What's Happening in Sustainability & ESG (Week Recap 15.04 - 21.04) 🌎

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This week’s read time: 8 minutes

Welcome to this edition of Green Digest, where you will get updated about everything happening in the Sustainability & ESG space in less than 10 minutes. 🌎

We go through tons of articles and data from the most reliable sources, filter & simplify them, and serve them to you in bite-sized chunks every week. 🍀

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In this edition, we’ll cover:

• All of the latest EU updates 🇪🇺

• The UN-backed Net-Zero Banking Alliance (NZBA) dropped its requirement for members to align financing activities with the 1.5°C climate goal 🏦

• The US SEC approved the Green Impact Exchange (GIX), paving the way for the country’s first sustainability-focused stock market in early 2026 🇺🇸

• Apple cut GHG emissions by over 60% since 2015 and remains on track for carbon neutrality by 2030 🟢

• and other news 🌍

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THIS WEEK’S TOP NEWS

Regulatory Oversight & Industry Insights

🇪🇺 The European Commission introduced measures to simplify the EU Deforestation Regulation (EUDR), aiming to ease compliance while maintaining the law’s core goal of preventing deforestation-linked products from entering or exiting EU markets. Originally set to apply by late 2024, the EUDR requires companies to trace commodities like palm oil, cocoa, soy, and timber back to non-deforested land post-2020. In response to concerns over readiness, the Commission delayed implementation by a year and announced updates to reduce administrative burdens—such as allowing annual due diligence submissions, statement reuse for reimports, and group-wide declarations. The changes are expected to cut compliance costs by 30%, especially benefiting SMEs.

The Commission also adopted its 2025–2030 working plan for the Ecodesign for Sustainable Products Regulation (ESPR) and Energy Labelling Regulation, outlining priorities to boost product sustainability and consumer transparency across the EU. The plan focuses on introducing ecodesign requirements and energy labels for key categories such as steel, aluminum, textiles, furniture, tires, and mattresses, aiming to enhance circularity, durability, energy efficiency, and material reuse. It also advances the rollout of a Digital Product Passport to inform purchasing decisions.

The European Financial Reporting Advisory Group’s (EFRAG) sustainability board members rejected EFRAG’s work plan to simplify the EU’s sustainability reporting standards (ESRS), citing a lack of clear implementation details and insufficient public consultation. Despite the setback, EFRAG has launched a public call for input on the ESRS revisions, open until May 8, as it works under a fast-tracked mandate to deliver simplified standards by October 31 under the EU’s Omnibus Directive.

In related news, climate and human rights groups filed a complaint with the European Ombudsman accusing the European Commission of weakening sustainability laws without public consultation or impact assessment. They criticized the Commission for prioritizing closed-door talks with industry—inviting oil giants like ExxonMobil and TotalEnergies—while sidelining broader public input. NGOs claim this process constitutes maladministration and risks undermining democratic trust. The Ombudsman will now decide whether to investigate, potentially increasing institutional scrutiny of the Commission’s actions.

Adding to the discussion, according to the European Chemical Industry Council (CEFIC), EU environmental regulations are costing global chemical companies over $20 billion annually, prompting firms like Dow and LyondellBasell to reassess operations in Europe amid rising compliance burdens, weak demand, and high input costs. CEFIC claims that up to 10% of capital spending now goes toward regulatory compliance, with companies facing stricter emissions rules and chemical bans. BASF employs 250 staff solely for REACH paperwork (chemicals regulation), while companies like Celanese anticipate multimillion-dollar annual losses from the phase-out of free carbon permits. Industry leaders warn of supply chain risks and potential production shifts to the US to avoid escalating costs.

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MORE INTERESTING NEWS

Latest developments, reports, insights, and trends

🏦 The UN-backed Net-Zero Banking Alliance (NZBA) revised its framework, removing a key requirement for members to align lending and capital markets activities with the 1.5°C climate goal, amid mounting political pressure and major bank exits. The changes come after several US, Canadian, and other banks left the alliance due to anti-ESG political backlash, causing a shift from mandatory climate alignment to more flexible, recommended guidelines. Membership has dropped from over 140 banks to 128, now representing $47 trillion in assets. NZBA says the revisions reflect a “new reality” and aim to support banks’ individual climate strategies while unlocking investment opportunities for decarbonization.

🇺🇸 The US SEC approved the Green Impact Exchange (GIX) as a national securities exchange, clearing the way for the launch of the country’s first sustainability-focused stock market in early 2026. Founded by former NYSE executives, GIX aims to serve the global green economy by listing companies that commit to measurable and transparent sustainability goals. Companies must adhere to strict sustainability principles, including public commitments, aligned strategies, stakeholder engagement, and regular reporting. Initially a dual-listing venue, GIX plans to eventually offer primary listings, positioning itself as a platform where sustainability and capital formation intersect.

🇺🇸 The US Department of the Interior ordered a halt to construction on the Empire Wind offshore project off New York’s coast, citing concerns over the Biden administration’s approval process. The decision sent shockwaves through the offshore wind industry, sparking fears that even approved, financed developments are no longer secure investments in the US. The project, expected to power 500,000 homes and be the first offshore wind installation to connect to NYC’s grid, was awarded to Equinor in 2017 and had secured over $3 billion in financing. The move marks a broader push by the Trump administration to reverse climate policies, drawing legal scrutiny from Equinor and backlash from state officials who view the project as vital to New York’s clean energy goals and economic future.

In other related news, a federal judge ordered the Trump administration to release billions in frozen climate and infrastructure funds, ruling that the halt was “arbitrary and capricious” and lacked legal basis. US District Judge Mary McElroy issued a nationwide preliminary injunction after nonprofits argued that the freeze—triggered by a Trump executive order—violated the Administrative Procedure Act and unlawfully disrupted funding from the Infrastructure Investment and Jobs Act and Inflation Reduction Act. The ruling, a major win for nonprofits, follows widespread project delays and community harm, with funding withheld from efforts like weatherization, lead pipe remediation, and urban forestry.

🇬🇧 The UK government launched a public consultation on new “integrity principles” for carbon and nature credits, aiming to boost trust and effectiveness in voluntary environmental markets. As demand for credits is expected to surge—with markets potentially reaching $250 billion for carbon and $69 billion for nature by 2050—the government seeks to address quality concerns and lack of clarity that have hindered market credibility. The proposed principles cover credit quality, transparency, alignment with climate goals, accurate claims, collaboration, and supplementary use alongside emissions reductions.

WHAT ARE COMPANIES DOING?

Corporate sustainability, new tools and services & companies in the news

📉 Apple announced that it surpassed a 60% reduction in GHG emissions across its value chain since 2015, and remains on track to reach full carbon neutrality by 2030. Detailed in its 2024 Environmental Progress Report, the company highlighted manufacturing emissions cuts—down nearly 50% since 2020—and a 13% drop in the past year alone. Key drivers include a surge in renewable energy use across its supply chain, now totaling 18.9 GW of capacity, and growing use of recycled materials, such as 100% recycled cobalt in Apple-designed batteries and 99% recycled rare earths in magnets. Other 2024 milestones include 600,000 tons of waste diverted from landfills, a 42% supplier water reuse rate, and the launch of a MacBook Air made with over 55% recycled content.

🌳 Microsoft agreed to purchase 1.4 million tonnes of carbon removal credits from Living Carbon’s reforestation projects on 25,000 acres of degraded, formerly mined lands in Appalachia, US. The credits will be generated through large-scale restoration efforts that deliver measurable carbon removal alongside ecological and economic co-benefits, such as improved soil and water health, biodiversity gains, and rural job creation.

👩‍🌾 EcoVadis launched the Worker Voice survey, a new tool designed to provide real-time, anonymous insights into labor and human rights conditions across supply chains. Developed in partnership with human rights analytics firm Ulula, the tool enables companies to invite suppliers to gather direct worker feedback via QR codes or phone calls in multiple languages. It addresses accessibility barriers, flags critical issues through real-time analysis, and aligns with global human rights regulations.

EVERYTHING FINANCE

Sustainable finance, funding rounds, acquisitions & private equity deals

🟢 Occidental (Oxy) acquired direct air capture (DAC) startup Holocene, expanding its carbon removal capabilities with a low-cost, liquid-based DAC technology. Holocene, founded in 2022, uses amino acid-based compounds in a low-temperature process to extract CO₂ from the air, offering a scalable solution for permanent carbon removal. The startup made headlines in 2024 with a record-low $100/ton DAC credit deal with Google. The acquisition builds on Oxy’s growing DAC investments, including its $1.1 billion purchase of Carbon Engineering and the development of STRATOS, set to be the world’s largest DAC facility.

⚡️ Apollo committed up to $400 million to a new joint venture with Summit Ridge Energy to own and operate commercial solar assets across Illinois, US. The partnership aims to accelerate the growth of community solar—an expanding clean energy model that offers households and businesses access to local solar power at discounted rates. Summit Ridge, a major US solar and battery storage operator with over 2GW in development, will use the capital to scale its footprint and support local grid reliability, job creation, and energy independence.

🌳 Robeco launched the Biodiversity Traffic Light, a tool designed to help investors assess companies’ performance and plans related to biodiversity and nature loss. The tool leverages sector-specific data and TNFD-aligned metrics to rank companies as aligned, aligning, partially aligning, or misaligned. It evaluates both current environmental impacts—such as water use and pollution—and future commitments, including governance and nature-positive targets.

Funding rounds:

⚡️ Mainspring Energy raised $258 million in a Series F funding round to scale its linear generator power business. The company’s dispatchable, fuel-flexible linear generators, scalable from 250 kW to 100+ MW, are gaining rapid adoption across sectors like data centers, EV charging, hospitals, and commercial buildings.

🔋 Battery storage startup Base Power raised $200 million in Series B funding to scale its distributed energy storage platform, aimed at tackling grid instability and rising energy costs amid surging electrification. Founded in 2023, the Texas-based company offers a home battery service that supports both customers during outages and the broader grid during peak demand, with grid operators compensating users via Base Power.

⚡️ Crux raised $50 million in Series B funding to expand its capital markets platform that connects clean energy developers, manufacturers, investors, and lenders. Launched in 2023, the fintech startup enables efficient financing of clean energy projects through tax credit transfers and debt products, with over $1 billion in term sheets issued last quarter by its 90+ financial institution network.

⚡️ Caban, a Texas-based provider of alternative energy solutions for critical infrastructure, raised $50 million in a new equity funding round. Operating in 12 countries across the US, Latin America, and the Caribbean, Caban enables businesses to cut energy costs and emissions without upfront capital investment.

🟢 Swiss materials tech company novoMOF raised CHF 4.4 million ($5.4 million) to scale its low-cost, MOF-based carbon capture technology for high-emissions industrial sectors. A spinoff from the Swiss Paul Scherrer Institute, novoMOF develops advanced Metal Organic Frameworks (MOFs)—highly porous materials capable of selectively capturing CO₂ at costs below €100 per ton.

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