SpeedRead Sustainability #31: Weekly Highlights

Explore the latest sustainability updates and trends in this edition, which highlights the impacts and risks of social and environmental challenges, alongside innovative solutions that benefit both people and the planet.

Top Story:

Rising Impact of Climate Change, Diminished Concern

GlobeScan 2024 global survey shows 45% of people across 26 markets feel directly affected by climate change—a 14-point rise since 2020. Yet, concern about climate change remains flat or declines in key regions, highlighting a growing focus on adaptation over mitigation. Businesses and policymakers are urged to design strategies addressing immediate climate impacts while maintaining long-term emission reduction goals.

Business Spotlight:

San Jose to Heat Apartments with Data Centers

San Jose’s upcoming apartment project will repurpose waste heat from nearby data centers to provide heating and hot water. This innovative system reduces energy costs for residents while cutting emissions, offering a scalable model for sustainable urban development.

Amazon and IKEA Push for Net-Zero Ocean Shipping

Amazon, IKEA, and other major companies are driving the shift to net-zero ocean freight by contracting vessels powered by e-fuels like e-methanol. Through the Zero Emissions Maritime Buyers Alliance, they aim to lower costs and increase the supply of these renewable fuels. This initiative, set to start in 2027, could eliminate 470,000 metric tons of greenhouse gas emissions, moving the shipping industry closer to its 2050 decarbonization goals.

Phoenix Project Redefines Affordable Senior Housing

A new development in Phoenix combines repurposed shipping containers, solar energy, and innovative design to create affordable housing for seniors. The "Senior Bridge" project will provide 40 transitional units and 65 permanent apartments with on-site support services, targeting low-income seniors.

Neste and Air Canada Partner to Supply Sustainable Aviation Fuel to Canada

Neste and Air Canada have signed an agreement to supply 60,000 tons of Neste MY Sustainable Aviation Fuel (SAF) to Vancouver International Airport starting in December 2024. This marks the first time Neste’s SAF will be available in Canada and aligns with Air Canada’s target to use SAF for 1% of its fuel needs by 2025.

IKEA Invests €1.5 Billion to Phase Out Fossil Fuels

Ingka Group, IKEA’s largest retailer, is dedicating €1.5 billion to renewable heating, cooling, and energy efficiency upgrades across its operations, aiming to reduce its climate footprint by 85% by 2030. This builds on a prior €7.5 billion investment in renewable energy. Currently, 96% of IKEA retail sites use renewable electricity, and emissions have decreased by 60.4% since 2016.

PUMA Unveils Vision 2030 for Climate, Circularity, and Human Rights

PUMA’s Vision 2030 targets a 90% reduction in Scope 1 and 2 emissions and a 33% cut in Scope 3 emissions by 2030. Circularity goals include 100% recycled polyester fabric and expanded repair and recycling programs. Human rights initiatives aim to close the gender pay gap, ensure living wages, and train 400,000 supply chain workers.

DIY Energy Audits Made Easy with HomeBoost's BoostBox

HomeBoost’s BoostBox offers a $99 DIY solution for home energy audits, using a thermal camera attachment and smartphone app to identify energy inefficiencies. This accessible tool generates tailored recommendations, contractor checklists, and rebate opportunities, empowering homeowners to reduce costs and environmental impact without professional audits.

Trends & Insights:

Urgent Climate Action: Bridging the Gap Between Ambition and Implementation

The 2024 EY Global Climate Action Barometer reveals that while climate disclosures are improving, only 41% of companies have transition plans, and just 36% link climate risks to financial statements. With global temperatures rising, businesses must adopt robust, actionable plans, align climate risks with financial strategies, and set science-based targets to drive meaningful progress toward a sustainable, net-zero future.

CDP and GRI Partner to Streamline Environmental Reporting

CDP and Global Reporting Initiative (GRI) have signed an MoU to enhance alignment between their reporting systems, simplifying environmental disclosure for businesses. The collaboration, announced at COP29, aims to provide more comparable and actionable data by aligning CDP’s questionnaire with GRI Standards. This partnership supports higher transparency and accountability, accelerating global climate action.

CDP and EFRAG Collaborate to Streamline Environmental Reporting

CDP and EFRAG announced extensive alignment between CDP’s questionnaire and the ESRS climate standard (ESRS E1) at COP29. This partnership aims to simplify reporting under the Corporate Sustainability Reporting Directive (CSRD) by reducing duplication and easing compliance for organizations. A detailed mapping guide will be published in early 2025, supporting companies in aligning their disclosures with ESRS while leveraging CDP’s platform.

Balancing Equity and Climate Action in the Green Transition

A World Economic Forum report highlights the risk that the green transition could exacerbate existing inequalities without careful policy design. Key challenges include rising living costs, job displacement, and unequal access to financing, disproportionately affecting marginalized communities.

AI Data Centers May Drive Electricity Bills Up by 70%

A new report highlights the growing energy demands of AI-powered data centers, which could increase electricity costs for households and businesses by up to 70% by 2029. With data centers running 24/7, energy supplies are strained, leading to price hikes and potential grid overload.

UK to Ban New Coal Mining Licences

The UK government will introduce legislation to ban new coal mining licences, marking a significant step in its transition to clean energy. This move follows the closure of the country's last coal-fired power station and aims to eliminate coal as a major source of CO2 emissions.

Global Companies See $5 Trillion in Climate Action Opportunities

CDP latest analysis reveals that the world's largest companies have identified nearly $5 trillion in potential climate-related business gains, doubling estimates from 2018. Despite this promising outlook, corporate progress toward climate goals lags, with only 16% generating most revenue from low-carbon products and just 25% of CapEx allocated to climate-transition plans.

Granting Legal Rights to Forests: A Model for Climate Action

Gabon’s innovative approach of granting forests legal personhood offers a transformative model for addressing climate change. By protecting its pristine forests from exploitation and aligning policies with nature, Gabon demonstrates how valuing ecosystems beyond profit can reshape capitalism.

ISO Launches ESG Guidance to Simplify Global Sustainability Practices

The ISO - International Organization for Standardization (ISO) unveiled new ESG Implementation Principles at COP29, providing actionable, standardized guidance to streamline environmental, social, and governance (ESG) reporting. Developed with input from over 1,900 experts across 128 countries, the framework aims to enhance consistency, align with global disclosure standards, and support organizations in integrating ESG practices into their operations, fostering transparency and measurable impact.

Sustainability Requires Leadership, Not Just Technology

As COP29 discussions intensify, experts argue that sustainability demands a transformative leadership approach beyond technological solutions. The Inner Development Goals (IDGs) provide a framework for leaders to cultivate skills like empathy, long-term thinking, and collaboration—essential for navigating systemic challenges like climate change.

The Challenges of Eliminating Fossil Fuel Subsidies

Fossil fuel subsidies keep prices low, making it difficult to curb emissions despite global climate goals. Efforts to reduce subsidies often face resistance due to their impact on consumer costs and inflation. Recent energy crises, like those following Russia’s invasion of Ukraine, highlight the tension between affordable energy and climate commitments, as governments prioritize economic stability over subsidy reform.

Global Survey Reveals Democratic Discontent and Desire for Reform

An 益普索 survey across eight Western nations highlights widespread dissatisfaction with democratic systems, despite strong support for democratic principles. While local governance is viewed more favorably, citizens express growing frustration with national institutions and elites.

Simplifying Complexity in Risk Management

BCG's 2024 Global ESG, Compliance, and Risk Report highlights the need for companies to streamline their risk management frameworks amid rising regulatory demands. The report identifies inefficiencies caused by isolated approaches and underutilization of technologies like GenAI.

Rethinking the Sustainable Consumer

Sustainability influences consumer behavior, but the notion of a single "sustainable consumer" is misleading. Research reveals diverse preferences, with only a small group passionately prioritizing sustainability across all purchases. For most, sustainability shapes decisions variably, offering businesses strategic opportunities to tailor offerings that meet varying levels of eco-consciousness effectively.

Brazil Announces Ambitious 2035 Emissions Reduction Target

Brazil has committed to reducing emissions by 59% to 67% by 2035, compared to 2005 levels, aiming to cut up to 1.05 billion tons of CO2. Achieving the higher end of this target could set Brazil on track for net-zero by 2050. Key measures include halting deforestation, restoring native vegetation, and decarbonizing energy and agriculture, paving the way for economic growth, job creation, and climate resilience.

Deforestation in Brazil's Amazon Drops by 31%, Reaching Nine-Year Low

Brazil's Amazon deforestation fell by 30.6% over the past year, with forest loss at its lowest level in nine years, according to official data. Despite progress, critics highlight concerns over government-backed infrastructure projects that could threaten the region's ecological balance. The Cerrado savannah also saw a 25.7% decrease in deforestation, marking its first decline in five years.

Campaigns and Initiatives Roundup:

PUMA and Bumble Celebrate Singles’ Day with a Running Matchmaking Event

Ahead of Singles’ Day, PUMA Group India and Bumble hosted a singles-only 3 km run in Bangalore, blending fitness with in-person matchmaking. The event tapped into rising interest in outdoor activities and sports-themed connections, reflecting Bumble’s findings that 72% of Indians favor sports dates.

Key Lessons from Calm's Silent Election Ad

Calm 30-second, silent Election Night ad on CNN and ABC offered a unique moment of calm during a chaotic evening, embodying its brand ethos. By staying apolitical, leveraging simplicity, and showcasing empathy, the ad resonated widely without alienating audiences. It demonstrated the power of restraint and authenticity, proving that minimalism and a thoughtful approach can leave a lasting impact.