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Critics warn that a lack of such regulations could deprive Indigenous peoples of important protections to safeguard and guarantee their rights. Even for voluntary regulatory initiatives, which the private sector willingly adopts to track and take responsibility for their supply chains, some companies are pulling back. For example, earlier this year, major corporations and financial institutions pulled out of Climate Action 100+ and Science Based Targets Initiative .
The macroeconomic and geopolitical context of Europe has turned a wobble into a retreat, he says. “The narrative and political will has shifted away from seeing climate action as an investment, with some business associations arguing that the transition is too much too fast, and states finding that the regulations are beginning to bite their interests.”
Standard Chartered PLC told Mongabay the initiative’s latest proposal “lacks sector guidance that adequately considers the transition of our clients and markets.” According to Pedro Martins Barata, associate vice president of carbon markets and private sector decarbonization at the Environmental Defense Fund, “SBTi has, to a degree, overextended itself in its process.” HSBC did not respond to Mongabay’s request for comment by the time of publication.
The TNFD, made up of 40 senior staff from multinationals such as Bank of America and BlackRock, is criticized by some environmental organizations, such as the, which argue that it “fails to adequately measure nature-related risks” and “creates opportunities for corporations to actively obscure their biodiversity-related impacts.
“While it’s not perfect, it would be a welcome step in the right direction,” an Earthsight spokesperson tells Mongabay. “It is abundantly clear that the private sector has not been able, on its own, to clean up its act so governments must step up.
“However, the both of these were removed from the final text due to pushback from EU member states that were hostile to strong provisions on Indigenous peoples’ rights,” he tells Mongabay.
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