· 2 min read
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
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