Green Top 10 – September 2024

1- 6 Things To Be Excited About At NYC Climate Week 2024

NYC Climate Week 2024 is shaping up to be a pivotal event, bringing together global leaders and industries to address pressing climate issues. The event will feature a hybrid format, allowing greater participation from communities worldwide, including those in developing nations. Key highlights include the involvement of the fashion and entertainment industries in sustainability discussions, alongside a focus on how technology, especially AI, can aid decarbonization efforts. Youth activists will play a prominent role, leading rallies and sessions, while the inclusion of FEMA and the EPA emphasizes the connection between climate resilience and public safety. The event promises over 600 activities, aiming to foster interdisciplinary collaboration and drive tangible climate solutions.

Source: Forbes

2- Sustainability Leaders Making A Difference In Their Communities

For the first time, Forbes is recognizing 50 leaders across various sectors who are making significant contributions in the fight against climate change. These individuals, ranging from entrepreneurs to scientists and activists, are selected for their tangible and scalable impacts, with no room for greenwashing. Notable honorees include Gaurab Chakrabarti of Solugen, who is creating sustainable chemicals, and Nemonte Nenquimo, who defends indigenous land rights in the Amazon. The list was vetted by a panel of climate experts, emphasizing the urgent need for innovation and bold action in addressing the climate crisis. This initiative highlights real-world solutions that demonstrate leadership in sustainability and climate resilience.

Source: Forbes

3- World’s largest banks to pledge support for nuclear power

Fourteen of the world’s largest financial institutions, including Bank of America, Citi, and Goldman Sachs, are set to pledge support for nuclear power, aiming to help meet the COP28 goal of tripling global nuclear capacity by 2050. This support is crucial due to the high costs associated with financing new nuclear projects. The growing electricity demand from tech giants like Microsoft and Amazon, driven by the expansion of data centers, has fueled increased interest in nuclear power as a clean energy source. In a notable deal, Microsoft has signed a power purchase agreement (PPA) with Constellation Energy, leading to the reopening of Pennsylvania’s Three Mile Island Unit 1 to supply carbon-free energy for its data centers. This financial and corporate backing signals nuclear power’s growing role in decarbonization efforts.

Source: Power Engineering

4- Wealthy families already know they must look beyond ESG to their ‘legacy’

The UK government is set to introduce regulations for ESG rating agencies next year, requiring them to be overseen by the Financial Conduct Authority. This move aims to bring transparency to the often confusing world of ESG investments. However, challenges remain, as ESG ratings are subjective, differ between agencies, and do not predict financial health like credit ratings. Additionally, ESG ratings primarily cover public markets, leaving the growing private debt market unaddressed. Despite these limitations, wealthy investors are increasingly focused on the tangible impact of their investments, integrating sustainability into their overall portfolios rather than relying solely on ESG labels.

Source: FT

5- Meet 2024’s climate innovators under 35

MIT Technology Review’s latest list of 35 Innovators Under 35 highlights promising breakthroughs in climate and energy technology. Some notable innovators are focusing on making energy more reliable, like Tim Latimer of Fervo Energy, who is developing geothermal systems to provide consistent, carbon-free power, and Andrew Ponec of Antora Energy, working on thermal energy storage. Others are tackling carbon removal, including Noah McQueen of Heirloom Carbon Technologies, which enhances mineral-based carbon capture, and Claire Nelson of Cella Mineral Storage, focused on storing captured CO2 underground. Innovators like Julia Carpenter are also advancing materials science, while Cody Finke of Brimstone is reimagining cement production to drastically cut emissions. These innovators represent key steps forward in addressing the challenges of climate change, from energy storage to carbon capture and sustainable materials.

Source: MIT Technology Review

6- The world successfully tackled a dangerous pollutant. But did it accidentally warm the planet in the process?

The 2020 International Maritime Organization (IMO) regulations, which drastically reduced sulfur pollution from ships, have sparked debate about their unintended effects on global warming. While the reduction in sulfur emissions is projected to prevent around 30,000 premature deaths annually, it has also reduced the formation of reflective “ship track” clouds, which previously helped cool the planet by reflecting sunlight. Some scientists, like James Hansen, argue that this reduction in cooling pollutants is contributing to an acceleration in global warming, though experts like Piers Forster suggest the overall warming impact may be minor. Despite these concerns, scientists emphasize that cutting air pollution remains essential for saving lives and must be paired with reductions in carbon emissions to effectively combat climate change.

Source: CNN

7- LEGO Group Increases Renewable Content in Bricks by 83% in 2024

The LEGO Group announced significant progress in its shift towards sustainable materials, reporting an 83% increase in renewable content in its bricks during the first half of 2024. The company achieved 22% renewable sources in its raw materials, with 30% of its resin now sourced under a “mass balance” approach. This method combines virgin fossil inputs with renewable or recycled sources, helping LEGO transition away from fossil-based plastics. Despite discontinuing plans for rPET-based bricks, LEGO remains committed to its sustainability goals, aiming for net-zero emissions by 2050 and a 37% reduction in carbon emissions by 2032. The company sees the mass balance approach as a temporary step towards fully renewable materials while driving demand for sustainable resources.

Source: ESG Today

8- New legal frameworks for greenwashing mean brands must get their messaging right

After decades of growing concern, major jurisdictions like the EU, UK, and USA are now implementing legal frameworks to tackle greenwashing—companies making misleading claims about their environmental impact. These frameworks include the EU’s Green Claims Directive, the UK’s Green Claims Code, and the USA’s Green Guides, which share common goals: ensuring that environmental claims are clear, truthful, and substantiated. The UK’s Green Claims Code outlines six key principles for companies, such as ensuring claims are accurate, unambiguous, and based on the product’s full life cycle. While greenwashing—using vague terms like “eco-friendly”—is now under scrutiny, the opposite issue, “greenhushing,” where companies go silent on their sustainability progress, is equally problematic. To encourage consumer trust and informed decision-making, businesses must communicate transparently about their sustainability efforts without exaggeration or omission.

Source: TheDrum

9- Sustainability Takes Center Stage at the 2024 Munich Oktoberfest

Oktoberfest 2024 is blending tradition with sustainability, showcasing how iconic events can minimize environmental impact. This year’s festival continues its eco-friendly evolution, featuring reusable beer steins, composting food waste, and using renewable energy sources like solar and biogas. The festival has seen waste reduction from 247 tons in 2008 to just 88 tons in 2022. Additionally, more food vendors are offering organic, locally sourced, vegetarian, and vegan options, while beer halls aim for climate neutrality within five years. Oktoberfest’s efforts highlight a growing trend of cultural events embracing sustainability without losing their traditional charm.

Source: E+E Leader

10- Tech Firms Are Keeping Users In The Dark On AI’s Climate Costs

The increasing demand for AI technologies, like those from Google and OpenAI, is raising concerns about the environmental impact due to their high electricity and water usage. While AI queries consume much more energy than traditional searches, transparency around the exact environmental costs remains limited. Experts call for clearer disclosures to users about the resources AI platforms consume, given that even renewable energy is not unlimited. Meanwhile, Tesla CEO Elon Musk’s 2006 “Secret Master Plan,” which championed electric vehicles as part of a clean energy transition, has disappeared from Tesla’s blog. Musk’s recent comments suggest a shift towards more moderate views on climate change and the oil and gas industries. In another development, Amy Davis, president of Cummins’ cleantech arm Accelera, discusses the potential of hybrid heavy-duty trucks to reduce emissions while battery and hydrogen infrastructure continue to develop. These hybrids could provide significant greenhouse gas reductions while preparing the way for future electrification.

Source: Forbes