The REP Wrap: SBTi launches second consultation
Your weekly summary of corporate sustainability news.
The Science Based Targets initiative (SBTi) has launched a second consultation on a revised draft of its Corporate Net Zero Standard. For 30 days, stakeholders can provide feedback on new elements of the standard, including mandatory transition plans, assurance requirements and Scope 3 targets.
In a poll of 171 firms with validated SBTi climate goals, 92% said they had experienced positive or neutral long-term financial impacts as a result. More than two-thirds said that setting targets improved how they were perceived as a supplier.
Physical climate risks could cost firms in the S&P Global 1200 index up to $1.2trn by 2050, according to the data arm of the index provider. Despite this, only 35% of companies assessed by S&P Global Market Intelligence in 2024 had formal climate adaptation plans in place.
Swiss bank UBS has published a circular economy explainer for domestic companies, highlighting the growing importance of the topic and evolving expectations from regulators.
The US arm of Brazilian meat giant JBS has reached an out-of-court settlement with New York’s attorney general over allegations it misled the public about its commitment to reduce its carbon footprint. The settlement will see JBS USA pay $1.1m to support programmes that help New York farmers adopt best practices to reduce emissions, increase resiliency and enhance productivity.
Dutch beer giant Heineken has partnered with Portuguese utility EDPC and battery specialist Rondo Energy to install a 100MWh solar-powered battery at one of its sites. The project is scheduled to go live in 2027, and will turn renewable energy into steam to power the brewery’s operations.
Nearly three quarters of UK business leaders believe non-financial information can be as important as financial data for predicting long-term value, according to a new EY survey of 250 senior executives at companies with annual revenues of over £100m.
The California Air Resources Board has announced it will hold an online public workshop on its rules for corporate reporting on climate risk and greenhouse gas emissions. The session will take place on November 18th, and will include an update on the development of its two rules, known as SB 253 and SB 261.