The Science Based Targets initiative (SBTi), one of the key organizations focused on aligning corporate environmental sustainability action with the global goals of addressing and limiting climate change, announced the initiation of a process to develop a net zero standard for financial institutions, with the publication of Net-Zero Foundations for Financial Institutions Draft for public consultation.Founded in 2015, SBTi was formed as a collaboration between CDP, World Resources Institute (WRI), the World Wide Fund for Nature (WWF), and the United Nations Global Compact (UNGC), with the goal to establish science-based environmental target setting as a standard corporate practice. 

Cloud-based ESG software solutions provider Benchmark Digital (formerly Gensuite) announced the launch of ESG Director, a new digital platform aimed at enabling organizations to meet emerging sustainability reporting obligations and to manage and track ESG performance.The new platform is being launched as companies face growing pressure from regulators, investors and other stakeholders to improve their sustainability profiles and amid increasing demands for ESG-related disclosure. Mandatory ESG disclosure requirements are becoming increasingly common in jurisdictions around the world, and investor surveys consistently find that sustainability reporting is a key focus area for investors.

Days ahead of the COP26 climate conference, the UK government announced formal plans to introduce legislation requiring mandatory climate-related disclosure by companies and financial institutions.The legislation is expected to become law in April 2022, at which time more than 1,300 of the country’s largest publicly listed companies and financial institutions will become the first to provide reporting in line with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD).

Days before the UN COP26 climate conference, Australian Prime Minister Scott Morrison announced a new target for the country to reach net zero emissions by 2050, outlining a plan that relies heavily on technology investment and development, rather than legislation and taxes to achieve climate goals.According to the PM’s office, the plan aims to preserve the country’s industries during the net zero transition, without putting jobs at risk, keep energy prices low, and establish Australia as a leader in low emissions technologies.

LONDON, June 23 (Reuters) - A global securities watchdog plans to publish its first regulatory guidance for raters of corporate environmental, social and governance (ESG) performance in July to stem growing concern among asset managers about overstated green credentials. The concern over so-called greenwashing has grown as more investments are channelled into climate-friendly funds, giving rise to a burgeoning market for ratings on how different companies deal with ESG challenges. Ashley Alder, chair of the IOSCO body that groups securities regulators from the United States, Europe and Asia says that many countries have no rules for ESG raters.