Sustainability Weekly 21 – 25 July

Last week, we published a brief review of the European Commission's clarifications from June regarding the application of sustainable finance regulations in the defense sector. The EFRAG published an analysis of 656 CSRD sustainability reports, providing insight into early implementation trends. The Science Based Targets Initiative (SBTi) published its Net-Zero standard for financial institutions, while announcing a pause in its work on the oil and gas sector following the departure of Shell. According to its annual report on the costs of renewable electricity, IRENA indicated that 91% of new renewable energy projects are now cheaper than fossil-fuel alternatives. New research highlights that extreme weather events are driving up global food prices and have indirect impacts on food security, health, and monetary policies. The International Court of Justice issued a landmark advisory opinion on State obligations related to climate change. In the United States, the PJM grid watchdog warned that the grid lacked the capacity to meet the electricity demand of new data centers. On the social front, a potential wave of petro-chemical plant closures in Europe could threaten thousands of jobs, according to an analysis from Reuters. On the governance front, an Earthsight report points that the supply chains of several European luxury brands is related to deforestation in Brazil. OPmobility joined a lobbying initiative lead by the European auto industry against the zero-emission vehicles mandate in Europe by 2035.