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☆ Germany to set up climate protection contracts with industry in 2023
▼ + stars: | 2022-12-04 | by ( Expert Analysis | Reuters Professional | The Subsistence Farmer S Son Pushing For A Better Shake For Smallholders At Spices Brand Mccormick | ) www.reuters.com time to read: 1 min

Dec 4 (Reuters) - Germany will set up so-called climate protection contracts with industrial companies next year to support a transition towards cleaner production and a switch to hydrogen, Economy Minister Robert Habeck said on Sunday. "The aim is to efficiently develop a green industry along the value chain that becomes marketable," Habeck was quoted as saying by Funke media group. Habeck did not give details of what such agreements would consist of. Reuters reported on Wednesday that Habeck was planning to award companies in energy-intensive industries including chemicals and steel 15-year subsidy arrangements that he called climate protection contracts, in return for reducing carbon emissions in their production. Reporting by Riham Alkousaa; Editing by Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. Fed proposes framework for how banks manage climate-related financial risk
▼ + stars: | 2022-12-02 | by ( Expert Analysis | Reuters Professional | The Subsistence Farmer S Son Pushing For A Better Shake For Smallholders At Spices Brand Mccormick | ) www.reuters.com time to read: 1 min

WASHINGTON, Dec 2 (Reuters) - The U.S. Federal Reserve on Friday proposed new guidance for how large banking institutions manage climate-related financial risks, in line with proposals from other key financial regulators. The proposed principles detailed expectations for banks with more than $100 billion in assets to incorporate financial risks related to climate into their strategic planning. Issuance of the proposal for public comment was approved in a 6-1 vote of the Fed Board of Governors, with Governor Christopher Waller dissenting. Reporting by Chris Prentice; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Under the proposal, all 27 EU members will be required to reduce packaging waste per capita by 5% by 2030 and 15% by 2040 compared with 2018 levels. The Commission said packaging waste, notably plastic, would continue to rise if no action were taken, increasing emissions of greenhouse gases and so jeopardising the EU's target of net zero emissions by 2050. The planned legislation proposes minimum targets for recycled content in plastic packaging, such as 30% for drinks bottles by 2030 and 65% by 2040. Certain plastic packaging, such as tea bags, coffee pods, very light plastic bags and sticky labels for fruit and vegetables, will need to be compostable. EU members will also be required to have deposit return systems in place for plastic bottles and cans.

Tiny fragments of plastic have been found in blood samples, stools and placentas of unborn babies, recent studies have shown. Scientists are trying to understand the health risks of this new phenomenon, but concerns range from the impact on organs to how some plastic additives might disrupt hormonal systems. Jodie Roussell, public affairs lead for packaging and sustainability at Swiss consumer goods giant Nestle (NESN.S), told the panel she hoped the treaty would help establish global quality controls for plastic, especially recycled plastic. Roussell said in lieu of such standards, Nestle has established its own quality controls and a black list for certain materials. International standards would help with "levelling the playing field and ensuring a fair distribution of responsibility across the value chain," Roussell said.

LONDON, Nov 30 (Reuters) - Half of senior leaders in Britain's financial and professional services should come from a working class or intermediate social background by 2030, a government-backed taskforce recommended on Wednesday. The Socio-Economic Diversity Taskforce, headed by the City of London Corporation, which administers the capital's historic financial district, was commissioned by the finance and business ministries. Around half of all employees in financial services and professional sectors like accounting and law are from non-professional backgrounds, and progress 25% slower than their middle and upper class peers, a report from the taskforce said. Employees from non-professional backgrounds are also likely to get paid up to 17,500 pounds ($20,977) less per year, with no link to job performance. The voluntary target of boosting this level to 50% of senior leaders by 2030 will be reviewed in 2025 to ensure it remains representative and achievable, the taskforce said.

Summary Climate change has big impact on economy, inflation - AmamiyaAug survey showed strong demand for green bonds - BOJ AmamiyaBOJ's climate scheme has extended $26 bln in loansTOKYO, Nov 27 (Reuters) - Bank of Japan (BOJ) Deputy Governor Masayoshi Amamiya said on Sunday the central bank will conduct a survey annually of financial institutions and companies, seeking ways to nurture the country's growing climate finance market. An initial survey in August showed "strong demand" in Japan for "green" bonds and other environmental, social and governance (ESG) debt instruments, Amamiya said. Some respondents said they faced challenges in obtaining information and appropriate methods for assessing risks associated with climate change, he said. "Central banks can therefore contribute to achieving macroeconomic stability in the long run by supporting private-sector moves to deal with climate change." The BOJ last year rolled out a funding scheme targeting activities aimed at combating climate change, as part of efforts to align itself with a global push toward a greener society.

Australia's fourth-largest bank also said it would reduce exposure to its largest carbon-emitting customers that do not improve their emission transition plans by 2025. ANZ also disclosed that it would lower its scope 1 and 2 greenhouse gas emissions by 85% by 2025 and 90% by 2030. "Our exposure to thermal coal will continue to decline in line with our existing commitments, which includes no longer onboarding any new business customers with material thermal coal exposures, or directly financing new thermal coal mines or power plants," ANZ said. In July, Westpac (WBC.AX) unveiled plans to reduce its lending to coal, oil and gas companies by nearly a quarter by 2030 to slash emissions. read more($1 = A$1.4786)Reporting by Tejaswi Marthi and Jaskiran Singh in Bengaluru; Editing by Rashmi Aich and Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.

Companies Financial Conduct Authority FollowLONDON, Nov 22 (Reuters) - Providers of environment, social and governance (ESG) ratings on companies will be asked to apply a voluntary best practice code as a first step to regulating the sector, Britain's Financial Conduct Authority said on Tuesday. Trillions of dollars have flowed into sustainable investments globally using unregulated ESG ratings on companies as a guide for their 'green' credentials, leaving regulators worried about greenwashing or over inflated ESG claims. Britain's government is considering giving the FCA powers to directly regulate ESG ratings providers. The code will reflect recommendations from the global securities regulatory body IOSCO, and developments in Japan and the European Union, the FCA said. "A Code could also continue to apply for ESG data and ratings providers that fall outside the scope of potential future regulation," the FCA said in a statement.

Organizations including the American Petroleum Institute (API), Renewable Fuels Association and the National Farmers Union wrote to congressional leaders to urge them to adopt legislation that would effectively lift restrictions on E15 sales. API's support is a win for the biofuel and farm groups because the oil industry has at times resisted efforts to expand the market for ethanol. The governors' proposal raised oil industry concerns about fuel regulations differing from state to state. Expanding national sales of E15 would also resolve long-standing differences among the groups about the fuel regulations, the letter said. Reporting by Stephanie Kelly; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

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