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As the IMF and the World Bank gather for their 2024 spring meetings, the cost of climate change was a theme for this week’s ESG stories. Experts now estimate that damages caused by the effects of extreme weather are expected to inflict losses on the global economy worth an annual $38trn by 2049. Bloomberg covers the story.

New guidelines that enable companies to use carbon credits to reduce their reported Scope 3 emissions proved controversial. The Board and CEO of the Science Based Targets initiative were asked to resign after the announcement of the new regulation, with employees saying the decision would be ‘massively consequential’ for the future of carbon prices. Bloomberg covers the story.

Elsewhere, an interview by CityAM with BlackRock’s former sustainable investing and chief of ESG suggests that ESG investing is no longer about ‘ESG’ but rather a savvy marketing strategy weaponised by both ends of the political spectrum.