In the realm of European politics, the spotlight is firmly on high energy prices and ambitious energy transition objectives. As the European Parliament elections approach, a projected shift to the right has ignited intense discussions about EU climate policy. Right-leaning Members of the European Parliament are advocating for a more measured approach to the Green Deal, citing concerns about the proposed 2040 targets in context with voters’ cost-of-living worries.

The 2024 Gen Z and Millennial Survey by Deloitte highlights that climate change and environmental sustainability significantly influence both workplace and consumer behaviors among Gen Z and millennials. With over 22,800 respondents from 44 countries, the survey found that more than 40% have left or plan to leave jobs due to climate concerns, nearly two-thirds are willing to pay more for sustainable products, and many reject work assignments conflicting with their environmental values. Additionally, these generations increasingly research companies' environmental policies before job acceptance and purchasing decisions, with substantial percentages avoiding fast fashion, reducing air travel, adopting plant-based diets, and purchasing or planning to purchase electric vehicles, reflecting their strong commitment to sustainability.

The article highlights the significant shortfall between current national proposals and the necessary carbon dioxide removal (CDR) levels to achieve Paris Agreement targets. Despite countries committing to net-zero goals, the study identifies a notable "CDR gap," emphasizing the urgent need for enhanced emissions reduction ambitions and innovative policies to bridge the disparity and effectively combat climate change.

The Dutch appeals court is currently hearing Shell's appeal against a landmark 2021 ruling that held the company responsible for greenhouse gas emissions from its products and mandated a significant reduction by the end of the decade. Originating from environmental groups, the case argues Shell breached its legal duty of care and undermined the Paris Agreement's goals. Shell contends that complying with the ruling could harm the Dutch economy and sets an unrealistic emissions reduction target, while disclaiming responsibility for customers' emissions. Friends of the Earth Netherlands remains confident, citing Shell's revised climate ambitions, as the proceedings aim to resolve a crucial legal battle over corporate accountability for climate change.

The European Climate Risk Assessment (EUCRA) highlights the growing threat of extreme weather events across Europe, including heatwaves, droughts, wildfires, and flooding, which are expected to worsen despite optimistic climate scenarios. Urgent action is needed, especially in Southern Europe, where challenges in agriculture, health, and coastal resilience are pronounced. With 36 major climate risks identified, over half require immediate attention, including safeguarding ecosystems, mitigating heat-related health risks, and enhancing infrastructure resilience. Collaboration among the EU, member states, and local authorities is crucial to bridge knowledge gaps and implement effective policies, better preparing Europe for the challenges of climate change.

For the first time, the average global temperature has surpassed the critical benchmark of 1.5 degrees Celsius above pre-industrial levels over 12 months. The findings from the Copernicus Climate Change Service (C3S) indicate that the global mean temperature for February 2023 to January 2024 reached an unprecedented 15.02 degrees Celsius, exceeding the 1.5C threshold set in the 2015 Paris Agreement.

2023 set record-breaking temperatures as the hottest year in history. This broke records as 2022 was one of the hottest years in history. This poses severe worry as we advance further in the climate crisis.

As the year is coming to a close, it is important to learn about “Earth Overshoot Day”. This day occurs every year and it marks the date when humanity’s demand for ecological resources and services in a given year exceeds what Earth can regenerate in that year. In 2023, this date fell on August 2nd, which means that the world exceeded its annual renewable resources four months before the year ended.

A historic agreement where over 200 nations agreed upon the transition away from fossil fuels, tripling the amount of renewable energy, halting deforestation, and curbing the release of methane by 2030.

As Cop28 is halfway done there has been massive discussion over urgent climate policies. A discussion over a loss and damages fund as well as a fossil fuel reduction plan that mirrors the Paris Agreement.

In efforts to combat climate change, the Biden-Harris Administration has announced an investment of $1.2 billion dedicated to launching the nation's first-ever Direct Air Capture (DAC) program. This program will launch two new demonstration projects in Texas and Louisiana to essentially vacuum carbon dioxide out of the air. Once captured, this carbon dioxide will be stored underground or used in industrial materials such as cement. This initiative, unveiled on August 11th, 2023 truly highlights the Biden administration's unwavering commitment to innovative solutions aimed at curbing greenhouse gas emissions and preserving our planet for future generations.

This summer, across the globe we have seen record-breaking temperatures that are leaving scientists concerned, many saying that these climate records are unprecedented given their speed and timing. Records broken include the hottest day on record globally in June and July, extreme marine heatwaves in the North Atlantic, highest Ocean temperatures, and record low Antarctic sea ice.

This month, Amazon published its 2022 Sustainability Report. This report touches on renewable energy, electric fleets, waste, total emissions including supply chain emissions, sustainable design, supplier diversity, human rights, and sustainable products, clearly highlighting how the company is building a more sustainable future. One of the most notable highlights is Amazon’s decision to update its supply chain standards to require regular reporting and emissions goal setting. The decision to require reporting within their supply chain is one that is likely to create change across the board. Let’s dive in!

In a recent blog post, The Evolving Role of Chief Sustainability Officers published in the Harvard Business Review, the authors explore how the responsibilities and influence of Chief Sustainability Officers (CSOs) have changed. Notably, this role has become increasingly critical as organizations worldwide grapple with the challenges of sustainable development and corporate social responsibility. Today, we will summarize that article for you, highlighting the key takeaways you need to know!

This week, Singapore has proposed mandatory climate reporting for both private and public companies. This new regulation represents a significant move towards Sustainability and ESG in the Asia Pacific Region and aims to drive greater transparency, accountability, and responsible corporate behavior. Aligned with the International Sustainability Standards Board (ISSB) this new regulation is lining Singapore up to rapidly become a sustainability leader in the region.

This week, global management and consulting firm, McKinsey & Company released a new report highlighting that a $4 trillion investment would be required to tackle the material shortages of key materials and achieve global decarbonization targets. This investment would be required to bridge the materials gap that is crucial to sustainability.

This week, The World Bank approved $1.5 billion in financing to support India's low-carbon transition. This approval represents a massive step towards addressing climate change and promoting sustainable development in India.

Since June 2019, the concept of achieving net zero emissions has gained significant traction across the globe. In 2021 following the UN Climate Summit in Glasgow (CO26) 90% of the global economy was on board with net zero plans. As the urgency to combat climate change grows, governments, subnational entities, and corporations are setting net zero targets to align with the goal of limiting global warming. As defined by the Net Zero Stocktate 2023 report there are three phases of net zero; accepting the principles of net zero, pledging to get there, and delivering on those pledges. Today we will provide a brief summary of the Net Zero Stocktake 2023 report, which analyzes the status and trends of net zero target setting.

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Sustaira Summarizes: Net Zero Stocktate 2023

With Sustainability and ESG disclosures becoming more and more prevalent across the world, the public sector is now seeing its first climate-related disclosure standard for governments and other private sector entities. The International Public Sector Accounting Standards Board (IPSASB) has taken a proactive step towards developing a climate-related reporting standard specifically tailored for the public sector.

In recent years, with the rise of Sustainability and ESG across policies and media across the globe, there has been a surge in companies making green claims. However, these claims are not always what they seem to be raising concerns around greenwashing and misleading practices. To address this issue, the European Parliament is passing more policies to fight against greenwashing and promote genuine sustainability and ESG efforts and claims.