The CS3D Digest #15
Ripple Research
Ripple Research works at the intersection of data science, behavior change, and social impact.
Welcome to the fifteenth edition of The CS3D Digest, a dedicated newsletter by Ripple Research and your weekly compass for navigating conversations that matter in the corporate sustainability landscape. Our goal is simple—to keep you informed about the latest developments in the Corporate Sustainability Due Diligence Directive (#CSDDD) space as we further our understanding of it.
You can read our previous editions to catch up, and remember to subscribe!
In today's roundup, we look at EU's Carbon Removal Certification Framework, UK's withdrawal from the Energy Charter Treaty, Zalando's decision to remove misleading sustainability claims, Airbus- TotalEnergies partnership, and Norwegian FSA's 2024 priorities.
Let's dive in!
What are we reading?
We've employed our proprietary AI tools to curate the most engaging news about CS3D. Our focus extends beyond what's trending at the moment to showcase headlines that are fueling meaningful conversations around the world.
European Parliament negotiators have reached a provisional political agreement on establishing the first EU-level certification framework for permanent carbon removals, carbon farming, and carbon storage in products. The voluntary framework will accelerate the deployment of carbon removal and soil emission reduction activities across the EU to help achieve climate neutrality by 2050. The regulation will include an open definition of carbon removals, certification criteria, carbon net benefits, liability rules, and establishing an EU-wide registry for transparency.
The UK has joined nine EU member states, including France and Spain, in exiting the Energy Charter Treaty (ECT). The move aims to strengthen the UK's transition to cleaner energy and enhance its energy security. Established in 1994 to promote international investment in the energy sector, ECT allows fossil fuel companies to sue governments over net-zero policies that threaten their investment. Despite months of negotiations among European countries to modernize the treaty, no agreement was reached. Despite the exit, the UK remains committed to attracting investments in various energy technologies while ensuring fairness and support for its investors abroad.
Zalando, an online fashion and lifestyle retailer, has agreed to remove sustainability flags and icons from its website after discussions with the European Commission and national consumer authorities. The company has also committed to providing transparent product information to consumers, such as the percentage of recycled materials used. This decision comes amidst EU efforts to combat greenwashing and ensure clearer communication of environmental and social attributes to the public at large.?
Airbus and TotalEnergies have announced a strategic partnership to advance sustainable aviation fuel (SAF) development, aiming for net carbon neutrality in aviation by 2050. TotalEnergies will supply Airbus with SAF for over half its European needs, while both companies will collaborate on R&D for tailored sustainable fuels. Airbus aims to achieve 15% SAF in its global fuel mix by 2024 and at least 30% by 2030. TotalEnergies targets the production of 500,000 tons/year of SAF by 2028, aiming for 1.5 million tons/year by 2030, with the potential for up to 90% reduction in CO2 emissions over fossil fuels.
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The Norwegian Financial Supervisory Authority (FSA) has included transitioning to green finance as one of their 2024 priorities. This includes ensuring reliable sustainability reporting by listed companies, combating greenwashing in investment products, and aligning with European regulations on environmental goals and disclosure requirements. The FSA will also collaborate with international partners to exchange best practices and standards in sustainable finance, ensuring Norway's alignment with global efforts to address environmental challenges through the financial sector.
Voices from this week
??Fleur Meerman, Board Member at Open Supply Hub , discusses the new educational resources from European Financial Reporting Advisory Group (EFRAG) related to the recently released European Sustainability Reporting Standards (ESRS) for SMEs.
??Esben Lanthén, Co-founder and Partner at Nordic Sustainability , talks about the delay in ratifying the EU's CS3D, despite being close to approval. He also summarizes the key points under the legislation, including the areas companies need to report on.
??Olena Uvarova, Head of the International Lab on BHR at Нац?ональний юридичний ун?верситет ?мен? Ярослава Мудрого , argues that EU potentially failing to implement the CS3D will be a devastating blow to the advancement of responsible business practices in Eastern Europe and Central Asia.
??Giuseppe Cioffo, Lobby and Advocacy at Clean Clothes Campaign , highlights that Italian SMEs favor CS3D despite their government's opposition and resistance from big industries. He emphasizes that unregulated, exploitative globalization harms SMEs, and not human rights or environmental protection.
?? UNDP Brussels releases a joint statement by OHCHR, UNDP, UNEP, UNFPA, UNICEF and UNOPS in support of CS3D for its potential to create a level playing field for businesses.
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