BCSD Australia News
Business Council for Sustainable Development Australia
Galvanizing forward-thinking companies and organizations to accelerate the transition to a sustainable Australia.
Welcome to this week’s Business Council for Sustainable Development Australia (BCSDA) newsletter.?
Today, we explore key global developments that offer valuable insights for Australian businesses. Texas has surpassed California as the leader in utility-scale solar, driven by the Inflation Reduction Act, highlighting the role of strategic policy in scaling renewable energy. We also take a closer look at China’s expansion of its carbon market to cover key industries, a move that could significantly impact Australian industries exporting to China.
Additionally, we recap the outcomes from the AFS Forum 2024 on food system transformation in Africa, and offer practical insights on how to integrate sustainability into your equity story to engage investors more effectively.?
Plus, learn about the appointment of Cristina Gil White as GRI’s interim CEO, and how her leadership will shape future sustainability strategies. Don’t miss the latest report on ESG ratings regulations and tools to help businesses align with global standards.
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In a significant energy milestone, Texas has surged past California to become the leading state for utility-scale solar capacity in the US. As of Q2 2024, Texas boasts 21,932 MW of online solar power, surpassing the once dominant California.
This is a monumental shift, and the driving force behind it is clear: the Inflation Reduction Act (IRA). Since its introduction in 2022, the IRA has led to a nearly fourfold increase in US solar panel manufacturing capacity, unlocking an unprecedented wave of investment, innovation, and renewable energy deployment.
The key takeaway? Strategic policy incentives combined with clear business goals are pivotal to unlocking large-scale renewable energy growth.
Key highlights from this solar boom include:
?? 21,932 MW of solar capacity online in Texas.
?? 9.4 GW of new US solar generation capacity installed in Q2 2024 alone.
?? A fourfold increase in solar manufacturing capacity under the IRA.
While Australia’s energy landscape is rapidly transforming, this latest development from Texas underscores the importance of not only scaling renewable infrastructure but also addressing the challenges that the US solar industry is now grappling with: grid interconnection delays, equipment shortages, and the need for a trained workforce.
In a landmark move that signals significant shifts in global carbon markets, China plans to include the steel, cement, and aluminium sectors in its national carbon emissions trading scheme (ETS) by the end of 2024. This will expand coverage to an estimated 60% of China’s total emissions, exceeding even the United States' total emissions footprint.
This announcement, from China's Ministry of Ecology and Environment, comes at a critical time. The global drive towards decarbonization and the European Union’s Carbon Border Adjustment Mechanism (CBAM), which imposes tariffs on carbon-intensive imports starting in 2026, has put pressure on China to accelerate its efforts.
For Australian industries, particularly those in mining, metals, and energy, this is a pivotal development. As a key exporter to China, the shift in carbon regulations will require Australian businesses to rethink their supply chains, compliance strategies, and carbon footprint. From 2026 onwards, carbon-intensive exports could be subject to additional scrutiny and costs.
The #AFSForum2024 represented a unique opportunity for WBCSD to spotlight our research on the role of the private sector in driving mechanisation and digitisation. More broadly, it allowed WBCSD to discuss solutions to innovate, accelerate and scale #FoodSystems transformation in the #African context.
The key themes emerging from the Forum centered around:
? the critical need for public-private partnerships
? the crucial role of smallholders in African #agriculture
? #SoilHealth, soil health, soil health!
领英推荐
It was inspiring to engage with many of our members and partners in #Kigali and to reflect on the steps business and governments must take to drive regenerate food systems.
In today's dynamic business world, sustainability is a key driver of success. But how do you effectively communicate sustainability ambition and action to investors and integrate in investor relations?
Our latest guide from Corporate Performance and Accountability at WBCSD is here to help. Packed with insights and real-world examples from industry leaders, this resource shows you how to seamlessly integrate sustainability into your equity story, enhancing investor engagement and building a stronger, more compelling narrative.
???What’s inside:
- Strategies to connect sustainability with your communication of value proposition, performance and plans
- Examples from WBCSD members across diverse industries.
- Practical insights into incorporating critical themes like market positioning, innovation, growth and investment.
?? GRI has announced that Cristina Gil White has been appointed interim CEO. She steps up from her role as our Chief Operational Officer, with a mandate to finalise and implement the organisational strategy ??
As COO, Cristina has led GRI’s commercial operations, marketing & stakeholder relations. She has previously served on our Supervisory Board, and has a strong track record as a sustainability leader in both the private and nonprofit sectors ??
At the Capitals Coalition, we're particularly drawn to the opening chapter, which highlights the critical importance of environmental, social, human, and financial capital as the true foundations of any business.
The authors point out that, for a long time many business leaders have focused solely on financial capital, neglecting the other forms. The remnants of that collective amnesia about the capitals remain a problem for everyone in society today. As the next generation of corporate and societal leaders, it is our duty to preserve and strengthen all forms of capital, ensuring that future generations can enjoy the same, if not greater, prosperity that we have.
?? It’s Time!
In the dynamic landscape of evolving regulatory frameworks and #sustainabilityreporting standards, the Sustainable Investment Forum North America offers an unparalleled opportunity to consider how to enhance ESG disclosures, manage regulatory changes, and build strategic relationships with both local and global institutional investors, financial experts, and climate leaders ?????
Hosted in partnership with Climate Action, our Chief Policy Officer Peter Paul Van De Wijs will moderate a panel discussion on #doublemateriality in sustainability reporting.
New! Working together with the European Environment Agency, CDP becomes the official reporting platform for the 311 Signatories of the #AdaptationToClimateChangeMission Charter. Signatories are regions and local authorities across Europe committed to building climate resilience on the ground in an inclusive way.
?? New report!
The ‘Tracking progress: Taking stock of ESG ratings and data products regulations report’ reviews the various initiatives implemented by regulators. It evaluates the adoption of IOSCO's recommendations within these policy initiatives and compares their alignment.
The growing demand from investors for ESG data and analytics reiterates this strategic role ESG ratings and data products play. In fact, this role has already been acknowledged by the International Organization of Securities and Commissions (IOSCO) and regulators worldwide who are introducing policy instruments to regulate ESG ratings and data products providers.
This report is paired up with a new interoperability tool, which aims to provide policymakers, providers, and users of ESG ratings and data products with a mechanism to support cross-cutting assessments and compliance with codes of conduct and regulation in this space. Through this tool, CDP intends to stimulate conversation on the ongoing alignment of codes of conduct and regulation, as well as the potential role of reciprocity systems.