-- As buyers and sellers of carbon credits grapple with signs of a shrinking market, others are seizing the moment.Jim Bunch, a former managing director at Goldman Sachs Group Inc., has teamed up with law firm Linklaters and London nonprofit Scope 3 Climate Capital to help develop and promote an alternative to carbon credits. The group says it’s in talks with a number of multinationals in industries ranging from technology to steel production.
There are currently high-level efforts in place to address the VCM’s risks. These include new US guidelines to restore confidence in the market, which Treasury Secretary Janet Yellen said “can do better” and serve as a “powerful ally” against climate change. The US Commodity Futures Trading Commission also is working on finalizing its guidance on carbon credits, with a rulebook expected by the end of the year.
Earlier this year, the European Union passed legislation that mandates companies to create transition plans requiring them to document actual emissions reductions. Lawyers advising companies and banks in the bloc have made clear that carbon credits can’t be used to claim any decline in gross emissions.
The U.S. Food and Drug Administration took more than 15 months to act on a whistleblower complaint it received about conditions at an Abbott Nutrition factory that was at the center of a nationwide shortage of infant formula, a new audit shows.Unifor says 35 Global News jobs cut across the country The Miami area faces dangerous flooding Wednesday as repeated bouts of torrential rain deluge Florida, flooding streets and neighborhoods and stranding travelers.Parks Canada has issued an area closure notice in Waterton Lakes National Park after two people were attacked by a bear.The two hikers were scrambling up Ruby Ridge from Crandell Lake on Tuesday at about 2 p.m. when they encountered the bear, Parks Canada said in a statement.
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