Campaigners welcome clampdown on low-integrity labelling schemes, but warn proposed rules have been watered down from draft proposals The European Commission has set out draft rules designed to crackdown on misleading green claims, arguing the move will benefit those businesses making a genuine effort to improve their environmental performance. The Green Claims Directive, published yesterday by the Commission, proposes that companies operating in the bloc meet a string of minimum requirements when substantiating and communicating environmental claims, so as to better ensure consumers are not ..read more

As they decarbonise, heavy industries need assurance that products will not be undercut by more emissions-intensive imports, argues UK Steel's Frank Aaskov Steel is a global commodity, intensively traded across borders. Outside of China, 43 per cent of steel products are traded across borders. In the UK, 40 per cent of steel production is exported, while 60 per cent of direct demand is imported. There is, therefore, intense competition - which keeps steel prices and margins low. Steel production is also very carbon intensive, contributing to eight per cent of global greenhouse gas emissions ..read more

Network of green investors hails record fund raising round as evidence of growing interest in clean tech opportunities Climate tech investor the Green Angel Syndicate (GAS) has today announced its Climate Change Fund fifth round has enjoyed a record level of interest, closing at almost twice the size of its previous fundraising round. The syndicate said the successful round, which was for an undisclosed sum, was also completed in record time. Antonie Pradayrol, chief investment officer at the company, said the growth was "entirely attributable" to the rapid expansion of the climate change inv ..read more

Analysis of climate claims being made by major food and drink producers concludes that greenwashing has become a 'major business risk' for the sector Greenwashing is rife across food packaging and advertising, misleading consumers, undermining companies that are genuinely embracing sustainable practices, and putting investors at risk. That is the stark conclusion of a major new report from the Changing Markets Foundation which assessed environmental claims made by a host of major food and drinks brands, including Nestle, Nespresso, Danone, Arla, Lidl, and Danish Crown and tested them against ..read more

Insurer warns industry's insured losses from natural disasters topped $100bn for the second year in a row A surge in climate-driven natural disasters resulted in global economic losses of $275bn last year, of which $125bn were covered by insurance, according to the latest report insurance giant Swiss Re. The update confirms that the insured losses from natural catastrophes exceeded the $100bn mark for the second year in a row, continuing a trend that has seen insured losses from natural disasters over the past three decades increased by an average of a five to seven per cent a year. Hurricane ..read more

ShareAction issues statement calling on Europe's largest chemical companies to ramp up decarbonisation efforts European chemical companies are this morning facing fresh calls to end their reliance on fossil fuels in order to meet climate targets. A multi-trillon-dollar coalition of investors co-ordinated by NGO ShareAction has issued a joint statement targeting the 13 largest chemical companies in Europe urging them to ramp up their decarbonisation efforts.   The 15 investors in the coalition - which combined have more than $4tr of assets under management - directed their statement towar ..read more

Power generator suspends £2bn bioenergy with carbon capture and storage project in Yorkshire until government stance is clarified British power generator Drax has put the brakes on a planned flagship £2bn biomass energy with carbon capture and storage (BECCS) installation at its power station in Yorkshire until it receives a "firm" show of support from government.   The firm welcomed the government's £20bn CCS funding commitment in last week's Budget, but CEO Will Gardiner yesterday warned that greater "clarity" was needed from Ministers before it could proceed with its 2.6GW BECCS proje ..read more

'Power for Good' tariff to offer households with solar panels 10p per kWh for power exported to the grid Good Energy has today launched a new smart export tariff for households with solar panels, offering to pay 10p per kWh for power provided to the grid. The company said the new 'Power for Good' tariff offers a 'leading rate' for a variable export tariff and better than the standard tariffs offered under the government's Smart Export Guarantee scheme. The new tariff, which requires homes with solar panels to have a compatible smart meter, means a typical solar powered home could get paid aro ..read more

Government claims latest investment will create jobs and expand green economy The Department for Energy Security and Net Zero (DESNZ) has today unlocked various pots of public funding designed to boost the energy efficiency of homes and public buildings around the country, in a bid to cut emisisons and bring down energy costs for consumers. The government this morning announced it has allocated "nearly £2bn" in funds for building energy efficiency upgrades through the Home Upgrade Grant, which targets off-gas grid homes with Energy Performance Certyificate (EPC) ratings of D and below, the So ..read more

Calls for water industry benchmarks and bans for bosses presiding over serious pollution, as Lords Committee slams insufficient investment that has left British waterways 'up sewage creek' A House of Lords Committee report has today concluded that the collective failure of water firms, regulators, and the government has left the public and the environment facing unacceptable levels of water pollution. The Industry and Regulators Committee report, titled The affluent and the effluent: cleaning up the failures of water regulation', accused the water industry of prioritising financial returns ov ..read more