Hewlett Packard becomes first IT company to set science-based targets for supply chain
Hewlett Packard Enterprise (HPE) has launched the world’s first comprehensive supply chain management program based on climate science. HPE manufacturing suppliers will be required to set their own science-based emissions reduction targets by 2025, with the aim of cutting 100 million tons of emissions, and will be provided with the tools they need to do so. The initiative is expected to result in cost savings not only for HPE, but also for suppliers and customers. Working with the CDP supply chain programme, HPE is hoping to set a new standard for the IT industry. The Science Based Targets Initiative has announced a recent surge in company commitments, corresponding with the approaching CDP deadline. Since March, 55 new companies have committed to set a science-based target, and over 90 have submitted targets for technical review. (Sustainable Brands; Science Based Targets)
Find out more: Watch a recording of Corporate Citizenship’s recent Science Based Target-setting webinar here.
Responsible Investment
UN PRI announces 10 year sustainable investing blueprint
The UN Principles for Responsible Investment (PRI) has set out its priorities for the next ten years in its recently-released Blueprint for responsible investment. The organisation’s agenda over the next decade aims to address barriers around responsible investment, unlocking value for investors and addressing sustainability challenges such as climate change. The Blueprint identifies nine priority areas for the next decade. These are: empowering asset owners; supporting investors to incorporate ESG issues in their investments; fostering a community of active owners; showcasing leadership and increasing accountability; convening and educating responsible investors; challenging barriers to a sustainable financial system; driving meaningful data throughout markets; championing climate action; and enabling real-world impact aligned with the SDGs. (UN PRI)
Banks announce world’s first investment-grade carbon pricing scheme
Members of the We Mean Business Coalition, including Barclays, Bank of America and Hermes Investment Management, have introduced the world’s first investment-grade carbon pricing system for the power sector. The announcement coincides with CDP’s new Carbon Pricing Corridors report, stating that utility companies will need to adopt a carbon price between $30-$100/tonne by 2030 to keep global warming below 2°C. The Carbon Pricing Corridor allows companies, investors and policymakers to use price ranges to calculate the risks and opportunities posed by climate change on investment decisions. Alongside the price-ranges, the initiative provides organizations with a ready-made tool to stress test their investment decisions in light of the Paris Agreement. The initiative is due to report on its initial carbon price ranges in other energy-intensive sectors over the next two years, including steel, cement, paper and pulp and aluminium. (Sustainable Brands)
Sustainable Development
Middle-management ‘disconnected’ from Sustainable Development Goals
A new study by Frost & Sullivan and GlobeScan on behalf of CSR Europe has found that while the Sustainable Development Goals (SDGs) are being embraced by business leaders and sustainability professionals, a lack of collaboration with other areas of the business is stunting progress towards the goals. The report found that 75% of business leaders viewed investments into sustainability as a competitive advantage, and 53% of top management knew the SDGs well. However, only 11% of surveyed middle management knew the SDGs well. The report claims that awareness of SDGs remains limited to top management and those in sustainability functions, while middle-management and wider employees remain “disconnected from their narrative”. Ultimately, the report calls for companies to more deeply engage with middle-management and employees to raise awareness of the SDGs to unlock business benefits and innovation. (Edie*)
Environment
L’Oreal achieves cradle to cradle certification for shampoo
French cosmetics company L’Oreal has achieved silver certification from the nonprofit Cradle to CradleProducts Innovation Institute for its Biolage R.A.W. (Real – Authentic – Wholesome) haircare line. The silver award is the third-highest of the Cradle to Cradle product certifications and is based on an evaluation of the products’ material health, material reutilisation, renewable energy and carbon management, water stewardship and social fairness. Unlike most certification programmes, in Cradle to Cradle standards, the lowest score in any quality category establishes the product’s overall score. L’Oreal’s product is 99% biodegradable, and has a high concentration of natural-origin ingredients. (PR Newswire)
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