The REP Wrap: Pepsi plastics lawsuit dismissed but new one filed
Your weekly summary of corporate sustainability news.
Drinks giant Pepsi has successfully had a legal case against it over plastic pollution dismissed. New York State’s attorney general, Letitia James, was suing the firm for allegedly contributing to pollution which put the state’s water supply at risk. James claimed 17% of the plastic found in and near the Buffalo River came from PepsiCo and its subsidiary, Frito-Lay. The judge dismissed the case, ruling that it was consumers, not the company.
Meanwhile, Los Angeles County filed a lawsuit against Pepsi and Coke for allegedly misleading the public about how recyclable their plastic bottles are.
The Transition Plan Taskforce has officially wound down, ready to be subsumed into the IFRS Foundation. The UK-Government-led initiative, which has spearheaded much of the thinking about what companies should disclose to the market as part of their climate strategies, published its final report this week, outlining what it believes needs to happen next. It highlighted the recent establishment of the International Transition Plan Network, hosted by think-tank E3G, which the new UK Government confirmed it will join.
KPMG has published the framework for its guidance on the European Sustainability Reporting Standards. The document explains the foundations of the EU rules for companies, “pulling the detailed requirements together in one place and explaining them in plain English”.
Gold Standard, Verra and Climate Action Reserve have all been unconditionally approved to supply carbon credits to the airline industry, via the CORSIA offsetting scheme.
The EU’s three main financial regulators, the ESAs, have published their position on how to move forward with the European Single Access Point (ESAP). The ESAP will be a legally-enshrined repository for corporate data reported under EU regulation. Sustainability information disclosed as part of CSRD and the Taxonomy will be prioritised as the platform is phased in over coming years. The ESAs said information should begin to be published on the ESAP by July 2027 at the latest.
Indian regulator SEBI has released a consultation paper on ESG ratings providers (ERPs). It already has a framework with 15 providers registered, but wants to update its regime to allow ERPs to rate unlisted companies, require them to provide access to their rating reports to issuers, and make it easier for entities to appeal against their ratings. The consultation is open until November 15.