Sustainability Progress Report #3

How is the EU managing its climate stripes?

Legend:

??? climate change

?? litigation

???? regulatory/policy changes

?? money talks

?? green energy

?? reforestation

???? pollution

?? decarbonization

?? water

?? transport

?? endangered species

?? rentals /homes

?? product solutions

Regulatory talks.

Wholesale energy market competition regulated. ?for A new regulation approved by the Council will promote free and fair competition in the wholesale energy markets and strengthen market surveillance inside the European Union. It establishes more precise and stringent guidelines for EU market participants who live in other countries as they will have to appoint a representative for their wholesale ventures. (to the source ) ??????

Short-term rental better regulated and monitored. The Council passed a regulation on data collection and sharing for short-term rental services to increase transparency in the short-term rental market and assist public authorities in managing a rapidly expanding area of the tourism industry. Under the new rules, hosts and short-term rental properties will receive a unique registration number that will be displayed on property websites and online platforms. (to the source ) ??????

England opposes “polluter pays” principles. The government of England will not implement new EU regulations known as "polluter pays," which impose financial penalties on pharmaceutical and cosmetic businesses for the pollution they release into waterways. Advocates claim that this is because the nation is lagging behind. (to the source ) ????????

CBAM expected to raise prices for EU consumers. CBAM, which levies a tax on a variety of carbon-intensive industries, was recently introduced for third countries that import carbon intensive products to the EU. Experts warn that the EU carbon tax will not only hit net zero targets but also the consumers. Energy UK warned that the current process will tax power travelling from the UK to the EU by 40%, driving up costs for European customers. (to the source ) ??

Industry talks.

Court rules KLM airlines guilty of greenwashing. The airline was sued in 2022 on the grounds that their "Fly Responsibly" ads and offset marketing implied that KLM flights did not affect the environment, which was a violation of EU consumer law regulations. The complaint contended that planting trees to balance or lessen aviation emissions, and the airline industry's attempts to mitigate climate change, such as utilising biofuels and synthetic fuels, are insufficient to make flying sustainable. Even though the court ruled KLMs advertisement as "misleading and therefore illegal", the company did not face any penalties. (to the source ) ??

Transport industry to slow to decarbonize. According to modelling from the campaign group Transport & Environment (T&E), if policies continue to clean up transport more slowly than other sectors, such as electricity and industry, the greenhouse gases that Europeans emit when they move around could account for 44% of the continent's total emissions by the end of the decade. (to the source ) ?? ??

Europe reduces dependency on coal. Evidence of a significant change in the coal-to-gas transition was seen in 2023 and has persisted through 2024. The two main coal-burning nations in the area, Germany and Poland, have experienced decreases in the proportion of coal used in electricity generation during the last 12 months, carrying over a 2021 trend that was interrupted in 2022. (to the source ) ??

Poland to invest in green power grid. By 2034, Poland will invest $16 billion in a power system. The nation's draft investment plan calls for the construction of 4,850 kilometers of 400 kilovolt (kV) transmission lines to enable the nation to transition to greener energy sources and achieve carbon neutrality by 2050. (to the source ) ??

Iberdrola to invest in grid electrification. Iberdrola intends to spend heavily on electrification, promising to recruit 10,000 workers and invest €41 billion in renewable energy and its network between 2024 and 2026. The Executive Chairman of Iberdrola thinks that the electrification of energy is a trend that will grow exponentially in the coming years. This strategy will promote decarbonisation, increase energy security, and lessen the volatility associated with fossil fuels. (to the source ) ????

Glencore pledges more serious reduction targets. A new climate objective for the corporation is to cut Scope 1, 2, and 3 industrial CO2e emissions by 25% by 2030, compared to 2019, as part of Glencore's second Climate Action Transition Plan for 2024 to 2026. The business advanced its climate ambitions in 2021 when it bought shares in Cerrejón. New interim targets included a 50% absolute reduction in emissions by 2035 across Scopes 1-3. (to the source ) ??

Oracle promises better sustainability reporting with new AI-based product. The new solution will support companies in measuring, monitoring, tracking, and complying with data often gathered from several locations and business divisions, suppliers, and business partners. Oracle said that the new solution uses Oracle workflow processes and tools for data tracking and sharing, in addition to leveraging AI and machine learning to more efficiently gather, track, and extract insights from the data and avoid cumbersome, inefficient, and error-prone analysis compiled manually in spreadsheets. (to the source ) ??

BNPs new fund supports decarbonization. BNP Paribas introduced the BNP Paribas Global Net Zero Transition Equity fund to give investors exposure to a decarbonization and sustainable investment-focused strategy with sector, geographic, and market cap diversity. BNP claims that the new fund will target a high-conviction portfolio chosen from over 1,000 global companies focusing on achieving net zero, including both "adopters" and "solution providers" contributing to the reduction of global emissions. (to the source ) ????

Tokyo Gas to use innovative energy solutions towards decarbonization. The largest city gas provider in Japan stated on Friday that it plans to use renewable energy sources including floating offshore wind power and novel fuels like hydrogen and e-methane to reach 50% carbon neutrality by 2040. Additionally, it intends to convert thermal power facilities to using hydrogen. (to the source ) ????

Oil and gas industry united against decarbonization. Leading oil and gas firms in the world have mocked attempts to shift away from fossil fuels, claiming that the shift to renewable energy is happening at an "unrealistic pace and visibly failing." The oil executives criticized calls for a swift phase-out of fossil fuels, despite the industry, governments, and scientists all widely acknowledging that drastic cuts to planet-heating emissions are necessary to prevent the worst effects of the climate crisis. The head of Saudi Aramco, the biggest oil corporation in the world, stated, "We should give up on the idea of gradually eliminating petrol and oil and instead invest in them appropriately." (to the source ) ?????

Chile to run the first ATC station on green energy. French company Thales will build the first solar-powered air traffic control (ATC) station in Chile. Situated in the northern Atacama Desert city of Calama, the facility will be powered by 340 solar panels and adjacent energy storage devices. (to the source ) ??

Nestlé promotes agroforestry in its cocoa supply chains. To cut carbon emissions from its cocoa supply chain, Nestlé started two new initiatives that will promote agroforestry, support the regeneration of degraded areas surrounding cocoa-growing communities, and accelerate the shift to regenerative agriculture. The new initiatives, which will plant more than two million shade trees on land owned by over 20,000 farmers in Ghana and C?te d'Ivoire, are expected to remove and reduce more than 500,000 metric tonnes of carbon over 20 years. (to the source ) ??

Saudi Arabia is selling less and less oil. For the second consecutive month, Saudi Arabia's crude oil shipments decreased in January, according to figures released on Monday by the Joint Organisations figures Initiative (JODI). (to the source ) ???

Global talks.

UN weather agency issues alert. Following record temperatures and a surge in ice melt in 2023, the UN issues a "red alert" on climate change. According to the World Meteorological Organisation, 2024 has a "high probability" of breaking heat records. (to the source ) ??????

Bat habitat loss should alarm food and drink producers. Bats pollinate a variety of goods and beverages, including coffee, tomatoes, maize, bananas, mangoes, walnuts, chocolate, and tequila. Loss of habitat is a global issue affecting many species. This may involve the loss of their feeding grounds or disturbance of their roosting grounds. Threats include weather changes due to the climate crisis as well as diseases such as white-nose syndrome, a fungal disease that has wiped out bat populations in North America. (to the source ) ?????

Climate change to make chocolate prices skyrocket. Due to agricultural damage caused by climate change in West Africa, the price of cocoa has skyrocketed in recent years. The recent heatwave in February has added to the pressure. According to research, in a future where climate change does not exist, heat waves like this one would occur less frequently than once every century. Unfortunately, this was a once-in-a-decade occurrence, with the previous four years seeing an average global warming of 1.2C. According to the experts, these heatwaves will happen every other year if emissions from burning fossil fuels are not quickly decreased and global temperatures climb to 2C over pre-industrial levels. (to the source ) ?????

Robusta might win over Arabica in the climate change race. Arabica beans can only tolerate temperatures of 15 to 20 degrees Celsius, while Robusta beans can tolerate temperatures of 22 to 30 degrees Celsius. Additionally, Robusta is more resistant to illnesses, fungus, and insects. Studies suggest that by 2050, up to 50% of the current Arabica growing area might not be suitable for cultivation. Robusta will need to be planted in new locations and provide the global coffee industry with a higher-quality product. (to the source ) ???

Koalas continue to be endangered. In 2019 and 2020, black summer bushfires destroyed almost 10% of the koala's habitat in Australia. As logging and land clearance continue to fragment the koala's habitat in 2022, the government upgraded the species' protection category to endangered. According to new estimates, there was a 50% decline in koala populations in Queensland, New South Wales, and the Australian Capital Territory between 2001 and 2021. (to the source ) ??

Bengaluru is drying up. Bengaluru, where many software companies are located, has been an exceptionally hot February and March, and locals claim they are dealing with the biggest water shortage in decades. In April and May, when the summer heat is at its highest in a city with? 13 million inhabitants, water experts worry the worst is yet to come. Water prices are skyrocketing and the supply is rapidly running out due to the critically low water levels, especially in impoverished communities. (to the source ) ?????

UN assessment concludes clean water is crucial for fostering peace. According to the UN World Water Development Report 2024 released recently, 3.5 billion people lack access to properly managed sanitation systems and 2.2 billion people lack access to clean drinking water globally.? The growing water shortage worldwide is escalating conflicts and contributing to instability. (to the source ) ??

Villages in Papua New Guinea endangered by extreme rainfall. As per the 2022 World Risk Index, Papua New Guinea is the 16th most vulnerable country globally to natural catastrophes and climate change. Heavy rains, landslips, flooded rivers, and other natural disasters devastated Papua New Guinea, killing at least 23 people. Residents have since discussed potential relocation due to king tides brought on by climate change as well as the increasing sea level that had previously endangered the settlement. (to the source ) ???

Extreme cold is threatening Mongolia. Around 4.7 million livestock animals have already perished as a result of the extreme cold that Mongolian herders have to endure. This has led to an emergency call for aid from the Red Cross. Due to extreme cold and heavy snow and ice this year, at least 2,250 herder households have lost more than 70% of their cattle, and the Red Cross predicts that many more animals won't be able to survive the next few weeks. (to the source ) ???

Rio de Janeiro reaches a record 62.3°C. According to meteorological officials, Rio de Janeiro's heat index reached 62.3 degrees Celsius, the hottest in a decade, as a result of a heatwave that is suffocating Brazil and setting new records. This was the highest-ever recorded value since Alerta Rio started measuring such data in 2014. (to the source ) ??????

What are your takeaways for the week? What caught your eye??