Good morning, this is Kasmira, and today Amandine Favier, head of sustainable finance at WWF Switzerland, gives a critical account of the finance industry's track record in making the green transition – and why time is running out.

But time is exactly what the European Union is giving asset managers - six more months in fact - to step in line with its sustainable finance rules.

On the trade agenda this week, EU policymakers will unveil the details of a controversial carbon border adjustment mechanism, which the bloc says will be WTO–compatible but has critics worrying that it will create just another trade barrier. Plus, we'll be monitoring the WTO ministerial meeting on fishing subsidies on Thursday could prove crucial in closing a long-awaited deal.

12.07.2021

Sustainable business & finance news

Climate activists hold a sign that reads 'Time's Up for Fossil Fuels' outside the White House in the U.S. to protest against fossil fuel projects, 30 June 2021. (Keystone/EPA/Michael Reynolds)

⏰ Running against the climate clock. Best known for its environmental activism and conservation efforts, WWF Switzerland also works with banks, insurers, and regulators in raising awareness of how risks like climate change will impact their investments and pressing them to make the green transition. Amandine Favier, head of sustainable finance, says the sector’s attitude towards sustainability is shifting but not fast enough: “Time is running out, and there is still a lot to be done.”

Geneva Solutions (EN)

🛂 How the EU's climate change mechanism could fall afoul of international trade rules. On July 14, the European Commission will release details of its proposed ‘carbon border adjustment mechanism’ (CBAM). A few immediate concerns arise. The first is the World Trade Organization (WTO) and how its other members will react. Could the deal prompt other regional blocs to implement similar climate-related trade measures, or could it instead provoke a wide wave of global criticism?

WEF (EN)

Here's what else is happening

Scientists reject proposed ‘IPCC for food’, as the UN Food Systems Summit continues to come under fire.
Geneva Solutions (EN)
How re-thinking data security could help the most vulnerable. A new research collaboration, the Engineering Humanitarian Action Initiative, is trying to help.
Swissinfo (EN)
UN chief: Ensure reproductive health rights for all on World Population Day.
UN News (EN)
On Ocean Viking: misery on the high seas.
Le Temps (paywall) (FR)
Feminist Wanted: Seeking the Next Leader of UN Women.
PassBlue (EN)
UN report: Human rights violations permeate conflict in eastern Ukraine
Voice of America (EN)

Next on the agenda

📌 12 July | International Labour Review: Centenary launch This event to mark the 100th anniversary of the ILR will showcase the history of the ILR and its contributions to academic research and policy debate on the world of work at the global level.

ILO (EN)

📌 15 July | WTO Trade Negotiations Committee at Ministerial Level on Fisheries Subsidies. This meeting will be the chance for discussions on a long-awaited fisheries subsidies deal to take place at a ministerial level and to address political differences holding back the draft text of the agreement. The meeting, in three parts, will be held mainly behind closed virtual doors, but news organisations including Geneva Solutions will keep you updated.

WTO (EN)

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