Corporates raising the bar on Climate Action, as 150+ companies take the top spot on CDP’s Environmental A List
CDP, the global environmental disclosure platform, has published analysis on environmental disclosures of 1,073 responding companies today. The CDP A list names those that are recognised as pioneers taking action on climate change, water and deforestation. Companies gaining an A-grade include Diageo, L’Oreal and Sony Corporation. Responding companies are reported to be closing the emissions gap with, with current targets taking the sample 31% of the way to a 2-degree world, up from 25% in 2016. In line with this, 14% companies have committed to the Science Based Targets initiative, with a further 30% anticipating setting science based targets within two years. (Business Wire)
Governance
Nicaragua to join Paris climate accord, leaving US and Syria isolated
Nicaragua is set to join the Paris climate agreement, according to an official statement and comments from the country’s vice-president, Rosario Murillo. The Paris accord, agreed by nearly 200 countries two years ago, seeks to limit planetary warming by curbing global emissions of carbon dioxide and other gases that scientists believe drive global warming. Murillo stated that the Paris agreement is “the only instrument we have in the world that allows the unity of intentions and efforts to face up to climate change and natural disasters.” This will leave the United States and Syria as the only countries outside of the global pact. The island country of Fiji will preside over the next round of UN climate talks, from 6-17 November in Bonn, Germany, where environment ministers from around the world will work on a set of international guidelines for the Paris accord. (The Guardian)
Energy
Clean energy investments worth $500m over 5 years set to create 400 jobs
The Singapore Economic Development Board has secured six clean energy investments worth $500 million over the next five years. Dr Koh Poh Koon, Senior Minister of State for Trade and Industry, announced at the Asia Clean Energy Summit 2017 that the investments made by six firms with collectively create 400 jobs. Chinese company, Envision Energy, will set up its global digital energy hub in Singapore, whilst German-based VDE Renewables will invest $20million in setting up an energy storage testing and certification lab. Narada will set up its regional Energy Storage Solution Centre of Excellence in Singapore to develop co-innovation opportunities with companies here. (Straits Times)
SSE and Drax call for UK to ensure ‘robust and strong’ carbon price
The UK government has faced calls to clarify the future of the UK’s carbon price floor, with energy giants SSE and Drax both urging the treasury to deliver a “robust and strong carbon price” in next month’s budget. Both companies have plans to develop new low carbon gas-fired capacity, which will be impacted by the future carbon price. This comes after an Aurora Energy Researchreport found that if the government keeps the carbon price floor at current levels past 2021, coal-fired plants could come back online. The calls for an increase in the UK’s carbon price come after EU carbon prices have climbed 75% in recent months to around €8 a tonne. However, the UK carbon price floor remains much higher, at £18 a tonne. This has so far resulted in the government providing significant compensation packages to energy intensive industries who fear that the impact on power prices has undermined their international competitiveness. (Business Green)
Waste
New initiative brings Australia a step closer to zero food waste
The Love Waste Collective, a start-up launched last week, aims to be Australia’s first “zero waste” food business, helping the catering and hospitality industries end food waste. The Australian government announced in April this year that it plans to slash food waste by half by 2030 and is putting together a National Food Waste Strategy to address the issue. In Australia, the federal government estimates that Australians generate more than 361kg of waste per person every year. This costs households A$8 billion annually, and causes 6.8 million tonnes of greenhouse gas emissions as food waste rots in landfills. When it comes to scaling up the zero food waste culture, Love Waste Collective’s co-founder, Georgia Sheil, said that the company wants to work with large food, hospitality, and retail groups in Australia, “because any change they make is going to have a larger, systemic effect”. (Eco Business)
COMMENTS