From 2022 to 2023: top sustainability stories in 2022 and implications in the new year

From 2022 to 2023: top sustainability stories in 2022 and implications in the new year

2022—a year of ongoing uncertainties as the Covid-19 pandemic rages on, geopolitical tension, and the global energy crisis from the Russian-Ukraine conflict formed the backdrop for the global ESG developments.

Some US states, instead of advocating ESG, are actively turning away from ESG investing in order to protect shareholder interest, and big financial firms are now rethinking the net zero targets they committed to just a year ago.

On the bright side, however, a landmark deal on loss and damage was announced at COP27. Nations also ramped up their efforts to an unprecedented level to keep the Paris Agreement alive. Other encouraging developments included renewable energy capacity growing at the fastest speed ever and greenwashing was finally put under closer scrutiny under new regulations. It was not the best year, but we believe there are reasons to remain optimistic.

Here are the top ten biggest ESG developments in 2022 that will carry great implications in 2023 and beyond:

1. COP27’s milestone deal on “loss and damage”
2. ISSB draft disclosure requirements - A global baseline is born
3. Voluntary carbon market: Voluntary but necessary
4. Renewable capacity continues growth in its role in energy transition
5. EU’s CBAM puts an international price on carbon
6. Inflation Reduction Act: Largest climate act in the US
7. China expects all state-owned listcos to report on ESG in 2023
8. From policy to market: EV had its best year
9. Party is over: ESG financial alliances face rising challenges
10. COP15 puts biodiversity on top agenda

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