BCSD Australia News

Every week, we bring you the latest news, updates, and insights from the Business Council for Sustainable Development Australia (BCSDA), our partners, and our extensive network. Stay informed on key developments in sustainable business practices, innovative solutions, and collaborative efforts that are driving positive change across industries. BCSD Australia advocates for sustainable policy in Australia, representing our members on the global stage and we partner with governments, non-governmental and intergovernmental organisations to deliver on our six key work programs: Cities & Mobility, Energy and Climate Change; Food & Nature; Redefining Value; People & Society; and Circular Economy.

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BCSDA CEO Andrew Petersen will attend the World Circular Economy Forum 2024 (WCEF 2024) in Brussels from 15-18 April. As part of the World Business Council for Sustainable Development (WBCSD) delegation, BCSDA will join forces with global leaders to explore cutting-edge solutions and actionable insights for advancing circular economy practices worldwide.

As we approach the penultimate meeting in Ottawa this April, where delegates will tackle the Revised Zero Draft to combat plastic pollution, the urgency for actionable solutions has never been clearer. The global plastic crisis demands a unified response , one that Australian businesses are uniquely positioned to lead.

CDP has shared the findings from its first year of plastics disclosures. Majority of companies are mapping plastics in their value chain, but most are overlooking plastic-related risks. Almost 3,000 companies disclosed on plastics through CDP for the first time in 2023.

In the realm of sustainable development and innovation, Tesla's forthcoming Robotaxi , now set to be unveiled on August 8, triggers a fascinating 'what if' into a future where mobility as a service (MaaS) could fundamentally alter our transportation paradigms. Let's ponder the transformative potential of such advancements and their implications for society and the environment.

In a landscape where the global shift towards electric vehicles (EVs) is gaining unmistakable momentum, recent findings reveal a notable disparity in adoption rates across nations. Australia's journey towards embracing electric mobility appears more measured , even as its neighbour New Zealand, similarly devoid of a domestic car manufacturing sector, advances more rapidly in EV adoption.

A pivotal development from the Science Based Targets initiative (SBTi) has been announced that promises to reshape corporate strategies around global decarbonisation efforts , especially concerning Scope 3 emissions.

In an industry marked by rapid innovation and sustainability goals, the electric van market is experiencing unprecedented growth. Adding to this momentum, a groundbreaking joint venture between Volvo Trucks , Renault Group , and CMA CGM (parent of ANL ) is set to introduce a "revolutionary" electric van, promising to redefine logistics with sustainability at its core.

In the ever-evolving landscape of corporate sustainability, the latest OECD - OCDE Global Corporate Sustainability Report 2024 sheds light on pivotal trends and practices shaping businesses worldwide. As leaders in the Australian business community, it's crucial to digest these findings and understand their implications on our operations, risk management, and strategic opportunities.

To accelerate the adoption of low-carbon hydrogen, industries need supportive policies and mechanisms. These should ensure certainty for potential buyers regarding the availability and affordability of low-carbon hydrogen, while also fostering a sustainable market that attracts increased investment in hydrogen production and supply.

In a new survey from the SME Climate Hub - an initiative of the We Mean Business Coalition?created in partnership with the Exponential Roadmap Initiative and the UN Climate Change High-Level Climate Champions ’s Race to Zero campaign - 62% of SMEs found that taking climate action had enhanced their reputation, 53% said that they stood out more against competitors, and 30% reported winning new customers.

Announcing the 24-Hour Natural Climate Solutions Summit - For Companies Exploring Carbon Credits ??The 24H NCS Summit is completely free & designed to equip businesses worldwide with knowledge about using nature-based #CarbonCredits with integrity.

Australia is on the cusp of a transformative era with the impending reform of its merger control system, set to be implemented by January 2026. This initiative to be led by the Commonwealth Treasury , in collaboration with the ACCC , is poised to be another key element in the redefined landscape of competition and sustainability in business.

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In a landmark ruling that could redefine the landscape of environmental, social, and governance (ESG) reporting in Australia , the Federal Court of Australia has found Vanguard Investments Australia guilty of greenwashing. This decision, emanating from misleading claims about the ESG criteria of its Ethically Conscious Global Aggregate Bond Index Fund, marks the ASIC first greenwashing civil penalty action. The fund incorrectly claimed exclusions of investments in fossil fuel activities, a revelation that underscores the critical need for transparency and accuracy in sustainable investment claims.

Farmers represent 2/3 of the 740 million people facing extreme poverty today. To tackle inequality in #FoodSystems, businesses must ensure the prosperity of the communities they source from and they can do this by paying farmers a #LivingIncome. To spur business action on this important agenda, the WBCSD – World Business Council for Sustainable Development developed a Living Income Business Toolkit , in partnership with the Sustainable Food Lab, which lays out the foundational elements of a successful living income strategy.

Agrifood companies, listen up! ?? Dive into our business playbook , revealing the potential of plant-forward portfolios to drive tangible business benefits. From revenue growth to #ESG leadership, cost reduction, and risk mitigation.

How can the Household and Personal Care Products sector contribute towards a #NaturePositive future? Household and personal care products have significantly enhanced our well-being and living standards, and have generated $700 billion in annual revenues. However, this sometimes comes at the expense of nature. The sector continues to contribute to drivers of nature loss, such as land conversion and deforestation from upstream production. This emphasizes a need for the sector to take action now to ensure it contributes to a nature-positive and net-zero future. To support this transition, World Economic Forum , in collaboration with Oliver Wyman , has produced sector-specific guidance that outlines the priority actions businesses should take to ensure the Household and Personal Care Products sector plays its role in halting and reversing nature loss by 2030. The sector guidance is part of a broader collaboration with the WBCSD – World Business Council for Sustainable Development and Business for Nature.

Why does every business need a #Nature strategy? Nature underpins everything that sustains us: our livelihoods, our health, the global economy, and a livable climate. In a recent article for Cutter Consortium, an Arthur D. Little community , Business for Nature CEO Eva Zabey writes on the importance of business action for the mission of halting and reversing #NatureLoss by 2030, and ways to extend the momentum created by the adoption of the Kunming-Montreal Global Biodiversity Framework (also called The Biodiversity Plan).

WBCSD will hold its Liaison Delegate Meeting on 23-25 April 2024 in Montreux, Switzerland. Gathering +500 sustainability leaders from the world's most innovative companies, this event will offer WBCSD members insights on the latest trends & developments and shape collaboration opportunities to take action to limit climate crisis, restore nature, and tackle inequality.