1. Tesla got taken off the S&P 500 ESG list
S&P 500 has removed Tesla from its ESG list despite ranking remaining relatively stable over the past year. Elon Musk has stated his disappointment by calling the list a “scam” that has been “weaponized by phony social justice warriors.”
Margaret Dorn, the S&P senior director for ESG Indices North America stated in a blog post that the decision of removal is based on the reports about the poor working conditions and racial discrimination. ”
Both of these events had a negative impact on the company’s S&P DJI ESG Score at the criteria level, and subsequently its overall score. While Tesla may be playing its part in taking fuel-powered cars off the road, it has fallen behind its peers when examined through a wider ESG lens,” she stated.
2. Tech companies makes a bold climate commitment
A group known as the First Movers Coalition including big tech companies like Microsoft, Alphabet and Salesforce, announced it’ll buy everything from green steel to carbon dioxide removal in an attempt to clean up the climate.
The coalition which includes more than 50 companies with a total market cap of $8.5 trillion, stated major climate commitments including to start procuring climate-friendly products that are more expensive than their standard counterparts.
It is being anticipated that their commitments would give industries that we know we need to grow down the road the confidence that demand will be there.
3. A startup backed by Adam Neumann wants to put carbon credits on the blockchain
Flowcarbon, which counts Adam Neumann (founder of WeWork) and his wife Rebekah as co-founders, has raised $70 million and aims to sell tokenized carbon credits on the blockchain.
The company sees the blockchain as the best way to connect buyers of credits with developers of projects that create the offsets, with a focus on nature-based carbon removal efforts, such as reforestation.
4. Number of company sustainability officers triples in 2021
According to a research held with 1,640 companies across 62 countries, the number of companies appointing chief sustainability officers (CSO) jumped threefold in 2021 year-on-year, showing the increasing demand for dedication in corporate boardrooms as firms face a rising number of environmental, social and governance (ESG) challenges.
“Having a CSO on the board sends a strong signal to investors, customers and employees that sustainability is a key consideration in both strategic and operational planning,” states Carl Sizer, ESG Leader at PwC UK.
5. Climate group sues Dutch airline KLM over ‘greenwashing’ adverts
KLM’s campaign indicates that the company is on their way to reach net zero carbon emissions by 2050, however the litigans claim that they are misleading customers and thus violating european consumer law, stating that it is not possible that the aviation sector reaches net zero unless they limit the overall number of flights.
“Unchecked flying is one of the fastest ways to heat up the planet. Customers need to be informed and protected from claims that suggest otherwise.” said Hiske Arts, a campaigner at Fossielvrij NL.
source: The Guardian
6. Amazon extends position as world’s largest corporate buyer of renewable energy
The company has announced 37 new renewable energy projects totaling 3.5 GW of clean energy capacity.
“We now have 310 wind and solar projects across 19 countries, and are working hard to reach our goal of powering 100% of our business on renewable energy by 2025—five years ahead of our original target of 2030.” said Andy Jassy, CEO of Amazon.
7. Paris plans to be completely cyclable by 2026
Paris, France is investing 250 million euros ($290 million) to make the city entirely bikeable.
Under Plan Velo: Act 2, which spans from 2021 to 2026, mayor Anne Hidalgo aims to add another 130 kilometers (over 80 miles) of bike-safe pathways, in addition to the coronapistes, throughout the city.
The plan will also add more cycling facilities, transform some car parking spots into bike parking and boost maintenance measures, like snow removal and cleaning, for cycle paths.
source: World Economic Forum
8. Mazda aims to achieve carbon neutrality at its factories by 2035
Japan’s automotive company Mazda Motor Cor. announced that they will aim to achieve carbon neutrality at its factories worldwide by 2035.
The company will procure electricity from renewable sources and use carbon-neutral vehicles at its factories, among other measures, it said.
9. China says a third of electricity will come from renewables by 2025
According to the statement of the state planning agency, China will aim to ensure that its grids source about 33% of power from renewable sources by 2025, up from 28.8% in 2020.
The country which is the biggest source of climate-warming greenhouse gases, has pledged to raise total wind and solar capacity to 1,200 gigawatts by 2030, almost double the current rate, with plans to build large-scale renewable energy bases in northwestern desert regions
10. Europe has a radical new offshore wind plan
The move comes on the heels of a Europe-wide proposal to end the use of Russian oil and gas.
The North Sea is already an offshore wind-power hotspot globally. The European Union is about to take further advantage of the bountiful breeze there in an effort to meet its climate goals and end its dependence on Russian oil and gas.
If the countries are successful, they would have enough offshore wind capacity to power roughly 230 million European households.
The Russian invasion of Ukraine has added urgency to the clean energy transition in Europe, which relies heavily on imported fossil fuels.