SpeedRead Sustainability #26: Weekly Highlights

Explore the latest sustainability updates and trends in this edition, which highlights the impacts and risks of social and environmental challenges, alongside innovative solutions that benefit both people and the planet.

Top Story:

Five Key Factors Eroding Public Trust in Global Companies

GlobeScan data highlights that public distrust in global companies is fueled by profit-driven motives, lack of transparency, environmental harm, unethical labor practices, and excessive influence over governments. People believe corporations prioritize profits over ethical standards, lack honesty, and contribute to pollution while neglecting labor standards. There is also concern about their undue influence on policies. To rebuild trust, companies must embrace transparency, accountability, and sustainability, embedding these values into their core operations rather than focusing solely on public messaging.

Business Spotlight:

Zap Energy Secures $130M as Fusion Test Platform Begins Operations

Zap Energy has raised $130 million in new funding and launched Century, its first fully integrated fusion test platform, marking a significant step towards commercial fusion energy. Century demonstrates key technologies, including plasma-facing liquid metal walls, and has completed over 1,000 plasma tests in under three hours.

Bark Bank Launches Singapore’s First Canine Blood Registry

BarkBank , launched in August 2024, is Singapore’s first digital canine blood registry aimed at simplifying the process of finding blood donors for dogs during emergencies. Created by Genevieve and Hsien Jin after a personal experience, the platform centralizes donor registration and works with veterinary clinics to manage donations.

Volunteers Bring Solar Power to Aid Hurricane Helene's Disaster Zone

Following Hurricane Helene, Project Footprint is deploying solar generators and batteries to power communities in North Carolina. Volunteers are providing clean energy to critical community hubs, powering medical equipment and refrigeration for medicines. Founded in 2018, Project Footprint aims to reduce greenhouse gas emissions from emergency responses and has scaled up efforts with sustainable mobile infrastructure to aid recovery in hard-hit areas.

BrightNight Secures $440M Investment from Goldman Sachs and Expands Credit Facility

BrightNight , a renewable energy producer, has closed a $440 million strategic equity investment from Goldman Sachs Alternatives, strengthening its position in the U.S. renewable power market. The investment, along with a newly upsized $400 million corporate credit facility, will support BrightNight’s 31-gigawatt project portfolio, which includes solar, energy storage, and hybrid solutions.

Harvard Researchers Design Air Quality Sensor Inspired by Dogs’ Noses

Harvard scientists have developed an air quality sensor mimicking how dogs sniff, improving the detection of harmful volatile organic compounds (VOCs) in indoor air. The new sensor uses a biological process combined with machine learning algorithms, making it far more accurate than current devices. This technology, housed in a compact box, can differentiate between benign and harmful compounds like formaldehyde and benzene.

Volvo's Strategy for Addressing Biodiversity in Its Supply Chain

Volvo's nature strategy aims to reduce biodiversity impacts across its supply chain, using lifecycle impact assessments to prioritize actions. While most of its impacts come from fuel production and vehicle use, Volvo focuses on responsible sourcing and water management. The company emphasizes transparency, reducing hazardous substances, and setting water reduction targets.

Every Fraction of a Degree Counts: CEO Alliance Calls for Stronger Climate Action

Ahead of COP29, over 100 CEOs from the Alliance of CEO Climate Leaders urged governments to enhance collaboration on climate goals. Representing $4 trillion in revenues, the Alliance calls for ambitious Nationally Determined Contributions (NDCs), scaled-up climate finance, and streamlined policies to expedite renewable energy projects.

Meet the ‘Angel’ Helping Hollywood End Its Wasteful Ways

Earth Angel , founded by Emellie O'Brien , helps reduce the environmental impact of film productions through resource management, education, and carbon tracking. Since 2013, the company has aided productions in avoiding 29,000 metric tons of carbon emissions, donating 259,000 meals, and saving $400,000 on Sony’s The Amazing Spider-Man 2. Their sustainable initiatives include mobile clean-energy solutions and circular resource strategies, helping productions like The Whale achieve an 82% waste diversion rate.

UK Government Pledges £22 Billion for Carbon Capture Projects

The UK government has committed nearly £22 billion towards carbon capture projects in Merseyside and Teesside. The initiative aims to create thousands of jobs, attract private investment, and support the UK’s decarbonization goals. The funding will support carbon capture clusters that will store industrial emissions, helping industries like glassmaking and cement production reduce their carbon footprint.

Trends & Insights:

Wildfires Threaten Global Climate Goals, Study Warns

New research from the UK Met Office reveals that wildfires are depleting the planet's carbon storage, accelerating the climate crisis. The study identifies a critical temperature threshold of 1.34°C, where fires will cause significant shifts in tree cover and carbon storage, pushing the world closer to exceeding the 1.5°C warming target. While some regions may reach this threshold sooner, the worst impacts could be limited by reducing emissions before global temperatures hit 2.0°C.

Intensified Regulatory Scrutiny Poses New Risks for Companies

As regulatory and public scrutiny of corporate environmental claims grows, businesses must align their actions with transparent, scientifically validated sustainability commitments. While this increased focus is expected to curb greenwashing, it may also lead to greenhushing, where companies downplay or omit their sustainability efforts to avoid legal risks.

Climate Change is Draining Our Finances: Here's What You Can Do

Climate change not only affects the environment but also leads to significant financial costs globally, with damages expected to reach trillions annually by 2050. Extreme weather events, infrastructure damage, and increased energy demands contribute to these costs. However, individuals can reduce financial impacts through energy-saving practices at home, such as using efficient appliances, unplugging electronics, and investing in solar panels. Additionally, smart financial planning and sustainable investments can further mitigate long-term costs while supporting environmental goals.

Fitch warns of slow decarbonisation progress

A report by Fitch Ratings highlights that decarbonisation of the global economy is progressing far too slowly. While emissions from developed economies have fallen to their lowest since 1970, emerging markets have made little progress, with CO2 emissions rising by 4.7% last year. Despite global GDP growing by 2.9%, emissions increased by 1.8%, underscoring the gap between current efforts and the 8% annual reduction needed to meet net-zero targets by 2050.

Rare Floods in Sahara Desert After Heavy Rainfall in Morocco

South-east Morocco experienced its first floods in over 50 years after more than a year's worth of rain fell in just two days in September 2024. The downpour filled dry lake beds like Lake Iriqui and replenished dammed reservoirs at record rates. Meteorologists attribute this extreme event to an extratropical storm, which may alter weather patterns in the region. The flooding, which killed 18 people, highlights concerns about the impact of global heating on extreme weather events in the Sahara.

Canada Advances Sustainable Investment Guidelines and Climate Disclosures

The Canadian government is taking bold steps to accelerate its net-zero goals by 2050, including developing Made-in-Canada sustainable investment guidelines and mandating climate-related financial disclosures for large private companies. These measures aim to attract private capital, enhance transparency, and support investment in clean energy and decarbonization efforts.

Canada Unveils Sustainable Investment Guidelines to Boost Net-Zero Progress

The Canadian government introduced voluntary Made-in-Canada sustainable investment guidelines to support the country’s net-zero emissions goal by 2050. These guidelines, which classify "green" and "transition" investments based on scientific criteria, will help mobilize private capital for clean and decarbonization activities across key sectors such as electricity, transportation, and heavy industry.

India Commits $300 Million to City Flood Mitigation

India will invest $300 million over the next two years to mitigate flooding in cities like Mumbai, Chennai, and Bengaluru. This funding aims to build drainage systems and restore lakes and water bodies damaged by urbanization. Severe monsoons have increasingly caused urban flooding, with Mumbai experiencing over 300mm of rain in just six hours this July. The initiative will focus on stormwater drainage and nature-based solutions to improve water management and reduce flood risks in urban areas.

EU Proposes Delay to Landmark Deforestation Law Amid Industry Pressure

The European Commission has proposed delaying the implementation of its anti-deforestation regulations by one year, following pressure from businesses. The European Deforestation Regulation (EUDR), which targets commodities like cocoa, coffee, and palm oil linked to deforestation, was set to take effect this year but may now be postponed.

Capgemini's 2024 World Energy Markets Observatory Report: Paris Agreement Goals Unlikely to Be Met

Capgemini’s latest report reveals that the goals of The Paris Agreement are unlikely to be achieved, though net-zero remains attainable. The report highlights the need for faster renewable energy development, particularly in developing countries, and calls for a tripling of nuclear capacity to combat climate change. Additionally, the growing involvement of Big Tech in nuclear energy, especially through Small Modular Reactors (SMRs), is emphasized as a significant driver in the energy transition.

Hurricane Milton Causes $50bn in Damage, Says Biden

President Joe Biden announced that Hurricane Milton caused approximately $50 billion in damage. More than 1,600 people have been rescued across Florida, and over 2.2 million residents remain without power. The National Weather Service warned of ongoing flooding in Florida despite the storm having exited the state. Climate experts reported that the hurricane's impact was worsened by the climate crisis, leading to more intense rainfall and winds. Biden emphasized the need to invest in hardening the U.S. power grid.

ESG Assets Could Reach $50 Trillion Despite ‘Woke Capitalism’ Labeling

ESG investments have faced significant criticism but remain a large market, currently valued between $30 and $40 trillion globally. It could grow to $50 trillion by 2030. ESG integrates environmental, social, and governance factors into investment analysis, although it lacks the direct impact of other investment strategies like impact investing. Critics argue that ESG funds sometimes misrepresent their positive effects. However, businesses are increasingly embracing ESG as it helps them avoid risks, attract investors, and demonstrate responsibility.

WWF’s Living Planet Report Proves That Nature Is Your Business

The 2024 WWF Living Planet Report highlights a 73% decline in wildlife populations since 1970, underscoring the critical connection between biodiversity and business. With 55% of global GDP reliant on nature, companies face significant risks if ecosystems continue to degrade. Nature loss threatens essential services like pollination, fisheries, and timber production, which could reduce global GDP by $2.7 trillion by 2030.

Carbon Capture and Storage: A Key Tool in Tackling Climate Change

Carbon capture and storage (CCS) is vital in reducing CO2 emissions and limiting global temperature rise to 1.5°C. According to the IPCC, CCS is necessary to achieve net-zero targets by 2050. Projects like Norway's Longship, Europe’s first full-scale CCS project, highlight the potential of this technology. CCS involves capturing CO2 before it enters the atmosphere and storing it underground, and it is now gaining traction globally as part of broader efforts to combat the climate crisis.

Campaigns and Initiatives Roundup:

The Ordinary celebrates scientists over celebrities

In its latest campaign, skincare brand The Ordinary emphasizes its commitment to science rather than relying on celebrity endorsements. The campaign, created by Uncommon creative studio, humorously highlights the brand’s preference for scientific expertise, stating, “Someone said working with celebrities would be good for our brand. But we couldn’t find one with a degree in biochemistry.” This bold move reinforces The Ordinary’s dedication to evidence-based skincare solutions, distinguishing itself from trends driven by celebrity influence.

Michelin-starred chef opens London restaurant staffed by people in vulnerable situations

Michelin-starred chef Adam Simmonds has opened Home Kitchen, a restaurant in London’s Primrose Hill, staffed by individuals facing housing challenges. The initiative not only offers them full-time employment and training but also addresses misconceptions about homelessness and industry staff shortages. Employees receive professional qualifications and above-living-wage pay, providing them with opportunities to rebuild their lives. Simmonds emphasizes the importance of giving these individuals a platform for personal and professional growth through meaningful work.