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☆ Global watchdog proposes detailed climate disclosures from banks
▼ + stars: | 2023-11-29 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

The Basel Committee of banking regulators from G20 and other economies proposed climate-related disclosures by banks to make it easier for investors to also compare climate exposures at lenders, and ensure banks hold enough capital to remain stable. The proposals provide more detailed banking sector climate-related disclosures to supplement broader corporate disclosures agreed at the global level by the International Sustainability Standards Board. Not all countries will apply ISSB disclosures, however, and it is unclear how Basel's disclosures would dovetail with corporate climate disclosures the European Union has finalised. Draft U.S. corporate climate disclosures from the Securities and Exchange Commission face heavy pushback from companies which want to ditch the inclusion of so-called Scope 3 greenhouse gas emissions produced by a company's customers. "For banks, financed emissions are often the most significant part of their total GHG emissions."

Persons: Amanda Perobelli, Huw Jones, Tomasz Janowski Organizations: Committee, International Sustainability, Union, Securities and Exchange Commission, Thomson Locations: Amazonia, Nova Xavantina, Mato Grosso, Brazil, Basel

Here's a rough guide to the jargon being used in Dubai at COP28, this year's United Nations climate change conference. The term "climate change" is used more broadly to describe global warming and its consequences, including variable weather extremes. GHGs include a myriad of gases, but the most impactful — methane and carbon dioxide — are also referred to as "carbon emissions" because both molecules contain carbon. The world's excess carbon emissions come mostly from the burning of fossil fuels and other industrial activities. UNFCCC - The United Nations Framework Convention on Climate Change is the treaty adopted in 1992 agreeing to halt climate change.

Persons: Amanda Perobelli, COP21, NDCs, Gloria Dickie, Katy Daigle, Rod Nickel, Aurora Ellis Organizations: United Nations, Paris, Thomson Locations: Amazonia, Nova Xavantina, Mato Grosso, Brazil, Dubai, COP28, United Nations, China, PARIS, Paris, Glasgow, COP27, London

☆ Brazil lures China's Cofco to finance recovery of degraded land
▼ + stars: | 2023-04-12 | by ( Lisandra Paraguassu | ) www.reuters.com time to read: +3 min

"They have every interest," said Augustin, adding that a Cofco delegation is expected for talks in Brasilia next month. China is Brazil's biggest trade partner and Brazil accounts for 22% of Chinese imports, driven largely by farm goods. One version would have farmers guarantee sale of their production to the companies that finance land recovery, he said. "You don't need to deforest another hectare to increase (farm) production," Augustin said. Agriculture Ministry studies estimate a cost of 15,000 to 23,000 reais to recover one hectare of degraded land.

REUTERS/Amanda PerobelliSAO PAULO/MONTREAL, Dec 14 (Reuters) - Deforestation in Brazil's Cerrado savanna rose to a seven-year high, government data showed on Wednesday, destroying a vital habitat for threatened species and releasing huge amounts of greenhouse gases that drive climate change. Destruction of native vegetation rose 25% to 10,689 square kilometers (4,127 square miles) – an area larger than Lebanon. Brazil's official deforestation statistics run from August to July to minimize clouds obscuring the destruction. The Cerrado, the world's most species-rich savanna, has given way to Brazil's expanding agricultural frontier for decades. "We need COP15 negotiators to prioritise ending deforestation and conversion in areas where the yearly rate of ecosystem losses prove alarming, like the Cerrado."

Brazil has yet to publish its official annual figures for Cerrado deforestation, based on satellite analysis by the government's space research agency Inpe. The Cerrado neighbors the Amazon, occupying more than 2 million square kilometers in central Brazil – larger than Mexico. FARM-DRIVEN DEFORESTATIONThe Brazilian savanna is now a major concern for top grains traders, who have broadly pledged to eliminate deforestation from their supply chains by 2025. The sources discussed Cerrado deforestation data from Brazil's PRODES program, which produces annual data that is far more accurate than rapid alert data published on a weekly and monthly basis. An Inpe official said earlier this year that Brazil would soon stop publishing PRODES Cerrado data due to lack of funding.

☆ World's top finance firms continue to fuel deforestation, report warns
▼ + stars: | 2022-10-18 | by ( Juliette Portala | ) www.reuters.com time to read: +3 min

An aerial view shows deforestation near a forest on the border between Amazonia and Cerrado in Nova Xavantina, Mato Grosso state, Brazil July 28, 2021. Issued by the Forests & Finance Coalition of NGOs, which looks to improve transparency, policies, systems and regulations in the financial sector, the report found that finance to those companies rose over 60% to $47 billion between 2020 and 2021. "The world's financial institutions are actually increasing their lending to the very industries driving humanity to the brink," Tom Picken, director of Rainforest Action Network's Forest and Finance Campaign, said in a statement, citing "dangerously inadequate" policies. "This latest assessment shows how big banks and institutional investors are blind to the urgency of the moment," Picken stated. Register now for FREE unlimited access to Reuters.com RegisterReporting by Juliette Portala, editing by Simon Jessop, William MacleanOur Standards: The Thomson Reuters Trust Principles.

☆ Can sustainable soya farming come fast enough to save the Cerrado?
▼ + stars: | 2022-10-18 | by ( Mark Hillsdon | Mark Hillsdon Is A Manchester-Based Freelance Writer Who Writes On Business | Sustainability For The Ethical Corporation | ) www.reuters.com time to read: +12 min

“Crop finance is a key part of soy farmers' business models and there is a huge appetite and market for green finance,” he explains. It’s a message consistent with the UK Soy Manifesto, which now covers 60% of the soy coming into the UK. Unlocking green investment means this can now happen, he adds, by supporting sustainable agriculture and protecting forests in a financially sustainable way that rewards farmers. And ultimately it is the involvement of these traders in screening out “bad soy” on which any sustainable soy scheme succeeds or fails. The Retail Soy Group’s roadmap commits members to deforestation-free soy with a cut-off-date of August 2020, but soy traders aren’t following these guidelines, says Wijeratna.

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