SpeedRead Sustainability #12: Weekly Highlights

Explore recent sustainability updates, trends, business spotlights, and insights in this edition, showcasing advancements and innovative solutions for people and the planet.

Top Story:

EU Adopts Corporate Sustainability Due Diligence Directive

The EU has formally adopted the Corporate Sustainability Due Diligence Directive (CSDDD), introducing mandatory human rights and environmental due diligence requirements for large companies operating within the EU. This directive aims to ensure that companies contribute to sustainable development by addressing potential adverse impacts connected to their operations and those of their subsidiaries and partners. The directive will take effect on 25 July 2024, starting a transposition period for Member States to implement the CSDDD into national laws.

Business Spotlight:

Google Reports 13% Rise in Emissions Due to AI Expansion

谷歌 has disclosed a 13% increase in greenhouse gas emissions for 2023, attributing the rise to the energy demands of artificial intelligence and limited renewable energy availability. The tech giant's total emissions have surged 48% from its 2019 baseline, primarily due to its extensive data center operations.

Nico Rosberg Champions Decarbonization at Silverstone Formula 1

Former Formula 1 World Champion Nico Rosberg , through his nonprofit Rosberg Philanthropies, collaborates with Oxford University and Formula 1 to decarbonize the Silverstone race weekend. This partnership aims to address sustainability in motorsports by analyzing fan travel and local biodiversity impacts, developing actionable strategies to enhance the event's environmental footprint.

Grove Collaborative Adjusts Plastic-Free Goals Amid Challenges

Grove Collaborative , known for its commitment to sustainability, has faced significant hurdles in its ambitious goal to become 100% plastic-free by 2025. Despite these challenges, the company is undeterred, launching a new initiative to prevent 15 million pounds of single-use plastic waste by 2030.

AEG Europe Launches Most Sustainable Festival Season at BST Hyde Park

AEG Europe has announced that this year's BST Hyde Park, a staple in London's summer festival scene, will be its most sustainable event to date. Enhanced sustainability measures include eliminating Scope 1 and 2 emissions, partnering with organizations like Keep Britain Tidy and Lowr, and introducing innovative waste management solutions. The festival will feature carbon removal initiatives, a traffic light system for menu labeling to promote environmentally friendly food choices, and efforts to educate attendees on sustainability.

Wimbledon Boosts Sustainability with Coffee Ground Composting

Wimbledon is enhancing its famed floral displays using composted coffee grounds from staff areas, part of a broader commitment to environmental sustainability. Head gardener Martyn Falconer also highlighted plans to expand the use of compostable materials throughout the gardens. The tournament aims for a 'net gain' in wildlife and reduced emissions by 2030, transitioning to peat-free compost to support carbon capture and protect UK wildlife.

LEGO Group Launches Supplier Sustainability Program to Target Net-Zero Emissions

the LEGO Group up has introduced a new Supplier Sustainability Programme to tackle the 99% of its carbon emissions originating from its supply chain. This initiative mandates suppliers to meet stringent emission reduction targets by 2026, aligning with LEGO's goal to achieve net-zero emissions by 2050.

Paris 2024 Sets New Standards for Sustainable Olympic Games

Paris 2024 is revolutionizing Olympic sustainability by using 95% existing or temporary venues, minimizing environmental impact and maximizing long-term community benefits. The Games align with the IOC's Olympic Agenda 2020, focusing on sustainability and legacy. Key features include the eco-friendly Olympic Aquatics Centre and a post-Games transformation of the Olympic Village into a residential area with substantial public housing. This approach positions Paris 2024 as a model for future sustainable sporting events.

Seaya Ventures Closes €300M Climate Tech Fund, Eyes Sustainable Impact

Madrid-based Seaya Ventures has successfully closed its Andromeda climate-tech fund at €300 million, marking a significant milestone as the largest fund of its kind in Southern Europe. Targeting investments in energy transition, decarbonization, and the circular economy, Andromeda will focus on companies aiming to enhance sustainability across Europe, the US, and Latin America.

Panda Express Revives Popular Beyond Orange Chicken Due to High Demand

Panda Express is reintroducing its Beyond Orange Chicken , a plant-based version of its iconic dish, in response to overwhelming customer demand, including a petition with over 7,000 signatures. Originally launched as a limited-time offer, the overwhelming success and persistent consumer interest have led to its return at select locations nationwide.

Trends & Insights:

Biodiversity Loss: A Greater Business Risk Than Carbon Emissions

Despite the global economy's heavy dependence on nature , only 5% of companies have established targets for addressing biodiversity loss. Highlighted by the World Economic Forum, industries ranging from pharmaceuticals to finance are increasingly vulnerable to natural disruptions.

Blended Finance: Key to Sustainable Growth Despite Challenges

Blended finance combines public, private, and philanthropic funds to mitigate risks and foster sustainable development. While promising, it faces complex negotiations, high transaction costs, and varied reporting standards, creating significant barriers to effective implementation. Effective governance and strong partnerships are essential for its success.

90% of Influential Companies Fall Short on Human Rights

The World Benchmarking Alliance's first Social Benchmark reveals that 90% of the world's 2,000 most influential companies are failing to meet basic societal expectations in human rights, decent work, and ethical behavior. These companies, collectively representing 45% of global GDP and employing millions, are crucial in advancing the Sustainable Development Goals but are significantly underperforming.

Study Shows 52% Increase in Extreme Heat Days in Major Capitals

Research by the UK-based International Institute for Environment and Development (IIED) has documented a significant 52% rise in the number of days experiencing temperatures of 35°C or higher in 20 of the world’s most populated capital cities over the last 30 years. These cities, including Paris, Dhaka, London, Cairo, and Manila, are home to 300 million people.

Ocean Tribunal Ruling Empowers Small Island Nations Against Climate Change

In a landmark decision, the International Tribunal for the Law of the Sea (ITLOS) has ruled that greenhouse gas emissions absorbed by the oceans qualify as marine pollution. This pivotal ruling, a first of its kind related to climate, strengthens the legal framework supporting small island nations like the Bahamas, Antigua, and Barbuda, which are severely threatened by rising sea levels.

Hurricane Beryl Underscores Urgency of Effective Loss and Damage Fund

Hurricane Beryl's devastation in the Caribbean highlights the critical need for a responsive loss and damage fund , capable of swift action in the wake of climate disasters. This early category 5 storm has inflicted severe losses on nations like Jamaica, St. Vincent, and Grenada, underscoring the necessity for more effective long-term support to prevent spiraling debt in small vulnerable countries.

‘Potentially Historic’ Heatwave Impacts Over 130 Million in the US

A severe heatwave described as “potentially historic” by the National Weather Service (NWS) is impacting over 130 million people across the United States, particularly in the west. With temperatures expected to exceed 100°F (38°C), the heatwave has already set record highs and fueled numerous wildfires.

2024 Sustainability Leaders Survey: Emphasis on Legislative Progress

According to the GlobeScan / ERM Sustainability Institute Leaders Survey , one-third of sustainability experts identify legislative action as the most significant advancement in sustainability this year. The survey also highlights the importance of new disclosure standards and initiatives in climate and renewables.

Campaigns and Initiatives Roundup:

Heineken Launches "Waste to Wear" Homeware Collection in Sustainability Push

Heineken South Africa is venturing into homeware and wearables with its new "Waste to Wear " collection, part of the "Fields Green with Grass, Not Glass" sustainability initiative. This project includes the introduction of returnable bottles and the Green Zones Project, which transforms areas littered with broken glass into vibrant green spaces.

LG Debuts AI-Powered 'Menopause Mode' for Air Conditioners in Brazil

LG Electronics has introduced a pioneering 'Menopause Mode' for air conditioners in Brazil, designed to alleviate symptoms like night sweats and hot flashes for menopausal individuals. This AI-driven feature, integrated with a smartwatch app, monitors vital signs to detect hot flashes and automatically adjusts the room temperature.