decarbonization News

Nations Strike Deal at COP28 to Transition Away From Fossil Fuels

Representatives from nearly 200 countries agreed at the COP28 climate summit on Wednesday to begin reducing global consumption of fossil fuels to avert the worst of climate change, a first of its kind deal signaling the eventual end of the …

Startup Climeworks Battles Big Oil for the $1 Trillion Future of Carbon Capture

Most everyone who’s committed their career to solving the climate crisis comes to the field because they have something they want to save. It’s the mountains for Christoph Gebald, whose startup, Climeworks AG, is among the pioneers of sucking carbon …

Oka Gets ‘In Principle’ Approval to Launch Lloyd’s Syndicate-in-a-Box 1922

Asta, the leading third-party managing agent at Lloyd’s, and Oka, the Carbon Insurance Company, announced that Lloyd’s has granted “in principle” approval for Oka syndicate-in-a-box (SIAB) 1922. Oka Syndicate 1922, which aims to commence underwriting from January 2024, will introduce …

Markets/Coverages: Howden Launches Climate Parametrics Practice to Help Clients Derisk Net-Zero Climate Transition

Howden, the London-based insurance group, announced the creation of Howden Climate Parametrics, a global practice that brings together re/insurance, climate, and data expertise to focus parametric risk transfer solutions on meeting the escalating demand for climate derisking capabilities across industries, …

EU to Seek COP28 Deal on Phasing Out Fossil Fuels: Draft Document

European Union countries are preparing to push for a global deal on phasing out fossil fuels at the United Nations COP28 climate summit which begins in November, a draft of the EU’s negotiating position showed. Diplomats from the bloc’s 27 …

Investors Call on Proxy Adviser ISS to Overhaul its Net-Zero Proxy Advice

More than 30 investors have called on proxy advisor ISS to improve the guidance it gives to clients wanting companies to decarbonize faster, saying its policies had failed to keep pace with rising climate change risks. Institutional Shareholder Services (ISS) …

Growing ‘Greenlash’ Fuels Fears for Europe’s Environmental Ambitions

A growing ‘greenlash’ against Europe’s environmental agenda has not so far derailed its decarbonization plans, but looming elections could put future climate and nature measures at risk. The European Union (EU) has burnished its role as a leader on climate …

Global Initiative Launched to Rate Corporate Carbon Offset Claims

A standard to assess companies’ claims about progress towards internal climate targets and their use of carbon offset credits was launched on Wednesday by a global initiative seeking to bring transparency and confidence to an unregulated market. Many companies have …

Investor Group Bans Carbon Removal Schemes From CO2 Reduction Plans

An investor group committed to climate change and controlling $11 trillion in assets has banned members from counting carbon removal schemes towards their emissions reduction targets before 2030, amid increasing scrutiny of the fast-growing market for carbon offsets. The Net …

Environmental, Social and Governance Credit Risks to Rise in 2023: Moody’s

Economic and political turbulence caused by the COVID-19 pandemic and Russia’s invasion of Ukraine will be likely to heighten environmental, social and governance (ESG) credit risks this year, credit rating agency Moody’s said on Monday. The cost-of-living crisis stemming from …