SpeedRead Sustainability #13: 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:

Artist's Protest Highlights Urgency of Climate Action by Punching Holes in UN Report

Johannes-Harm Hovinga is making a powerful statement at Museum Arnhem by punching holes in the 7,705-page UN climate report for six hours daily over 20 days. His silent protest, "The Elephant in the Room," aims to spotlight the lack of urgency in tackling climate change. Despite physical pain, Hovinga's commitment underscores the need for immediate action, drawing strong public reactions and emphasizing art's role in activism.

Business Spotlight:

Nestlé Develops High-Yield Arabica Coffee Variety to Strengthen Supply Chain

雀巢 has introduced Star 4, a new high-yielding Arabica coffee variety developed to address climate change impacts and ensure sustainable coffee supply. This resilient variety, selected for its larger bean size and resistance to coffee leaf rust, shows higher yields than traditional Brazilian varieties, reducing its carbon footprint.

Microsoft Buys 500,000 Metric Tons of Carbon Removal Credits from 1PointFive

1PointFive has signed an agreement to sell 500,000 metric tons of Direct Air Capture (DAC) carbon removal credits to 微软 t over six years. This is the largest single purchase of DAC-enabled carbon credits, supporting Microsoft's goal of becoming carbon negative by 2030.

Amazon Launches Free Decarbonization Resources to Accelerate Supply Chain Sustainability

亚马逊 has launched the "Amazon Sustainability Exchange," a free, publicly accessible platform offering previously proprietary guidelines and tools to help companies achieve net-zero emissions. This initiative supports Amazon’s commitment to The Climate Pledge and aims to democratize knowledge in key areas such as carbon neutralization, renewable energy, and waste management.

Marathon Oil Settles for Record $241.5 Million Over North Dakota Pollution Violations

Marathon Oil has agreed to a $241.5 million settlement for air quality violations at its operations on North Dakota's Fort Berthold Indian Reservation. The settlement includes a $64.5 million civil penalty, the largest ever for Clean Air Act violations at stationary sources. Marathon will implement extensive measures to reduce harmful emissions from over 200 facilities, resulting in a reduction of over 2.3 million tons of pollution.

SailGP: The Sport Awarding Competitors for Sustainability

SailGP , a high-speed sailing competition, uniquely awards teams for both racing performance and sustainability impact. The league's Impact League measures teams on their environmental efforts, such as reducing waste and promoting clean energy.

Marriott International Showcases ESG Progress in 2024 Serve 360 Report

万豪酒店 2024 Serve 360 Report highlights significant progress in environmental, social, and governance (ESG) efforts. Key achievements include verifying emissions reduction targets with the Science Based Targets initiative, expanding EV charging infrastructure, and launching the Climate Action Program.

Paris Olympics Set to Leave Lasting Sustainability Legacy

The Paris 2024 Olympics aims to be the most sustainable Games in history, focusing on green energy, recycling, and mass transit. Key initiatives include cutting greenhouse gas emissions by half, using eco-friendly buildings, and offering sustainable food options. The Games will feature plant-based meals, encourage train travel, and utilize electric and hydrogen-powered vehicles.

NASCAR Unveils First Electric Prototype, Eyes Future of Electrification

NASCAR has introduced its first electric vehicle prototype, the ABB NASCAR EV, at the Chicago Street Course. While there are no immediate plans for an electric racing series, this prototype, developed with Ford, Chevrolet, and Toyota, showcases NASCAR's commitment to exploring future technologies.

World's First Hydrogen-Powered Ferry to Offer Free Rides in San Francisco

Starting July 19, the MV Sea Change, the world's first hydrogen-powered commercial passenger ferry, will provide free rides on San Francisco Bay for six months as part of a pilot program to phase out diesel-powered vessels and cut carbon emissions.

Trends & Insights:

Extreme Heat Causes NYC Bridge Failure, Highlighting Infrastructure Risks

Extreme heat caused the steel on New York City's Third Avenue Bridge to expand and get stuck open, disrupting traffic during rush hour. This incident exemplifies how rising temperatures from climate change are increasingly affecting infrastructure, including bridges, roads, rails, and power lines.

Green Economy Investment Opportunities Surge Despite Challenges

The global green economy has rebounded strongly, reaching a market capitalization of $7.2 trillion in Q1 2024 after a decline in 2022. Despite headwinds like overcapacity and trade barriers, and a slight market share drop from 8.9% to 8.6%, the green economy's long-term growth outpaces the broader market with a 10-year CAGR of 13.8%.

Boosting Green Finance to Developing Countries is Vital for Global Warming Mitigation

Developed countries must increase climate finance to help developing nations tackle global warming. Despite a pledge to mobilize $100 billion annually by 2020, actual flows have been insufficient. Developing countries need $2.4 trillion annually by 2030 for climate action, with around $1 trillion needing external funding.

ESG Investors Must Prioritize Human Rights to Prevent 'Rightswashing'

ESG investors have a critical responsibility to respect human rights, integrating these considerations into their decision-making processes. A recent UN report highlights gaps in current ESG practices, urging investors to adopt robust standards and conduct ongoing human rights due diligence.

Anticipating the Business Impacts of Climate Migration

Climate change is driving people to move away from areas vulnerable to extreme weather, impacting businesses globally. Deloitte's ConsumerSignals survey shows that 10% of respondents have already relocated or plan to do so, while 40% will consider climate in future moves. This migration can reshape demographics, strain local infrastructure, and shift labor and customer bases.

'Greenhushing' Hinders 58% of Top US Companies' ESG Gains

A new report reveals that 58% of the largest US companies are underreporting their ESG progress due to fears of greenwashing accusations. This "greenhushing" trend results in missed investment opportunities and reduced consumer trust.

Companies Mitigating Climate Change Reduce Their Cost of Capital

New research from Kyushu University reveals that companies proactively mitigating climate change by reducing emissions and transparently sharing their environmental strategies benefit from lower capital costs.

Backlash Against Sustainability and ESG Growing in North America and Europe

The Sustainability Leaders 2024 Survey reveals that 83% of sustainability experts in North America and 59% in Europe are experiencing backlash against the sustainability and ESG agenda. This resistance is less pronounced in other regions. Experts are divided on how much this backlash will hinder the transition to sustainability.

Food Companies Reap Financial Benefits from Sustainability Investments

A survey by Deloitte and NYU Stern Center for Sustainable Business reveals that nearly all food and agricultural executives report increased revenue and reduced costs from sustainability investments. Initiatives such as decarbonization and protecting nature are driving financial gains.

Rising Sea Levels Pose Growing Threat to 410 Million People by 2100

The climate crisis has already raised global sea levels by over 10cm since 1993, with projections indicating an additional rise of 1-2 meters by 2100. This could put up to 410 million people at risk of coastal flooding. The World Economic Forum's Global Risks Report 2024 highlights sea level rise from collapsing ice sheets as a significant threat.

Campaigns and Initiatives Roundup:

Adidas Partners with Mexican Artisans for Hand-Embroidered Soccer Jerseys

Adidas and Someone Somewhere have teamed up to create hand-embroidered soccer jerseys, inspired by a LinkedIn post from Someone Somewhere's CEO Antonio Nu?o . Highlighting the potential for fair work for artisans, the collaboration will feature jerseys with intricate embroidery by women from the Sierra Norte de Puebla region, each requiring over 11 hours of work.

Copenhagen Introduces CopenPay to Reward Green Behavior

Copenhagen's tourism board has launched CopenPay, an initiative rewarding eco-friendly actions. Visitors can earn unique experiences, like a workshop at the National Gallery of Denmark for bringing plastic waste or a ski session at CopenHill for using public transport. Residents can enjoy perks such as free kayak rentals for litter collection or vegetarian meals for volunteering on urban farms.

Madrid Uses Cultural Events to Beat the Heat Amid Climate Crisis

Madrid's "Refúgiate en la cultura" initiative aims to draw visitors and locals into air-conditioned cultural venues during scorching summer afternoons. The program offers free flamenco shows, comedy monologues, and discounted cinema tickets to keep people cool while enjoying culture. With temperatures reaching up to 41°C, this initiative provides a sustainable way to stay safe and entertained, utilizing existing air-conditioned spaces like museums and libraries.