Sustainability Summer Recap

This summer, news surrounding the CSRD has continued apace, notably with EFRAG's proposal on amendments to ESRS and the European Commission's approval of “VSME” standards for SMEs. Norges Bank is considering divesting from international companies due to their “links with the West Bank and Gaza.” A study published by the ECB shows that ESG regulations may have had a dampening effect on banks' holdings in mining companies that extract raw materials for battery manufacturing. The European Chemicals Agency (ECHA) has published an update on the PFAS restriction process. The automotive industry has begun a new round of lobbying to weaken EU CO2 regulations on cars & vans. Barclays and UBS have withdrawn from the NZBA. The coalition has paused its work and announced a vote to move from a climate alliance to a “new framework initiative.” According to an article in Mediapart, “immeasurable” levels of microplastics have been found in Contrex and Hépar water (Nestlé group). In early August, Orsted announced its intention to plan a rights issue... only to see its US project “Revolution Wind” receive a work stoppage order from the US administration a few days later. Negotiations on the global plastics treaty ended without agreement. On the social side, Kering's new CEO, Luca de Meo, will be receiving a € 20m bonus, while Gucci employees are threatening to go on strike. On the governance side, Worldline has indicated that the preliminary findings of the external audit did not reveal any material need to part ways with certain merchants and has announced that three new members will be joining the executive committee. Renault has appointed François Provost as CEO and director to succeed Luca de Meo.