In the Headlines - September 2023
Sustainable Square
An ESG, Sustainability, Climate Change, Social Impact Advisory and Techology Firm
1.
EU TO BAN MISLEADING GREENWASHING CLAIMS BY 2026
The European Union has agreed upon stringent anti-greenwashing rules to take effect in 2026. The rules will ban sweeping ‘climate neutral’ claims and emissions offsetting as a basis for marketing products as eco-friendly.
The rules will ban broad environmental assertions like ‘green’, ‘nature friendly’, ‘energy efficient’, ‘biodegradable’ and ‘climate neutral’ unless companies can substantiate their claims and have them endorsed by approved sustainability schemes .
The use of emissions offsetting as a basis for carbon neutral or eco-friendly product claims will also be prohibited, a move that is bound to have implications for carbon trading schemes. The tight regulation of public-facing green claims is part of the EU’s intention to transform it’s economy towards achieving net-zero emissions by 2050.
The law will be rolled out in 2026 after receiving final approval from the European Parliament and the Council. Member states have two years to incorporate the new rules into their laws.
2.
GRI LAUNCHES REPORT ANALYSING GLOBAL TRENDS IN ESG DISCLOSURE POLICIES
Disclosure policies are the most compelling instruments to drive change in corporate behaviour, according to the Global Reporting Initiative (GRI) Carrots & Sticks report 2023.
Launched in 2006, the report analyses data from the world’s most comprehensive #ESG and #sustainability policy database and document repository, and the 2023 report covers 2,463 policies from 132 countries and 76 international and regional organizations from 1897 to date.
The report highlights that currently, 45% of disclosure policies are mandatory while 55% are voluntary. Also, specific SDGs dominate ESG reports, namey: SDG 8: Decent work and economic growth receives the most explicit mentions, SDG 12: Responsible consumption and production and SDG 3: Good health and well-being, with the latter being attributed to COVID-1 pandemic.
According to the report, the most targeted business sector is ‘management of companies’ which includes holding companies and management offices, followed by ‘finance and insurance,’ which covers banking, fund management, insurance, and the financial market infrastructure.
There is also a clear dominance of the environmental (‘E’), aspect of ESG, followed by social (‘S’), and then governance (‘G’).
The report is useful for highlighting the relationship between the public and the private sector and the roles of each in driving the ESG reporting agenda.
3.
COP28 LAUNCHES ENERGY TRANSITION CHANGEMAKERS INITIATIVE
The #COP28 Presidency has launched the Energy Transition Changemakers (ETC) initiative for private sector players who are implementing innovative and scalable decarbonization projects around the world.
This is a part of the COP28 Action Agenda to fast-track a just energy transition and will encourage private companies to bring their practical solutions that can be broadened and scaled up to decarbonize the global economy.
Companies of any size worldwide are welcome to apply on the COP28 website by October 9th, 2023.
Applications will be accepted across four industry categories:
Renewables, Renewables Integration, and Clean Power
Energy Efficiency
Low-Carbon Hydrogen
Heavy Emitting Sectors
4.
SIX OF THE NINE PLANETARY BOUNDARIES CROSSED
For the first time an international team of scientists at Stockholm Resilience Centre at Stockholm University has mapped out all nine boundary processes that define a safe planet for humanity.
This is the third major assessment of the planetary boundaries framework, first introduced in 2009. It is the first time that all nine boundaries have been assessed, and data shows that six are transgressed. The six are: climate change, novel entities, biosphere integrity, land system change, fresh water cange, biogeochemical flows. Three boundaries are within limits, namely; ocean acidification, stratospheric ozone depletion and atmospheric aerosol loading.
While the breaching is not an indication of catastrophy, together the boundaries mark a critical threshold for increasing risks to people and the ecosystems we are part of.
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5.
CLIMEWORKS SCALES UP CARBON CAPTURE IN THE GREAT RIFT VALLEY
Climeworks is exploring the development of a large-scale direct air capture and storage (DAC+S) project in Kenya’s section of the Great Rift Valley. This partnership with Great Carbon Valley was announced during Climate Week NYC.
The project, which will take advantage of Kenya's geological capacity and abundant low-carbon energy sources is projected to remove up to one million tons of CO₂ from the atmosphere. The two companies are already exploring safe and permanent mineralization storage.
Scientists believe extracting billions of tons of carbon dioxide (CO2) from the atmosphere annually, by using nature or technology, is the only way to meet goals set under the UN Paris climate agreement to curb climate change.
FROM SS DESK
SS NEWS
1.
SUSTAINABLE SQUARE TO SHOWCASE AI-POWERED ESG REPORTING PRODUCTS AT GITEX IMPACT
Come meet Sustainable Square at Hall 27, Stand H27-B25 at GITEX IMPACT where we will be showcasing Squarely, our AI-powered sustainability tech suite of products for ESG Reporting, from October 16th-20th at the Dubai Word Trade Centre.
We are a pioneer in the Middle East in developing world-class digital products that better ESG practices for businesses across the world.
Click the link below to:
▶ Book a Squarely demo during your visit
▶ Get in touch with us
▶ Learn more about our presence at GITEX Impact.
2.
SUSTAINABLE SQUARE CEO TO LEAD CONVERSATIONS AT GITEX
Join our CEO Monaem Ben Lellahom at GITEX IMPACT where he will be leading discussions on sustainability leadership, and the role of #artificialintelligence in #ESGreporting, at the Leaders of Impact Summit & the Impact in Action Talks stage.
3.
OUR 5th CONSECUTIVE SUSTAINABILITY REPORT FOR 2022 IS OUT
Sustainable Square is proud to release its 5th consecutive annual sustainability report. The 2022 report captures the company's performance and management, with a focus on the three core pillars of ESG: Environmental, Social, and Governance. Read to see how in 2022 we created value for all our stakeholders and put sustainability into action in a rapidly evolving business environment.
Thank you for reading The ESG Bulletin. See you soon, with the next edition of our monthly newsletter tackling the latest in global sustainability.
If you would like to get in touch with our expert consultants to find out what Sustainable Square can do for your organisation's sustainability goals, reporting and disclosure please write to us at info@sustainablesquare.com.