Sustainability Bulletin | 5 August 2024
Headlines
Net zero transition will deliver at least ‘￡164bn in benefits’ to UK
A new study reveals that cutting emissions from buildings and transport in six UK urban centres could yield at least ￡164 billion in economic benefits by 2037. This estimate, focusing on cities like Belfast and Manchester, highlights significant social gains such as improved air quality and reduced traffic. Despite critics’ claims about the cost of net zero policies, the study emphasises that these social benefits substantially outweigh investment costs, underscoring the value of integrating co-benefits into climate action strategies.
UK to Implement Mandate for 2% Sustainable Aviation Fuel by 2025, Increasing to 22% by 2040
The UK is implementing a sustainable aviation fuel (SAF) mandate starting January 1, 2025, requiring 2% SAF in jet fuel, rising to 10% by 2030 and 22% by 2040. This policy aims to cut emissions, boost the economy by ￡1.8 billion, and create over 10,000 jobs. It includes a cap on HEFA feedstocks, introduces new fuel types in 2028, and features a revenue certainty mechanism to encourage SAF investment and ensure steady supply.
Air New Zealand scraps 2030 emissions target over low-carbon fuel challenges
Air New Zealand withdraws from the Science Based Targets initiative (SBTi) and removes its 2030 carbon intensity reduction target. The airline cited challenges such as the availability of new aircraft, the affordability and availability of sustainable aviation fuels (SAFs), and the need for global and domestic regulatory and policy support. Delays in fleet renewal due to global manufacturing and supply chain issues have made the target’s achievability uncertain. Work is now underway to establish a revised target that accounts for the current limitations in aircraft and alternative fuel availability.
Antarctic temperatures rise 10C above average in near record heatwave
While temperatures remain below zero on the polar land mass, which is currently shrouded in darkness in the depths of the southern hemisphere’s winter, temperatures have reportedly reached 28C above what is expected for this time of year on recent occasions.? Antarctica’s increased July temperatures follow a particularly strong El Ni?o, a climate phenomenon that leads to short term (1-year) spikes in global average temperatures. The temperatures in Antarctica were likely due to this, in addition to the general increase in temperatures caused by climate breakdown.
Scientists propose lunar biorepository as ‘backup’ for life on Earth
With thousands of species at risk of extinction, scientists have proposed a bold solution: a lunar vault to store preserved samples of Earth's most at-risk species. This biorepository would safeguard crucial DNA beyond the reach of climate change, geopolitical events, or other Earth-based disasters. Located in the moon's frigid craters, it would maintain the ultra-low temperatures needed to preserve cells for future cloning, offering a last resort to prevent species extinction.
People tend to be less green on holiday – here’s how to change?that
Copenhagen will start rewarding tourists for participating in climate-friendly activities like train-travel and cycling by offering them free access to tourist attractions. Elsewhere, local authorities are increasingly using disincentives or bans to protect local quality of life and prevent irresponsible behaviour. This includes Barcelona’s tax on cruise ship passengers and Mallorca’s sustainable tourism tax. Creating lasting sustainable behaviour changes from vacation experiences requires more than just offering incentives like free meals or activities. Transformative experiences—where tourists deeply engage with local communities and environments—can foster long-term shifts in behaviour.
Can the Olympics survive the climate?crisis?
The 2024 Olympic Games opened on the same week Earth recorded its hottest day ever and intense rainfall, straining the city's outdated sewer system and delaying events like the triathlon. These extreme weather events highlight the impacts of climate change, with rising temperatures leading to more severe storms and unpredictable rain patterns. The Olympics face further challenges due to their high carbon footprint, with Paris 2024 aiming for reduced emissions through limited new construction and improved infrastructure.
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Legislation and policy
Record breaking funding for clean energy in Britain
The UK Government has announced a ￡1.5 billion budget for homegrown clean energy projects, the largest ever for such initiatives. Energy Secretary Ed Miliband increased funding for this year’s renewable energy auction by ￡500 million, aiming to accelerate clean energy infrastructure, particularly in offshore wind. The funding will support the UK’s goal of clean power by 2030, boost energy security, and drive economic growth and job creation. This move follows last year’s unsuccessful auction and aims to restore the UK as a leader in green technology.
‘Nature is dying’: Defra launches rapid review of UK’s legally binding environment targets
Following repeated warnings of continued failures from official watchdogs and nature charities, the Government will conduct a review of targets to reduce waste and enhance air quality, water and biodiversity. The review will assess whether the targets from the Environment Act and plans for their delivery detailed in the Environmental Improvement Plan (EIP) are sufficient to meet the scale of the nation’s environmental challenges in line with science. However, nature commitments must be balanced with the Government’s pledges to accelerate housebuilding and unlock planning barriers for clean energy generation projects.
The EU Right-to-Repair directive: What does it mean for companies and consumers?
The EU’s Right-to-Repair Directive enters force this week, and should stimulate the transition to an economy with less waste. This legislation is set to revolutionise consumer rights by making repair services more accessible, transparent, and appealing. Complying with the new directive means manufacturers will, in some cases, have to drastically rethink business as usual.
Biden-Harris Administration awards $4.3 billion in grants for community-driven climate solutions
The Biden-Harris Administration has unveiled $4.3 billion in Climate Pollution Reduction Grants through the US Environmental Protection Agency, focusing on community-driven climate solutions. Covering 30 states, the grants target reductions in greenhouse gases across six sectors and aim to cut emissions by up to 971 million metric tonnes by 2050. The initiative will enhance air quality, drive economic growth, and create jobs.
Defra wants to fast-track UK Deposit Return Scheme launch
The UK’s new Nature Minister, Mary Creagh, has confirmed that the Government wants to accelerate the launch of a deposit return scheme (DRS) before October 2027, fulfilling a promise made almost six years ago by the previous Tory-led Government. Under such a scheme, customers are required to pay a small deposit when buying drinks, which is refunded when they return the drink packaging for recycling via an approved method. This can be done at supermarket counters or through reverse vending machines.? The Government aims to create a zero-waste economy, but the DRS’s inclusion of glass containers remains debated.
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Reporting and disclosures
Corporate climate targets group steps back from carbon offsets controversy
The Science Based Targets initiative (SBTi) has issued research revealing that the use of carbon offsets in corporate climate goals is largely "ineffective." This comes after backlash from staff and climate experts over a proposal to expand the use of offsets. The SBTi is reconsidering the role of offsets, which currently can only account for 10% of emissions reductions. Studies show that only 12-33% of carbon credits achieve their intended climate benefits, prompting a call for more research.
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GRI and TNFD to streamline sustainability reporting with new guidance material
The Global Reporting Initiative (GRI) and the Taskforce on Nature-related Financial Disclosures (TNFD) have released a joint interoperability mapping resource to enhance alignment between their frameworks, in response to market participants’ feedback. The mapping highlights a high level of alignment between the two standards, including consistent nature-related concepts and definitions, particularly the five direct drivers of nature and biodiversity loss as defined by the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES).
Companies, investors overlooking major financial risks from unmeasured Scope 3 emissions according to BCG, CDP Report
A report by Boston Consulting Group and CDP reveals that most companies and investors overlook Scope 3 emissions, which are 26 times higher than direct emissions. Only half of companies assess the financial risks from these emissions, and just a third of investors have climate-related policies. This negligence could lead to a $335 billion liability. Key actions for improvement include having a climate-focused board, engaging suppliers, and using internal carbon pricing.
EFRAG and BCG report highlights early ESRS implementation practices and challenges among 28 large EU companies, ahead of CSRD compliance
EFRAG’s report on the European Sustainability Reporting Standards (ESRS) reveals that most large EU companies face significant challenges with ESG reporting. Key issues include difficulties in data retrieval, with 80% struggling with gap analysis, and complex value chain mapping, with 90% still refining their processes. Companies are shifting to data-driven Double Materiality Assessments, but many lack clarity on assessing materiality. Organisational models vary, with 65% using single-function ownership for ESG reporting, while 35% employ a joint leadership model. Cross-departmental collaboration is crucial, with finance, sustainability, risk management, HR, and auditing departments playing significant roles.
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Conferences and events
Sustainability LIVE
10-11 September, Business Design Centre, London
Sustainability LIVE London offers a hybrid event, fostering connections and discussions on critical sustainability issues. Join to explore innovative strategies, gain insights from experts, and collaborate on shaping a sustainable future for enterprises.
New Statesman Regional Development Conference 2024
14 November, The Studio, Manchester
From the next tier of devolution and the role of skills and investment in regional growth to the regional benefits of the net zero transition and the role that transport can play in connecting ‘left behind’ parts of the UK, the?New Statesman's annual Regional Development conference will bring you key insights into the biggest opportunities and challenges of the levelling up strategy and address pressing questions on the future of local growth.
Recycling Expo 2024
15-16 October, ExCel London
Recycling Expo is more than just an event; it’s a marketplace dedicated to connecting industry providers with buyers and creating business relationships centred around responsible resource management, an increase in the reuse of materials, a reduction of consumption based Co2 production, and a shift away from wasteful linear economy models. Our mission is simple yet powerful: to inspire, educate, and connect businesses in their journey towards a less wasteful economy and a more eco-conscious future.
Responsible Packaging Expo 2024
15-16 October, ExCel London
Attendees can expect to absorb insights from some of the brightest minds in the industry, with an impressive line-up of seminars sharing nuggets of wisdom about everything from recyclables to edible packaging. Along with the educational side, there will also be countless relevant products on display for visitors to browse, get more familiar with, and even order at special discounted prices.?
UK Black Business Week 2024
14-19 October, ExCel London
With events delivered by industry leaders, the UK Black Business Week promises to equip black professionals and entrepreneurs with business insights, new skills and knowledge.
Scotland Sustainability Summit
23-24 October, SEC Glasgow
The Sustainability Summit will provide the opportunity to keep up-to-date with the latest trends, innovations, best practice and new technological solutions. The Summit will address areas such as optimising water usage, renewable energy, sustainable packaging and waste minimisation, and moving towards a circular economy. It will also highlight how the power of data and technology can be harnessed to achieve more transparent supply chains.
London Climate Technology Show
27 November, Excel London
The London Climate Technology Show aims to be the largest climate technology exhibition and conference in the world for advancing the global net zero economy transition and shaping a sustainable future with ground breaking and collaborative technologies.
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Sustainability in 60 seconds
What is the Science-Based Targets initiative?
In our latest video, Sustainability Consultant Sophia Reeve explain succinctly what exactly the Science-Based Targets initiative is.
The Science-Based Targets initiative, also known as SBTi, provides businesses with a clear pathway to reducing greenhouse gas emissions in line with limiting global warming to 1.5 degrees Celsius.??
Based on the SBTi criteria, companies develop targets relevant to their operations which are then submitted for validation to ensure they align with the latest climate science to keep global warming to a minimum.?
These targets define how much and how quickly a business must reduce its emissions to be in line with the Paris Agreement goals.?
This can then be disclosed in company reports for transparency on how you are monitoring and managing target progress.??
Science-based targets are relevant to businesses of all sizes in all sectors, and a commitment to this initiative can help to future-proof your business, increasing its resilience against new regulation, as well as demonstrating a genuine commitment towards sustainability for your consumer.??
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