The REP Wrap: ESG-labelled debt hit $1trn in 2024
Issuers raised more than $1trn through green, social, sustainability and sustainability-linked debt last year, according to the Climate Bonds Initiative. Around $670bn came from green-labelled bonds and loans, while sustainability-linked debt accounted for just $8bn of the total.
Shell’s argument that its polluting activities would be replaced by another company if it ceased to undertake them could set a dangerous precedent for climate litigation, lawyers have argued. A judge sided with the oil giant during a recent case when it said that, if it stopped supplying fossil fuels, other businesses would step in. In a blog published this week, lawyer Paula Nieto warned that this framing could “lead to an endless cycle where every polluter can deny the effectiveness of the obligation to reduce Scope 3 emissions, rendering accountability impossible.” She argued that Shell’s argument imposes “an unreasonably high causal standard, which overlooks the collective nature of climate change emissions and the unique features of this tort case.”
L’Oreal and Carrefour are among a group of major French companies reportedly urging the European Commission not to delay the Corporate Sustainability Reporting Directive. Bloomberg reported this week that Paris-based sustainability organisation C3D, whose members include around 400 companies, coordinated a letter to the new EU Commissioners, asking them not to give in to pressure from some industry groups and Member States to water down the rules.
Schneider Electric has appointed its former chief marketing officer as its new head of sustainability. Chris Leong lead marketing at the energy giant for a decade.
The Conference Board has published a primer to help companies understand their “sustainability return-on-investment”. More than 40% of executives polled by the US non-profit said their companies were currently either underperforming on the metric, or unsure how to apply it.
Exxon has filed a defamation lawsuit against California attorney general Rob Bonta and several environmental groups, alleging they have “engaged in a deliberate smear campaign” against the US oil major. Bonta recently sued Exxon, accusing it of deceiving the public about the recyclability of its plastic products.
BlackRock has departed the Net Zero Asset Manager Alliance. Real Economy Progress revealed on Thursday that the investment giant planned to leave the climate coalition in anticipation of the inauguration of President Trump. It has since been confirmed.