The REP Wrap: French regulator to approach CSRD reports ‘understandingly’
France’s financial regulator has said it will “work pragmatically and understandingly” with companies trying to comply with the Corporate Sustainability Reporting Directive for the first time this year. In a note published on Thursday, AMF said it wanted to “promote more sustainable finance” by supporting issuers “in a context where many Member States have not yet transposed [CSRD], and in which there may be proposals for legislative changes
during 2025 at European level”. It will also push to implement the EU’s Green Bond Standard.
Finnish energy firm Fortum has had its 2040 net-zero goal signed-off by the Science Based Targets initiative (SBTi). The company, which is majority state-owned, also unveiled a set of biodiversity targets. It pledged to have no net biodiversity loss from its operations from 2030, and to half the “negative dynamic terrestrial impacts” of its upstream supply chain over the same period.
Siemens Mobility achieved 86% alignment with the EU taxonomy in 2024, it has said. 100% of the rail technology firm’s activities are eligible under the framework, but some do not pass the additional screens to qualify for full alignment.
Amazon will add more than 140 electric trucks to its UK fleet over the next 18 months, in what it says is a record-breaking order. To support its efforts to eliminate exhaust emissions, it will also begin rail deliveries across Britain, and on-foot deliveries in Central London.
Around half of companies in central and eastern Europe are preparing their CSRD reports without the help of external consultants, according to a survey of nearly 600 chief financial officers from across the region. The Deloitte research also found that firms almost always selected the same auditor for their sustainability report as they use for their financial report.
New York City’s lawsuit against ExxonMobil, bp and Shell has been dismissed. The case sought to hold the trio liable for allegedly misleading the public about the climate impact of their oil-based products. But the judge said the City could not claim its citizens were aware of the climate impact of fossil fuels and were simultaneously misled by oil companies into believing their products weren’t harmful.
Google has signed its first two long-term purchase agreements for biochar-based carbon removals. Through the partnerships with Indian firm Varaha and US-based Charm, the tech giant aims to remove 200,000 tonnes of carbon and scale up the use of biochar, which involves sequestering carbon using charcoal.
BMO has reportedly become the first Canadian bank to withdraw from the Net Zero Banking Alliance. The Federal Reserve Board in the US has also quit the Network of Central Banks and Supervisors for Greening the Financial System. Earlier this week, a similar alliance for investors, known as NZAM, suspended its activities to try and stop an exodus which began last week.
The European Commission published a study into how much capacity the EU currently has to manufacture products that support the climate transition – especially renewables and battery technologies. It also explores the existing policies and incentives in place to grow the sector, and showcases best practice.