BCSD Australia News

Welcome to this week's Business Council for Sustainable Development Australia (BCSDA) newsletter. We’re excited to announce that BCSDA CEO Andrew Petersen will moderate a session the Impact X Summit Melbourne 2024 on how companies are responding to ESG disclosure, featuring leaders from 澳新银行 , 施耐德电气 , and Coles Group .

We also invite you to join an upcoming webinar on policies to reduce Scope 1 and 2 emissions, and explore new sector-focused case studies from WBCSD – World Business Council for Sustainable Development on integrating nature into business strategies. Additionally, discover insights on the critical role of water utilities in addressing nature and climate crises, and the growing importance of biodiversity in corporate risk management.

This edition also covers the hidden environmental costs of economic activities, the rising expectations for double materiality in sustainability reporting, and how companies can lead in the evolving landscape of business performance and sustainability.

Sign up for ESG Snapshot, a concise weekly update for C-suite executives and sustainability and climate professionals in Australia produced by the Business Council of Sustainable Development Australia.

You are invited to join a webinar: BCSDA presents GRI Update of Standards to Report on Impact on Workers. After registering, you will receive a confirmation email about joining the webinar.?

Register here.

BCSD Australia is pleased to be a Community Partner of the Impact X Summit Melbourne 2024: The Future of ESG Data & Disclosure.?

The iX Summit Melbourne will help companies big and small prepare for the upcoming mandatory climate disclosure. Attendees will understand the framework and requirements and improve ESG data integrity and collaboration across supply chains.?

BCSDA CEO Andrew Petersen will moderate a session “How Companies Are Responding to ESG Disclosure”, which will feature Sophie Jackman (CA) , Head of ESG Disclosure & Reporting, ANZ; Lisa Zembrodt , Principal & Senior Director, Sustainability Business, Schneider Electric; JP Stevenson , Head of Market Development, EiQ, LRQA ; and Anna Stewart , Head of Sustainability Reporting and Engagement, Coles Group.

?? What #policies can help your company reduce its #Scope 1 and 2 emissions?

Join WBCSD and the Regulatory Assistance Project (RAP) in the online webinar titled “Policy push for industrial heat decarbonisation: Existing landscape and outlook”. They will welcome representatives from the European Commission (DG Ener), Jan Rosenow, Carlijn Lahaye (ENERGYNEST) and other industry experts to discuss:

-?The current landscape of policies supporting companies in #decarbonising their industrial heat generation, with a focus on ???? Europe

-?The practical implications and experiences of using them to co-fund the adoption of renewable heating technologies.

Save the date:

?? 12 September, 15.00-16.00 CET

?? Online

??Learn more & register:https://lnkd.in/ervQkjdt

New sectorial business case study documents on #nature – learn from the peers in #agrifood, #builtenvironment and #energy systems!

As part of the #SUSTAINproject, WBCSD has published 3 insightful sector-focused case study documents. They highlight practical insights into how companies are working to identify and assess their nature-related issues and the essential role these sectors play in contributing to the global goal for nature.?

Dive into the details to find out more about typical dependencies, impacts and risks on nature for these systems and 8 companies’ nature journeys:

? The WHY: the rationale to act on nature as a private sector company

?? The WHAT: use of tools in the process and alignment with relevant frameworks, standards and disclosure schemes

?? The HOW: some practical examples of how to identify, asses, commit and act on nature-related issues?

While there is no one-size-fits-all approach, they offer an opportunity to learn about the different experiences, challenges, risks and opportunities to strategically integrate nature in their business.

The full documents are available for download here: https://lnkd.in/ggeVDGmw

?? The water utilities and services sector is crucial to respond to the dual nature and climate crises.

In a Water Magazine article, Business for Nature CEO Eva Zabey , outlines the five priority actions water utilities and services companies should take to halt and reverse nature loss.

?? Biodiversity: The Next Frontier in Corporate Risk Management and Opportunity Creation ??

In an era where sustainability is no longer a choice but a business imperative, biodiversity is rapidly emerging as the next critical frontier. The latest insights from the Harvard Law School Forum on Corporate Governance reveal a growing awareness among investors of the material risks and opportunities that biodiversity loss presents. This recognition is transforming how businesses are expected to operate, disclose, and innovate.

At BCSD Australia, we believe that biodiversity must be at the core of corporate strategies, not just as a risk to be managed but as a unique opportunity to lead. Read more insights here.

?? Check out these insights from William Sisson , Executive Director North America at WBCSD – World Business Council for Sustainable Development in a compelling discussion with Martin Whittaker , CEO of JUST Capital , on the evolving landscape of business performance and sustainability.

Listen to the full episode here ?? https://lnkd.in/eSiCnR_A

Understanding the true value of our economic activity is critical for our shared future.

All companies depend on nature, yet they generate trillions of dollars in environmental costs (that are not reflected in the market) each year. These “hidden costs” represent a significant burden on society and the environment, impacting everything from air quality to biodiversity to social inequity.

This report by S&P Global Sustainable1 with support from Capitals Coalition takes a step toward estimating the global level of environmental damage costs of publicly listed companies which are otherwise invisible. The analysis offers a summary of these costs by sector, sector group and regional levels.

This study finds that:

??More than 26% of companies in the S&P Global BMI generated unpriced environmental costs larger than their net income.

??Greenhouse gas (GHG) emissions were responsible for the majority of unpriced environmental damage costs (63.6%) for these companies, followed by air pollution (26.2%) and land use (4.7%). The impacts of generating electricity from fossil fuels — particularly coal — represented the largest source of environmental costs globally.

??Companies in the crop cultivation and livestock sector groups have high dependency on ecosystem services, but also generate the majority (57%) of land-use-related environmental damage costs.

Explore the report ?? https://lnkd.in/eu-er67g

There are growing expectations on companies to consider and report not only on their financial well-being but also their impacts on the world. This “double materiality” #sustainabilityreporting ?? encompasses two inter-connected perspectives:

? Disclosures that address the financial risks & opportunities of sustainability issues on the company.

? Impacts on society and the environment – and hence the company’s contributions towards #sustainabledevelopment.

Global Reporting Initiative (GRI) is a strong advocate for #doublemateriallity, and the #GRIstandards guide companies in how to comprehensively report their impacts on people & planet ???????? ??

Want to know more? Check out GRI’s policy publication – ‘Double materiality: The guiding principle for sustainability reporting’ ?? https://lnkd.in/dnn3VMJi