The REP Wrap: Price set for first CBAM certificates
Your weekly summary of corporate sustainability news.
The first quarterly price for the EU’s Carbon Border Adjustment Mechanism certificates was set at €75.36 this week, meaning that’s how much importers will have to pay for goods brought into the EU in the first three months of 2026 when they start buying certificates next year. The price is meant to mirror the cost of carbon under the EU Emissions Trading System.
Microsoft has signed a 15-year deal to buy 626,000 tonnes of carbon removal credits from a Bioenergy with Carbon Capture and Storage project in Canada. The agreement is with North Star Carbon Solutions, a partnership between carbon removal specialist Svante and Meadow Lake Tribal Council.
A shareholder proposal calling on Volvo to annually review its climate lobbying failed to pass at its AGM this week. The request, filed by Danish pension fund AkademikerPension, was unsuccessful despite high-profile support from other European pension funds.
Meanwhile, BP is facing growing opposition ahead of its annual meeting on April 23rd following its decision not to allow a vote on a climate proposal. The oil major is also seeking to overturn climate-disclosure pledges it agreed with shareholders at previous AGMs. Influential proxy advisors ISS and Glass Lewis have reportedly advised investors to oppose the oil major’s plans to ditch the 2015 and 2019 agreements, which BP argues have “been largely superseded” by mandatory disclosure rules. Glass Lewis is also reportedly recommending a vote against the firm’s new chair, Albert Manifold, in part because of the decision to omit the climate proposal.
Investors representing more than $1.8trn in assets have issued a joint statement urging freight and logistics companies to step up reporting, target setting and action to deal with air pollution. The investors warned of limited transparency in the sector, and slow progress on mitigation. Specifically, they asked firms to “recognise air pollution as a material business issue”, set time-bound targets, measure and disclose more on the topic, and undertake more concerted policy advocacy,