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

🗞️ Driving the news: HSBC Holdings Plc highlights that companies can reduce risks and cut costs by lowering greenhouse gas emissions in their supply chains
• A study by CDP, in collaboration with HSBC, shows that the financial gains from addressing supply chain emissions outweigh the costs of climate inaction
• Scope 3 emissions reductions can significantly boost companies' resilience and competitiveness 

🔭 The context: Supply chain emissions, also known as Scope 3, represent a significant portion of corporate carbon footprints, yet only 8% of companies currently target these emissions
• Financial institutions, like HSBC, are increasingly helping companies finance these decarbonization efforts, enhancing supply chain resilience and market competitiveness

🌍 Why it matters for the planet: Reducing supply chain emissions can play a crucial role in mitigating climate change, with the potential to cut global emissions by millions of tons annually
• Decarbonizing supply chains supports the global energy transition and sustainability goals

⏭️ What's next: As more companies recognize the financial and environmental benefits, Scope 3 emissions reductions are likely to gain traction, with further innovations expected in value chain solutions
• Financial institutions will continue playing a key role in facilitating this transition through favorable financing options

💬 One quote: “Efficiency, competitiveness, and ambitious climate action go hand-in-hand,” said Simon Fischweicher, director at CDP

📈 One stat: Companies that cut Scope 3 emissions saved an aggregate $13.6 billion in 2023

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