Rio+20 Update: Big Announcement from London Stock Exchange, Multilateral Banks

A bunch of important announcements have been made at Rio+20 so far, with more to come.

First of all, the 24-hour Twitter storm at #EndFossilFuelSubsidies, was the #2 trending subject on Twitter that day, bringing fossil fuel subsidies to the attention of people around the world, along with the Rio+20 Earth Summit.

London Stock Exchange Constituents Must Report C02 Emissions

UK Deputy Prime Minister Nick Clegg announced that starting next April, all companies that list on the London Stock Exchange will be required to publish their greenhouse gas emissions in corporate earnings reports.

The rule affects about 1800 businesses, but in 2015, it will apply to all 24,000 large corporations based in the UK.

"Using resources responsibly is in business’s own interests too. Pepsi depends on water, Unilever depends on fish stocks and agricultural land, and every firm relies on a stable fuel supply," says Clegg.

"While nine out of 10 chief executives say sustainability is fundamental to their success, only two out of 10 record the resources they consume," he notes.

During the consultation period, most businesses supported the plan, and some industry groups have even been asking for it as a common standard and a way to make fair comparisons between companies.

"This is an area where corporate executives have been demanding more regulation from government to provide greater clarity and transparency," Andrew Raingold, executive director for the Aldersgate Group, told The Guardian.

Companies will be required to publish total greenhouse gases for the year, measured in tons of carbon dioxide equivalent, a common international standard.

Yesterday, Nasdaq and four other stock exchanges said they would urge their 4,600-plus companies to produce sustainability reports, or explain why they don’t.


The Asian Development Bank and seven other multilateral lenders announced they would fund $175 billion in loans and grants for sustainable transportation projects in developing countries over the next 10 years.

The funds, will support public transit, high-quality bicycle and walking infrastructure in cities, energy-efficient vehicles and fuels, railways and inland waterways, reports Bloomberg.

They are intended for projects that are "environmentally-friendly, accessible, affordable, and safe transport solutions," says the Asian Development Bank. Bank President Haruhiko Kuroda pointed to the increasing congestion, air pollution and traffic accidents, and the prospect of carbon emissions from transportation projected to rise almost 50% by 2030.

The other lenders: World Bank, African Development Bank, CAF – Development Bank of Latin America, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank and the Islamic Development Bank.

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