Green Top 10 – August 2024

1- COP16 – What Should Business Leaders Expect?

COP16, held in Colombia from October 21 to November 1, will focus on implementing the Global Biodiversity Framework adopted at COP15, with the aim of protecting 30% of land and sea areas by 2030. Business leaders are expected to engage in discussions on how to align corporate strategies with global biodiversity goals, especially in relation to new reporting requirements and nature-positive transitions. Significant attention will also be given to Indigenous Peoples’ knowledge and collaboration in conservation efforts. The conference represents a critical moment for advancing both biodiversity protection and climate action, with businesses playing a key role in driving change and influencing policy.

Source: Forbes

2- How Big Tech is quietly trying to reshape how pollution is reported

Amazon, often lauded as a green business leader for hitting its 100% renewable energy goal ahead of schedule, faces criticism for its substantial greenhouse gas emissions, particularly in the U.S., where fossil fuels dominate electricity generation. The company, along with other tech giants like Meta and Google, is involved in shaping the Greenhouse Gas Protocol’s rules on emissions reporting. A debate has emerged between two approaches: Amazon and Meta advocate for flexible use of renewable energy certificates (RECs), potentially obscuring true emissions, while Google supports a stricter method requiring RECs to match the time and location of energy consumption. The outcome of this rule-making process could significantly impact how Big Tech companies report their environmental impact as they continue to expand energy-intensive operations like data centers.

Source: FT

3- What If Plastic Bags Are Deemed Recyclable?

The plastics industry, including companies like ExxonMobil, is lobbying the Federal Trade Commission (FTC) to allow labeling plastic bags and materials as “recyclable,” despite the fact that most plastics end up in landfills or incinerated. Their argument hinges on the possibility of recycling, even if it’s not widely practiced, which has raised concerns among environmentalists. The revision of the FTC’s Green Guides, which set standards for what can be labeled as “recyclable,” is crucial as it could influence state regulations and company practices, particularly in states like California that are pushing for more sustainable materials. Critics argue that allowing such labels could undermine efforts to reduce plastic use and promote genuinely recyclable or compostable alternatives.

Source: Forbes

4- SpaceX repeatedly polluted waters in Texas this year, regulators found

SpaceX has been cited for multiple violations of environmental regulations in Texas, particularly for discharging pollutants into nearby waters without proper permits, according to notices from the Texas Commission on Environmental Quality (TCEQ) and the Environmental Protection Agency (EPA). The violations are linked to SpaceX’s use of an unauthorized water deluge system at its Starbase launch facility in Boca Chica. Despite these infractions, SpaceX has continued its launch operations, which could delay future approvals and lead to further legal action. Environmental concerns include potential high levels of mercury and other pollutants in the wastewater, raising alarms about the impact on local ecosystems. SpaceX has acknowledged some issues but insists that its operations are not harmful to the environment.

Source: CNBC

5- ‘The dumbest climate conversation of all time’: experts on the Musk-Trump interview

During a discussion labeled by climate activists as “the dumbest climate conversation of all time,” Donald Trump and Elon Musk made several misleading and factually incorrect claims about the climate crisis. Trump downplayed the urgency of moving away from fossil fuels and even suggested that rising sea levels could create “more oceanfront property,” ignoring the severe consequences of climate change. Musk echoed this sentiment by stating that there was no immediate need to cut carbon emissions and that fossil fuels shouldn’t be vilified, despite overwhelming scientific evidence showing the urgent need for action to prevent catastrophic impacts. Their statements were met with strong criticism from climate scientists and activists, who highlighted the dangers of such misinformation, especially given the critical state of the climate crisis.

Source: The Guardian

6- 3 Ways Managers Can Help Employees Tackle Eco-Anxiety

As climate change intensifies, employees are increasingly experiencing eco-anxiety, which can harm their well-being and productivity. Companies often overlook this by focusing solely on external compliance, missing an opportunity to engage their workforce. Educating employees about positive climate actions and involving them in the company’s sustainability initiatives can turn anxiety into proactive engagement. Supporting employee-led green projects fosters a sense of community and empowers them to contribute meaningfully. By addressing eco-anxiety, organizations can transform it into a driving force for sustainability and positive change.

Source: Forbes

7- How Close Are the Planet’s Climate Tipping Points?

The planet is approaching several critical climate tipping points that could lead to irreversible changes in natural systems. These include the mass death of coral reefs, the abrupt thawing of permafrost, and the collapse of major ice sheets in Greenland and West Antarctica. Other potential tipping points involve the loss of the Amazon rainforest and the shutdown of crucial Atlantic ocean currents. While predicting the exact timing of these events is challenging, continued carbon emissions significantly increase the likelihood of triggering these catastrophic shifts, making immediate climate action essential.

Source: NY Times

8- How corporates can catalyse the global energy transition

To stay on the 1.5°C pathway of the Paris Agreement, global investment in renewable energy must quadruple, but investment has been concentrated in a few advanced economies. Corporations are increasingly playing a vital role, particularly through Power Purchase Agreements (PPAs), but the current rules limit their impact by requiring renewables to be sourced within the same market boundary. A study by Amazon and Baringa suggests that relaxing these boundaries and prioritizing emissions impact could significantly accelerate global decarbonization, especially in coal-dependent regions. This approach could drive $85 billion of investment into developing economies by 2040, offering a cheaper and more equitable energy transition.

Source: Emissionsfirst

9- Where (and How) Americans Are Taking Advantage of Clean Energy Tax Credits

Last year, Americans claimed over $8 billion in climate-friendly tax credits under the Inflation Reduction Act, far exceeding initial projections. The majority of the credits, more than $6 billion, were used by households to install renewable energy systems like rooftop solar panels, particularly in sunny states. The credits also supported energy efficiency improvements, with a significant uptake in the Northeast and Midwest. While the credits have benefited a range of income levels, they still disproportionately favored wealthier households due to the upfront costs and tax filing requirements. Rebates aimed at lower-income households have been slower to roll out, with only a few states having started their programs.

Source: NY Times

10- EU Commission Publishes CSRD FAQ to Help Companies Implement New Sustainability Reporting Rules

The European Commission has released a new set of frequently asked questions (FAQs) to assist companies and auditors in implementing the sustainability reporting requirements of the EU’s Corporate Sustainability Reporting Directive (CSRD). This directive, an update to the previous Non-Financial Reporting Directive (NFRD), significantly expands the number of companies required to report on sustainability, increasing from around 12,000 to over 50,000. The first reports under the CSRD are due in 2025, based on the 2024 financial year, starting with large public-interest companies. The FAQs aim to reduce the administrative burden on companies, offering clarity on key topics like reporting scope, compliance dates, and auditing requirements. Commissioner Mairead McGuinness emphasized the EU’s commitment to ensuring these tools are both usable and effective while minimizing administrative complexity for businesses.

Source: ESG Today