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The Latest Breaking News from SBTi

Federal prosecutors subpoena banks over alleged closure of accounts

In this week’s edition of Economy and Society:

Ballotpedia

NZ Post is the latest company to drop its climate targets – another sign business is struggling to decarbonise

NZ Post committed to cutting its emissions by 32% by 2030 (based on 2018 levels), but recently announced it would abandon its climate target.

The Conversation

Jeff Bezos' £8B Fund Cuts Funding to Climate Group As Amazon Secures £670K Military Contract In Britain

Jeff Bezos' Earth Fund halted funding for the Science Based Targets Initiative (SBTi), while Amazon secured a consultancy deal with the UK Ministry of Defence to lead a study on advanced space-based communications systems.

International Business Times UK

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Jeff Bezos fund ends support for climate group amid fears billionaires ‘bowing down’ to Trump

Concerns raised as $10bn Bezos Earth Fund halts funding for Science Based Targets initiative, which monitors companies’ decarbonisation

The Guardian - UK

Companies are still committing to net-zero emissions, even if it’s a bumpy road – here’s what the data show

Companies around the world are increasingly committed to cutting their greenhouse gas emissions to slow and ultimately reverse climate change.

The Conversation

Air New Zealand won’t be the last company to miss its climate goals – here’s why

Air New Zealand’s recent decision to abandon its short-term climate target raises the question of how many other businesses might follow.

The Conversation

Carbon Credits 'Ineffective', Says Corporate Climate Watchdog

The world's top judge of corporate climate action on Tuesday described carbon credits as "ineffective" at addressing global warming and a risk for companies trying to reach net zero targets.

International Business Times

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The Bezos Earth fund has pumped billions into climate and nature projects. So why are experts uneasy?

Jeff Bezos’s $10bn climate and biodiversity fund has garnered glittering prizes, but concerns have been voiced over the influence it can buy – and its interest in carbon offsets

The Guardian - UK

What are carbon credits and how much are they?

Businesses receive a fixed amount of credits, which decrease with time, and they are able to sell any extra to another business

Evening Standard

Climate target organisation faces staff revolt over carbon-offsetting plan

Employees at SBTi have called for their CEO to resign over controversial plans which they fear will enable greenwashing

The Guardian - UK

Corporate Climate Pledge Weakened By Carbon Offsets Move

The world's main benchmark for vetting corporate climate action has been accused by its own staff of "greenwashing" after allowing businesses to use carbon credits to offset pollution from their value chains.

International Business Times

Most sponsors of Cop28 have not signed up to UN-backed net zero targets

Firms including Bank of America have made no commitment to cut emissions in line with target system, analysis finds

The Guardian - UK

Fonterra's new goals to cut farm emissions still lag its biggest customers

The dairy co-op could offer incentives to its farmer suppliers to meet new intensity targets for greenhouse gas emissions reductions, writes Rod Oram.

Newsroom.co.nz

Burberry awarded rare recognition for its net-zero emissions targets

The luxury brand is the first to receive approval by the SBTi.

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