BCSD Australia News
Business Council for Sustainable Development Australia
Galvanizing forward-thinking companies and organizations to accelerate the transition to a sustainable Australia.
Stay updated with the latest from the Business Council for Sustainable Development Australia (BCSDA) and our network, spotlighting key developments in sustainability. This week, we look at groundbreaking practices and innovative solutions driving the sustainability agenda forward. Discover the power of Circular Transition Indicators (CTI) for the electronics sector and explore China's strides in clean energy and corporate sustainability. Dive into the World Business Council for Sustainable Development’s latest methodologies on GHG accounting and avoided emissions to accelerate decarbonisation. Additionally, explore the new data on deforestation in supply chains and understand the impact of the World Economic Forum’s latest Global Gender Gap Report on advancing gender equality.
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Celebrate a Decade of Insightful Orations with Professor John Daley AM at Our 10th Anniversary Event
Initiate the new financial year with profound insights from one of Australia’s foremost public policy experts, Professor John Daley AM, at the 10th Anniversary of our distinguished Oration. As a former Partner at EY Port Jackson Partners and former inaugural Chief Executive of the Grattan Institute, Professor Daley brings a wealth of knowledge from his pivotal works on institutional reform, public trust, and policy innovation.
This enlightening session is designed not just to reflect on past achievements but to steer forward-thinking in strategic planning and policy making.
Ready to elevate your circular performance & accountability in the #electronics sector? Discover the power of the CTI, a robust metrics framework set to become the universal language for measuring circularity: https://lnkd.in/eD7w5VGr ? ??
Who should attend?
- Electronics sector professionals aiming to transition toward circular business models.
- Sustainability leaders looking to adopt standardized methodologies for better performance measurement & management.
- Stakeholders across the value chain seeking collaboration opportunities.
?? Integrating China into global sustainability efforts is vital. As the world's largest CO2 emitter, China's transition to a low-carbon economy is key to achieving climate targets. ??
With advancements in clean energy and a national standard for corporate #sustainability disclosure by 2030, China is making significant strides. At the Two Lakes Dialogue in July, WBCSD will discuss how to further these efforts and align global initiatives for a greener future.
Discover more about China's sustainability journey in this article by WBCSD CEO Peter Bakker: https://shorturl.at/V4kum
?? Intervention-based approaches to GHG accounting and #AvoidedEmissions perspectives are needed to achieve #NetZero. WBCSD's latest insight paper delves into these methodologies, demonstrating their potential to accelerate #decarbonisation through compound efforts of business and finance.
The paper discusses how companies and financial institutions can implement avoided emissions solutions, providing practical guidance and case examples across private equity, public equity, sustainability-linked loans, and #greenbonds.
It also addresses current challenges in avoided emissions assessments and reporting for companies and financial institutions.
By leveraging these approaches, businesses and financial institutions can collaborate more effectively to tackle climate change.
Discover the value of avoided emissions perspectives in financing low-carbon solutions and achieving systemic transformation. Read more: https://lnkd.in/eqUSVkiZ
Heat represents 38% of energy-related CO2 #emissions.
A large portion of #heat demand is generated by #industries.?Today, more than three quarters of industrial heat is sourced by burning fossil fuels. ?
??Last week, WBCSD joined #BNEFSummit Munich and #EHPCongress24, where we explored ways to accelerate #solutions to decarbonize heat use in industries.
These are some not-to-miss takeaways from the two events:
??Electrification will be the primary solution for industrial decarbonisation covering 1/3 of the needed solutions, and?going up to 2/3 specifically for the light industry.
???Combining low-carbon heating solutions with thermal storage can provide #flexibility to the electricity grid. For instance, EDP has partnered with Rondo Energy to provide hybrid solutions to industries. The electricity grid #regulations, especially grid fees, need to be updated to fully take advantage of hybrid solutions.
???We need to sync market signals with our?decarbonisation goals. Currently,?electricity faces higher taxes and levies than fossil fuels per unit of energy which hinders the electrification of heat in industry.
???Businesses: it’s time to think long term! #Investment decisions cannot only consider?immediate quarterly returns?but need to fully appreciate that the decisions made today impact the future.?For instance, a few leading companies including Philip Morris International set a robust internal carbon price for decision making.
Last month, CDP and Accountability Framework initiative (AFi) released new data on how global companies are tackling deforestation in their supply chains. Companies that produce or source agricultural or forestry commodities must eliminate deforestation and conversion of other ecosystems from their supply chains to meet near-term climate and nature targets as well as comply with emerging regulatory requirements.
CDP’s forests questionnaire has been tracking companies’ progress toward eliminating commodity-driven deforestation for over a decade. In 2023, CDP introduced new indicators developed in partnership with the Accountability Framework initiative (AFi) to facilitate clearer disclosure of performance and progress towards deforestation and conversion-free (DCF) supply chains.
Our alignment ensures that CDP disclosure serves as a one-stop shop for understanding and disclosing against the relevant market and regulatory demands, supporting organisations on their path to compliance.
Jurisdiction and landscape initiatives should have a well-designed strategy to secure the investors they need to achieve sustainable, nature positive, socially-inclusive rural development at scale.
This new report from CDP and Earth Innovation Institute seeks to guide policymakers and practitioners at large on how best to communicate with existing and potential investors - be they donors, companies interested in setting up a processing plant, traditional investors, investors who can provide below market (concessionary) finance, carbon credit buyers, or market players interested in buying agricultural or forestry products grown in the landscape or jurisdiction.
Some of the world’s largest financial institutions (FI) are starting to take action on the water crisis. CDP’s Financial Sector Water Action Platform offers unique insights on the issue.
New data submitted to CDP shows that while some progress has been made, there is much more to do. Many more investors need to respond to CDP’s questionnaire.
Disclosure is a one-stop shop for understanding market and regulatory demands, as well as supporting financial institutions on their path to compliance.
?? SME climate action is critical to cutting global supply chain emissions. SMEs make up 90% of businesses globally and employ 70% of the workforce. A recent SME Climate Hub survey revealed that smaller companies want to take climate action but face barriers such as a lack of financial support and a lack of guidance on emissions reduction.
Larger companies can help smaller businesses overcome barriers to action by directing them to best-in-class resources and support.
One of the easiest ways to engage small and medium-sized suppliers in reporting and cutting emissions is by using the free tools provided by SME Climate Hub, an initiative of We Mean Business Coalition created in partnership with the Exponential Roadmap Initiative and the UN Climate Change High-Level Climate Champions Race to Zero campaign.
In the ever-evolving landscape of sustainability, the corporate sector often has the financial muscle and resources to lead by example. Yet, a recent report by Transport & Environment (T&E) highlights a glaring gap: the electrification of company car fleets is lagging behind the private market for the third consecutive year. This trend is particularly evident in Europe's largest car markets, Germany and France.
?? Key Findings:
- In 2023, battery electric vehicles (BEVs) accounted for only 14.1% of corporate sales, compared to 15.6% in the private market.
- Germany and France show significant disparities in BEV uptake: 16.3% in Germany vs. 25.6% in the private sector, and 12% in France vs. 22.1% for private households.
- Companies registered twice as many large cars as private households last year, with Germany accounting for 40% of all heavy cars registered across the EU.
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- Plug-in hybrid electric vehicles (PHEVs) are predominantly driven by the corporate sector, despite being as polluting as petrol cars.
The World Economic Forum's Global Gender Gap Report 2024 reveals critical insights pertinent to Australia’s push for gender equality. As the global gender gap marginally improves to 68.6%, the report underscores economic participation and political empowerment as key areas demanding accelerated efforts.
?? Key Insights: Despite global challenges, sectors like Europe and North America, led by Iceland with a 93.5% closure rate, show promising advances. The slow pace in closing economic and political gaps highlights an urgent need for targeted policies.
?? Australia’s Path Forward: The necessity for Australian businesses to integrate gender parity into their strategic agendas. Leveraging diversity in leadership not only as a moral imperative but also for enhancing innovation and resilience.
?? Call to Action: How can Australian businesses integrate gender parity more effectively? What innovative policies can be deployed to bolster women’s roles in leadership across industries?
According to the latest data from the Australian Bureau of Statistics, Australia's population has experienced significant growth, adding 482,000 people over the past year, bringing the total to 26.5 million as of March 2023.
This 1.9% increase is predominantly driven by net overseas migration, contributing to 387,000 new residents, with natural increase accounting for the additional 95,000. This demographic shift presents unique challenges and opportunities for sustainable development, particularly in urban regions such as New South Wales, Victoria, and Queensland, which have seen the largest influxes. As business leaders, compliance and legal professionals, and sustainability advocates, it is imperative that we understand the intersection of these trends with the Sustainable Development Goals (SDGs) and explore actionable strategies that align with our commitment to sustainable and inclusive growth.
?? SDGs Alignment:
- SDG 8 (Decent Work and Economic Growth): Focus on achieving full and productive employment for all by 2030.
- SDG 11 (Sustainable Cities and Communities): Enhance inclusive and sustainable urbanisation.
- SDG 17 (Partnerships for the Goals): Develop measurements of progress that complement GDP.
Biodiversity is the various us with the ecosystem services that we are all dependent on, and we have an impact on. That’s why the Biodiversity Plan takes a whole society approach - and that includes business.
In a ‘Biodiversity Beat’ interview for UN Biodiversity, David Ainsworth spoke to Business for Nature Africa Lead Oluwa?òót?? Ajayi on how we can encourage ACT-D, high level business actions for nature, including:
?? Assessing material impacts and dependencies
?? Committing to setting science-based targets
?? Transforming business operations and models
?? Disclosing on how much progress is being made
Nature has a foundational role in global health, food systems, livelihoods, climate adaptation, economies, and security.
In a recent article for International Institute for Sustainable Development (IISD), Alec Crawford writes on how IISD is implementing #NatureBasedSolutions to help protect, manage and restore biodiversity and ecosystems across:
?? Belize, where Nature-based Solutions aim to strengthen the reef's health and its ability to support local livelihoods, remain a suitable habitat for marine species and provide coastal protections against extreme weather events.
?? Fiji, where Nature-based Solutions aim to support reforestation, restock wildlife, promote sustainable fisheries and improve flood mitigation.
?? The Greater Virunga, where Nature-based Solutions aim to build the resilience of three national parks and the communities that surround them to rising temperatures, increased flood risk, landslides and erosion.
?? Kavango-Zambezi (KAZA) landscapes in sub-Saharan Africa
The Australian Bureau of Statistics recently unveiled compelling data for the 2022-23 financial year, showcasing the robust health of our agricultural sector. With the value of key broadacre crops soaring beyond $28.9 billion, the sector's impact on both the economy and sustainable development is undeniable.
?? Key Highlights:
- Wheat and canola emerged as standout performers, with sales reaching $13.5 billion for wheat and $6.6 billion for canola.
- Horticulture remains a cornerstone of the agricultural economy, with a local value of $17.2 billion, led by wine grapes.
- Despite a slight decline, livestock disposals remained strong at $23.3 billion, with cattle making up the largest share.
The Global Reporting Initiative (GRI) has just launched an update to its standards, focusing on the impact businesses have on workers. This update is pivotal for Australian companies striving to maintain transparency and accountability in their labor practices. The GRI’s review kicks off with a consultation on redrafted versions of three standards.
The revised GRI standards aim to provide a robust framework for disclosing impacts on employees, ensuring alignment with global best practices. Key changes include enhanced disclosures on worker rights, diversity, and workplace conditions. These standards are not just about compliance but about embracing a holistic approach to sustainable business practices.
Key Updates:
- Worker Health and Safety: Businesses must now provide more detailed reports on safety measures and outcomes, promoting a safer working environment.
- Equitable Treatment: Increased focus on diversity and inclusion, requiring companies to disclose policies and outcomes related to gender equality and minority representation.
- Labor Practices: Comprehensive disclosures on labor practices, including fair wages, working hours, and conditions.
At BCSDA, we are committed to guiding businesses in embracing sustainable practices that not only promise a greener future but also ensure resilient and robust business models. Our latest insights delve into the transformative impact of Environmental, Social, and Governance (ESG) principles on modern business practices amidst significant economic and technological challenges.
In the wake of recent upheavals—marked by economic shocks and shifting priorities—the necessity for integrating ESG into core business strategies has never been clearer. The journey is complex and fraught with hurdles, yet the potential for innovation and strategic resilience is immense.
?????????? Organizations and the global economy rely on the value provided by people, and therefore also on their wellbeing.
?? The concept of human capital can help us understand the value, responsibilities, dependencies, and relationships a business has with their people. Understanding these factors are at the core of informed decision-making.
The #CapitalsApproach offers a lens for organisations to understand the complex and dynamic relationships they have with people, communities, nature and the ecosystem services it provides.