DEFORESTATION

Consumer goods giants plot 'forest-positive' global supply chains by 2030

A coalition of 20 consumer goods businesses, including Unilever, Mars and Nestle, has unveiled a portfolio of forest restoration schemes they will support in the next two years, as part of a commitment to become 'forest-positive' by 2030. Other corporate members include Carrefour, Sainsbury’s, Sodexo, Tesco, Walmart, Asia Pulp and Paper, Colgate-Palmolive, Essity, Danone, General Mills, Mondelez, PepsiCo, Reckitt and Procter and Gamble. All participating businesses are dependent on forest-related key commodities such as palm oil, soy, beef and paper. The portfolio of projects across Mexico, Brazil, Chile, Russia, Indonesia and Malaysia form part of a new strategy produced by members of the Consumer Goods Forum’s Forest Positive Coalition of Action with the overarching aim of delivering deforestation-free supply chains and reaching a ‘net-positive’ forest impact by 2030. (edie)

WASTE

UK supermarkets pledge to halve food environmental impact by 2030

The UK’s five biggest supermarkets Tesco, Sainsbury's, Waitrose, Co-op and M&S have committed to reducing carbon emissions, deforestation and the food waste and packaging they produce. The efforts of the ‘Retailers’ Commitment to Nature’ will be monitored by global conservation charity WWF. The companies will work together by 2030 to halve the environmental impact of supply chains and upstream activities, including deforestation and land-use conversion, marine stewardship, land stewardship, sustainable diets, food waste and packaging. The supermarkets will report annually on progress internally and publicly. Before the end of 2022, the supermarkets have also promised to set science-based targets for how they would help to limit global warming to 1.5^oC above pre-industrial temperatures. (Sky News)

STRATEGY 

Anglo American sets targets to decarbonise ocean shipping

Global mining company Anglo American has announced a series of new climate goals aimed at decarbonizing its shipping activities, including a new target to achieve carbon neutrality in its controlled ocean freight by 2040, and to slash emissions from these activities by 30% by 2030. The goals include achieving carbon neutral mining operations by 2040 and reducing Scope 3 emissions by 50% by 2040. In order to achieve its new shipping goals, the company will pursue initiatives like vessel retrofits, the use of voyage optimisation software, and support for technology development targeting the switch from conventional fuel oil to sustainable marine fuels. Anglo American is also participating in industry efforts to accelerate the development of alternative low-carbon and zero-carbon fuels, exploring biofuels, green ammonia, and hydrogen-based fuels. (ESG Today)

SUSTAINABLE INVESTMENT

Bank of England hardens climate requirements for corporate bonds

The Bank of England has published a roadmap for aligning its Corporate Bond Purchase Scheme with net zero by 2050. The bank claims the moves are conducive to a 25% reduction in the carbon intensity of the portfolio by 2025 and “full alignment” with net zero by 2050. There are some new exclusions. Companies with any coal mining activities are not eligible to have their bonds backed by the Bank. Those using thermal coal are also ineligible unless they set science-based emissions reductions pathways and have credible plans to increase renewable energy use. The extent of purchases available to any given firm will depend on its emissions intensity in-house, its climate disclosures, its decarbonisation progress to date and its future emissions reductions targets, which will not have to be science-based. (edie)

NATURAL CAPITAL

Governments commit to nature protection and expanding carbon sinks

A group of 45 governments have promised to take urgent action and mobilise increased investment to protect nature and shift to more sustainable ways of farming at the COP26 Climate Summit in Glasgow. The initiative includes plans to leverage over $4 billion of new public sector investment in agricultural innovation, including the development of climate resilient crops and regenerative solutions to improve soil health, and support for making these techniques and resources affordable and accessible to hundreds of millions of farmers. The commitment includes a pledge to support internationally agreed 'Action Agendas', which set out steps that governments, farmers, and others can take through policy reform and innovation to deliver the changes necessary for sustainable food systems. (Business Green)*

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