What's going on in the world of ESG, CSRD, SDGs...
1. CLIMATE CHANGE WILL REDUCE GLOBAL INCOME BY 20%, MAYBE
Climate change’s impact (loss) on incomes is locked in at $38tn a year by 2049, according to the Potsdam Institute for Climate Impact Research (PIK).
Temperature rise will cause the greatest loss. Countries who produced fewer emissions, and are least able to adapt, are being hit the hardest. The poorest countries will suffer 61% bigger income loss than the richest ones.
This is Climate Injustice on show.
If we curb carbon pollution and stay within 2C - the upper limit of the Paris agreement - then the financial hit will stay around 20%. But if emissions increase to worst case, the financial hit will be closer to 60%. Reduced climate change means reduced loss.
The time to act is now.
2. SEVEN COUNTRIES ARE POWERED ENTIRELY BY RENEWABLES
The world installed 116GW of wind power capacity in 2023, according to the Global Wind Energy Council (GWEC). That is a 50% increase on 2022.
With wind and solar power growth, seven countries now generate all of their energy from renewable sources.
Albania, Bhutan, Ethiopia, Iceland, Nepal, Paraguay and the Democratic Republic of Congo use 100% renewable power. 40 other countries get more that 50% of their electricity from renewables.
Though wind and hydro are big, experts predict solar could take over as the major source in the near future. Technology has improved and costs are rapidly dropping.
This is all good!
Reference: https://tinyurl.com/5763zddk
3. FLORIDA TO REMOVE MENTION OF CLIMATE CHANGE FROM LAWS
In Florida, climate change is hard to ignore.
Miami spent a record 46 days above a heat index of 100o last summer. Properties in beachfront areas are threatened by rising seas and disappearing sands. However, it looks like the state leaders are putting their heads in the remaining sand.
A bill awaiting signature from Governor Ron DeSantis, bans offshore wind energy, relaxes regulations on natural gas pipelines, and deletes the majority of mentions of climate change from existing state laws.
Republicans associate 'climate change' with Democrats and see it as a pretext for pushing a progressive agenda. When a reporter asked DeSantis what he was doing to address the climate crisis he said “We’re not doing any left-wing stuff.” Ok then.
Reference: https://www.greenqueen.com.hk/florida-ron-desantis-republicans-climate-change-laws
4. CLOUD SEEDING DID NOT CAUSE MASSIVE FLOODS IN DUBAI
In one day last week, a whole year’s rainfall fell in Dubai, the heaviest rain ever recorded in the United Arab Emirates. At least 20 lives were lost. The internet went crazy. Was this caused by cloudseeding? The answer is no.
Clouds, composed of water droplets or ice crystals form when vapor cools. Rain or snow occurs when these droplets bind with particles of dust, salt or smoke.
Cloud seeding uses binding agents, such as silver iodide to make moisture that is already in the sky, condense faster and drop water in certain places. So first, you need moisture.
There were no cloud seeding operations in the UAE last week. Even if there were, cloud seeding does not increase moisture in clouds. Increased warmth from climate change does that. There’s your villain.
Reference: https://www.theguardian.com/world/2024/apr/17/cloud-seeding-dubai-floods
5. PORNHUB, STRIPCHAT, XVIDEOS FACE STRICT DSA EXAMINATION
Adult content companies Pornhub, Xvideos, and Stripchat now have to assess risk, and take measures to address systemic risks linked to their services, to comply with the Digital Services Act (DSA).
The DSA requires online platforms to be more transparent, to manage illegal content more proactively, and to adhere to stricter consumer protection standards. As very large online platforms, these three must do more to remove illegal and harmful content on their platforms.
Pornhub, Stripchat must comply by April 21 and XVideos by April 23. The companies will also have to meet transparency obligations related to advertisements, and provide access to data for researchers.
DSA is a potent tool for consumer rights.
Reference: https://tinyurl.com/mtw26vck
6. SCOTLAND ABANDONS PLEDGE TO CUT 2030 CLIMATE EMISSIONS
Màiri McAllan, the Scottish net zero secretary, announced that Scotland has ditched their target to cut carbon emissions by 75% by 2030, and also abandoned their legally binding annual reduction targets.
McAllan said Scotland would follow the lead of the UK by adopting five-yearly 'carbon budgets' aimed at meeting its zero emissions target date of 2045.
She said this decision is because the UK Climate Change Committee said the target was “no longer credible” because of inadequate action on home heating, transport, farming and nature restoration.
So much for Independent Scotland.
Surely they should be taking more action, rather than give up on the target?
Reference: https://tinyurl.com/ax7fct28https://tinyurl.com/ax7fct28
7. SBTI CLARIFIES ITS TAKE ON CARBON CREDITS – BUT NOT REALLY
I reported last week how SBTi leadership had caused a revolt from its staff when they suggested companies might use offsets to achieve emission reduction targets.
SBTi leadership backtracked, saying it was misunderstood and SBTi has not changed its position on offsets. But its statement actually says “Any use of Environmental Attribute Credits (aka offsets) for Scope 3 will be informed by evidence”.
It says “In July, … a draft proposal from SBTi about potential changes to Scope 3 will be published”. Feels like a non-denial, denial.
But wait… it seems the US government is involved, and that advisors to John Kerry pressurised SBTi to accept carbon credits to create a demand side market. Sheesh!
Reference: https://tinyurl.com/y7c5z84z
8. CLIMATE RELATED CAR BAN THREATENED IN GERMANY
A debate on abandoning sector-specific climate targets is heating up in Germany after Transport Minister Volker Wissing warned that he might have to impose car bans on weekends unless the country’s climate law is reformed.
Wissing warned nationwide driving bans on weekends might be necessary under the country’s current climate law. The law forces ministries to present immediate action plans if annual emission targets for their respective sector are missed.
“I have told the citizens the truth because this sectoral view means that we have to save 22MT CO2e [in transport] immediately.”
This is one way to get people’s attention.
Reference: https://tinyurl.com/ybn9ubdy
9. NESTLÉ ADDS SUGAR TO BABY FORMULA IN POOR COUNTRIES
According to a report from Public Eye, Nestlé - the world’s largest consumer goods company - adds sugar and honey to infant milk and cereal products sold in many poor countries, contrary to international guidelines aimed at preventing obesity and chronic diseases.
In Nestlé’s European markets, there is no added sugar in formulas for young children.
WHO guidelines for the European region say no added sugars or sweetening agents should be permitted in food for children under three.
Surely Nestlé understands that the lack of guidelines in Africa, Asia or Latin America does not give them a right to sell products for babies that cause obesity?
Have they not learned anything?
Reference: https://tinyurl.com/3s6ur8pd
10. UN CLIMATE CHIEF SAYS TWO YEARS TO SAVE THE WORLD
In a speech entitled 'Two years to save the world', UN Climate Chief Simon Stiell asked citizens to “raise their voices”, adding that taking action at the ballot box was a “sure-fire way to get climate top of the agenda”.
Stiell cited a recent Gallup poll of over 130,000 people in 125 countries, in which 89% said they would like their government to do more on climate change. Steill also called on G20 leaders to take more action ahead of spring finance meetings between world leaders, the IMF and the World Bank.
Joining Stiell, a chorus of climate leaders; including Paul Polman, Christiana Figueres, penned an open letter urging leaders to triple climate investments, cancel debt, and make historic polluters pay more. The letter signs off by saying, “It’s time to taste hope again.”
Reference: https://www.youtube.com/watch?v=pPSe6NQKruY
