What’s new in sustainable finance?
Every week, Carbon4 Finance shares the latest headlines in sustainable finance.
Exxon and Chevron write down $6.5 billion of fossil fuel assets, incompatible with California's climate rules. The two main US oil companies are turning their fossil fuel assets into "stranded assets", facilities whose value is going up in smoke because they are incompatible with the most stringent climate regulations.
Switzerland's Klik Foundation has completed the first transaction of carbon credits under the Paris Agreement’s Article 6.2 mechanism, purchasing 1,916 credits from a program electrifying Bangkok’s bus fleet. However, concerns have been raised about the project's additionality, with critics questioning whether the emissions reduction would have occurred without the offsetting program, challenging the integrity and purpose of the Paris market mechanisms.
Canadian financial markets regulators are urged by climate activists to investigate whether major banks, including RBC, BMO, CIBC, Scotiabank, and Toronto Dominion, are adequately disclosing climate-related information, as a non-profit group alleges that despite acknowledging climate risks and committing to net zero, these banks failed to disclose the full impact of greenhouse gas emissions linked to their financed projects.
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