Sustainability and ESG News
EU Lawmakers Approve Deal to Ban Combustion-Engine Cars by 2035
On Tuesday this week, the European Parliament formally approved a new law that will effectively ban the sale of new combustion engine cars in the European Unition as of 2035. This new law has been approved in hopes to combat climate change and accelerate the shift from petrol and diesel cars to electric.
Less than 1% of companies have credible climate transition plans according to CDP.
Of the 18,600 companies which provided information to CDP, less than one in 200 companies disclosed information against 21 key indicators that CDP includes in a questionnaire which represents a credible climate transition plan. This means of 18,600 only 81 companies - a mere 0.4% - were able to disclosure against key indicators and prove that their climate transition plans are credible. While the number of organizations reporting to CDP has been rising rapidly, increasing by more than 40% in 2022, this 81 organizations is actually a decrease from the 153 companies that provided a credible climate plan the year before.
Norway’s Sovereign Wealth Fund warns Directors to Tackle Climate Change or be Voted out.
Norway’s $1.3 trillion sovereign wealth fund, the world’s largest investor, has warned company directors to take more specific climate on climate change or risk being voted out. The head of governance and compliance of Norges Bank Investment Management, Carine Smith Ihenacho, said that the fund was getting ready to vote against 80 company boards due to their failure to set or hit environmental or social targets.
"We have for a long time focused on better company disclosure... Now we are focusing more on actions. So now you need to go from numbers to action, concrete steps that companies are taking to meet the expectations," - Carine Smith Ihenacho
Amazon expands 71 new renewable energy projects
On Wednesday Amazon announced that they would expand their already vast portfolio of renewable energy projects by 71 more projects. With a total of now 379 renewable energy projects these 71 new projects are dedicated to wind and solar around the world which will add 2.7 GW of energy capacity. Amazon expects that all 379 of these renewable energy projects will generate about 50,000 GWh of clean energy which equals enough energy to power 4.6 million US homes each year.
“The world has a long to do list” as the Sustainable Development Goals are not being met
The seventy-seventh session of the General Assembly opened on September 13th under the theme of “A watershed moment: transformative solutions to interlocking challenges”. This week marks the second week of the United Nations General Assembly and is the begging of the High-Level week. Yesterday, the SDG Moment was a 90-minute event that is meant to place a spotlight on the Sustainable Development Goals. In that 90 minute session, it became extremely clear that the world is not on track to reach these goals and we have a lengthy “to do” list to get back on track.
California Governor Signs Sweeping Legislation to fight Climate Change.
Last week, California governor Gavin Newsom signed on a package of legislation that will address a wide array of climate measures designed to ensure the state will reach it commitment of net-zero greenhouse gas emissions by 2045 among other ambitious goals. Legislation includes bills to reduce carbon emissions, protect Californians from big polluters and accelerate the transition to clean energy.
Indonesia Issues a Regulation to Increase Renewable Energy use
This week, Indonesia issued a new regulation that will encourage renewable energy use. This is a landmark regulation as Indonesia is one of the world’s top carbon emitters due to coal use. Along with encouraging renewable energy, a presidential decree said that Indonesia also plants to retire some of their coal plants early.
Patagonia Founder gives away company to fight climate change.
Yesterday, it was announced that Patagonia founder, Yvon Chouinard gave away his shares of the company. His shares are an estimated value of about $3 billion dollars that are now under ownership if a specifically designed trust and nonprofit organization that are both dedicated to fighting climate change.
New CDP Report with Oliver Wyman says G7 Countries won’t meet 1.5ºC Goal
Recently, The CDP published a new report after partnering with Oliver Wyman, that outlines that the G7 countries that have agreed to the Paris Agreement will not reach the Paris Agreements 1.5 degrees Celsius above pre-industrial levels goal. Instead, these countries are poised to only mitigate global temperature increase to 2.7 degrees, missing the goal by over 1 degree, which could have catastrophic impacts.
California Rules that by 2035 the State will ban the Sale of new Gasoline Powered Cars.
The California Air Resources Board on August 25th approved the Advanced Clean Cars II rule. This rule outlines a year-by-year roadmap as to how the state will make it so that 100% of new cars and light trucks sold in California will be zero emission vehicles by 2035.
How Climate Change, Supply Chain Strain, and COVID-19 may Impact our Food
A new insight from McKinsey warns that a food shortage could be coming sooner than later. Many people have heard the rumors or worries regarding possible food shortages and have even felt the impacts of rising prices. As it turns out, due to the War in Ukraine, supply chain issues that are leftover from COVID-19, and climate events such as heat waves and droughts, this could leave the world about 60 million tonnes of grain behind by the end of 2023.
New study finds California is due for its “100 Year Flood”
California is commonly known for it’s earthquake risk and more recently, severe drought and wild fires. However, the tides are changing for California as a new study from UCLA predicts that potentially catastrophic flooding or what being called a “megaflood” is likely to happen. While there isn’t a clear timeline on when this “megaflood” may hit, the study from UCLA indicates that the possibility has been almost doubled thanks climate change.
California Adopts Renewable Energy Goals to Power more than 25 Million Homes
This week, The California Energy Commission (CEC) adopted a set of goals that will enable the state to develop clean energy through offshore wind. This offshore wind development is expected to generate 2,000-5,000 megawatts (MW) of offshore wind by 2030, and should increase to 25,000 MW by 2045. Assuming the state hits these goals, that would be enough electricity to power 3.75 million homes by 2030 and 25 million homes by mid-century.
U.S. Senate Passes biggest Climate bill in U.S. history.
On Sunday the United States Senate passed The Inflation Reduction Act and it’s expected to pass in the House of Representatives later this week. The Inflation Reduction act is a package that would fulfill multiple longstanding goals including addressing climate change, lowering the cost of prescription drugs, and adjust tax codes.
New Zealand Releases First-Ever Climate Adaptation Plan
On Wednesday this week, New Zealand’s government released it’s first-ever climate action plan. This climate adaptation plan depicts how New Zealand plans to prepare for floods, fires, and rising sea levels that are expected in response to the climate crisis. A big point of interest is around how the country planning to have entire communities either relocate or change the structure of their homes in response to rising sea levels.
UN General Assembly Declares Access to a Clean, Healthy and Sustainable Environment, a Human Right.
Thursday last week, The UN General Assembly adopted a historic resolution. This resolution declared that access to a clean, healthy and sustainable environment is a universal human right and continues to emphasize that climate change and environmental degradation are some of the most pressing threats to humanity's future.
IPCC Climate Change Mitigation Report: What you need to know.
IPCC Climate Change Mitigation Report: What you need to know.
Early in April, the Intergovernmental Panel on Climate Change (IPCC) published the second part of their sixth evaluation report. This report primarily focuses on mitigation of further climate change, reducing greenhouse gas (GHG) emissions, and removing carbon dioxide (CO2) from the atmosphere.
Micro Plastics polluting our Earth are now found in our blood.
This week, Environmental International published an article outlining research that found microplastics in the blood of 17 out of 22 participants (about 77%). This is the first time that we have actually found microplastics in the human blood stream. The effects of this new find are still largely unknown.