Companies involved in carbon farming projects, industrial carbon removal technologies and binding carbon in long-lasting products and materials will be able to have their products or services certified under the first EU-wide voluntary framework for the certification of high-quality carbon removals.

Companies are making encouraging progress with initial climate and sustainability disclosures, especially in sectors like utilities and real estate, demonstrating how capital expenditures associated with the EU Taxonomy can facilitate the transition of key industrial activity.

The world’s first climate-focused guarantee company will leverage an initial US$100 million from the US, UK, Nigeria and private investors to provide guarantees for institutional investors to buy green bonds.

Companies that develop net-zero technology manufacturing projects identified as having a greater potential for decarbonisation will benefit from fast-track permit procedures for construction or expansion and guidance in accessing finance, under new legislation set to be passed at EU level.

The body tasked with developing EU financial reporting standards, including sustainability reporting, has developed a set of reporting guidelines for small to medium businesses (SMEs) to help facilitate their access to finance and to standardise sustainability data requests.

The US has pledged an extra US$3 billion to the global Green Climate Fund (GCF) as part of its second replenishment to fund projects in climate-vulnerable countries.