from environmental activists and indigenous groups. The nonprofit Stand.earth described the bank as the leading U.S. lender to oil drillers and traders and the largest financier of Amazonian oil and gas in a June report. Stand.earth welcomed the change but urged Citibank to go further and adopt a geographic exclusion policy for the region.

Asia and Pacific

The Philippines was chosen to host the board UN Loss and Damage Fundwhich provides financial support to developing countries to recover from damage caused by climate-related disasters. The Philippines, which also sits on the board, was selected from a group of seven countries. President Ferdinand Marcos Jr. said on Program X that hosting the board would ensure that “the voices of those most affected by climate change shape the future of international climate policy.” The World Bank will remain the interim host of the fund until the Philippines passes legislation to take over that role.

COP29 host Azerbaijan has announced its intention set up a climate fund with a $500 million contribution from state oil company Socar. The fund is earmarked for donations from fossil fuel companies, either as a lump sum or as a percentage of their revenues. Any profits from the fund will be paid back into it. At COP28 in 2023, the UAE announced a $30 billion fund that aims to mobilise $250 billion of private sector investment for climate action by 2030.

Australia’s environment ministry has imposed a record fine of A$465,480 ($315,460) on an unnamed international company for importing electrical switchboards containing synthetic greenhouse gases without a license. The component, if released, would emit emissions equivalent to nearly 5,000 cars per year.

This New Zealand The government has published a new climate strategy that includes a target to double renewable energy by 2050 and install 10,000 public charging points for electric vehicles. Greenpeace has criticized the strategy, saying it is as useful as “tits on a bull.”

Communities in India, Nepal and Bangladesh have seen floods and landslides due to heavy rains. The monsoon season, which runs from June to September, normally accounts for 75 to 90 percent of the region’s annual rainfall, but flooding has become more common across South Asia in recent years. Nepalese authorities said 14 people had died in flooding, while in the Indian state of Assam, more than 1.4 million people in 27 districts have been affected, with 84 people having died in flooding since the start of the season.

Middle East and Africa

Liberia, on the west coast of Africa, has appealed for international aid after flooding. The rains have affected more than 48,000 people and caused severe damage to homes, schools and hospitals, Liberia’s National Disaster Management Agency said. Executive Director Ansu Dulleh called on partners, both local and international, to help raise $10 million for food and relief for affected citizens. “The scale of the floods is unlike anything we’ve ever seen,” he added.