The relentless push towards AI is coming at an undisclosed cost to the planet. New analysis from Bloomberg Green found that tech firms like Amazon, Microsoft and Meta are using carbon credits to erase millions of tonnes of emissions from their carbon accounts. Bloomberg covers the story.
New plans that will allow corporations more freedom to use carbon credits to cut Scope 3 emissions across their value chains are raising concerns that the measures will be used by oil and gas companies to swerve climate commitments. The oil and gas sector has the greatest Scope 3 emissions of any industry, meaning that they also have the most to gain from climate standards that place more emphasis on carbon credits. Bloomberg covers the story.
Meanwhile, Blackrock’s support for proposals on environmental and social issues fell considerably this year. In the 12 months to the end of June, the asset manager supported just 4% of total environmental and social proposals put forward by shareholders at annual meetings according to its latest report, down from a high of 47% in 2021. The Financial Times covers the story.
