Biden announces USD600m climate resilience investments

President Joe Biden has announced over USD600m in climate investments to help coastal communities around the country fight climate change during a visit to Palo Alto, California.

The investments will be funded by Biden's climate and infrastructure bills and will include a USD575m project to fight rising sea levels, storm surge and tidal hurricanes. It also includes a USD67m investment for California to modernise its electric grid to reduce the impact of extreme weather events such as wildfires. ─ Reuters

UN adopts world's first treaty to protect high seas biodiversity

The UN has adopted the world's first treaty to protect the high seas and preserve marine biodiversity in international waters, marking a milestone after nearly 20 years of effort, UN Secretary-General Antonio Guterres announced Monday.

The adoption followed an agreement reached in March by more than 100 countries on the of text of the Biodiversity Beyond National Jurisdiction treaty. The pact is a key plank in efforts to put 30% of the world's land and sea under environmental protection by 2030. ─ Reuters

Asian firms 'not telling full story'

More companies in Asia Pacific are now reporting the risks they face from climate change, but many still fall short in declaring their full value chain emissions, or Scope 3 emissions, though this is set to change with new mandatory Scope 3 disclosure standards kicking in soon.

The report by the National University of Singapore (NUS) Business School and PwC scrutinised the sustainability reports of the top 50 publicly listed companies by market capitalisation across 14 jurisdictions in Asia Pacific. ─ Ecobusiness

Swiss citizens' aye to new law to reach net zero by 2050

The Swiss people have voted yes to a new climate law that will see the country cut net greenhouse gas emissions to zero by 2050. A majority of 59% of voters approved the government’s Climate Protection Targets, Innovation and Strengthening Energy Security Act on 18 June. ─ Euronews Green

Gerdau to invest USD667m in sustainable mining platform

Brazilian steelmaker Gerdau SA will invest 3.2b reais (USD666.64m) by 2026 in a new sustainable mining platform in the Minas Gerais state - a bid to boost its iron ore output while reducing emissions.

The new platform will raise the production capacity of Gerdau’s Miguel Burnier mine to 5.5m metric tonnes of iron ore per year and is scheduled to start operating at the end of 2025, according to the company. ─ ESG News

Source: Kenanga Research - 21 Jun 2023

Biden Announces USD600m Climate Resilience Investments - President Joe Biden Has Announced Over USD600m in Climate Investments to Help Coastal Communities Around the Country Fight Climate Change During a Visit to Palo Alto, California. The Investments Will be Funded by Biden's Climate and Infrastructure Bills and Will Include a USD575m Project to Fight Rising Sea Levels, Storm Surge and Tidal Hurricanes. It Also Includes a USD67m Investment for California to Modernise Its Electric Grid to Reduce the Impact of Extreme Weather Events Such as Wildfires. ─