Fossil fuel subsidies hit a record $7 trillion last year (7% of global GDO) according to the IMF.

In other news...

Economists expose costs of emissions: the damage caused when publicly traded companies emit #greenhouse gases is equivalent — on average — to about 44% of their operating profits.

#climatedisclosure #CSRD #freeriders #corporateaccountability #climatechange

https://financialpost.com/pmn/business-pmn/milton-friedmans-alma-mater-exposes-huge-cost-of-co2-emissions

🌍⚖️ New California legislation highlighted in Michael Gerrard & Eric Orts' blog is a major step for climate disclosure. The bills would enhance transparency and accountability in corporate climate reporting, making a global impact. 
📝 Read the blog: https://clsbluesky.law.columbia.edu/2023/07/20/new-california-legislation-would-be-a-major-step-forward-for-climate-disclosure/
#ClimateDisclosure #ClimateAction #ESG

People, especially those in high-income countries, want companies to both
–pay for their #pollution and
– communicate on how products are made

Because right now, those "externalised" costs are borne by the people.

#ClimateDisclosure #PolluterPays

"Mandated disclosures under the new ordinance include reporting on climate-related risks, as well as on the impact of company activities on climate change."

- Mark Segal, EsgToday

#esg #climatedisclosure #tcfd

https://www.esgtoday.com/switzerland-adopts-law-requiring-mandatory-climate-reporting-for-public-companies-banks/