What's going on in the world of ESG, CSRD, CSDDD, SDGs etc...
1. EDINBURGH BANS ADS FOR SUVS, AIRLINES, OIL & GAS COMPANIES
Scotland's capital city has banned ads for airlines and sports utility vehicles, along with ads for cruise lines and oil and gas companies, in what campaigners are calling a "historic" step-up in action to tackle climate change.
Edinburgh announced it had moved to exclude adverts and sponsorships for 'high-carbon products and services' that 'undermine the council’s commitment to tackling the climate emergency'.
The ban covers airlines, car companies that advertise SUVs and cruise operators, and "all firms and associated sub brands or lobbying organisations that extract, refine, produce, supply, distribute, or sell any fossil fuels”.
Good on you!
2. GROUNDBREAKING WIN FOR YOUTH CLIMATE ACTIVISTS IN HAWAII
The release of the correspondence mapping between ESRS and TNFD recommendations marks a significant milestone in advancing nature-related transparency in corporate reporting. The high level of commonality achieved between the ESRS and TNFD's disclosures fosters should provide real comfort to ESRS reporters.
Given the TCFD heritage of both standards, this alignment should not really be a surprise, and it is probably only a matter of time before ISSB gets on this same page to maximise consistency and clarity.
The mapping will practically support preparers to understand how to leverage on TNFD when reporting on ESRS and vice versa.
A good day for ESRS and for nature.
Reference: https://efrag.org/news/public-526/TNFD-and-EFRAG-publish-correspondence-mapping?
3. ALIGNMENT BETWEEN TNFD AND ESRS MAKES REPORTING EASIER
The release of the correspondence mapping between ESRS and TNFD recommendations marks a significant milestone in advancing nature-related transparency in corporate reporting. The high level of commonality achieved between the ESRS and TNFD's disclosures fosters should provide real comfort to ESRS reporters.
Given the TCFD heritage of both standards, this alignment should not really be a surprise, and it is probably only a matter of time before ISSB gets on this same page to maximise consistency and clarity.
The mapping will practically support preparers to understand how to leverage on TNFD when reporting on ESRS and vice versa.
A good day for ESRS and for nature.
Reference: https://efrag.org/news/public-526/TNFD-and-EFRAG-publish-correspondence-mapping?
4. EXXON’S LAWSUIT AGAINST CLIMATE ACTIVIST DISMISSED
Arjuna Capital had filed a proposal to Exxon’s shareholder meeting seeking an acceleration of plans to reduce emissions and expand the scope of the emissions it measures to include its suppliers and customers.
Exxon sued Arjuna saying the proposal “does not seek to improve ExxonMobil’s economic performance or create shareholder value.”
Classic bully-boy tactics. Arjuna withdrew its proposal and sought to dismiss.
The judge ruled that because Arjuna had withdrawn its proposal and had vowed not to submit similar proposals, Exxon’s claim was moot – “The trend of shareholder activism in this country isn’t going anywhere. – and dismissed Exxon’s case.
Reference: https://www.nytimes.com/2024/06/17/business/exxon-arjuna-lawsuit-dismissed.html
5. AT LEAST 1000 MUSLIMS DIE AT HAJJ AS MECCA TEMPERATURE IS 51.8C
Around 1.8m Muslims were expected to travel to Saudi Arabia for the hajj religious journey, where temp this year hit 51.8C in the shade.
Every year hundreds of thousands of Muslims journey to Mecca, the birthplace of the Prophet Muhammad and of the Islam religion.
According to the Guardian, the death toll from this year’s hajj has exceeded 1,000. More than half of the victims are unregistered worshippers who performed the pilgrimage in extreme heat in Saudi Arabia.
About 10 countries have reported 1,081 deaths during the pilgrimage, one of the five pillars of Islam which all Muslims with the means must complete at least once. The hajj, whose timing is determined by the lunar Islamic calendar, fell again this year during the oven-like Saudi summer.
Reference: https://tinyurl.com/ywhp7msh
6. TESLA BLOCKS SOCIAL, ENVIRONMENTAL AND ETHICAL AGM MOTIONS
I am not sure I understand why anyone thinks this is ok in today’s world.
Tesla’s AGM voted against a proposal for the firm to commit to exclude minerals sourced from deep sea mining.
Stockholders voted against a proposal that might link senior executive pay to metrics on environmental sustainability.
They voted against a proposal to report annually on its efforts to tackle harassment and discrimination in the workplace.
Alongside these votes against ethical and sustainability issues, stockholders voted to approve chief executive Elon Musk’s $45bn pay package – the largest on record.
Priorities anyone?
Reference: https://www.edie.net/tesla-agm-shareholders-reject-motions-to-enhance-disclosures-on-worker-rights/
7. EU NET-ZERO ACADEMY TO TRAIN 100,000 FOR SOLAR VALUE CHAIN
The European Commission is launching the European Solar Academy (ESA) to provide workers with skills needed for the net zero technologies value chain. The ESA will train 100,000 workers in the solar PV value chain over three years.
The launch follows the adoption earlier this year of the Net-Zero industry Act (NZIA), aimed at scaling up Europe’s manufacturing capacity for technologies key to achieving the EU’s climate goals. Europe currently imports many of technologies necessary to reach its climate and energy objectives.
The new solar academy will design content, with other parties in the solar PV value chain. The Commission will support the launch with funding from the Single Market Programme.
Reference: https://www.esgtoday.com/eu-launches-first-net-zero-academy-to-train-100000-workers-for-climate-tech-value-chain/
8. 72% OF THE WORLD WANT TO MOVE AWAY FROM FOSSIL FUELS
A new survey, the People’s Climate Vote, the biggest ever standalone public opinion survey on climate change, found that nearly three-quarters (72 per cent) of people around the world want to move away from fossil fuels quickly in favour of clean energy.
In the EU, this number rises to 77%, showing widespread support for climate action, despite fears that the recent election results could stall progress of the Green Deal.
Among the major supporters are many of the world’s top producers of oil, coal and gas – e.g. Nigeria and Türkiye (both 89%), China (80%), Germany (76%), Saudi Arabia (75%), Australia (69%) and the US (54%).
Italy also showed strong support (89%), which might be surprising given that they recently voted against the NRL.
Reference: https://tinyurl.com/bdcpkwje
9. POWER OUTAGE HITS BALKANS AS HEAT OVERLOADS SYSTEM
A major power outage hit Montenegro, Bosnia, Albania and most of Croatia's coast on Friday, disrupting businesses, shutting down traffic lights and leaving people sweltering without air conditioning in the middle of a heatwave.
The shutdown was caused by a sudden increase in power consumption brought on by high temps, and by the heat itself overloading systems.
Traffic light failures caused gridlock in Sarajevo. Many lost water in Podgorica as pumps stopped working. Air conditioners shut down. Ice cream melted in tourist shops. Cars ground to a halt in the Croatian coastal city of Split. Ambulance sirens rang out across the city.
Unfortunately, a sign of things to come.
Reference: https://tinyurl.com/yr83ez96
10. NATURE RESTORATION LAW: SURPRISE WIN FOR THE ENVIRONMENT
On June 17, the Nature Restoration Law (NRL) was passed (by a thread). It aims to restore 20% of EU land and sea by 2030.
Environmental campaigners had pressured EU ministers to pass the bill to fulfill their signing of the UN biodiversity treaty in Montreal in 2022, but it seemed doomed as many countries turned away in March.
Last week, Slovakia and Austria changed their position. The Austrian environment minister Leonore Gewessler went rogue and voted for the NRL without her country’s backing.
“In 20 or 30 years, when I will talk to my two nieces and show them the beauty of our country and of this continent, and they ask me: ‘What did you do when everything was at stake?’ I want to be able to tell them: ‘I tried to support as much as I could.’"
Reference: https://environment.ec.europa.eu/topics/nature-and-biodiversity/nature-restoration-law_en
11. LENGTHY HEATWAVE THREATENS 77 MILLION AMERICANS
About 77m people are under some kind of heat advisory as a heat wave works its way across the Midwest and Northeast with the heat index in New England to exceed 100F.
What makes this heat wave especially dangerous is its “striking duration.” Temps are to stay exceptionally high – up to 25 degrees (F) higher than normal. Forecasters expect it to be unseasonably hot across the US for at least the next three weeks.
About 30 groups (including health organizations, climate movements, and labor unions) have filed a petition urging FEMA to add extreme heat and wildfire smoke to the list of emergencies that are considered “major disasters.”
As with #9, this a sign of things to come.
Reference: https://heatmap.news/technology/equatic-commercial-cdr-canada
12. THE MINISTER WHO SAVED THE EU NATURE RESTORATION LAW
As reported in the first update here, the EU passed the Nature Restoration Law.
This was thanks to Austria's Environment Minister Leonore Gewessler, who defied not only her conservative coalition partners, but also her federal chancellor Karl Nehammer.
Nehammer issued an official note on Sunday urged Gewessler "not to give her consent" to the NRL, saying she is "not entitled to commit" the country.
But Gewessler stood her ground and cast Austria's vote in favour of adopting a European nature restoration law, thereby (along with Slovakia) tipping the balance.
Gewessler is now in trouble at home, but I will always be grateful for her fortitude.
Reference: https://app.wedonthavetime.org/posts/50d83f12-bf0a-4f09-b475-c2f97c5fa6a8
