Embrace the Green Transition: September's Path to a Climate Positive Year Ahead

Balancing Trade and Climate: The Carbon Border Adjustment Mechanism (CBAM) Explained ??

The Carbon Border Adjustment Mechanism (#CBAM) is an initiative by the European Union (EU) designed to address concerns related to trade and carbon emissions. Its primary objective is to prevent carbon leakage, which occurs when industries relocate to countries with laxer carbon emission regulations to avoid additional costs, potentially undermining the EU's emission reduction efforts.

The CBAM is proposed as a tool to ensure that products imported into the EU meet the same carbon emission standards as products produced within the EU. It functions as follows:

Emission Assessment: The CBAM involves calculating the carbon emissions associated with the production of certain products in countries outside the EU. This is done by measuring carbon emissions in the manufacturing process of those products. ??

Taxes or Tariffs: Once carbon emissions are determined, taxes or tariffs will be applied at the EU border to imported products based on their carbon emissions. Products with higher emissions will be subject to higher taxes.

Incentive for Emission Reduction: The idea behind the CBAM is to create an economic incentive for foreign manufacturers to reduce their carbon emissions. If imported products become more expensive due to carbon taxes, manufacturers may choose to reduce their emissions to remain competitive in the #EU market.

CBAM is part of the EU's efforts to address climate change and meet its emission reduction targets. However, it has also raised concerns in other countries and posed questions about its compatibility with World Trade Organization (WTO) rules and its potential impact on international trade relations. The EU is working on the gradual implementation of the CBAM and seeks to collaborate with other countries to find solutions that balance the fight against climate change with fair international trade.????

Find out more about CBAM in our complete article

Celebrating Progress and Confronting Challenges: Insights from Climate Week NYC 2023

As the curtains draw to a close on this momentous week, let's take a glimpse into the key takeaways and conclusions that have emerged. Each event has contributed to different strategies, innovations, and aspirations, all aimed at building a more sustainable and resilient world. Join us as we explore the highlights and pivotal moments from #ClimateWeekNYC2023, where leaders, experts, and visionaries have come together to shape a brighter, more sustainable future for all.

Helen Clarkson, the CEO of Climate Group, delivered the opening address during Climate Week NYC, conveying a message infused with optimism and resolve. She acknowledged the paradoxes of our current era, where solar energy adoption has surged while forest fires wreaked havoc in Canada and wildfires blazed through Hawai'i. Despite these formidable challenges, Clarkson shared the crucial role of unwavering determination, epitomized by the event's rallying cry: "We Can. We Will."

Clarkson pointed out how renewable energy has transitioned into an economically viable option, a transformation spurred by early visionaries and pioneering corporations. She commended the proliferation of electric vehicles and the influential role that businesses play in propelling change forward.

The World Biodiversity Summit 2023 highlighted the vital role of nature in shaping our future, uniting stakeholders across the spectrum to drive positive change and create a sustainable world for all. During this event, different points were made, among the most important of which was the need for companies to make nature conservation a top priority. Taking into account that the economic consequences of the loss of biodiversity are unimaginable and recognizing that a nature-positive economy generates around 400 million jobs, as stated by H.E. Razan Al Mubarak, UN Climate Change High-Level Champion.

“As we gear up to COP28 let us work together for a significant nature outcome, focusing on conserving what we have, restoring what we have degraded, and have the ambition and courage yo álter our food system that have significant impact on our nature and greenhouse gas emissions.” - H.E. Razan Al Mubarak, UN Climate Change High-Level

On the other hand the #SDGSummit organized under the leadership of the General Assembly President, served as a significant milestone, occurring halfway towards the 2030 Agenda and its Sustainable Development Goals deadline. As the focal point of the General Assembly's High-level Week, it was a response to the compounded global crises, aiming to rekindle hope, positivity, and commitment toward achieving the 2030 Agenda.

“The SDG Summit must be a moment of Unity to provide a renewed ímpetus and accelerate. Actions for reaching the SDGs” - UN Secretary-General António Guterres.

Curious about what was on display at Climate Week NYC? Read our article to stay up to date with the latest climate-related events.

Live Demo - Finovate Fall New York

The beginning of the month started strong with a speaking slot at Finovate Fall NYC. Our CEO and Co-Founder, Fran Benedito took to the stage to talk to the audience about the importance of climate action within the finance and technology sectors.

During his live demo he showcased our groundbreaking collaboration with banking giant santander and explored the ClimateTrade marketplace with the audience to show just how simple it is to support global environmental initiatives. We will be sharing the presentation video on our social media channels in the next couple of weeks.

New project Available: Cultivating Hemp for a Sustainable Future

Nestled in the verdant landscapes of South Carolina, Bossville Farms proudly stands as a family-owned bastion of sustainable hemp farming Since 2020, They've been on a mission to enlighten a new generation about the myriad applications of this wonder crop.

But why hemp? In today's climate-crisis era, industrial hemp emerges not just as a crop, but as an eco-warrior. Remarkably, hemp possesses the prowess to sequester atmospheric carbon at double the rate of forests. This isn’t its only feat – it also offers carbon-negative biomaterials that pave the way for green energy, sustainable building materials, and innovative solutions for mitigating plastic waste. ???

Support this project and join us in championing a greener future

The project also contributes to 7 SDGs

#SDG6 Clean water and sanitation

Ensure availability and sustainable management of water and sanitation for all.

#SDG8: Decent jobs and economic growth

Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all.

#SDG9: Industry, innovation and infrastructure

Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation.

#SDG11: Sustainable cities & communities

Make cities and human settlements inclusive, safe, resilient and sustainable.

#SDG12 Responsible consumption and production

Ensure sustainable consumption and production patterns.

#SDG13 Climate action

Take urgent action to combat climate change.

#SDG15 ?Life on land

Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss.

Climate Action in the Hospitality Industry

#WorldTourismDay ?calls for a greener future in the hospitality industry. Dive into the challenges of climate change, its impact on hotels, and why sustainability is a must. Explore how embracing eco-friendly practices attracts conscious travelers, cuts costs, and boosts competitiveness. ????

Why is sustainability a problem within the hospitality industry? Sustainability poses significant challenges within the industry, some of the most pressing are:?

1.The growing issue of climate change is a concern because end-consumers are increasingly demanding eco-friendly practices from hotels and accommodations.?

2.Upcoming legislation aimed at environmental protection presents a complex problem for the hospitality industry.

3.The challenge of measuring scope 3 emissions is difficult to manage in the pursuit of sustainability within the hospitality sector.?

Read the full article for actionable steps toward a climate-conscious hospitality sector!

HEDNA Content Discipline Webinar: Sustainability Initiatives in the Hospitality Industry

We were delighted to have been invited by HEDNA to speak at their most recent session on communicating sustainability within the Hospitality industry. Michael Cassis, Francisco Benedito, and Eduardo Bustos addressed the fundamental question of where to start and what to prioritize in the journey towards sustainability.?

Orchestrated by HEDNA's Content Discipline, this enlightening webinar was hosted by Audrey Murante, an esteemed member of HEDNA's executive committee and board liaison at Sabre Hospitality.?

Our overarching aim was to empower the HEDNA community by providing invaluable insights that transcend mere compliance, enabling meaningful change with a positive impact on the top line. Through compelling case studies and an engaging best practices discussion, our panel of experts exemplified how a steadfast commitment to sustainability can yield not only environmental benefits but also a noteworthy return on investment.

Looking ahead

As we conclude this month's newsletter, we reflect on the pivotal moments during Climate Week NYC and look ahead to the transformative #COP28. Our commitment to climate action remains unwavering, and we're excited to bring you more insights, innovations, and initiatives in the coming months.

Remember, the journey to a sustainable future is a collective one, and your support and engagement fuel our progress. Stay connected, stay inspired, and stay green!

Thank you for being part of the ClimateTrade community. ????