Newsletter Jan 2023 - Current Carbon Offset Concerns
Hi,?
The growing pressure of climate change, with?failure to act?remaining?the most severe global risk over the next decade, is?one of the key findings of the newly released?Global Risks Report 2023 ?by the?World Economic Forum .??Climate change and biodiversity crises are the top 4 risks over the next decade and six of the top ten. The report concludes by highlighting the need to act?on climate change and invest in sustainable solutions to mitigate its impacts and build a more resilient world.?
100% Renewables is proud to be a part of the solution and are actively working towards reducing the carbon footprint of our clients while driving financial performance. We are excited to announce that we have a number of speaking engagements lined up in the coming months that will focus on the topic of achieving net zero emissions.
Here are some of the upcoming events that I will be speaking at:
Additional information and details can be found towards the end of this newsletter.
Science-based targets for nature?
The?Science Based Targets Network ?invites companies to apply for initial target validation of science-based targets for nature V1. Starting March 2023, companies can use these targets to?assess and prioritise their environmental impacts and then progress to setting targets on freshwater and land.?Please note that this initial target validation process is?limited to a select number of companies to optimise the process before its full launch later in the year. The application period is open until?February 3, 2023. To apply and for more information, please visit this link:?Applications open for initial corporate target validation .
Chubb Review and Climate Active
Last year, the Government commissioned Professor Chubb to conduct a review of the integrity of the carbon credit/offset system that supplies Australian Carbon Credit Units (ACCUs). A few weeks ago, the much-awaited report was published with the main finding that the ACCU system was 'basically sound'. Professor?Chubb?recommended significant changes to how ACCUs are?managed, such as?changing the 'avoided deforestation' method, which rewards landowners for not cutting down trees or making it progressively harder for landfill gas capture projects to earn credits.
However, he?dismissed claims by?Prof Andrew Macintosh, former head of the emissions reduction assurance committee, that the scheme lacks integrity and is not delivering real cuts in greenhouse gas emissions. According to Prof Macintosh, 70% of approved carbon credits do not represent real emissions reduction.
Before the release?of the Chubb review, Climate Active certified companies would have had to purchase 20% ACCUs to achieve accreditation from?1 July 2023 for new and ongoing certifications?greater than 1,000 tonnes of GHG and?from 1 July 2024 for certifications of less than 1,000 tonnes of GHG. The Chubb Review recommended this requirement not to be implemented, and the Government has agreed in principle with the recommendation. As such,?the minimum 20% ACCUs (Australian Carbon Credit Units) will no longer be required.?Further information is available in the following supporting documents:
Carbon offset project concerns
A?recent?investigation by The Guardian ?has raised concerns about the integrity of Verra?rainforest offset credits (Redd+), which are commonly used by companies?to offset their carbon footprint. Verra operates the Verified Carbon Standard (VCS), under which?more than 1bn carbon credits have been issued.
The research found that more than 90% of these credits do not represent genuine carbon reductions and that climate benefits were overstated.?
This has led to criticism of the use of offsets?rather than?reducing?emissions and of?the lack of due diligence performed on overseas offset projects. In?a?recent Guardian article ,?the?use of international carbon projects by?councils?is questioned. 15 local governments, including Sydney, Melbourne, Brisbane, and Adelaide, use Verra's registry platform for?offsets and claim carbon-neutral status.?
As the Chubb Review and the Guardian research have shown, the carbon credit?market is still maturing and needs tightening up so that companies that want to invest in carbon credits can trust their integrity.
If you are looking to purchase carbon credits, you?should carefully consider the role of carbon offsets in your carbon neutral or net zero?strategies?and what types of credits you will purchase. We can help you by advising you on the most appropriate strategy.
New solar asset platform
Moving on from carbon offsets to onsite solar panels, company?GSES?is pioneering a cost-effective solution for distributed smart energy asset intelligence?called?Diagno ,?in collaboration with Machine Learning (ML) Experts from UNSW and UTS.?The platform reads in live data from solar PV inverters, energy meters, battery systems, and more and analyses the system performance.?If any underperformance is detected, the platform diagnoses the issue and generates a work order with cost and return-on-investment estimates, which can be assigned to in-house maintenance personnel or sent to local contractors for quoting via the platform. The platform is dependent on large amounts of data to train the machine learning model, and GSES is seeking partners with solar assets to join the platform. If you're interested, please reach out to?[email protected] .?
Lastly, we are excited to welcome our latest addition to the team,?Lyza Gongora . As a seasoned project manager with extensive experience in leading teams across various industries, she is responsible for managing projects and driving process optimisation to enhance customer satisfaction.?Find out more about Lyza?on our?website .
Upcoming speaking engagements
Northern Beaches Council's "Towards Net Zero - Carbon Accounting" networking evening
Want to?calculate your carbon footprint, set net zero targets and potentially save on your energy bills? As the keynote speaker, I will share my insights on Net Zero and the steps businesses can take to reach this important goal.?This event is suitable for any business operating on the Northern Beaches. Key learnings are:
If you find this helpful for your organisation and you are based on the Northern Beaches, you can?register?HERE ?for free.?
?? Wed, 22nd Feb 2023
? 6:30 pm - 8:30 pm AEDT
??Hotel Steyne - 75 The Corso, Manly NSW 2095, Australia
WA's Department of Primary Industries and Regional Development (DPIRD)'s “Turning the Dial” conference
Exciting news for food and beverage manufacturers in Western Australia! I am thrilled to announce that I will be a guest speaker at the upcoming?“Turning the Dial” ?event, hosted by the?Department of Primary Industries and Regional Development (DPIRD) .
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This two-day event is tailor-made for the food and beverage industry and will cover critical issues such as managing food waste, packaging and the circular economy, and advancing business sustainability. I look forward to sharing my experience and insights on everything net zero. My talk will be facilitated by the fabulous?.
?Don't miss this opportunity to stay ahead of the curve -?register now !
?? February 27 & 28, 2023
? 8:30 am AWST
??Perth Convention and Exhibition Centre
World Science Festival Brisbane (WSFB)'s “Net Zero: Investing In The Future”
World Science Festival Brisbane (WSFB)? is an annual science festival produced by the World Science Foundation, a 501 non-profit organisation headquartered in New York City, with its Asia-Pacific event being held in Brisbane. Now in its seventh year, WSFB?presented by Queensland Museum, celebrates the pivotal role of science, technology, engineering and mathematics in shaping modern life and addressing global concerns.
This event will run from March 22 to 26, and I’m glad to share with you that I will be speaking at the?Net Zero: Investing In The Future ?event on the 24th.
I am inviting you to join me and?get your tickets now !
?Don't miss this opportunity to stay ahead of the curve - register now!
?? March 22 to 26, 2023
??Playhouse, QPAC, Corner Grey and Melbourne Streets, South Brisbane, QLD, Australia