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Polish Ambassador to the EU Andrzej Sados on Friday told reporters Poland had backed the EU deal, which included a mechanism to keep the oil price cap at least 5% below the market rate. A spokesperson for the Czech Republic, which holds the rotating EU presidency and oversees EU countries' negotiations, said it had launched the written procedure for all 27 EU countries to formally greenlight the deal, following Poland's approval. The G7 price cap will allow non-EU countries to continue importing seaborne Russian crude oil, but it will prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than the price cap. The White House on Friday welcomed news that the EU was "coming together" on the oil price cap and said it should limit Russian revenues. The initial G7 proposal last week was for a price cap of $65-$70 per barrel with no adjustment mechanism.

☆ Holdout Poland approves EU's $60 Russian oil price cap, with adjustment
▼ + stars: | 2022-12-02 | by ( Jan Strupczewski | ) www.reuters.com time to read: +2 min

Sados said the mechanism in the final deal would keep the price cap at least 5% below the market rate. The G7 price cap will allow non-EU countries to continue importing seaborne Russian crude oil, but it will prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than the price cap. Because the world's key shipping and insurance firms are based in G7 countries, the price cap would make it very difficult for Moscow to sell its oil for a higher price. The initial G7 proposal last week was for a price cap of $65-$70 per barrel with no adjustment mechanism. The document also said a 45-day "transitional period" would apply to vessels carrying Russian crude that was loaded before Dec. 5 and unloaded at its final destination by Jan. 19, 2023.

Those pledges include making steep cuts in climate-warming emissions within this decade and contributing to hundreds of billions of dollars needed each year by developing nations already struggling to cope with the impacts of climate change. That could also complicate the talks among government ministers on the so-called cover decisions - which make up the core political deal from the two-week summit. "We haven't seen huge solidarity between the developed and developing countries" but instead "disappointing commitments and action this year, which has dented trust." Developing nations have demanded that COP27 agree to launch a special fund to address loss and damage. The United States and other rich nations are wary of this idea, saying these rapid funds are better channeled through existing programs.

☆ Novartis debuted its first integrated sustainability and finance report this year — more companies are likely to follow suit
▼ + stars: | 2022-07-06 | by ( Julia Hood | ) www.businessinsider.com time to read: +5 min

A coalition of sustainability organizations has recommended integrated reporting to improve the quality of information. Global organizations for decades have wrangled with not just what to report on sustainability goals, but how to report. To learn more about the Novartis Access Principles, Insider turned to the company's integrated report. On May 25, 2022, the International Financial Reporting Standards Foundation (IFRS), the chairs of the International Accounting Standards Board (IASB), and the International Sustainability Standards Board (ISSB), announced they would be incorporating the IIRC's current framework. Novartis tapped the Integrated Reporting Framework in developing the report, as well as SASB Standards provided by the Value Reporting Foundation.

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