What's going on in the world of ESG, CSRD, CSDDD, SDGs etc...
1. EU WANTS ACTION TO STOP GREENWASHING IN FINANCIAL SERVICES
Increased supervisory actions and better access to data is needed to address growing greenwashing in financial service according to European Supervisory Authorities (ESAs).
ESAs are European Securities and Markets Authority (ESMA), European Banking Authority (EBA), and European Insurance and Occupational Pensions Authority (EIOPA). EBA and EIOPA noted a significant increase in greenwashing incidents in their sectors.
ESMA is recommending more resources, expertise and supervisory tools in the member states as well as further embedding greenwashing risks in their respective supervisory work programmes.
Don’t you wish all this supervisory work was not necessary. Where is the integrity?
Reference: https://www.esgtoday.com/eu-regulators-call-for-increased-action-to-address-growing-greenwashing-in-financial-sector/
2. PLANET ENDURES 12 MONTHS STRAIGHT OF UNPRECEDENTED HEAT
For every month of Daly Planet’s existence this story has been the same. “Another record month for heat!” It is wearisome.
I find it hard to keep reporting this but feel we must keep telling the story to those who have not heard it yet.
The planet has just endured 12 consecutive months of unprecedented heat, according to Copernicus, EU’s climate monitoring service. Every month from June 2023 to May 2024 was the world’s hottest such month on record.
“Shocking but not surprising” according to Copernicus, but unless planet-warming fossil fuel pollution is slashed, “this string of hottest months will be remembered as comparatively cold”.
Reference: https://edition.cnn.com/2024/06/05/climate/12-months-record-heat-un-speech?
3. H&M IS FASHIONABLY AGAINST OFFSETS FOR SBTI TARGETS
Whether it is better marketing or better substance is as yet unclear, but H&M seems to be turning from fast fashion villain to responsible citizen.
SBTi’s reputation is going the other way.
In response to SBTi’s mooted move towards carbon offsets as a way to meet targets, H&M says this is not the fashionable thing to do.
In a letter by H&M Head of Sustainability Leyla Ertur to the SBTi Board of Trustees, the company argues instead that the focus should be on absolute emissions reduction within corporate value chains.
Some might say this is strategic positioning against the likes of SHEIN, but the reality is if SBTi allows offsets, the Scope 3 supply-chain emissions impact could be horrendous.
Reference: https://www.esgtoday.com/hm-warns-against-use-of-carbon-offsets-in-sbtis-climate-target-standard/
4. 11 TONNES OF RUBBISH TAKEN OFF EVEREST AND HIMALAYAN PEAKS
The Nepalese army has removed eleven tonnes of rubbish, four corpses and one skeleton from Mount Everest and two other Himalayan peaks this year. It is estimated that more than 50 tonnes of waste and more than 200 bodies cover Everest.
The army began conducting an annual clean-up of the mountain in 2019 during concerns about overcrowding and climbers queueing in dangerous conditions to reach the summit. Everest is often described as the world’s highest garbage dump.
The clean-up gathered 119 tonnes of rubbish, 14 human corpses and some skeletons!
This year, climbers must wear tracking devices and bring back their own poo.
Hopefully that will make a change.
Reference: https://www.bbc.com/news/articles/cq5539lj1pqo
5. IRISH GOVERNMENT: NEW PUBLIC DRINKING WATER SCHEME
A public drinking water fountain scheme was just launched by the Irish Government.
Its stated purpose is to reduce plastic bottle use and provide widespread public access to drinking water. For now, the ambition is small, with just €2m in funding from the Circular Economy Fund.
Initially the scheme will focus on the installation of 350 drinking fountains within public buildings.
Phase 2, to commence in 2025, will see the scheme extended to public outdoor spaces such as community centres, swimming pools, parks, greenways and beaches.
It is a really small step, and €2m is a paltry sum, but at least it is a recognition that single use plastic is bad.
Reference: https://tinyurl.com/mwneyx26
6. INVESTMENT IN CLEAN ENERGY TO BE DOUBLE FOSSIL FUELS IN 2024
This year, global investments in low-carbon electricity are expected to be 2X those in fossil fuel. This is encouraging. $2 trillion is projected to flow into clean energy in 2024.
However, spend on oil and gas remains high, putting climate objectives at risk. To have a chance of staying within 1.5C, spending needs to be €.0 by the end of this decade.
And also, global coal investments are up, with over 50GW of new, unmitigated coal-fired plants being sanctioned last year, the most since 2015. Investments in O&G are expected to rise by 7% in 2024 too, reaching $570Bn, following a similar increase in 2023.
Our growing energy needs is a large part of the problem, even as investments in clean energy surpass those in fossil fuels.
Reference: https://tinyurl.com/3dbwtcnr
7. FOSSIL FUEL FIRMS ARE GODFATHERS OF CHAOS, ANTONIO GUTERRES, UN
He is just not backing down, is he? Even with the threats, abuse and the trolling, the UN leader is holding his position, with conviction.
In a speech in New York, António Guterres (Sec. Gen. of the UN) called on news and tech media to stop enabling “planetary destruction” by taking fossil-fuel advertising money. Fossil-fuel companies are the “godfathers of climate chaos” he said, and should be banned from advertising akin to restrictions on big tobacco.
Guterres had new data from the World Meteorological Organization (WMO) showing there is an 80% chance the planet will breach 1.5C (2.7F) in warming above pre-industrial times in at least one of the next five years.
We all know this is: Not. A. Drill.
8. ESTIMATED 60M TONS OF CO2 NEEDED TO REBUILD GAZA
Rebuilding Gaza will come at a carbon cost of 60MT of CO2e according to a new study.
The direct human cost of the conflict is unfathomable, but it doesn’t end there. The first four months of conflict caused $18.5B damage to Gaza’s infrastructure (per World Bank / UN), and destroyed up to 66% of buildings and 50% of the territory’s trees.
Now, with 23MT of rubble left and a region to rebuild, a study says emissions from the first 120 days of the war exceed the annual emissions of 26 countries and territories.
In a region where temps are rising 20% faster than the rest of the world, Gaza now sits at the intersection of conflict and climate, a microcosm of our global problem.
There is no climate justice without peace.
Reference: https://tinyurl.com/bde7zjh3
9. CALLS FOR CRACKDOWN ON FAST FASHION AHEAD OF KEY EU VOTE
Austria, Finland, France and the Netherlands have called on the EU to clamp down on the wasteful trend for cheap and disposable garments, by enabling governments to levy charges on firms whose marketing strategy promotes ‘fast fashion’ consumerism.
A vote on 17 June is when environment ministers are due to adopt their position on proposals to limit textile and food waste through amendments to the Waste Framework Directive (WFD).
The countries call for Europe to “seize the opportunity” of the reform to EU waste prevention legislation and the Ecodesign Regulation adopted last month to “introduce in EU law concrete measures to combat the commercial practice of ultra-fast fashion”.
We wish them well.
Reference: https://www.euronews.com/green/2024/06/06/governments-call-for-crackdown-on-fast-fashion-ahead-of-key-vote
10. MEXICO’S PRESIDENT IS EX CLIMATE SCIENTIST AND FIRST WOMAN
Mexico just elected Claudia Sheinbaum Pardo, former climate scientist and Mexico City mayor, as its first female president.
Sheinbaum has promised to address high homicide rates, government corruption, and environmental issues. She is close to President López Obrador’s and will have to navigate his legacy.
Her early career was as a climate scientist; she was part of a Nobel Prize-winning team behind a report for the IPCC in 2007.
Sheinbaum’s election is historic for Mexico and crucial for addressing critical issues like crime and climate change. Her success or failure will significantly impact national stability and health outcomes.
Here’s hoping – and wishing her well!
Reference: https://www.dailyclimate.org/mexico-s-elects-its-first-woman-president-2668442585.html
11. CDP NEW REPORTING PLATFORM ALIGNS WITH IFRS STANDARD
Climate research provider and environmental disclosure system CDP announced a new platform, aimed at streamlining and easing sustainability reporting for companies and harmonizing with emerging global standards.
As part of the new launch, CDP unveiled a new questionnaire aligned with ISSB’s new climate disclosure standard, IFRS S2, as the foundation for CDP’s climate disclosure.
This is good news for ESRS reporters as the governance disclosures required by IFRS S2 are mostly covered in ESRS 1 and ESRS 2.
It would really be easier if all bodies adopted ESRS. The main deficit in ISSB – and difference from ESRS – is the lack of Double Materiality, which most stakeholders want anyway.
12. COMPLAINTS SAY META USES PERSONAL DATA FOR AI TRAINING
Privacy enforcers across Europe have been asked to stop Meta's plan to use personal data to train its artificial intelligence (AI) models without seeking consent.
NOYB say June 26 changes in Meta's privacy policy would allow it to use years of personal posts, private images, or online tracking data. NOYB has asked 11 countries (e.g. Austria, France, Germany, Ireland, Norway) to launch an urgency procedure because of the imminent changes.
Meta says it complies with the law: “our approach is consistent with how other tech companies manage privacy…” But a message sent to users said Meta may process info about people who appear in images or are mentioned by a user.
Meta can do much betta.
Reference: https://tinyurl.com/454uarvy
