POLICY

China unveils new climate roadmap to hit peak GHG emissions by 2030

China has outlined a plan to hit peak greenhouse gas emissions by 2030, releasing a long-awaited blueprint just days ahead of the UN’s COP26 climate summit. China’s new roadmap follows the country’s target to achieve net zero emissions by 2060 and peak carbon emissions before 2030, and includes steps to expand hydropower and energy storage. According to China’s roadmap, from 2025 all new buildings will be built according to green standards, and by 2030 40% of new vehicles, including ships and cars, would be powered by clean energy. However, the roadmap stops short of any firm commitments to reduce reliance on coal, except for a previously announced target of capping coal use during the years 2025-2030. China has not yet updated its formal climate targets submitted to the UN. (Financial Times)*

STRATEGY

Sainsbury's brings net-zero target forward to 2035 for direct emissions

British supermarket Sainsbury's is bringing forward its net zero commitment for operational emissions from 2040 to 2035, claiming that "extensive investment and innovation" will enable more rapid decarbonisation. updated target now aims to deliver net zero Scope 1 and 2 emissions, without the use of offsetting, against a 2019 baseline by 2035. Plans for reducing operational emissions going forward include switching to 100% renewable electricity for the whole business and 100% LED lighting in stores by the end of 2021. The lighting scheme is set to reduce energy consumption across the Sainsbury's retail estate by 20%. However, Sainsbury’s said “it will need to collaborate with government, industry, suppliers and academia to share knowledge and find solutions” to deliver all of the emissions reductions needed. (edie)

DEFORESTATION 

HP increases WWF forest restoration pledge to $80 million over decade

Computer hardware company HP has extended its forest restoration partnership with global conservation charity WWF, from $11 million over a five-year period to $80 million over a decade, thereby creating the largest partnership between a US-based corporation and the NGO to date. The partnership was launched in November 2019, committing $11 million through to November 2024, to be spent on forest restoration schemes in Brazil and China, covering 200,000 acres. Now the commitment will be extended to at least November 2029 and will spend $80 million on the partnership within that timeframe, covering at least one million acres. The funding will also support WWF’s efforts to develop science-based targets for forestry and nature, building on its work in co-developing science-based targets for emissions reductions from business operations and value chains. (edie)

SUSTAINABLE AGRICULTURE

Ralph Lauren unveils US soil health & regenerative cotton programme

Luxury brand Ralph Lauren’s Corporate Foundation and the Soil Health Institute have announced a $5 million grant to launch the Institute’s U.S. Regenerative Cotton Fund (USRCF). The USRCF is a farmer-facing, science-based initiative that will support long-term sustainable cotton production in the US, with the goal of eliminating one million metric tons of CO2e from the atmosphere by 2026. The Fund will support Ralph Lauren’s goal of ensuring 100% of key materials, including cotton, will be sustainably sourced by 2025. The USRCF seeks to empower cotton farmers to adopt regenerative practices, like cover cropping and no till, and will work to unite the interests of farmers, partners, and financial supporters around soil health and  regenerative agriculture. Participating partners include Cotton Incorporated, the National Cotton Council, and Field to Market. (3BLMedia)

CLIMATE CHANGE

City broker TP ICAP launches weather index to trade climate crisis risk

The City broker TP ICAP has launched a weather data-backed index that it says will allow business risks tied to the pace of the climate crisis to be traded on financial markets for the first time. Launched in partnership with the environmental data firm Speedwell, the ICAP-Speedwell Climate Index will be underpinned by a representation of average global temperature based on statistics collected from 50 independent weather stations globally. TP ICAP expects this to allow financial firms to form a view on the rate of temperature change and build products and shape future actions to hedge the risks, that can be traded on markets. Insurers and bankers already track specific weather events, but the index is believed to be the first to track the climate crisis globally. (The Guardian)

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