Below is the round-up of latest happening around the world in ESG landscape. From EU Mandate on energy efficient buildings by 2050 to JP Morgan’s commitment to invest USD 2.5 Trillion for sustainable development financing by 2030:
1. At Our ocean conference in Greece, EU announced that it will pledge USD 3.5 billion to protect oceans. The areas focused includes – Sustainable fisheries, Marine protection, ocean observation, marine pollution, and research related to ocean. This is the biggest amount announced by EU since the start of Our ocean conference in 2014. This is an initiative started by the U.S. to bring world’s attention to threats facing the ocean. Since start of this conference in 2014, it has resulted in 2,160 commitments valued at USD 130 billion.
2. EU mandates that all buildings must be energy efficient by 2050 and all new buildings should be energy efficient by 2030. Some of the buildings exempted from the rule includes historic buildings, places of worship and buildings owned by armed forces. In EU, buildings currently account for more than a third of GHG emissions.
3. JP Morgan Chase Co in its latest ESG Report 2023 announced investing USD 2.5 trillion towards Sustainable Development Financing. The report says and I quote – ‘Our goal is to finance and facilitate more than $2.5 trillion over 10 years — from 2021 through the end of 2030 — to help advance long-term climate solutions and contribute to sustainable development’. Three areas targeted by them includes – Green (finance), development finance, and community development.
4. Phillips 66, an American multinational energy company that processes, transports, stores, and markets natural gas and petroleum products recently converted their San Francisco plant fully renewable. The plant, once manufactured products like gasoline and jet fuel, is now producing 27,000 barrels a day of renewable diesel.
5. Boeing Company, the American multinational company that manufactures and sells aircrafts recently purchased 9.4 million gallon of blended sustainable aviation fuel (SAF) to support its 2024 U.S. commercial operations, reducing its carbon emissions and working to help grow the supply of the fuel globally. This is the company’s largest annual SAF purchase, more than 60% higher than its buy in 2023. The blended fuel purchase consists of 30% SAF (fats, oil and grease) and 70% conventional jet fuel.
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