News in the spotlight: Mirova Commits USD30 Million to Advance Nature-Based Carbon Farming in India
Mirova, a sustainable investment firm, has invested USD 30 million in Varaha’s Kheti soil carbon project in India, marking its largest carbon transaction and first investment in India. The project supports 337,000 smallholder farmers across 675,000 hectares…
Products and Services
GreenFi Raises USD 2 Million to Advance AI-Driven ESG Compliance Solutions
GreenFi, an AI-driven ESG compliance platform, has raised USD 2 million in a seed funding round led by Transition VC. The funding aims to support GreenFi’s mission to enhance global ESG risk management capabilities using artificial intelligence. The platform offers an automated, real-time ESG compliance solution designed to help financial institutions and corporations meet evolving regulatory requirements. GreenFi’s tools assist in monitoring and reporting ESG metrics, assessing climate and sustainability risks, and identifying regulatory alignment under various global frameworks. Transition VC noted the growing need for scalable ESG solutions as regulations increase across jurisdictions. The capital will be used to expand engineering, sales, and client success teams, as well as advance product development and global market reach. GreenFi plans to serve a wide range of asset managers, banks, corporations, and regulatory stakeholders. The company aims to bridge the gap between sustainability targets and regulatory expectations by making ESG compliance more efficient and data-driven.
Mirova Commits USD30 Million to Advance Nature-Based Carbon Farming in India
Mirova, a sustainable investment firm, has invested USD 30 million in Varaha’s Kheti soil carbon project in India, marking its largest carbon transaction and first investment in India. The project supports 337,000 smallholder farmers across 675,000 hectares in Haryana and Punjab by promoting regenerative agriculture practices such as reduced tillage, crop residue management, and direct seeding of rice. This initiative generates high-quality carbon credits under Verra’s VM0042 methodology, with a revenue-sharing model benefiting farmers directly. The project also aims to achieve Climate, Community & Biodiversity (CCB) certification. Beyond carbon reduction, the Kheti project delivers ecosystem benefits like improved soil health, biodiversity, and water conservation, alongside social gains including better livelihoods, increased yields, and support for women farmers. Varaha’s strong local partnerships and digital monitoring tools ensure transparency and impact verification.
AXA IM Alts Secures USD 560 Million to Expand Nature-Based Investment Strategy
AXA IM Alts has secured USD 560 million in commitments for its Natural Capital and Impact strategy, focused on nature-based solutions aiming to contribute to biodiversity protection, climate mitigation, and local community benefits. The strategy targets investments in sustainable forestry projects, ecological restoration, agroforestry, and nature conservation across geographies including Europe, Asia-Pacific, and Latin America. It aligns with AXA’s broader sustainability commitments, including its ambition to support biodiversity and sustainable land use. The latest capital raise includes support from new and existing institutional investors across Europe and North America. The announcement highlights AXA IM Alts’ expansion in natural capital investment capabilities, further supported by a dedicated internal team and partnerships with technical experts. Objectives include both measurable environmental outcomes and competitive financial returns. The initiative underscores a growing investor interest in sustainable land management and solutions that contribute directly to global net-zero and biodiversity goals.
Regulations, Law and Frameworks
FRC Proposes New Sustainability Assurance Standard DSSA 1000
The UK’s Financial Reporting Council (FRC) has released a new standard aimed at enhancing the quality and consistency of sustainability assurance reporting. Titled the “Draft Standard for Sustainability Assurance (DSSA) 1000,” the proposed standard is designed to apply to both limited and reasonable assurance engagements, aligning with the development of international standards such as the ISSA 5000 by the International Auditing and Assurance Standards Board. The FRC notes that the DSSA 1000 is principles-based and technology-neutral, catering to a broad range of professional assurance providers. The objective is to promote confidence and transparency in sustainability information provided by UK companies. Feedback is invited until 1 March 2025, with a final standard expected mid-2025. The DSSA 1000 is non-mandatory but intended as best practice to support the evolution of sustainability disclosures alongside the UK’s planned adoption of the International Sustainability Standards Board (ISSB) frameworks.
ECB Issues First Climate Risk Fine to ABANCA
The European Central Bank (ECB) has imposed periodic penalty payments totaling EUR 187,650 on ABANCA Corporación Bancaria, S.A. for failing to adequately identify and assess the materiality of climate-related and environmental risks by the set deadline of March 31, 2024. ABANCA was non-compliant for 65 full days in 2024 regarding its obligation to conduct a materiality assessment of these risks as required by the ECB’s December 2023 decision. The ECB’s enforcement action stems from its supervisory mandate to ensure banks prudently manage and disclose climate risks, guided by the 2020 ECB Guide on climate-related and environmental risks and subsequent thematic reviews, stress tests, and binding requirements. Periodic penalty payments accrue daily during infringement periods, and ABANCA may challenge the decision before the Court of Justice of the European Union. This penalty reflects the ECB’s escalating supervisory approach aimed at ensuring that significant financial institutions meet their climate risk management obligations to support financial stability.
SBTi Opens Consultation on Updated Corporate Net-Zero Standard
The Science Based Targets initiative (SBTi) has released the second draft of its revised Corporate Net-Zero Standard for public consultation, aiming to accelerate corporate decarbonization with improved clarity, usability, and scientific integrity. The updated draft introduces a stronger, inclusive framework tailored to different sectors and geographies, addressing both operational and value chain emissions. Key elements include a scope-specific target approach for enhanced actionability, science-based options reflecting diverse corporate contexts, and a new recognition mechanism incentivizing early voluntary action on ongoing emissions. The draft emphasizes urgent alignment of near-term actions with long-term climate goals and requires companies to publish transition plans. Transparency in measuring and disclosing progress is highlighted to drive accountability. The consultation runs from November 6 to December 8, inviting experts and businesses to contribute to refining a practical and robust standard that promotes impactful corporate climate action in line with global net-zero objectives.
ESG Data and Analytics
EIB Launches Free Tool to Help Banks Identify Green Projects Aligned with EU Taxonomy
The European Investment Bank (EIB) Group has globally launched its Green Eligibility Checker, an online tool designed to help financial institutions, particularly in emerging markets, identify projects that align with the EU Taxonomy and other green financing standards. Initially piloted with select partner banks, the tool now aims to streamline the early-stage assessment of climate-friendly initiatives in sectors such as energy efficiency, renewable energy, and sustainable transport. By enabling banks to independently evaluate the eligibility of potential green investments, the tool supports the EIB’s broader mission to widen access to sustainable finance, particularly for small and medium enterprises (SMEs). This development is part of the EIB Group’s support for global climate goals and reflects its cooperation with the European Commission and international financial institutions in promoting sustainable investment flows. The Green Eligibility Checker is available without charge and contributes to the standardization of green finance criteria globally, enhancing transparency, consistency, and investor confidence.
Net Zero Commitments
Apple Expands Renewable Energy and Reforestation Efforts in Australia and New Zealand
Apple announced new environmental initiatives in Australia and New Zealand aimed at advancing renewable energy and conserving biodiversity. The company is supporting solar and wind projects to help power its operations and supply chain partners with clean energy. One major initiative includes backing the development of a wind farm in New South Wales, once operational, expected to generate approximately 240 megawatts of renewable power. In New Zealand, Apple is expanding its use of renewable energy drawn from existing wind and hydro sources. Additionally, Apple is investing in forestry projects that support land restoration and carbon removal. The company has partnered with Greening Australia and the Institute for Applied Ecology New Zealand to enhance native reforestation and manage invasive species, improving carbon capture and biodiversity outcomes. These projects form part of Apple’s broader environmental goals, including achieving carbon neutrality across its entire business, manufacturing supply chain, and product life cycle by 2030.