Sustainability Insider February 2024

Updates from Sustainability Knowledge Group

1. Chief Sustainability Officer (CSO) Professional training

The Chief Sustainability Officer (CSO) Professional training held in Cyprus on the 5th and 6th of February was a resounding success! Hosted by Sustainability Knowledge Group, in partnership with CSRCyprus, it equipped participants with the skills to leverage sustainability as a competitive advantage and a tool to mitigate business risks. Professionals from diverse backgrounds came together to explore the intricate facets of sustainability leadership over two dynamic days. Through engaging group discussions, practical exercises, and expert content, attendees delved deep into strategic and operational sustainability. Approved by the prestigious ILM, this training ensures participants earn global recognition for their commitment to sustainability leadership. From thought-provoking sessions to collaborative networking opportunities, participants left feeling inspired and empowered to spearhead sustainability initiatives within their organizations.

If you missed out on this enlightening event, don't worry! Our next training course will be held in Dubai on the 5th and 6th of March. Mark your calendars and join us for another opportunity to enhance your sustainability credentials.

For more information and registration, visit the link below:

2. Thread To Shred: Fast Fashion's Hidden Environmental Cost

Discover the untold story beneath the glamour of fast fashion. Our blog unveils the environmental impact, labor exploitation, and unsustainable practices behind the industry's allure. Armed with compelling statistics, we delve deep into the realm of fast fashion, exposing the true cost of our clothing choices. As the fashion sector skyrockets to a 2.5 trillion-dollar valuation, we explore the astonishing rise in production and consumerism, urging conscious consumer decisions. Join us to uncover the hidden realities shaping the era of "fast fashion" and make informed choices for a sustainable future.

Sustainability News at a Glance

1. France Implements Jail Time for Non-Compliance with CSRD

France has taken a bold step in enforcing sustainability reporting through its Corporate Sustainability Reporting Directive (CSRD). Corporate directors failing to comply face severe penalties, including fines up to $81,400 and jail time of up to five years. Introduced in 2023 as part of the European Green Deal, CSRD mandates large companies to disclose social and environmental risks. France is the first EU member state to adopt CSRD into national law with associated penalties. Non-compliance includes impeding external auditing or failing to submit reports, emphasizing the need for proactive preparation. All EU members must nationalize CSRD by 6th July.

2. Singapore’s Blueprint to Achieve Net Zero Aviation Emissions by 2050

Singapore has unveiled its Sustainable Air Hub Blueprint, underscoring proactive efforts to balance aviation growth with environmental sustainability. With a target of achieving net zero emissions by 2050, Singapore plans to implement focused strategies across airport operations, airline practices, and air traffic management. Key initiatives include enhancing renewable energy usage at airports and mandating Sustainable Aviation Fuel (SAF) for departing flights. The introduction of a SAF levy signifies a commitment to eco-friendly options, though its effectiveness relies on factors like SAF availability and market dynamics. Singapore aims to lead sustainable aviation by emphasizing innovation and scaling up best practices. However, challenges persist, as the industry lacks proven technology for achieving net zero emissions, relying heavily on SAF for near-term decarbonization efforts, which may pose scalability and environmental concerns.

3. ESG Regulation Guide 2024: Understanding the Landscape

In 2024, navigating sustainability reporting or ESG regulations, is crucial amidst global efforts to enhance consistency, accuracy, and transparency in disclosures. Research indicates a 155% increase in ESG regulation over the past decade, reflecting a growing focus on sustainability in an effort to promote accountability and combating greenwashing. Stay tuned for the continuous updates on regulations like SRDD, CSRD, key insights on who it affects, and important dates.

4. Disused Finnish Mine Transformed into Revolutionary Gravity Battery

In a remarkable venture, the abandoned Pyh?salmi mine in Finland is being repurposed into a pioneering underground energy storage facility. This initiative utilizes the mine's depth to create a gravity battery capable of storing excess renewable energy. When excess power is available, weights are winched up the mine's shaft. Subsequently, during periods of high demand, these weights are released, converting potential energy into electricity. This ingenious system, akin to a giant mechanical battery, offers a sustainable solution for storing renewable energy. Notably, it provides a promising avenue for repurposing disused mines worldwide, offering both environmental benefits and opportunities for local economic revitalization.

5. U.S. Asset Managers' Role in Climate Action: Proxy Voting as a Catalyst

The recent exit of major firms representing $14 trillion in assets from Climate Action 100+ raises questions about U.S. asset managers' commitment to climate stewardship. Proxy voting emerges as a crucial tool for investor engagement, enabling direct action on climate and ESG concerns. As the 2024 proxy season approaches, investors must prioritize tangible emissions reduction measures over promises. Active ownership and climate-aligned voting are essential for effecting real change.

We appreciate your commitment to sustainability. Thank you for being a part of this journey. See you soon in the next edition of our newsletter!