CLIMATE CHANGE

UNEP: World on track for up to 2.6°C temperature rise by 2100

Climate pledges made by countries worldwide put the world on track for a temperature rise of between 2.4°C and 2.6°C by 2100, the UN Environment Programme has forecast. The latest analysis of the targets announced by 194 countries, accounting for more than 90% of all greenhouse gases, said there was “no credible pathway to 1.5°C in place”. Although countries pledged at the COP26 UN climate summit in 2021 to strengthen their 2030 emissions targets by the end of 2022, few countries have done so. Updated targets in 2022 would shave less than 1% off projected 2030 emissions – a far cry from the 45% fall required to limit global warming to 1.5°C. The UN’s forecast comes less than two weeks before the COP27 climate summit in Egypt. (Financial Times)*

TECHNOLOGY & INNOVATION

BMW revs up plan for EV charging stations in UK's national parks

Automotive company BMW has announced plans to install electric vehicle charging sites across the UK’s National Parks. A three-year partnership with National Parks UK and BMW will see the carmaker install Pod Point recharging posts in all 15 of the UK's national parks. BMW said the tie-up would offer drivers of the lowest emitting and quietest vehicles better access to rural locations, noting that existing charge points in National Parks are limited despite 90% of the 100 million visits each year being made by car. The first recharging stations are already being installed under the partnership in the Lake District. Funds from a ‘Recharge in Nature Fund’ that is being established as part of the partnership will be distributed to projects that promote sustainable tourism, enhance wellbeing, and restore biodiversity. (Business Green)*

ENERGY

Profits at world’s 7 biggest oil firms soar to almost £150bn this year

Profits at the world’s biggest oil companies have soared to nearly £150 billion so far for 2022 as Russia’s war on Ukraine pushed up energy prices, according to estimates. Shell and TotalEnergies reported profits for the first nine months of 2022 of $59 billion. Chevron and ExxonMobil are expected to report year-to-date earnings approaching $70 billion, while BP could break the $20 billion mark. The cumulative takings for the seven biggest private sector oil drillers during the first nine months of 2022 could hit $173 billion, according to S&P Global Market Intelligence. Earnings have surged due to energy price increases following Russia’s invasion of Ukraine. The financial updates have put into question the effectiveness of current windfall taxes, with Shell saying it would pay nothing under the UK’s levy. (The Guardian)

DEFORESTATION

Investors set deforestation and equality targets for farming assets

A coalition of investors overseeing more than $113 billion of business volume in the agriculture sector have set time-bound targets covering zero deforestation, carbon removal and gender equality. The Good Food Finance Network’s High Ambition Group features 11 influential investor institutions and has unveiled a tranche of ESG targets. The network is convened by UNEP, WBCSD, EAT Foundation, Food Systems for the Future and FAIRR. Seven of the group’s members published new targets on areas including zero deforestation, carbon removal and gender equality. The financial firms are Rabobank, Nuveen Natural Capital, Signature Agri Investments, Global Environment Facility, Phatisa, Yara and FIRA. Rabobank will deliver a programme targeting the sequestration of 150 megatons of CO₂ per year by 2030. Meanwhile, FIRA will aim to grow its $350 million climate adaptation portfolio by 5% year-on-year from 2023. (edie)

DIVERSITY & INCLUSION

Report: black women found to be missing from UK tech industry

Up to 20,000 black women are "missing" from the tech industry in the UK, according to a joint report by campaigners and a representative body. Analysis from campaign group Coding Black Females (CBF) says the proportion of black women in IT is two-and-a-half times smaller than that of the UK workforce as a whole. Examining data from the Office of National Statistics, the authors of the report found that black women made up 1.8% of the UK workforce but only 0.7% of those working in technology. An extra 20,000 black women would need to be recruited in addition to the 12,000 already working in IT to fill the gap. Women are also under-represented in senior leadership roles, it said. In 2021, just 17% of IT directors were female. (BBC News)

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