MoFo’s weekly Climate Links provide the latest industry updates from thought leaders and third-party sources. This week:
- China’s shifting economy is one of the important drivers behind the International Energy Agency’s belief that demand for fossil fuels will peak by 2030, according to Fatih Birol, the IEA’s executive director.
- “The UAE has not been asked and has no intention of hosting COP29,” Majid Al Suwaidi, director general of the 2023 COP28 summit, told reporters on Friday. “We will not be hosting COP29.” Nations are scrambling to find an alternative venue for the event which sees representatives from nearly 200 countries gather to agree to joint efforts to tackle climate change.
- A federal appeals court indefinitely stayed an earlier order requiring the Biden administration to hold a November oil lease sale in the Gulf of Mexico, though it’s unclear whether the administration will immediately proceed with the sale.
- U.S. public and private sector businesses and government entities participating in the U.S. Department of Energy’s Better Buildings Initiative have collectively saved more than $18.5 billion through efficiency improvements and emission reduction measures, according to a new DOE report.
- TANGOIO, New Zealand — The wharenui, or meeting house, stood forlorn. Usually, the hub of this remote Maori community, it had been stripped of its wooden carvings. The bare cinder block shell gave the building an unclothed appearance. Wind whistled through holes bashed out by floodwaters. An official red notice prohibited entry to the adjacent dining hall, where the walls were askew, jammed with twigs and debris. The preschool was shuttered, the children gone. Down the valley, dump trucks whirred as they hauled silt from ruined fields.
- Increased regulations around the world are requiring companies to disclose information regarding the extra-financial aspects of their business to interested stakeholders. Thus, being proactive in monitoring current and emerging ESG regulations to ensure compliance and remain competitive has become a business imperative.
- 2023 has been a tough year for the beleaguered abbreviation ESG, with a global backlash against the term and money pouring out of ESG funds, three headlines this week highlighted ESG’s rough patch: