Sustt: Chemical crash, water demand, diversity & performance, net-zero act, biodiversity engagement
Forever chemicals: the Ohio train crash that will never be forgotten
By Nicola Watts
What’s happening? The US Environmental Protection Agency (EPA) has told rail company Norfolk Southern to temporarily halt shipments of contaminated waste from the site of a train crash in East Palestine, Ohio. The move is due to concerns that dangerous chemicals could be released into the environment further afield after it was revealed that hazardous waste disposal facilities near Houston and Detroit were planning to take most of the contaminated water and soil from the crash site. The train operator had been solely responsible for the removing the waste, but this will now be subject to EPA review and approval. (The Guardian)
Why does this matter??The train, which derailed on 3 February, was carrying vinyl chloride to produce PVC plastic. Tests conducted by the EPA have found that chemicals in the soil and water around the crash site include vinyl chloride, benzene, phosphene, volatile organic compounds (VOC), and particulate matter. Independent experts suggest it is likely that dioxins, polycyclic aromatic hydrocarbons (PAHs) and per-and polyfluoroalkyl (PFAS) are also likely to be contaminating the site, alongside other similar dangerous compounds.
Questionable disposable of toxic substances – It was revealed that Norfolk Southern had been sending contaminated soil from around the crash site to a?nearby incinerator?that has historically violated clean air violations. Incinerating soil is particularly risky as some contaminants, such as PFAS and dioxins, either cannot be incinerated or are not easy to incinerate.
Additionally, around 1.5 million gallons of contaminated water have been?sent?to a facility near Houston, where it will be injected into wells deep inside the Earth's crust. These wells can leak waste into groundwater and could cause earthquakes. Some contaminated soil has also been sent to a landfill site in Michigan, which has been known to discharge PFAS into public sewers.
Health risks from PFAS – PFAS, also known as "forever chemicals" as they do not breakdown easily over time, are a particular?health concern, with two types – perfluorooctanoic Acid (PFOA) and perfluorooctane sulfonate (PFOS) – having been linked to certain cancers, liver, kidney and thyroid disease, gestational hypertension, and reproductive and developmental problems, among other conditions.
PFAS detected at high levels across Europe – Research conducted across around 17,000 sites across the UK and Europe?detected?PFAS at concentrations of over 1,000 ng/l of water at 650 sites, and above 10,000 ng/l at another 300. Meanwhile, a study by the Environmental Working Group (EWG) found that wild-caught US freshwater fish are?far more contaminated?with PFOS than those caught in oceans, with the highest levels found in fish from the Great Lakes. Eating a single portion could be the equivalent of ingesting highly contaminated water every day for a month.
Investors pressure chemical firms – A group of 47 investors managing $8tn in assets, including Aviva Investors and Storebrand Asset Management, have?written?to 54 of the world's major chemical companies urging them to phase out the production of PFAS. US-based manufacturer?3M?has already pledged to stop producing them by 2025, while outdoor retail brand?REI?has recently said it will ban the use of the chemicals in all textile and cookware products from its suppliers starting in autumn 2024.?
Inflation Reduction Act could worsen pollution – Some researchers and activists have?raised concerns?that several provisions of the $369bn Inflation Reduction Act – designed to provide funding for projects aiming to mitigate climate change and improve environmental health – could actually increase the amount of farm-related pollution being washed into waterways and groundwater. This is because the legislation promotes corn-fed ethanol refineries and manure-based energy production that may unintentionally raise the amount of pollution from fertilisers and faecal matter.
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Stat of the week
By 2030, global water demand will outstrip supply by 40%
The world’s water crisis, which will see demand outstrip supply by 40% by the end of the decade, is a “triple crisis” resulting from overuse, climate change and pollution, according to a landmark report from the The Global Commission on the Economics of Water. The study calls for a radical overhaul of wasteful practices in sectors including manufacturing, mining and agriculture, as well as the creation of a shared “global commons” of water. The report is the first to comprehensively examine the global water system, highlighting its importance to countries and the risks to their prosperity if it is neglected. Seven calls to action are recommended by the commission, which can be found here.?
The report's release comes just days before the UN Water Conference and World Water Day scheduled for the 22nd of March, with 2023 earmarked as the "year for commitments" on water.?
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Bite-sized insights
What else we're seeing this week ??
?? Diversity improves investment performance – Investment management teams with greater gender diversity deliver better performance, according to research by Willis Towers Watson (WTW). The consultancy said teams in the top quartile of gender diversity outperformed those in the bottom quartile by 45 basis points per year, with equity and credit strategies showing a gender diversity premium of 46 basis points and 14 basis points, respectively. WTW also collected data from 407 money managers on diversity, equity and inclusion, which revealed that 42% had measurable objectives in their policies, while 49% lacked initiatives to attract diverse senior talent.
Last year, a report from the shareholder advocacy group As You Sow and investment consultancy Whistle Stop Capital found that firms with more diverse teams at the management level perform better on several financial metrics.
?? Net-Zero Industry Act – The European Commission has announced the Net-Zero Industry Act, which aims to boost the region’s green industry. The proposed regulation is part of the European Green Deal Industrial Plan, which seeks to ensure a minimum of 40% of the EU's demand for clean tech is met domestically by 2030. The act covers strategic net-zero technologies, including solar PV, offshore wind, biomethane, battery and storage, electrolysers and fuel cells, battery storage, heat pumps and geothermal energy, and carbon carpture and storage. While nuclear energy has not been formally included in the list of strategic technologies, it is included elsewhere as an advanced form of nuclear energy with minimal fuel-cycle waste.
?? Asset managers lag on biodiversity engagement – Asset managers lack biodiversity voting and engagement policies, according to the second half of ShareAction’s annual Point of No Returns report. The report, which looks at responsible investment governance and stewardship practices of 77 of the largest global asset managers found that 62% of asset managers did not have any policy on biodiversity. The report also found that 46% of European asset managers have a biodiversity voting policy in comparison to 32% in the US.
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