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illuminem summarizes for you the essential news of the day. Read the full piece on The Wall Street Journal or enjoy below:
🗞️ Driving the news: H&M has opposed a proposal by the Science Based Targets initiative (SBTi) to allow the use of carbon offsets in corporate climate targets
• H&M's head of sustainability, Leyla Ertur, expressed concerns that this would weaken corporate climate pledges and deter real decarbonization efforts within value chains
🔭 The context: SBTi is known for its strict adherence to science-based approaches for corporate climate transitions
• Recently, SBTi's consideration to include carbon offsets has faced backlash from climate advocates, as offsets might undermine efforts to reduce emissions directly
• H&M has been a significant supporter of SBTi, emphasizing genuine efforts to reduce emissions within its supply chain
🌍 Why it matters for the planet: Allowing carbon offsets could lead to companies relying on credits rather than making substantial emissions reductions, potentially slowing progress towards global climate goals
• Effective climate action requires substantial investments and innovation within companies' operations and value chains
⏭️ What's next: SBTi will finalize its stance on carbon offsets by July, with a full revision of the corporate net-zero standard expected by the end of the year
• The organization encourages feedback from companies and stakeholders to ensure robust and effective climate standards
💬 One quote: “The decision weakens corporate climate pledges and makes real decarbonization efforts within value chains less attractive.” - Leyla Ertur, H&M’s head of sustainability
📈 One stat: As of 2024, over 800 companies have validated targets, with thousands more committed to setting targets
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