The REP Wrap: World’s investors double down on net zero
Your weekly summary of corporate sustainability news.
Most investment managers have reiterated their commitment to net zero this week. The industry’s main climate alliance, the Net Zero Asset Managers initiative, or NZAM, was relaunched on Wednesday, after a year-long hiatus. During that time, it consulted with its 300-ish members about how it could revise its rules so it didn’t land them on the wrong side of US competition law. Its new, slightly softer commitment statement has attracted 250 signatories so far.
The body overseeing California’s climate disclosure rules has approved the draft regulations, taking it a step closer to final adoption. Members of the California Air Resources Board (CARB) voted to approve the state’s emissions (SB 253) and climate risk (SB 261) disclosure requirements on Thursday. CARB also set an August deadline for reporting on Scope 1 and 2 emissions under SB 253. Its approval of the requirements does not change the status of SB 261. In scope firms were meant to report on climate risks from January, but SB 253 was suspended in November by the Ninth Circuit, to give it time to consider a legal challenge from the US Chamber of Commerce.
AT&T has reached an agreement with New York pension funds after they sued the company for refusing to accept a shareholder proposal they had filed. The four funds had asked the telecoms firm to provide more information about its diversity, equity & inclusion performance, but it blocked the request from going to vote. AT&T has now agreed to let its shareholders vote on the resolution at its upcoming annual meeting.
The UK has launched the final version of its first two Sustainability Reporting Standards (UK SRS). Both are based on recommendations by the government’s Technical Advisory Committee, and mirror similar standards from the ISSB. The Financial Conduct Authority is currently consulting on if and how to create regulatory requirements for listed companies to disclose in line with the new UK SRS.
Germany’s Deutsche Telekom has achieved carbon neutrality across its operations, according to its latest climate update. The telecoms firm hit its goal of reaching net zero for its Scope 1 and 2 emissions, including direct operational and purchased electricity emissions, by 2025. It also plans to reduce its Scope 3 emissions by 55% by the end of the decade, and have a net-zero value chain by 2040. Its 2025 goals were achieved in part by offsetting.
Greenhouse gas emissions increased by 0.50% last year, according to the latest data from Climate TRACE. Global methane emissions increased 1.03% over the same period, having declined in 2024. While there was a small decline in power sector emissions, fossil fuel operations, transportation, manufacturing, and buildings all increased. Oil and gas production was the subsector with the largest jump, rising 4.1% in 2025.