ENERGY

British Airways to begin operating flights with sustainable aviation fuel

Commercial airline British Airways has announced that it has taken its first delivery of sustainable aviation fuel (SAF) from energy company Phillips 66. This will enable the airline to begin powering a number of flights with the fuel which can reduce lifecycle emissions by over 80% compared to traditional jet fuel. This makes British Airways the first airline in the world to start using SAF produced on a commercial scale in the UK. The announcement follows the signing of a multi-year SAF supply agreement between the two companies which will see British Airways purchase enough SAF to reduce CO2 emissions by almost 100,000 tonnes – equivalent to powering 700 net-zero flights between London and New York. The fuel is generated from sustainable waste feedstock and is supplied directly to UK airports. (ESG Today)

CYBERSECURITY

UK authority warns organisations of use of Russian antivirus software

The UK National Cyber Security Centre (NCSC) has said more organisations should reconsider the risk of using Russian technology, including anti-virus software. In a blogpost, the NCSC said that “We have no evidence that the Russian state intends to suborn Russian commercial products and services to cause damage to UK interests, but the absence of evidence is not evidence of absence”. The centre is now urging more groups to reconsider their use of Russian controlled technology including: wider public sector organisations, organisations providing services to Ukraine, organisations that if compromised could represent a PR ‘win’ for Russia, and organisations providing services related to critical infrastructure. Comparatively, German authorities have issued tougher warnings calling for Russian Kaspersky anti-virus software to be removed following the Ukraine conflict. (BBC News)

STRATEGY

Nasdaq launches world’s first indices tracking price of carbon removal

Capital markets and stock exchange company Nasdaq has announced the launch of the world’s first commodity reference price index tracking the price of removing carbon dioxide from the atmosphere. The indices will follow the price of CO2 Removal Certificates issued by carbon removal marketplace Puro.earth. The carbon credits market faces issues such as a lack of liquidity and insufficient or inconsistent data which makes it difficult to assess the effectiveness of projects. In this context, Nasdaq has stated that its index launch aims to support standardisation and transparency in the carbon removal market in order to encourage investment and support project financing decisions. A Nasdaq spokesperson said that the index launch will create a “price benchmark to help our clients better understand the true cost of neutralising their emissions”. (ESG Today)

INEQUALITY

UK sport’s governing bodies fail to make grade in landmark race report

The first index to track race representation across UK sport has led to 43% of national governing bodies being handed the lowest three available grades. The inaugural Race Representation Index, commissioned by the sport monitoring advisory panel via charity Sporting Equals, was motivated by the Black Lives Matter Movement. It aims to provide a baseline on racial diversity across the sector, allowing progress to be tracked annually. A trio of England’s biggest sporting administrators – the Football Association, the England and Wales Cricket Board and the Rugby Football Union – failed to participate. Governing bodies who participated achieved scores and grades based on their hiring practices at board, senior management, senior coaching and playing or athletic level. Just 10 of 35 national governing bodies were awarded A-C grades for race representation.(The Guardian)

SUSTAINABLE INVESTMENT

UN launches coalition for CFOs in bid to catapult sustainable investment

The UN Global Compact has launched a new initiative aimed at raising more private sector investment in schemes that further the UN Sustainable Development Goals (SDGs) objectives. Announced at the Annual Local Network Forum in Dubai, the Chief Financial Officers’ Coalition for the SDGs will now work to develop frameworks for ensuring that corporate finance is aligned with the SDG framework. Currently, the UN estimates that progress in almost every area covered by the SDGs is off-track globally. The CFO Coalition for the SDGs will see CFOs collaborating with other experts to develop principles, frameworks and recommendations for the proper integration of SDGs into corporate financial plans. It hopes to facilitate the creation of a $10 trillion market for SDG-directed private finance by 2030, up from $500 billion in 2020. (edie)

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