Sustainability Notice #41 (2 - 8 October)
Forvis Mazars Türkiye
A leading international audit, accounting, tax and advisory firm, present in 100+ countries and territories.
World, Climate & Environment:
A gas storage plant and new pipeline disrupt life in this Black community (Source: Grist )
With their heads bowed, eyes shut, and hands locked, the Southwest Crossing Community Initiative starts every meeting with a prayer: “Please, protect us from a deadly explosion.”
UNICEF says weather-related disasters have displaced millions of children (Source: Reuters )
UNICEF on Friday said floods, storms, and other weather-related disasters have driven millions of children from their homes, with the situation set to deteriorate if action is not taken. There have been 43.1 million internal displacements of children across 44 countries between 2016 and 2021, due to events such as droughts and wildfires, according to the organization.
Deforestation in Brazil's Amazon falls 57% in September (Source: Reuters )
Deforestation in Brazil's Amazon rainforest fell 56.8% in September compared to a year earlier, government data showed on Friday, while the region is struggling with a historic drought.
Afghan earthquakes kill 2,445, Taliban say, as deaths mount (Source: Reuters )
More than 2,400 people were killed in earthquakes in Afghanistan, the Taliban administration said on Sunday, in the?deadliest ?tremors to rock the quake-prone mountainous country in years. The Saturday quakes in the west of the country hit 35 km (20 miles) northwest of the city of Herat, with one of 6.3 magnitude, the U.S. Geological Survey (USGS) said.
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Feeding seaweed to cows can cut methane emissions, says Swedish report (Source: Reuters )
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According to manufacturers, the daily feeding of red algae (where the active substance is bromoform) can reduce the methane emissions of meat animals by up to 90%. But, the agency said, more knowledge on cultivation and use was needed.
September sizzled to records and was so much warmer than average scientists call it ‘mind-blowing’ (Source: AP News )
After a?summer of record-smashing ?heat,?warming ?somehow got even worse in September as Earth set a new mark for how far above normal temperatures were, the European climate agency reported Thursday.
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ESG reporting, tools and services:
Morgan Stanley, Stanford launch free tool to assess business activities’ impact on nature (Source: ESG Today )
Morgan Stanley’s Institute for Sustainable Investing and the Stanford University-based Natural Capital (NatCap) Project announced the development of a new tool aimed at enabling companies and investors to assess the potential impacts of projects and activities on natural ecosystems. The new ecosystem footprinting tool is open-source and free for use.
75% of companies not ready for pending ESG data assurance requirements: KPMG survey (Source: ESG Today )
Only 1 in 4 companies are at advanced stages of preparation to obtain independent assurance on their reported ESG information, even though 66% are required to disclose ESG data or expect to be soon – including 78% of listed companies – according to a new survey released by global professional services provider KPMG.
Global professional services firm EY and tech giant Microsoft announced today the launch of Green Skills Passport, a new free online education program aimed at equipping young people with skills to gain sustainability skills to find green jobs and pursue green economy opportunities. The new program forms part of a collaboration announced between EY and Microsoft last year aimed at upskilling young people and supporting the entry or re-entry of millions of people into the workforce or to build new businesses, with a focus on sustainability, science, technology, engineering and mathematics (STEM).
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Infosys, Economist Impact launch platform to track and address scope 3 emissions (Source: ESG Today )
Technology, digital services, and consulting companyInfosys and Economist Group division Economist Impact, announced today the launch of the Value Chain Navigator (VCN), a new platformaimed at helping businesses understand and reduce their scope 3 value chain emissions. The new platform comes as companies globally face increasing regulatory pressure to report on their scope 3 emissions, with emerging sustainability reporting standards including the EU’s CSRD and the IFRS’ ISSB standards requiring scope 3 disclosure. Scope 3 emissions are typically the most challenging to track and report as they occur in areas outside of the companies’ direct control.
Asset owners continuing to increase allocations to ESG investments despite growing challenges: Morningstar (Source: ESG Today )
The survey found that all asset owners are allocating at least a portion of their assets to strategies that take ESG factors into account, and that the proportion that have at least half of their assets in such strategies has increased to 34% from 30% since the 2022 survey. By region, 46% of asset under management are now allocated to strategies that apply ESG considerations, compared to 41% in APAC and only 36% in North America.
The EU SFDR forms part of the EU’s Action Plan on financing sustainable growth. The regulation aims to establish harmonized rules for financial market participants including investors and advisers on transparency regarding the integration of sustainability risks and the consideration of adverse sustainability impacts in their processes and the provision of sustainability‐related information with respect to financial products.
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Business:?
Lawmakers in the European Parliament voted 418-79 on Thursday to approve the adoption of a new European Green Bond (EuGB) label, aimed at fighting greenwashing and providing investors with confidence that their investments are being appropriately directed towards financing sustainable business activities and technologies.
Lawmakers in the European Parliament and Council announced that they have reached a provisional agreement on new legislation that will result in a massive reduction in greenhouse gas (GHG) emissions from fluorinated gases (F-gases) and ozone-depleting substances (ODS). According to a statement by the European Commission welcoming the agreement, the proposed legislation would prevent nearly 500 million tonnes of GHG emissions by 2050, and contribute to European climate goals to achieve a 55% emissions reduction by 2030, and reach climate neutrality by 2050.
The European Commission announced today that is has officially launched an anti-subsidy investigation on imported electric vehicles from China, after finding that a surge in heavily subsidized EVs posed a threat to the EU’s automotive industry. The investigation follows months of pressure from France on the Commission to initiate an anti-dumping probe against EV companies in China, although other countries such as Germany have warned that the move could spark a trade war.
Energy giants Occidental and Abu Dhabi-based ADNOC announced a new agreement to launch an engineering study aimed at assessing the feasibility of building a new 1 million tonne-per-year Direct Air Capture (DAC) facility in the UAE. The facility would be one of the largest DAC projects in the world, as well as the first megaton-scale DAC facility outside the U.S.
Global food and beverage company Nestlé announced today the launch of a pilot program to provide weather insurance to smallholder farmers in its Nescafé brand’s supply chain. The company said that the new program comes as climate change pressures coffee-growing areas, with smallholder farmers exposed to the risk of irregular weather conditions affecting their crops.
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Offshore wind turbines need rare earth metals. Will there be enough to go around? (Source: Grist )
For more than a decade, an Australian company called Arafura Rare Earths has been looking for customers willing to buy rare earth metals from a mine under development in the nation’s Northern Territory. In April, it secured one of its biggest clients yet.
Coca-Cola launches 100% recycled plastic bottles in India (Source: ESG Today )
Coca-Cola India announced the launch of Coca-Cola in 100% recycled plastic (rPET) bottles in its smaller pack sizes, including 250 ml and 750 ml bottles. The new recycled plastic bottles are manufactured by Coca-Colabottling partners Moon Beverages Ltd., and SLMG Beverages Ltd., and are made from 100% food-grade rPET, excluding caps and labels. The bottles also a carry a “Recycle Me Again” call to action and a “100% recycled PET bottle” display aimed at driving consumer awareness.
According to the firm, the launch of the new strategy comes in response to client demand for transition-oriented solutions, with a recent BlackRock survey indicating that 98% of investors have set a transition investment objective for their portfolios, and three quarters of institutional investors have set net zero objectives.
Hydrogen is viewed as one of the key building blocks of the transition to a cleaner energy future, particularly for sectors with difficult to abate emissions, in which renewable energy solutions such as wind or solar are less practical. The development of clean hydrogen capacity, such as green hydrogen, which uses renewable energy to power the process to extract hydrogen from other materials, will require massive investments in areas including infrastructure, electrolysis, transport and storage.
Austrian airlines found guilty in greenwashing case over carbon neutral flight claims (Source: ESG Today )
According to the ruling, Austrian Airlines gave a false impression through advertising statements such as “Fly CO2-neutral with us,” or “100% SAF (Sustainable Aviation Fuel).” ?Marketed for flights between Vienna and Venice, the campaign allowed consumers to pay a surcharge in excess of 50% of the ticket price for the CO2-neutral option, with the airline purchasing SAF to be added to future flights. In its complaint, VKI noted that the maximum proportion of SAF was actually 5%, and that it is not currently possible to operate 100% SAF flights.
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Interview:
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‘I wasn’t the obvious choice’: meet the oil man tasked with saving the planet (Source: Reuters )
When Cop28 starts next month, Sultan Al Jaber will be front and centre. He is the United Arab Emirates’ choice to head up the climate talks – and he also happens to be head of the national oil company. What’s the problem with that, he asks.
Guest Post: The bonds between E, S and G are stronger and more ?mportant than ever before (Source: ESG Today )
The world is in flux. The climate crisis is now daily news and we’re witnesses to the damage inaction can cause to our planet. For business leaders, there is a growing in-tray – of risks and daily challenges.?
Guest Post: Technology is Unlocking New Opportunities for Sustainability. Will Businesses See Them? (Source: ESG Today )
New technologies, often software and IT, are also giving organizations unprecedented capabilities. AI is helping consolidate and analyze massive amounts of data, giving business leaders insights on how to reduce energy costs, minimize waste, and lower emissions. Sensors and software are helping enable predictive maintenance that can significantly extend the life of infrastructure. Technologies are also optimizing how organizations use the Cloud and helping fuel smarter and more sustainable supply chains.