07. Insights from a week of impactful reports

Welcome to the seventh edition of the xtonnes? Sustainability Scoop, your gateway to the latest insights and updates on climate change, carbon regulations and green industry practices. Providing you with bitesize chunks of the latest headlines, it's designed to support you in your journey to decarbonise with confidence.??

As always, we are looking for your feedback. Reach out to us if there is something in particular you would like to learn more about – or just with any questions or ideas!??

But for now, let's dig into this week’s round-up... ? ?

??Climate check-in????

Countries are falling behind on almost every policy required to cut greenhouse gas emissions, according to the State of Climate Action 2023 report published by World Resources Institute (WRI). It states that to limit global warming to 1.5C°?above pre-industrial temperatures, coal must be phased out seven times faster than it is now, and the growth rate of solar and wind power must increase from its current high of 14% a year, to 24% a year.?

The UN has released a report that states that the current national commitments to deliver the Paris Agreement remain “insufficient” with global emissions only on course to reduce by 2% by 2030, compared to a scientific pathway of more than 40%. The?report?warns that national climate plans are not on course to limit global temperature rise to 1.5C°, emphasising that much more action is needed from nations at COP28 and beyond to radically cut emissions.?

A team of experts from across Europe has produced a list of 15 over-looked and emerging issues that are likely to have a significant impact on UK forests over the next 50 years. This is the first 'horizon scanning' exercise - a technique to identify relatively unknown threats, opportunities and new trends - of UK forests. The aim is to help researchers, practitioners, policymakers and society in general, better prepare for the future and address threats before they become critical.?

An international team of academics explored the ways in which research has shown that a changing environment affects how our brains work, and how climate change could impact our brain function in the future. It also investigated the role that neuroscientists can play in further understanding and addressing these challenges.?

“Message framing” can significantly increase the commitment of customers to adopting solar panels. Researchers tested four messages aimed at promoting the purchase of solar panels: financial earnings versus savings for the consumer and reducing emissions versus generating green electricity for the environment. While all messages triggered a higher rate of customers committing to solar panels, the framing in terms of financial savings for the consumer resulted in a 40% higher level of commitment than the baseline, and 30% higher than the average of the other three messages.?

Courts are playing “an increasingly influential” role in the global response to climate change. A research paper drew on a set of prominent climate cases to come up with five “domains” where courts could potentially have influence on efforts to tackle climate change. These include establishing accountability, redefining power relations, remedying vulnerabilities and injustices, increasing the reach and impact of international climate law and applying climate science to adjudicate legal disputes.?

??Industry insights????

According to a new survey released by Bloomberg Intelligence (BI), the vast majority of senior investors and business executives are planning to increase ESG investment over the next 5 years. Each group anticipates a range of benefits from a greater ESG focus, including 90% of investors expecting enhanced returns, and executives seeing improved access to capital and corporate reputation.?

Consumers globally are willing to pay more for products with a lower environmental impact, as they express increasing concern over climate change and environmental sustainability, according to a new study released by Bain & Company.?

A KPMG ‘Net Zero Readiness’ report highlighted that while the early adoption of renewables in the UK has accelerated its path to delivering net-zero, global challenges and the harder to abate sectors could impede further progress in the upcoming years. The report notes that despite nearly cutting GHG emissions in half since 1990, the UK is grappling with the challenge of further reducing emissions in the transport, buildings and industry sectors, that collectively accounted for 60% of all GHG emissions in 2022.?

A coalition of the UK’s leading advanced manufacturing sectors, the Manufacturing Five (M5), is calling on all political parties to unite around a long-term vision for UK manufacturing. The group has?come together to propose an essential new ‘manifesto for growth,’ which sets out the critical actions needed to drive the competitiveness and growth of innovative manufacturing – one of which is leadership in sustainability.?

Make UK published Driving Industrial Energy Efficiencies?– a guide for manufacturers detailing how energy-efficient practices and technologies can help manufacturers save money and boost productivity as they look to reach net zero. Most firms (92%) already see net zero as a priority, with 68% having already invested towards it, and another 22% planning to in the next year.??

Research from E3G found that 73% of UK manufacturers would support the introduction of a Carbon Border Adjustment Mechanism (CBAM) - mirroring the one coming into force across Europe. A UK CBAM is being considered by the Treasury ahead of the Autumn Statement.?

??Regulatory round-up???

CDP and the European Financial Reporting Advisory Group (EFRAG) announced the launch of a new agreement, which will see CDP maximise the alignment of its disclosure system with the EU’s recently adopted European Sustainability Reporting Standards (ESRS). The ESRS,?developed by EFRAG and officially adopted by the European Commission?in July, set out the rules and requirements for companies to report on sustainability-related impacts, opportunities and risks under the EU’s upcoming Corporate Sustainable Reporting Directive (CSRD).?

The new EU Deforestation Regulation will impose due diligence obligations from December 2024, aimed at tackling deforestation and forest degradation. The Deforestation Regulation forms part of the European Green Deal initiative and aims to ensure that EU consumption does not contribute to global deforestation and forest degradation arising from agricultural expansion linked to the relevant commodities. It will require companies dealing with in-scope products to undertake due diligence into the source of a wide range of commodities, including cattle, cocoa, coffee, palm-oil, rubber, soya and wood, to ensure that they have not been obtained as a result of deforestation. ?

EU Climate Commissioner and Chief COP28 Negotiator, Wopke Hoekstra, met with COP28 President Designate, Dr Sultan Al Jaber, to discuss the preparations for COP28, which will take place in Dubai from 30th November to 12th December 2023. They underscored their shared conviction that COP28 must accelerate practical action on mitigation, adaptation, loss and damage and climate finance and build a fully inclusive COP28 that leaves no one behind.?

The European Commission welcomes the provisional agreement reached between the European Parliament and the Council on the Nature Restoration Law.?Once adopted and applied?in the EU Member States,?the law?will be a?key contribution to reaching climate neutrality by 2050?and?increasing Europe's preparedness and?resilience to the effects of climate change.???

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We look forward to seeing you next week!??