Daily Digest for

The French Financial Markets Authority (AMF) has published recommendations for 2024 financial statements, emphasizing the need for companies to properly disclose climate commitments and their accounting implications. The guidance includes new requirements for reporting climate risks and ensuring consistency between sustainability reports and financial statements.

Canada-based Bruce Power and Framatome have signed a contract for digital instrumentation and control system upgrades at Bruce Nuclear Units 5, 7 and 8 in Ontario. The upgrades are part of Bruce Power’s major component replacement program to extend their nuclear fleet’s lifetime. Bruce Power, Canada’s only private sector nuclear generator, produces 30% of Ontario’s power through eight CANDU pressurized heavy water reactors.

Scotland’s GDP contracted by 0.2% in October 2023. The Scottish government has announced £8.3 billion in funding for Aberdeen-based Great British Energy and £1.4 billion for local growth projects over the next decade. The announcement came alongside GDP figures and broader economic reforms focused on employment and workers’ rights.

The US government has announced multiple major funding initiatives through various agencies: DOI has allocated $849M for water infrastructure and $109M for orphaned well cleanup; EPA has distributed $1.6B for community climate resilience and $735M for clean vehicle transitions; and USDA has committed $335M for forest conservation. These initiatives are part of the Infrastructure Investment and Jobs Act and Inflation Reduction Act implementation.

The Asian Development Bank (ADB) and WTO Secretariat have launched the Trade in Critical Minerals (TiCM) database at COP29 in Baku. The database provides comprehensive information on trade flows, visualizations, and policy data for 250 critical minerals essential for clean energy transition, including materials used in batteries, wind turbines, and electric vehicles.

The European Commission has adopted a new Flight Emissions Label (FEL) regulation that will provide standardized methodology for calculating and displaying flight emissions information. Starting July 2025, airlines operating within or departing from the EU can voluntarily participate in this labeling system that will show passengers the estimated greenhouse gas emissions of their flights in kg CO2eq. The initiative aims to combat greenwashing, promote sustainable aviation fuels, and support the aviation sector’s transition to net zero emissions.

Hong Kong-based Cathay Pacific Airways has settled 50,000 tonnes of carbon credits through HKEX’s Core Climate carbon marketplace. Core Climate, launched in 2022, is Hong Kong’s only carbon marketplace offering HKD and RMB settlement for international voluntary carbon credits, with over 90 participants and more than 50 certified projects across Asia, South America and West Africa.

Switzerland-based Climeworks has shared its 2024 milestones including the inauguration of Mammoth (world’s largest Direct Air Capture plant), Project Cypress development in Louisiana, launch of Climeworks Solutions portfolio offering, certification under Puro Standard, and unveiling of Generation 3 technology. The company’s Project Cypress, awarded USD 50 million by U.S. DOE, aims to capture 1 million tons of CO₂ annually when complete. The new Generation 3 technology promises to reduce carbon removal costs by up to 50% compared to current costs.