Sustainability Progress Report #7

First published April 19, 2024.

How is the EU managing its climate stripes?

Legend:

??? climate change

?? litigation

???? regulatory/policy changes

?? green energy

?? forests

?? education

?? water crisis

?? financing

?? waste

?? emissions

?? decarbonization

?? pollution

?? animal welfare

?? transport

?? food

?? chemicals

Regulatory talks.

More than seventy groups will urge leaders attending a European Council session in Brussels this week to establish a long-term EU fair transition fund and progressive taxation to implement the EU Green Deal. (to the source ) ??????

EU promises to use a variety of EU funding totaling €3.5 billion to safeguard the waters and advance sustainability. The money will be used for research and initiatives on marine pollution, marine protected areas, ocean and climate change, sustainable blue economies, and sustainable fisheries. (to the source and source ) ??????

A significant court decision at the European Court of Human Rights is anticipated to support ongoing litigation throughout Europe. The decision makes it clear that courts have a role to play. (to the source ) ??????

The EU Commission will file a lawsuit in the coming months unless Germany acts to address the violation of the gas law that neighbouring countries claim is impeding their attempts to diversify away from Russian energy and removes the levy or lowers it to the point where it doesn't disrupt the single market. (to the source ) ??????

Greece is the first nation in Europe to declare that bottom trawling would be prohibited in all of its national marine parks and protected areas by 2026 and 2030, respectively. As a result, one-third of marine territorial seas will be covered by marine protected zones, growing their size by 80%. (to the source ) ??????

Industry talks.

Chevron establishes a $500 million fund for renewable energy technologies. The fund hopes to make energy more accessible, dependable, and environmentally friendly for everyone. (to the source ) ????

Nestlé’s shareholders demanded that the company incorporate more healthy products in its portfolio. With 88% of the vote against, the petition was denied by the company's management and investors. (to the source ) ????

2023 was the greatest year to date for new wind energy as the worldwide wind industry constructed a record 117GW of new capacity, a 50% year-over-year growth from 2022. To reach the COP28 and 1.5C degree route objectives, the wind sector needs to almost triple its annual growth to at least 320 GW by 2030. The top 5 markets for newly installed wind turbines are Brazil, Germany, India, China, and the US. (to the source ) ????

Officials from the US and the EU are worried that China's enormous industrial capacity would drive down costs and make it impossible for their sectors to compete. Despite China's ascent in the green energy space, three new products – solar energy, batteries, and electric cars – made up just 4.5% of all shipments in 2023. As most manufacturers lack modern technology and there is no local demand, they are at the mercy of international purchasers. (to the source ) ????

Tesla intends to lay off 10% of its personnel in response to the worldwide pricing war with Chinese competitors and the slowdown in the market for zero-emission cars. In the first quarter of 2024, sales of electric vehicles worldwide increased by 21% over the previous year. However, deliveries of Tesla vehicles decreased for the first time in over four years. (to the source ) ????

According to the Association of British Insurers, weather-related claims increased by 36% in comparison to 2022 as a result of severe flooding, broken pipelines, and storm damage. (to the source ) ?????

The AI for Climate and Nature Grand Challenge was established by the Bezos Earth Fund, to provide grants of up to $100 million to promote AI-based solutions that address the loss of nature and climate change. The fund's top priorities include electricity grid optimisation, biodiversity protection, and sustainable protein production.? (to the source ) ?????

Mitsubishi is contributing to a project in Louisiana, USA, which is advancing Direct Air Capture (DAC) technology intending to find methods to dramatically cut costs and accelerate the development and commercialization of DAC. (to the source ) ????

SBTi's Board declared that no changes have been made to the current standards in response to criticism last week about expanding the use of environmental attribute certificates (EACs), such as emissions reduction credits, to help address Scope 3 emissions in its standard for corporate net zero target setting. The Board reaffirmed that evidence will guide the use of EACs for Scope 3. (to the source ) ????

An agreement that regulates the transport and storage of carbon dioxide in the North Sea region was signed by Denmark, Belgium, the Netherlands, and Sweden with Norway. Nations and investors should step up their support for the infrastructure needed to move CO2 from Europe's major industrial centres to storage facilities and establish a regional CO2 market. (to the source ) ????

Critics suggest excluding emissions from the equation when measuring a company's decarbonisation efforts, as they are a poor proxy and vanity metric. Instead, investors should focus on the capital expenditures made towards replacing outdated, coal-dependent technologies. Improvements in fuel-burning efficiency, for example, may appear positive, but they just delay the transition. (to the source ) ????

The EU Commission should determine whether or not to propose regulations introducing removal credits into the market by 2026. These credits represent the reduction of carbon emissions that can be produced by initiatives like the planting of new trees that absorb CO2 or the development of CO2 extraction technology. (to the source ) ????

During the free trade discussions with the UK, India is requesting to be excluded from the CBAM on account of being a developing country. (to the source ) ????

Following research, the Monetary Authority of Singapore (MAS), Singapore's central bank and financial regulator, declared that they would be allocating around €24 million over the following three years to support initiatives aimed at reskilling and upskilling financial services professionals to become specialists in sustainable finance and create new positions in risk and strategy domains related to sustainability. (to the source ) ????

According to research, healthier ready-to-eat meals might reduce sickness and lower EU emissions by 48 million tonnes yearly, saving consumers €2.8 billion. The extra financial advantages of hospitals spending less on patient care and companies losing less money as a result of employees taking sick days were not included in the analysis. (to the source ) ????

Germany reached a consensus on a more accommodating climate law that would require the government to specify climate protection measures starting in 2030 but also allow for some leniency to be granted to underperforming industries. The minister of transport issued a warning stating that to comply with the existing regulations his ministry would have to implement a weekend driving restriction. (to the source ) ????

Organisations that track 25 indicators of chemical pollution call on decision-makers to accelerate the production of sustainable chemicals. (to the source ) ????

Global talks.

Australia’s Great Barrier Reef has been experiencing the worst bleaching ever. Since 2016, the 2,300 km reef has had five major bleaching events, with aerial assessments illustrating the extent of the destruction. (to the source ) ?????

The most recent indication of extremely hot oceans is mass coral bleaching. For almost a year, sea-surface temperatures have been consistently above a record seasonal high.? (to the source ) ?????

Researchers mapped 1.37 million kilometres of roads through the jungle on the islands of Borneo, Sumatra, and New Guinea using Google Earth. This is three to seven times more than what is officially listed on road databases. Unofficial roads on palm oil farms and bulldozed paths through natural rainforests represent direct dangers to tropical forests as a sign of the future loss of neighbouring rainforests. (to the source ) ?????

The World Bank is aiding Kenya to issue Africa's first sustainability-linked bond by the end of this year, as the East African nation broadens its external funding sources. (to the source ) ????

The primary distributors of carbon-dense tree seeds are fruit-eating birds. However, when tree cover drops below 40%, these birds' migration patterns are impeded, potentially leading to a 38% reduction in forest biomass. (to the source ) ????

According to a Brazilian research institution, deforestation on Indigenous territory in the Amazon has decreased by 42% annually, the lowest amount in six years. (to the source ) ????

A recent analysis from consulting firm XPV and worldwide Water Intelligence (GWI) predicts that over the next ten years, investing in water security will rank among the top worldwide investment trends. (to the source ) ????

Due to a heavy rainy season, on the Indonesian island of Sulawesi, landslides caused at least 15 deaths. The disaster's damaged roadways and unfavourable weather have hindered emergency response operations. (to the source ) ????

Based on study models, the combined effects of natural climatic variability and climate change might cause the Atlantic hurricane season to extend by 27–41 days in the future. (to the source ) ?????

Due to a drought exacerbated by El Ni?o, Colombia had to stop exporting electricity to its neighbour Ecuador, which then proclaimed an energy emergency. Hydropower facilities are essential to Ecuador and Colombia's ability to supply their populations with electricity. However, the drought has caused water levels to plummet, even in electricity-generating reservoirs. (to the source ) ?????

Scientists think that global warming is the main culprit for the fatal heatwave currently affecting West Africa. A hospital in Mali reported hundreds of deaths due to high temperatures last month, with some regions exceeding 48 degrees Celsius. (to the source ) ??????

Out of the 34 nations examined, 12 fell short of their goals, with Australia, Japan, and Norway missing the most. Seven more nations, including France and Poland, met their territorial emissions targets, but with the help of international commerce that caused carbon emissions in other nations rose to fulfill domestic demand. (to the source ) ?????

Scotland's Net Zero Minister informed the Scottish Parliament that the government's main 2030 climate change aim is now unachievable. (to the source ) ?????

According to the Potsdam Institute for Climate Impact Research, during the next 25 years, climate change will cause a roughly 19% decline in global wealth. By 2049, the estimated annual cost of climate change is expected to reach $38 trillion, and by 2100, that amount may have doubled. Because of the climate crisis, average salaries are predicted to decline by about a fifth over the next 26 years. (to the source ) ?????

According to the UK-based education authority, school curricula must change to incorporate instruction on climate change and provide pupils with the information and abilities needed to address it. (to the source ) ?????

As large solar plants grow, the scrap is expected to reach 19 million tonnes by 2050. India has built 11 large solar farms and is planning to develop 39 more across 12 states by 2026. Yet, there are still no clear plans about the management of waste created from the panels, composed of glass, aluminum, silicon, rare-earth elements, inverters, and wiring. (to the source ) ????

What are your takeaways for the week? What caught your eye? What was shocking? What didn't surprise you at all?