As COP29 approaches, CEOs and major coalitions call for more climate action and collaboration between the private and public sectors. Plus, in today’s ESG News covers insight into the US state’s lawsuit against Meta for fueling the teen mental health crisis through addictive platforms like Facebook and Instagram, and more.
CEOs from H&M, IKEA, Nestlé call for climate action ahead of COP29
More than 100 CEOs, including leaders from H&M, IKEA, and Nestlé have signed a letter urging governments and businesses to strengthen their collaboration on climate action ahead of COP29. The letter emphasises the need to close a 600-gigaton emissions gap to limit global warming to 1.5°C. It proposes updating emission reduction targets, phasing out fossil fuel subsidies, and scaling up climate finance.
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Further reading: CEOs from Ikea, Nestlé, H&M, others rally for climate action ahead of COP29
All Dax-40 companies integrate ESG goals into executive pay
As of 2024, all companies listed on the DAX-40 have integrated ESG (Environmental, Social, Governance) goals into their executive compensation plans, marking a significant shift towards sustainability. A study by DSW and the highly regarded TU of Munich shows that all of these companies include at least one ESG target in their pay structures, with 16 firms covering all three ESG pillars. This advance is driven by investor demand and regulatory pressures to align executive incentives with sustainable business practices. An efficient one-stop solution to keep track of your ESG alignment and progress is the newest AI-powered CSRD-reporting tools.
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Further reading: All companies listed in the DAX-40 have ESG goals in executive compensation.
Meta faces lawsuits over claims of fueling teen mental health crisis
A federal judge in California has ruled that Meta must face lawsuits from over 30 U.S. states accusing the company of contributing to teen mental health problems by making Facebook and Instagram addictive. While Meta argued for dismissal, misleading statements made by the company led the Judge to allow most of the case to proceed. Meta denies the claims, stating it has developed tools to support safer use for teens.
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Further reading: Meta must face US state lawsuits over teen social media addiction
Blackrock survey reveals 99% of insurers have adopted climate transition goals
A recent BlackRock survey shows that 99% of insurers have integrated climate transition goals into their investment portfolios, signalling a strong commitment to sustainability. The survey, involving 410 insurance companies, highlights that climate risk management, stakeholder interests, and regulatory compliance are key motivators. According to BlackRock’s Mark Erickson, insurers are boosting investments in low-carbon technologies with rising confidence in these initiatives.
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Further reading: Global insurers commit to climate action with robust transition strategies
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: StockSnap
