Brazil has announced a new climate change pledge ahead of the COP 29 Summit and that promises to cut down the country's greenhouse gas emissions by 2035. Watch in for more details!

Brazil Pledges To Reduce Green House Gas Emissions By 2035

Wall Street's top regulator, the US Securities and Exchange Commission (SEC), is nearing&nbsp;a decision that could reshape how thousands of US-listed companies disclose their climate-related risks and impacts to investors. <o:p></o:p>

The vote is scheduled for March 6.<o:p></o:p>

Here's a breakdown of the key aspects and controversies surrounding the SEC's proposed rule on climate reporting:<o:p></o:p>

Reporting emissions<o:p></o:p>

In its bid to enhance transparency, the SEC's initial draft rule aimed at comprehensive reporting of greenhouse gas emissions, spanning Scope 1, Scope 2, and even Scope 3 emissions. <o:p></o:p>

Emissions from a company's own operations are categorised as Scope 1 emissions; those from utilities and power generation are categorised as Scope 2 emissions; and emissions from a company's supply chain, which includes goods transportation, business travel, and customer consumption of goods and services, are categorised as Scope 3 emissions.

Scope 3 emissions, particularly contentious due to their complexity and potential burden on companies, have faced significant pushback from major lobby groups, arguing that such disclosures might yield insignificant data and add undue regulatory burden. <o:p></o:p>

Consequently, SEC officials have revised the proposal, opting to exclude Scope 3 emissions from mandatory disclosures. <o:p></o:p>

Moreover, requirements regarding Scope 1 and Scope 2 emissions have been refined, with companies now having the discretion to disclose them based on materiality considerations.<o:p></o:p>

Climate financial impacts<o:p></o:p>

One of the most debated provisions of the proposed rule revolves around companies disclosing financial impacts stemming from climate-related factors, such as damages from extreme weather events or expenses associated with transitioning to low-carbon operations. <o:p></o:p>

While progressive and financial reform groups advocate for such disclosures, highlighting their feasibility and potential benefits for investors, industry voices have raised concerns about the practicality and meaningfulness of the proposed disclosures. <o:p></o:p>

Critiques cite the absence of established accounting methods for quantifying climate impacts and argue that the resulting data might lack relevance or accuracy. <o:p></o:p>

Disclosing risk<o:p></o:p>

Beyond emissions and financial impacts, the proposed rule seeks to compel companies to divulge a spectrum of risk-related information, encompassing how boards manage climate risks, potential implications on business models, corporate strategies, and overall business outlooks. <o:p></o:p>

Additionally, companies would be required to outline low-carbon transition plans and utilise scenario analysis to assess climate-related risks. <o:p></o:p>

Proponents view these disclosures as pivotal for investors to make informed decisions, aligning financial interests with environmental considerations. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Wall Street's top regulator, the US Securities and Exchange Commission (SEC), is nearing a decision that could reshape how thousands of US-listed companies disclose their climate-related risks and impacts to investors.

Wall Street's top regulator, the US Securities and Exchange Commission (SEC), is nearing a decision that could reshape how thousands of US-listed companies disclose their climate-related risks and impacts to investors. The vote is scheduled for March 6. Here's a breakdown of the key aspects and controversies surrounding the SEC's proposed rule on climate reporting: Reporting emissions In its bid to enhance transparency, the SEC's initial draft rule aimed at comprehensive reporting of greenhouse gas emissions, spanning Scope 1, Scope 2, and even Scope 3 emissions. Emissions from a company's own operations are categorised as Scope 1 emissions; those from utilities and power generation are categorised as Scope 2 emissions; and emissions from a company's supply chain, which includes goods transportation, business travel, and customer consumption of goods and services, are categorised as Scope 3 emissions. Scope 3 emissions, particularly contentious due to their complexity and potential burden on companies, have faced significant pushback from major lobby groups, arguing that such disclosures might yield insignificant data and add undue regulatory burden. Consequently, SEC officials have revised the proposal, opting to exclude Scope 3 emissions from mandatory disclosures. Moreover, requirements regarding Scope 1 and Scope 2 emissions have been refined, with companies now having the discretion to disclose them based on materiality considerations. Climate financial impacts One of the most debated provisions of the proposed rule revolves around companies disclosing financial impacts stemming from climate-related factors, such as damages from extreme weather events or expenses associated with transitioning to low-carbon operations. While progressive and financial reform groups advocate for such disclosures, highlighting their feasibility and potential benefits for investors, industry voices have raised concerns about the practicality and meaningfulness of the proposed disclosures. Critiques cite the absence of established accounting methods for quantifying climate impacts and argue that the resulting data might lack relevance or accuracy. Disclosing risk Beyond emissions and financial impacts, the proposed rule seeks to compel companies to divulge a spectrum of risk-related information, encompassing how boards manage climate risks, potential implications on business models, corporate strategies, and overall business outlooks. Additionally, companies would be required to outline low-carbon transition plans and utilise scenario analysis to assess climate-related risks. Proponents view these disclosures as pivotal for investors to make informed decisions, aligning financial interests with environmental considerations. (With inputs from Reuters)

SEC's climate reporting rule: What's at stake for investors and corporations?

The European Union (EU) has witnessed a substantial decrease of over 5 per cent in greenhouse gas emissions during the second quarter of 2023, according to data from Eurostat released on Wednesday.&nbsp;

According to Reuters, the figures reveal that the EU's emissions from April to June totalled 821 million tonnes of carbon dioxide equivalents, marking a 5.3 per cent decline compared to the same period the previous year.&nbsp;

Among the sectors contributing to this reduction, the electricity and gas supply sector experienced the most significant drop at 22 per cent, with manufacturing identified as the primary contributor to emissions, accounting for 23.5 per cent of the total.&nbsp;

The EU's commitment to combating climate change is evident in its ambitious policies, making it a global leader in this endeavour. The region has set a target to cut net emissions by 55 per cent from 1990 levels by 2030, a crucial step towards achieving net-zero emissions by 2050. Earlier this year, the EU further elevated its renewable energy share goal to 42.5 per cent by 2030, a considerable increase from the previous target of 32 per cent. &nbsp;

The push for renewable energy gained momentum after geopolitical events, particularly the Russian invasion of Ukraine, prompted the EU to reduce its reliance on Russian fossil fuels, turning towards locally produced, low-carbon energy sources like wind and solar power. Despite the commendable progress, challenges persist, with political and industry resistance to green objectives. &nbsp;

The decline in emissions is particularly noteworthy in certain EU member states, with Bulgaria leading the way with a substantial reduction of 23.7 per cent, followed closely by Estonia (-23.1 per cent) and the Netherlands (-10.3 per cent). This encouraging trend indicates that efforts to curb greenhouse gas emissions are making headway in various parts of the EU. &nbsp;

Moreover, Eurostat highlighted that out of the 21 EU members that reported a decrease in year-on-year emissions during the second quarter, ten countries achieved this while simultaneously experiencing economic growth, showcasing the compatibility of environmental conservation and economic development.&nbsp;

(With inputs from Reuters)&nbsp;

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The European Union (EU) has witnessed a substantial decrease of over 5 per cent in greenhouse gas emissions during the second quarter of 2023, according to data from Eurostat released on Wednesday.

The European Union (EU) has witnessed a substantial decrease of over 5 per cent in greenhouse gas emissions during the second quarter of 2023, according to data from Eurostat released on Wednesday. According to Reuters, the figures reveal that the EU's emissions from April to June totalled 821 million tonnes of carbon dioxide equivalents, marking a 5.3 per cent decline compared to the same period the previous year. Among the sectors contributing to this reduction, the electricity and gas supply sector experienced the most significant drop at 22 per cent, with manufacturing identified as the primary contributor to emissions, accounting for 23.5 per cent of the total. The EU's commitment to combating climate change is evident in its ambitious policies, making it a global leader in this endeavour. The region has set a target to cut net emissions by 55 per cent from 1990 levels by 2030, a crucial step towards achieving net-zero emissions by 2050. Earlier this year, the EU further elevated its renewable energy share goal to 42.5 per cent by 2030, a considerable increase from the previous target of 32 per cent. The push for renewable energy gained momentum after geopolitical events, particularly the Russian invasion of Ukraine, prompted the EU to reduce its reliance on Russian fossil fuels, turning towards locally produced, low-carbon energy sources like wind and solar power. Despite the commendable progress, challenges persist, with political and industry resistance to green objectives. The decline in emissions is particularly noteworthy in certain EU member states, with Bulgaria leading the way with a substantial reduction of 23.7 per cent, followed closely by Estonia (-23.1 per cent) and the Netherlands (-10.3 per cent). This encouraging trend indicates that efforts to curb greenhouse gas emissions are making headway in various parts of the EU. Moreover, Eurostat highlighted that out of the 21 EU members that reported a decrease in year-on-year emissions during the second quarter, ten countries achieved this while simultaneously experiencing economic growth, showcasing the compatibility of environmental conservation and economic development. (With inputs from Reuters) WATCH WION LIVE HERE

EU reports significant drop in greenhouse gas emissions during second quarter 

If we go back and look at the data then there is enough data to prove that rich countries have emitted the most green house gases. On another side, poorer countries are paying for US' emissions.

WION Climate Tracker: Why are rich nations not doing more to combat global warming

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Brazil Pledges To Reduce Green House Gas Emissions By 2035

SEC's climate reporting rule: What's at stake for investors and corporations?

EU reports significant drop in greenhouse gas emissions during second quarter

WION Climate Tracker: Why are rich nations not doing more to combat global warming