illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below:

🗞️ Driving the news: Many large corporations, including Unilever and Bank of America, are stepping back from their green targets, citing regulatory, political, and technological challenges as primary barriers

🔭 The context: Former BP CEO Lord John Browne highlighted the long-term risks of retreating from climate commitments, likening it to neglecting a horse until it is needed for war
• Various companies and even some governments have recently acknowledged difficulties in meeting their emission reduction goals

🌍 Why it matters for the planet: This rollback in corporate climate commitments undermines global efforts to limit warming to 1.5°C above pre-industrial levels, increasing the urgency and difficulty of mitigating climate change impacts

⏭️ What's next: Companies and investors are calling for more stable regulatory environments and clearer standards to support meaningful progress towards emission reduction targets

💬 One quote: “The hard truth is that we’ve done a poor job of reconciling corporate actions with the interests of society and the planet in a balanced way,” said Lord John Browne

📈 One stat: Global issuances of sustainability-linked bonds fell to $9.2 billion in the first quarter of 2024, down from nearly $100 billion in the same period in 2021

Click for more news covering the latest on corporate governance and net zero