Weekly Roundup November 11

Invert is focused on providing clients and subscribers up-to-date news on net-zero developments, carbon markets, and how many sectors are evolving to meet climate change goals and ESG requirements.

Special Announcement

UN Advisory Panel Calls on Governments to Force Companies to Develop Serious Net-Zero Plans

Regulatory enforcement of net-zero targets is one of the key recommendations from the latest report from the UN’s High-Level Expert Group on Net-Zero Emissions Commitments of Non-State Entities, delivered on Tuesday at the COP27 climate summit. The report states that In order to achieve global climate goals and ensure consistency across net-zero commitments, governments and regulators must step in to develop regulations and standards around net zero pledges, transition plans, and disclosures, starting with high-impact corporate emitters including private and state-owned enterprises and financial institutions.  

Invert Insights: Inconsistencies across climate commitments are undermining global climate efforts and new means to address climate inaction and greenwashing and now being proposed. For organizations seeking to ensure their climate commitments stand up to scrutiny today, aligning with credible initiatives such as the Race to Zero or the Science Based Target initiative can provide both third-party validation and assurance that you are aligned with the global best practices when it comes to climate action. 

UK Transition Plan Taskforce launches new ‘gold standard’ for best practice climate transition plans by private sector firms

The UK Transition Plan Taskforce (TPT) have published their Disclosure Framework and Implementation Guidance, designed to help companies and financial institutions develop  gold standard transition plans. The publication includes steps to develop a transition plan, when, where, and how to disclose their plan, and emphasizes the need for concrete, short-term action. The framework, open for public consultation until early next year, will inform future regulation in the UK including transition plan disclosure requirements.

Invert Insights: Long-term climate commitments on their own are no longer enough and focus is now being placed on how organizations plan to turn their ambition into action. An effective transition plan should detail an organizations climate ambitions, short-, medium-, and long-term actions to achieve those goals, governance and accountability mechanisms to support the plan, progress reporting, and measures to address material risks.

CDP to incorporate ISSB climate-related disclosure standard into global environmental disclosure platform

The Climate Disclosure Project (CDP) announced that they will incorporate the International Sustainability Standard Board’s (ISSB) upcoming climate-related disclosure standards into its global environmental disclosure platform. The CDP is the only global environmental disclosure platform for corporations with half of the global market capitalization disclosing in 2022, thereby this integration will allow for rapid adoption of the disclosure standards across the global economy. 

Invert Insights: With the ISSB’s climate-related disclosure standards set to release in 2023, companies disclosing to the CDP can expect to begin Scope 3 emissions reporting, if they haven’t already, alongside climate scenario analysis in their 2024 disclosure cycle.

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