Today’s’ ESG Updates
- SEC fines Invesco for inflating ESG integration claims; some assets didn’t align with marketed ESG standards.
- AI in CSRD reporting cut CSRD compliance time by 50%, boosting reporting efficiency.
- Aviation emissions surged 46% from 2019-2023, largely due to wealthy users.
- Net zero promise is not on track for 84% of top companies for 2050 per latest Accenture report
Invesco Advisers fined $17.5m for misleading ESG statements
The SEC fined Invesco Advisers for misleading ESG claims, revealing that the firm’s ESG-integrated asset percentages included substantial holdings in passive ETFs that didn’t factor in ESG. Invesco, whose total Assets under management amount to $1.8 trillion, accelerated ESG efforts in response to client concerns but lacked a defined ESG integration policy. The fine follows the disbanding of the SEC’s Climate and ESG Enforcement Task Force, but considering Invesco’s size, is it large enough to make an example of the abuse of ESG?
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Further Reading: Invesco to Pay $17.5M Penalty to Settle SEC ESG Charges
AI streamlines ESRS compliance cutting reporting time by up to 50%
As demands for European Sustainability Reporting Standards (ESRS) intensify, companies face challenges in gathering and reporting sustainability data. Enhancing real-time compliance AI-powered CSRD reporting software allows companies to focus more on sustainability goals while staying ESG-compliant and responsive to evolving standards.
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Further reading: How AI slashes ESRS compliance time by 50% for sustainable reporting
Companies ramp up climate goals, but value chain targets stall
The recently released Destination Net Zero report from Accenture indicates that while 65% of the world’s largest companies have set a goal of achieving net zero in their operations, hardly 16% are currently on track to meet the 2050 target. While companies are increasingly adopting decarbonisation strategies, sustainability efforts across full value chains (Scope 1, 2, and 3) have stalled. The report also highlights AI’s emissions, with data centre emissions projected to increase tenfold by 2030.
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Access the full report: Destination net zero: Fast-tracking progress
Private aviation emissions have increased by 46% from 2019 to 2023
A recent study highlights a surge in private jet emissions, emphasising a 46% increase from 2019 to 2023. For reference, In 2023, annual emissions output from 250,000 of the richest people equalled Tanzania’s, a country with 60 million inhabitants. High-profile events like the World Cup, Super Bowl and even climate summits intensified emissions, sparking criticism for their environmental impact.
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Further reading: Study: Private Jet Emissions Increased by 46% from 2019 to 2023
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Sasun Bughdaryan
