As Los Angeles continues its efforts to rebuild, Bank of America is announcing $10m in zero-interest loans to Community Development Financial Institutions (CDFI) for ongoing housing, non profit facilities and small business assistance. The loans will be managed through three west coast CDFIs involved in the region’s disaster recovery efforts following the devastating Eaton and Palisades fires.
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Matrix Renewables signs agreement with Tesla for battery project
Matrix Renewables has signed a Full EPC (Engineering, Procurement, and Construction) agreement with Tesla for the design, construction, and commissioning of a 500MW/2-hour (1GWh) standalone battery energy storage system (BESS) located in Eccles, Scotland. This will be the first standalone BESS project for the company in the UK.
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2026 temperature likely to be 1.4°C above pre-industrial average
The Met Office has forecasted the temperature for next year to be 1.46°C above the pre-industrial average (1850-1900). The last three years have all exceeded 1.4°C, and 2026 will be the fourth year in succession to do this. The average global temperature for 2026 is forecast to be between 1.34°C and 1.58°C (with a central estimate of 1.46°C) above the average for the pre-industrial period.
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Deal reached on updated EU sustainability reporting and due diligence
Legal Affairs Committee MEPs and the European Council have agreed to reduce sustainability reporting and due diligence requirements for companies, a proposal that forms part of the so-called Omnibus I package. According to the informal agreement, social and environmental reporting will only be required for EU companies employing on average over 1,000 employees and with a net annual turnover of over €450m. The net turnover threshold has also been increased for non-EU companies to €450m generated in the EU for sustainability reporting.
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Political agreement reached on amendment to the EU Climate Law
Negotiators from the European Parliament and Council have reached a provisional political agreement on an amendment to the EU Climate Law, setting a new, intermediate and binding 2040 EU climate target of reducing net greenhouse gas (GHG) emissions by 90% compared to 1990 levels.
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ISSB issues targeted amendments to IFRS S2
The International Sustainability Standards Board (ISSB) has issued targeted amendments to greenhouse gas (GHG) emissions disclosure requirements in IFRS S2 Climate-related Disclosures in response to specific application challenges that were identified as companies started to apply the Standard.
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Analysis: humans are built for nature not modern life
Human biology evolved for a world of movement, nature, and short bursts of stress, not the constant pressure of modern life. Industrial environments overstimulate our stress systems and erode both health and reproduction. Analysis from the University of Zurich and Loughborough University says that evidence shows the toll of this mismatch.
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230+ organisations demand a moratorium on data centres
Members of Congress in the US have been targeted by more than 230 organisations demanding a national moratorium on the approval and construction of new data centres. The organisations represent millions of people in all 50 states. The letter is explicit in the environmental and social threats posed by unbridled data centre construction.
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M&S Launches RE:Spark to ignite renewables adoption
M&S has announced the launch of RE:Spark, a new supply chain decarbonisation programme developed in partnership with Schneider Electric, a global energy technology leader. The initiative has been designed to accelerate the adoption of renewable electricity across M&S’s global fashion supply chain and is a key part of the retailer’s sustainability strategy, Plan A, which aims to achieve net zero emissions across its value chain by 2040.
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MEPs back simplification changes to sustainability reporting
The EU Parliament has endorsed reduced reporting duties and due diligence requirements for companies. With 382 votes in favour, 249 against and with 13 abstentions, Parliament has adopted its negotiating position on simplified sustainability reporting and due diligence duties for businesses.
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Stiell: climate finance is not charity – it’s smart economics
UN Climate Change Executive Secretary Simon Stiell said at COP30 in Belém, Brazil, that climate action, underpinned by climate finance, is the growth story of the 21st century. “As you prepare for your next phase of Article 9.5 work, I urge you to make the outcomes as clear and actionable as possible – so that they offer real forward visibility to developing countries, and demonstrate tangible progress on the delivery of finance,” he said to his audience.
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SSE unveils £33bn investment plan to unlock green energy
SSE plc has announced a £33bn fully-funded five-year investment programme, to transform the UK’s electricity infrastructure and deliver long-term benefits for society. The “Transformation for Growth” plan will see a major ramp-up of SSE’s capital investment over the next five years, with 80% directed towards regulated electricity networks and the remainder into renewables and flexible generation technologies.
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FRC issues standard on the assurance of sustainability reporting
The Financial Reporting Council (FRC) has issued International Standard on Sustainability Assurance (UK) 5000, “General Requirements for Sustainability Assurance Engagements”, which provides UK companies, investors and assurance providers with a consistent, internationally aligned assurance standards for voluntary use in sustainability assurance engagements.
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Carbon footprint of construction will double by 2050 globally
A report published in ‘Nature’ quantifies the carbon cost of constructing the global built-environment over the past three decades and projects it to 2050. The findings indicate that the global construction carbon footprint has doubled over the past three decades and is projected to more than double by 2050.
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UK Government acts to secure future of water industry workforce
A new group has been convened by the UK Government to ensure the UK has the skilled workforce it needs to deliver record levels of investment and reform. The Water Skills Strategic Group brings together senior leaders in government from and across the water sector and its supply chain. The group’s focus will be the delivery of the £104 billion investment – the largest since privatisation – which will create more than 30,000 new jobs, support the building of 1.5m new homes, and help restore the nation’s rivers, lakes and seas.