BCSD Australia Newsletter
Business Council for Sustainable Development Australia
Galvanizing forward-thinking companies and organizations to accelerate the transition to a sustainable Australia.
This week, we spotlight the finalists of the 2024 NSW Sustainability Awards, celebrating the individuals, organisations, and projects driving a sustainable future. We also explore practical guidance on enhancing nature strategies, insights into the decarbonisation of road transport, and how businesses can take the lead in shaping a low-emissions future.
Additionally, we delve into the newly launched Chemical Transformation Roadmap, designed to accelerate the shift to net-zero and nature-positive chemicals, and reflect on key takeaways from Climate Week NYC on transforming agri-food systems.?
Finally, as businesses gear up for the Global Nature Positive Summit in Sydney, we look at how companies and financial institutions can align with emerging frameworks like the Taskforce on Nature-related Financial Disclosures (TNFD) to integrate nature risks into decision-making.
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.
??
?? Mark Your Calendars for ESG Quarter | 14 OCT 2024 | 1-2 PM AEDT | Online ??
Join us for the BCSDA ESG Quarter, where we'll cover the latest Australian and global ESG trends from July to September 2024.
??What to Expect:
??Murray Griffin, CEO of earthed.au, will break down the key issues from the BCSDA's weekly ESG Snapshot.
??Ilona Millar, Partner at Gilbert & Tobin, will deep dive into the evolving legal and regulatory landscape.
??Karen McWilliams from CA ANZ will update us on the latest ESG reporting standards.
??Tim Buckley from Climate Energy Finance will examine the energy sector—locally and globally.
??Special guest Emma Dawson, Executive Director of Per Capita, will share her insights on the economic impacts of ESG.
Don’t miss this chance to understand how ESG drives business resilience and impacts the economy!
??Register Now:https://lnkd.in/gVhUr_3T
The Banksia Foundation has announced the 37 finalists across 11 diverse categories for the 2024 NSW Sustainability Awards.
The awards recognise the achievements of visionary individuals, forward-thinking organisations, and groundbreaking projects that are shaping a sustainable future.?
You can take a closer look at the finalists here.
Explore WBCSD’s latest publication in collaboration with three of its members – City Developments Limited, Holcim, Manulife Investment Management – and discover how to leverage our Roadmap to Nature Positive: Foundations for the built environment system to inform your company’s #naturepositive journey.
Get inspired by these practical examples from your peers in the built environment sector and join the mission of halting and reversing biodiversity loss by 2030!
WBCSD's latest blog posts explores why public-private collaboration is essential to accelerate zero-emission vehicles adoption ??
?? Road transport is responsible for 20% of global emissions. This is a substantial amount - but the transport and mobility sector has the knowledge and solutions to decarbonise.
?? At the current pace of change, deployment of electric cars will exceed 2030 targets, and most medium and heavy-duty vehicles are set to reach price parity with their diesel counterparts by 2030. However, trillions in investment are still required to scale and maintain the necessary infrastructure.
Corporates, investors, and governments are engaging in cross-value chain partnerships to collectively advance zero-emission mobility and freight.
??Businesses can also find a competitive edge by using this opportunity to deliver related benefits to public health, nature, and quality of social habitat.
WBCSD will be working to catalyse road transport electrification in 2024-25, through the Zero-Emission Vehicle Emerging Markets Initiative and the Collective for Clean Transport Finance - both part of the global architecture of ZEVTC Global Transition Roadmap.
As the world continues to transition towards a more sustainable future, the role of business leaders is evolving rapidly. Deloitte’s latest 2024 CxO Sustainability Report reveals that climate action is moving to the core of business strategies worldwide, no longer seen just as a compliance or branding effort. ??
Key findings from this report, which surveyed over 2,100 executives across 27 countries, show that:
- 85% of organisations have increased their sustainability investments
- 70% of CxOs expect climate change to significantly impact their strategies and operations in the next three years
- 92% believe their businesses can grow while reducing emissions
WBCSD is proud to collaborate with organisations like Deloitte as we work towards driving deeper organisational action, unlocking business value, and shaping a sustainable future. The findings in this report reinforce the critical importance of business leadership in climate action. ??
We're proud to unveil the Chemical Transformation Roadmap — a powerful, collaborative blueprint co-created with leading chemical companies and ERM, with a shared vision on accelerating #NetZero trajectories, reversing #Nature loss & ensuring a #JustTransition for workers and communities, enabled by a circular economy & sustainable chemistry.
This roadmap offers 33 actions to transform how chemicals are produced, used, disposed of, and recycled. It focuses on 6 pathways:
3 key imperatives:
?? Net-zero chemicals
?? Nature-positive chemicals
???? A just transition for workers & communities
And 3 enablers:
?? Empowering a circular economy
?? Activating sustainable chemistry
?? Combatting pollution
...to shift and drive solutions that benefit people and the planet.
?? The time to act is now! This roadmap serves as a blueprint for collaboration for actors producing & relying on chemicals across value chains & their supporting systems such as policy makers & financial institutions.
领英推è
?? Did you know that investing around USD $205 billion into transforming our agri-food systems could generate up to USD $1.2 trillion in returns and reduce global emissions from #agriculture by nearly half by 2030?
At #ClimateWeekNYC, WBCSD co-hosted 9 sessions related to the transition to regenerative and equitable agri-food systems and engaged with a number of partner events across the week.
Here are some of our top agriculture and food takeaways from the world's largest annual climate event:
?? Data is an essential tool in the transition, allowing the private sector to harmonise outcomes and metrics, ensure transparency and traceability and build trust through achieving better consumer understanding. Learn more about business outcomes here ?? https://lnkd.in/eDiSYZeB
?? Financing models, both in value chain and beyond, must work at scale for farmer and producer communities. Check out our recently launched Financing mechanisms for land-based action – WBCSD (https://lnkd.in/e9GiFTxp)?and accompanying case studies Value chain co-financing mechanisms – WBCSD (https://lnkd.in/g5GGsTxx)?for more information.
?? To reach the scale needed for our solutions to drive widespread impact, the private sector must be more collaborative than ever - both working together across the value chain, and partnering with policymakers, to ensure that policies put the right incentives in place to unlock action.
Last month’s United Nations #SummitoftheFuture delivered a pivotal moment for global governance, sustainability, and business accountability with the adoption of the #PactfortheFuture.
This 42-page Pact, forged after 9 months of negotiation, calls for bold global action to limit global temperature rise to 1.5°C above pre-industrial levels—a clear directive for businesses to accelerate the transition away from fossil fuels and invest in net-zero emissions by 2050.
Here’s what every business leader should know: The private sector is not a bystander but a driving force in achieving the Sustainable Development Goals (SDGs). From climate action to digital innovation and sustainable finance, the Pact lays out new expectations for companies to take ownership of the global agenda.
?? 3 Key Takeaways for Your Business ??
- Private Sector Accountability and SDG Alignment: Businesses are now expected to play a larger role in advancing the SDGs. This means aligning operations with global frameworks, including transparency, climate action, and equitable growth, while increasing accountability.
- Embracing Innovation and Digital Transformation: The Pact’s #GlobalDigitalCompact encourages businesses to bridge the digital divide and lead in responsible tech innovation. Whether it’s AI governance or digital inclusivity, this is a call to use technology for inclusive, sustainable growth.
- Sustainable Finance and Climate Risk Management: The Summit placed businesses at the centre of financing the SDGs and managing climate risks.
This includes innovative financing models such as green bonds and debt-for-climate swaps, crucial for sectors like finance, energy, and tech.
The BCSDA has been keeping its members ahead of the curve with real-time updates on the development and passage of the Pact for the Future. Our members are already benefiting from expert analysis on how to incorporate these principles into their business strategies—are you?
?? Don’t get left behind—if you haven’t started aligning your business with these global priorities, you risk missing the opportunity to lead in a rapidly evolving landscape of sustainability and innovation. Now is the time to act and be part of the solution.
In their just released op-ed, Sherry Madera and Tony Goldner issue a clear warning: nature loss is no longer just an environmental issue—it’s a strategic risk that companies must urgently address. Their argument is a critical wake-up call to business leaders and investors alike: nature risk should be treated with the same priority as cybersecurity.
Madera and Goldner highlight a key point: the success and resilience of businesses, from global agribusinesses to technology manufacturers, are directly tied to nature’s inputs—whether it’s the soil nutrients that agriculture depends on or the water essential for chip manufacturing. If nature's ecosystem services continue to degrade, business operations will inevitably suffer, resulting in economic shocks on a scale larger than those caused by COVID-19 or the 2008 global financial crisis. In the UK, for example, unchecked nature degradation could lead to a 12% reduction in GDP—a staggering figure that should capture the attention of every corporate boardroom.
But why is this message particularly important right now? Because these urgent issues will take centre stage at the upcoming Global Nature Positive Summit 2024, taking place in Sydney, Australia 8-10 October, where BCSD Australia will be an active participant. The summit will be a critical gathering providing a forum to address the strategic importance of nature in corporate risk management and growth strategies.
At BCSD Australia, we recognise the immense risks and opportunities that nature presents for businesses, especially as investors, insurers, and regulators increasingly demand robust reporting on nature-related dependencies and impacts. Frameworks like the Science Based Targets Network (SBTN) and Taskforce on Nature-related Financial Disclosures (TNFD) are reshaping how companies measure, disclose, and manage these risks. The TNFD, alongside tools like the CDP disclosure platform, enables businesses to integrate nature and climate risk assessments, ensuring more comprehensive sustainability strategies that can safeguard long-term business viability.
How can the financial services sector play its part in halting and reversing #NatureLoss by 2030? ??
With more than half of the global GDP estimated to be moderately or highly dependent on #Nature, the financial services sector relies on ecosystem services to function and grow. Companies rely heavily on:
?? Provisioning
?? Regulating and maintenance
?? Social or cultural
In order to secure a sustainable future, companies in the sector must embed nature in financing decisions, reduce the financial flows that are having a negative impact on nature and increase those with a positive impact on nature.
To support this transition, guidance developed by Planet Tracker in collaboration with Business for Nature, the WBCSD – World Business Council for Sustainable Development and the World Economic Forum outlines the sector-specific actions to ensure the financial services sector plays its part in halting and reversing nature loss by 2030.
In CDP’s new policy report, “Addressing the Giants: integrating nature in regulations for systemically important banksâ€, WWF′s Greening Financial Regulation Initiative (GFRi) and CDP urge the #FinancialStabilityBoard and #BaselCommittee on Banking Supervision, as well as national regulatory and supervisory authorities, to integrate nature risks into regulation governing Global and Domestic Systemically Important Banks (G-SIBs and D-SIBs).
These banks are particularly exposed due to their size, complexity, and interconnectedness with the global economy. Importantly, they not only face nature-related risks, they also largely contribute to environmental degradation through their financial investments.
New perspectives on #climateaction from the #GRICommunity?
Key members of the Community came together in New York, for a 2-day roundtable at the Microsoft office, during #ClimateWeekNYC 2024.
The focus was on GRI's upcoming #climatechange & #energy Standards, covering implementation challenges, investor expectations, regulations, and the integration of social and #humanrights for transparent reporting??
Our Community Members shared these key recommendations:
? Transition plans should be fully integrated into core business strategies, extending beyond decarbonisation. Transparency in investment decisions is key.
?Introducing new #justtransition disclosures and metrics is essential. While it may present initial challenges, it can reshape our reporting practices.
?#GHG reduction targets should be ambitious yet achievable.
? #GRIStandards provides a solid foundation for regulatory compliance, aligning with regulations and preparing organisations for future requirements. Explore our upcoming Climate Change & Energy Standards ??https://lnkd.in/dsVtimGS
?? Just released: Integrating nature risks into decision-making: The study of the Dutch Central Bank.
Learn about what actions the Dutch Central bank is taking on nature and how it affects financial institutions and business.
As part of the #SUSTAIN project, we have published a new study that offers insights from the research De Nederlandsche Bank (DNB) is doing on nature-related financial risks, including how exposed the Dutch financial sector and the economy is to nature risks. The study highlights what this means for financial institutions and businesses, provides the legal and regulatory context and signposts useful resources so financial institutions and businesses can start ACT-D-ing (Assess, Commit, Transform and Disclose).
Dive in to learn more:
? Viewing nature from a central bank’s perspective: The research, actions, insights, the rationale for other central banks to act on nature and what this means for business and finance.
?? The goal to embed sustainability into core DNB tasks and some of the strategies, tools, processes and mechanisms the central bank uses to do this.
?? Nature-related financial risks are a threat to financial and economic stability and there is a growing expectation for financial institutions to identify and manage these risks, leading them to examine the businesses they invest in, lend to, or underwrite.
The full study is available for download here! https://lnkd.in/ggeVDGmw