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- What's Happening in Sustainability & ESG (Week Recap 26.11 - 02.12) 🌎
What's Happening in Sustainability & ESG (Week Recap 26.11 - 02.12) 🌎
Major global companies are increasingly integrating ESG factors, and other news

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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. 🍀
In this edition, we’ll cover:
• 79% of 5,800 major global companies report on sustainability: KPMG survey 📑
• Global negotiations for a treaty to combat plastic pollution stalled as nations failed to agree on key issues 🌎
• Texas and 10 other Republican-led states sue BlackRock, Vanguard, and State Street 🇺🇸
• The European Commission released a new FAQ guide to aid investors in implementing the EU Taxonomy 🇪🇺
• The International Court of Justice (ICJ) will begin hearings on the legal obligations of states to combat climate change and their liability for contributing to global warming ⚖️
• and other news 🌍
THIS WEEK’S TOP NEWS
Regulatory Oversight & Industry Insights

Key findings from KPMG’s Survey of Sustainability Reporting 2024 | Source: KPMG
📑 KPMG’s 2024 Survey of Sustainability Reporting reveals that major global companies are increasingly integrating ESG factors into their governance and operations, with notable progress in areas like climate goal setting and sustainability-linked executive pay. Nearly 95% of G250 companies (the 250 largest companies globally) now have carbon reduction targets, with many aligning these goals with the Paris Agreement and adopting science-based methodologies. Double materiality assessments and biodiversity reporting are gaining traction, signaling a growing commitment to comprehensive sustainability reporting ahead of mandatory frameworks like the EU’s CSRD. While most companies are still in the early stages of CSRD adoption—with only 2% of G250 and 12% of European companies referencing ESRS— around 50% of G250 and 45% of European companies now perform double materiality assessments, a key CSRD requirement that evaluates both sustainability risks to their business and their impacts on the environment and society.
Despite the regulatory push, voluntary standards such as the ones from the Global Reporting Initiative (GRI) remain the most popular, with adoption by 77% of G250 companies and 71% of N100 companies (top 100 companies in the 58 regions). The report highlights a growing emphasis on leadership roles dedicated to sustainability, with 56% of G250 companies and 46% of N100 companies appointing board members or executives responsible for ESG matters. Incentives linked to sustainability performance have also increased, particularly in regions like Europe and Asia Pacific. However, US companies have seen a decline in integrating ESG into executive pay. KPMG emphasizes that these advancements indicate a shift towards greater corporate accountability and transparency, enabling businesses to better manage ESG risks and create long-term value for stakeholders in a rapidly evolving regulatory and investor landscape.
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MORE INTERESTING NEWS
Latest developments, reports, insights, and trends

Source: Bloomberg
🇺🇸 Texas and 10 other Republican-led states have sued BlackRock, Vanguard, and State Street, alleging antitrust violations through climate-focused investment practices that pressured coal companies to cut production, driving up energy costs. The lawsuit, filed in federal court, claims the firms exploited market power and their participation in groups like the Net Zero Asset Managers Initiative and Climate Action 100+ to reduce coal output by over 50% by 2030. The states seek to block the firms from influencing coal production and impose civil fines. BlackRock and State Street dismissed the allegations as baseless, with Vanguard declining to comment. The case targets ESG-driven strategies and their impact on energy markets.
🌎 Global negotiations for a treaty to combat plastic pollution stalled in Busan, South Korea, as nations failed to agree on key issues like capping plastic production and financing for developing countries. While over 100 nations backed production limits, oil-producing countries such as Saudi Arabia resisted, advocating for a focus on waste management instead. With plastic production projected to triple by 2050 and microplastics already impacting ecosystems and human health, the postponement highlights deep divisions. Negotiators emphasized urgency, warning that delays worsen the crisis, and called for binding commitments to address the growing environmental and health challenges when talks resume at a future meeting.
🇪🇺 The European Commission released a new FAQ guide to aid investors in implementing the EU Taxonomy, the classification system for sustainable economic activities under the EU Action Plan on Sustainable Finance. The guide addresses Taxonomy requirements, interoperability with CSRD standards, assurance and reporting obligations, technical criteria for environmental objectives, and Do No Significant Harm (DNSH) criteria. Effective since 2022, the Taxonomy covers six environmental objectives, with expanded disclosure requirements beginning in 2024. Commissioner Mairead McGuinness emphasized the FAQs’ role in improving the framework’s usability and supporting companies’ sustainability transitions.
⚖️ The International Court of Justice (ICJ) will begin hearings on the legal obligations of states to combat climate change and their liability for contributing to global warming, following a push by small island nations like Vanuatu. While its advisory opinions are non-binding, they are expected to influence global climate litigation and amplify calls for climate justice, particularly as COP29 agreements on climate finance have been criticized as inadequate. Arguments will be presented by 98 countries, including major emitters like the US and China, as well as organizations like OPEC, with the ICJ’s opinion, expected in 2025, poised to shape the legal landscape for addressing climate accountability.
WHAT ARE COMPANIES DOING?
Corporate sustainability, new tools and services & companies in the news

Source: Unsplash
🚙 The US Energy Department announced significant funding commitments to boost EV manufacturing, including a $7.54 billion loan for Stellantis and Samsung SDI to build two battery plants in Indiana, set to produce 67 GWh annually by 2027, and a $6.6 billion loan to Rivian Automotive to restart its Georgia EV factory, aimed at producing affordable R2 and R3 SUVs by 2028. These initiatives, part of the Advanced Technology Vehicles Manufacturing program, align with President Biden’s goal of 50% zero-emission vehicle sales by 2030 and include prior loans of $2.5 billion to GM and LG Energy, and $9.2 billion to Ford and SK On. While the projects promise job creation and enhanced EV production capacity, they face uncertainty under the incoming Trump administration, which opposes EV incentives, and local legal and political challenges, particularly for Rivian in Georgia.
🚧 Steelmaking and mining company ArcelorMittal delayed its decision on low-carbon steel projects in Europe, citing insufficient progress in European policies, energy markets, and green hydrogen development. The projects aim to replace blast furnaces with “hydrogen-ready” facilities, initially using natural gas until green hydrogen becomes viable. Challenges include weaknesses in the EU’s Carbon Border Adjustment Mechanism (CBAM), overcapacity in China’s steel market, and limited customer willingness to pay a premium for low-carbon steel.
🟢 Amazon Web Services (AWS) will pilot a carbon-removal material for data centers, designed by AI from the startup Orbital Materials, starting in 2025. The material, resembling an atomic-level sponge, targets CO2 while offering cost savings over traditional carbon offsets, adding only 10% to GPU hourly charges. Orbital, supported by Radical Ventures and Nvidia, will also collaborate with AWS to explore AI-generated materials addressing water use and cooling for data centers. Simultaneously, AWS has partnered with Swedish steelmaker SSAB to use fossil-free steel, produced via HYBRIT hydrogen technology, in one of its three new Swedish data centers, reducing embodied carbon emissions. AWS complements this with 70% recycled steel in its construction projects, showcasing its commitment to decarbonizing operations and advancing sustainable infrastructure development.
🟢 Unilever partnered with Australia-based biotech company Nufarm to replace petrochemical ingredients in its cleaning products with plant-based oils derived from a new variety of sugar cane. The partnership leverages Nufarm’s expertise in high biomass crops to develop energy cane that produces biomass oils from the entire plant, offering lower GHG emissions, drought resistance, and improved soil protection. Additionally, the plant can generate sugar for specialty ingredients and leftover fibers for packaging materials.
EVERYTHING FINANCE
Sustainable finance, funding rounds, acquisitions & private equity deals
⚡️ EQT Group and Singapore’s GIC acquired a majority stake in UK-based energy transition infrastructure company Calisen, valuing the company at over $5 billion (£4 billion). Calisen, which owns and manages essential infrastructure like smart meters, EV charging, and heat pumps, plays a key role in the UK’s energy transition. The acquisition leverages Calisen’s installed base of 16 million meters and a supportive regulatory framework to expand its smart meter portfolio and related services.
⚡️ Mirova and BNP Paribas Asset Management (BNPP AM) acquired a majority stake in French renewable energy developer Arkolia with a joint investment exceeding €200 million. Arkolia, a leader in rooftop photovoltaics, also operates in ground-mounted solar, wind, and biogas, with 560 MW capacity in operation. The investment aims to expand Arkolia’s project portfolio, increase production capacity to 1.5 GW by 2030, and support its energy independence mission.
📈 LeapFrog Investments raised over $1.15 billion for its social impact strategy, including $1.02 billion for its fourth and largest fund (Fund IV), surpassing its $1 billion target. Fund IV aims to impact 100 million low-income people in Asia and Africa by investing in healthcare and financial services. The fund attracted global institutional investors like Temasek, Prudential, and the European Investment Bank, expanding LeapFrog’s reach to new markets such as Japan, China, and Norway. Fund IV will focus on scaling innovative, impact-driven businesses in high-growth markets.
🔬 Cradle, an AI-powered protein engineering company, raised $73 million in Series B funding, bringing its total funding to over $100 million. Cradle’s platform leverages generative AI and experimental data to design protein sequences, significantly accelerating R&D timelines by up to 12x and reducing costs by up to 90%. With customers like Novo Nordisk and Johnson & Johnson, Cradle has already developed 31 proteins and expanded its customer base to over 21 companies. The new funding will support the expansion of its wet lab for further protein research, grow its engineering team, and scale operations globally.
🛩️ UK-based Vertical Aerospace, a global aerospace and technology company pioneering electric aviation, secured a $50 million funding commitment to support its Flightpath 2030 Strategy and the development of its VX4 eVTOL aircraft. The funding strengthens the company’s financial position, supports its certification program, and advances its piloted flight testing with the UK Civil Aviation Authority.
⚡️ Metron, a Paris-based cleantech company specializing in energy optimization and carbon emission reduction, raised €12.5 million. With 100 employees across 11 countries, Metron’s digital solutions are deployed at over 25,000 sites, including 200 in the industrial sector, to help companies optimize energy consumption and reduce their carbon footprints.
🟢 German startup HyperHeat raised €3.5 million to develop its zero-carbon industrial heating solution, targeting heavy industries like steel, cement, and chemicals, which account for over 40% of global CO2 emissions. The system uses oxide ceramics for electrically-powered heating up to 2000°C, enabling cost-efficient retrofitting of fossil-based furnaces when powered by renewable energy. HyperHeat aims to deploy its first industrial products by 2025 and scale through partnerships with pilot customers.
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