What's going on in the world of ESG, CSRD, CSDDD, SDGs etc...
1. ISO TO LAUNCH GLOBAL NET ZERO STANDARD FOR COMPANIES
The International Organization for Standardization (ISO) has commenced work on a new international standard on net zero, to provide clarity and credibility to entities’ net zero targets and strategies.
The process to develop the standard is being led by British Standards Institution (BSI), in collaboration with Colombia’s national standards body ICONTEC. It follows the launch at COP27 of the ISO Net Zero Guidelines, tools for companies to use to create comprehensive net zero strategies.
It won't replace the GHG Protocol, or SBTi initiative, or Transition Plan Taskforce (TPT), but will reference each as best practice. It is an opportunity to bring clarity, credibility and trust to the net zero transition process.
Reference: https://www.esgtoday.com/iso-to-launch-international-net-zero-standard/
2. CLIMATE DECISIONS TO MOVE FROM AGENCIES TO COURTS IN U.S.
Friday’s US Supreme Court ruling that overturned the 'Chevron Doctrine' was a really bad day for the environment.
The Chevron Doctrine came from a case in 1984 where the court rightly said federal agencies, not courts, should interpret technical statutes, for example, the Environmental Protection Agency (EPA) would decide on pollution rules, or the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) should use its expertise to limit firearm modifications.
As of Friday, courts, without any expertise, and with whatever (conservative) bias they bring, can override the EPA, ATF, Food and Drug Administration (FDA) etc.
The powershift from agencies to courts has grown since Trump gave conservatives a 6-3 majority on the Supreme Court and now the Chevron Doctrine no longer stands.
Foretelling the future?
Reference: https://insideclimatenews.org/news/28062024/supreme-court-overturns-chevron-doctrine
3. CONSOLIDATION OF STANDARDS IS THE ORDER OF THE DAY
The International Sustainability Standards Board (ISSB) made more announcements about ‘harmonising’ again last week.
It would be so much easier if they just accepted that ESRS are a broader suite of standards that already incorporates much of what they are “harmonising” with.
This week it was about ISSB and Transition Plan Taskforce (TPT), the Greenhouse Gas (GHG) Protocol, Carbon Disclosure Project (CDP), Taskforce on Nature-related Financial Disclosures (TNFD), and Global Reporting Initiative (GRI).
New updates focussed on climate transition planning and GHG accounting, with the ISSB taking over the responsibilities of the TPT and releasing a MoU with the GHG Protocol.
We are going to call it progress.
Reference: https://tinyurl.com/5x6htnaw
4. TRUMP SAYS BIDEN’S RENEWABLES PLAN IS A PLAN TO ENRICH CHINA
Donald Trump attacked President Biden’s policies to expand renewable energy as a “plan to make China rich” because China controls many of the parts needed for EV batteries, solar panels and other green tech.
Mr Trump, has targeted “every one” of Biden’s policies to transition the US away from fossil fuels. That includes pushing back on regulations that encourage EVs, solar and wind energy, or that crack down on coal-burning power plants or restrict oil drilling.
Trump also said he would “terminate” what he referred to as “all new spending grants and giveaways under the Joe Biden mammoth socialist bills like the so-called Inflation Reduction Act.”
Buckle up, it is going to get rough.
Reference: New York Times
5. NIGERIA TO BAN SINGLE USE PLASTIC FROM EARLY 2025
Nigeria just announced a ban on single-use plastics in government offices as a prelude to a nation-wide ban set to begin in 2025. The country is hugely dependent on plastics.
Nigeria is among the top plastic polluters, with 2.5m+ tonnes of plastic waste annually, 70% of which ends up in seas and landfill.
Nigeria announced a national policy to curb plastic waste pollution in 2020 when total annual plastic waste was around 1.5m tonnes. Since then, plastic waste has risen in cities like Lagos (pop. 17m) where 50-60m used water sachets are found in the streets daily.
Nigeria is also drafting a new plastic use policy expecting producers to shift from plastic to alternatives within five years.
Very positive move from a big plastic polluter.
Reference: https://www.reuters.com/sustainability/nigeria-ban-single-use-plastics-next-year-2024-06-26/
6. DENMARK IMPOSES CO2 EMISSIONS TAX ON AGRICULTURE
In a deal that has received broad agreement from farmers, environmentalists and industry, Denmark will be the first country to impose a CO2 tax on agricultural emissions.
The tax is initially 300 Danish crowns ($43) per tCO2 in 2030, rising to 750 by 2035. Farmers will receive a tax deduction and, despite initial concerns, are on board. “The agreement brings clarity when it comes to significant parts of the farmers’ conditions.“
This tax aligns with Denmark’s goal of cutting GHGs 70% from 1990 levels by 2030.
“The world can no longer afford to ignore emissions from the agri-food sector. Financial incentives like the Danish tax could assist them being implemented at scale.“
Amen.
Reference: https://esgnews.com/denmark-becomes-first-ever-to-impose-co2-emissions-tax-on-agriculture/
7. VOLKSWAGEN INVESTS $5B IN VENTURE WITH TESLA RIVAL RIVIAN
We know $5B is less that 10% of Elon Musk’s pay packet, but for most of us it is a huge amount of money. The bigger issue for Tesla, is that Volkswagen is getting into bed with Rivian, its chief rival in the US, to give it (VW) greater access to Rivian’s software and technology.
Automotive giant Volkswagen Group and electric vehicle producer Rivian announced plans to launch a new joint venture, aimed at developing next-gen electrical architecture and software technology to be used in each of the companies’ electric vehicles.
“… we will bring the best solutions to our vehicles faster and at lower cost … We are strengthening our technology profile and our competitiveness.”
The EV market needs stronger competition.
Reference: https://tinyurl.com/443hfp94
8. 68% OF G20 ADULTS SUPPORT 'RICH TAX' FOR CLIMATE ACTION
Opinions are changing. According to a survey from Earth4All in 18 of the world’s largest economies, the majority of adults support tax, political and economic reforms to address the climate crisis.
Across 17* G20 countries surveyed, 68% of adults support a policy where wealthy people pay more tax on their wealth, to funding changes to economy and lifestyles.
71% of people across 18 G20 countries surveyed believe major action is needed immediately – within the next decade – to reduce carbon emissions.
Two in three people say the economy should prioritise the health and wellbeing of people and nature rather than focusing solely on profit and increasing wealth.
Reference: https://earth4all.life/news/tax-the-rich-say-g20-citizens/
9. EU TAKES FINAL STEP TO EXIT ENERGY CHARTER TREATY
The EU has formalised its decision to exit from the Energy Charter Treaty (ECT).
The ECT has been a major obstacle to climate action, as it allowed fossil fuel companies to sue governments over policies that impacted their investments, such as coal phase-outs or renewable energy support schemes.
This decision removes this weapon from the armoury of the fossil fuel industry and aligns the EU's investment policies with its climate objectives under the Green Deal.
The EU’s exit from ECT will help to ensure its climate and energy policies are not undermined by outdated investment treaties designed to protect the interests of the fossil fuel industry over public good.
Reference: https://ec.europa.eu/commission/presscorner/detail/en/ip_24_3513
10. SUPREME COURT BLOCKS BIDEN’S PLAN ON AIR POLLUTION
The Supreme Court put on hold an EPA plan to curtail air pollution that drifts across state lines. Under the plan – the “good neighbour” plan – factories and power plants in Western and Midwestern states must cut ozone pollution that drifts into Eastern states. The emissions cause smog and are linked to asthma, lung disease and premature death.
Three states — Ohio, Indiana and West Virginia, along with energy companies — objected and the court put the plan on hold.
EPA: “The court’s extraordinary decision today to grant an emergency stay is a travesty of justice that puts the lives and health of millions of people at risk.”
This is so emblematic of the obstacles that business and states put in the way of environmental safeguards. Distressing.
Reference: https://www.nytimes.com/2024/06/27/us/politics/supreme-court-biden-air-pollution.html
