- UN Secretary-General António Guterres has stated that July is set to be the hottest month on record. He told reporters that “the era of global boiling has arrived”. The effects of the heat have been visible around the world as wildfires broke out in Greece, Italy, Croatia, Algeria and Canada, breaking temperatures of 52.2C in China and extreme heat causing intense, erratic rainfall which has led to deadly flash flooding in China, South Korea, Brazil and US Northeast. The WMO is awaiting the availability of all finalised data in August to confirm the heat record. Still, many scientists are outspoken on the dangers and harsh reality of volatile weather patterns likely to worsen in the future.?
- ?British professor Jim Skea was appointed the new head of the IPCC. In interviews, he has stated that he will not rush the next round of IPCC reports, which are due to be published in the next 5-7 years. Skea has a wealth of experience as a Professor of Sustainable Energy at Imperial College London and a founding member of the Climate Change Committee (CCC). He will be taking over from Hoesung Lee, a South Korean economist who had been in the role for the past eight years.
- China will be relaunching its voluntary carbon market which could happen ‘as early as October’. The scheme is predicted to benefit climate mitigation projects, including forestry and energy-efficient enhancements but experts note that project quality is the critical challenge to overcome. This announcement coincided with the completion of the first period of China’s new carbon trading market.
- Best Aquaculture Practices (Bap) and GlobalG.A.P, are calling to revoke sustainability certifications for salmon and trout farmed in Tasmania's Macquarie Harbour. The call comes as federal and state government workshops are being held to address the critically endangered Maugean skate's extinction, a species found only in Macquarie Harbour. Studies by the Institute for Marine and Antarctic Studies linked the decline of skate to pollution from salmon farming, prompting the signatories to label the certifications as "misleading" and "greenwashing". Major supermarkets relying on these certifications for "responsibly sourced" labels are being criticised for misleading consumers. The regulatory / certification landscape is crowded and complex, to overcome these challenges retailers NGOs and governments need to collaborate to create a clear set of overarching standards.
- The UK government has granted approval for Hornsea Four, a major offshore wind farm capable of powering over 1 million homes. The project is set to generate 2.6GW of power, with the government aiming to achieve 50GW of offshore wind power by the end of the decade, Hornsea Four is a significant step towards meeting this goal. However, the lengthy approval process for Hornsea also highlights the considerable duration and ‘red tape’ that energy firms must endure before obtaining consent for renewable projects.
- Singapore has announced the launch of a new Sustainability Philanthropy Framework in the first quarter of 2024, to guide corporates in measuring and monitoring the social impact of their Sustainability and Philanthropic efforts. Co-developed by the National Council of Civil Services and the National Volunteer and Philanthropy Centre, the framework aims to help businesses identify areas for improvement and promote cross-sectoral partnerships.
Shipping agrees a net-zero goal
- ?If shipping were a country, it would be the eighth largest emitter of CO2; with the volume of emissions released by the industry unlikely to slow down as the demand for international goods rises. As an industry that often escapes the spotlight because it works in international waters, many believe net-zero shipping seems a distant dream.
- Nevertheless, in an attempt to spur momentum against this trend, at the International Marine Organisation’s annual summit in July, the global shipping industry agreed to reach net-zero "by or around 2050". The agreement also included milestone checkpoints including cutting emissions by 20% by 2030 and 70% by 2040, versus 2008 levels.
- The commitment will require shipping companies to create or revisit their net-zero strategies to ensure they are fit-for-purpose in supporting the industry’s transition. In addition, the public commitment will stimulate increased oversight from NGOs and civil society meaning that these businesses will have to set up robust data and reporting systems that capture and demonstrate progress.
- With strategic overhaul likely for shipping companies, we expect that the commitment will incentivise them to capitalise on new, green opportunities. A central focus here will be around clean fuels, including hydrogen, methanol, and ammonia-based fuels. Japanese businesses have also touted electric boats, but there are questions around their limits to the distances they can power. These changes will also impact ports who would have to adapt their infrastructure to produce and store greener fuels.
- Despite these feelings of progression, many have cast the agreement as toothless. Fa?g Abbasov, from the NGO Transport & Environment, compared the deal to “rearranging the deckchairs on a sinking ship” in referencing the vague, ambiguous language that the agreement is centred upon – a similar criticism directed at the aviation industry’s commitment to net-zero in 2021.
- NGOs and small-island states also criticised the finalised version of the commitment which they saw as watered-down from what was expected. A big reason behind this was that over 20 developing nations opposed a carbon levy on shipping due to fears that it would impose additional costs on trade.
- ?Earlier this month, in a critical move to safeguard nature and advance the European Green Deal, the European Union (EU) narrowly passed The Nature Restoration Law. The legislation includes binding restoration targets for specific habitats and species and will place 20% of the EU’s degraded land and sea under recovery measures; before extending to encompass 100% of qualifying ecosystems by 2050. This comes in response to the alarming decline of nature within the EU due to climate change, pollution, and unsustainable human activities.
- The vote, which passed 336 to 300 in favour, was fiercely contested. Debate over the law, both in parliament and the public sphere, escalated significantly with both sides accusing the other of spreading misinformation. Opponents expressed concerns over the law’s potential adverse effects on food security and the agriculture and fishing sectors, with one MEP describing the law as “permeated with ideology and counterproductive for nature itself”.
- In response, 6,000 scientists refuted such claims, presenting evidence that nature restoration would instead improve food security, support fisheries, generate employment opportunities, and save money. However, despite the successful passage of the law, many supporters were left frustrated by the extensive number of amendments needed to secure approval; stating that they significantly watered down the original commitments and compromised on critical obligations and targets. It is vital, as countries along the equator experience severe flooding, droughts, wildfires, and heatwaves, as the sea surface temperatures breaks records, and as the quality of Europe’s habitats and key biodiversity metrics continue to decline that society, and businesses, do not allow climate disinformation to distort dangers or delay action any further.
- The successful passage of the Nature Restoration Law, despite the numerous amendments and frustrations, has still been heralded by many as a significant victory for the EU’s climate and sustainability agenda, potentially playing a key role in in reducing the bloc’s emissions, preserving the environment, and addressing the rising biodiversity crisis. It is becoming increasingly clear that successfully addressing the multifaceted challenges posed by climate change at the scale and speed necessary requires the simultaneous development of both nature based and technological driven solutions.
- Moving forward, companies with any presence or operations within the EU’s jurisdiction should prioritise integrating biodiversity into their strategies and risk disclosure. This should be complemented by stakeholder consultation, ESG review, and comprehensive financial and value chain disclosure to ensure operational longevity, legislative conformance and maximised commercial opportunities.?
