archive2023

Non-executive directors have a vital role to play in corporate governance to ensure ESG commitments are met. With a growing expectation for companies to care for more than just their bottom line, this pressure is being directed at the top. Non-executive directors (NEDs) and board members must be more devoted to good corporate governance more than ever before, otherwise they could fall foul of shareholders, court cases and increasingly critical public, media, and national and international legislation. “For non-executive directors, whose job it is to keep executives and boards in...

There are almost 20,000 businesses currently in the net zero economy which are contributing £71bn to the UK economy according to a new report The total gross value added by businesses involved in the sustainability economy is more than twice that of the energy sector itself, finds the study by the Energy and Climate Intelligence Unit (ECIU), CBI Economics and DataCity. It also shows that 840,000 jobs are supported by businesses in the net zero economy, with an average wage of £42,600 compared to the £33,400 national average. The sustainability economy...

Food systems must be transformed to align with action on climate change and biodiversity loss, according to a new report from Chatham House. Food system transformation is critical in enabling meaningful, joined-up global action on both climate change and biodiversity loss, the Chatham House report urges. International cooperation on climate, biodiversity and land issues, biodiversity and climate has not been aligned with global treaties to tackle these critical issues, and the decade ahead must be a major turning point to avoid the worst impacts. Current global biodiversity and climate change...

With new laws requiring greater validity of reporting and ongoing doubt about the credibility of carbon offsetting, there is an urgent need for more transparent, credible, and standards-aligned environmental reporting solutions. Key to meeting this need is robust, comparable data along with alignment to new financial reporting frameworks. With over 600 environmental reporting frameworks and standards worldwide, according to Ernst & Young, the alphabet soup of reporting requirements can leave organisations needing clarification regarding the correct route to take in credible reporting. Positive steps are being taken, with 97 per...

Water sector innovation to improve water quality, supply and resilience is sought with the launch of a new £4m competition. The Water Discovery Challenge is an open-access competition that seeks innovators with bold and ingenious ideas that can solve the biggest challenges facing the water sector today and in the future. The competition is the latest from Ofwat’s £200 million Innovation Fund which seeks to generate new ideas to tackle issues including managing leaks, preventing pollution, improving water efficiency, reducing emissions, boosting flood and drought resilience, prioritising sustainable practices, and supporting vulnerable customers.  Ofwat...

Wildfires create 20 per cent of global carbon emissions and the figure will rise to 30% by the end of the century, according to Dryad Networks. Wildfires are wrongly categorised as natural disasters and therefore not included in global carbon emissions reporting, despite the fact that 80 per cent are caused by humans and the fact that there is much more governments can do to prevent them. The extent of wildfire emissions is often miscalculated or underestimated. Wildfires are consistently discounted from countries’ CO2 emissions reporting as they’re written off as carbon...

Sustainability professionals are calling for new process-specific technology to make environmental reporting simpler. Current systems are failing to keep pace with changing compliance demands and the lack of dedicated full-spectrum reporting tech is adding to the complexity that many companies face. Technology is essential for compiling and collaborating on environmental data, validating data for accuracy and mapping disclosures to regulations and framework standards. Still, current solutions must catch up to rapidly evolving compliance issues and increasing volumes of data. In a recent survey of global businesses, 51 per cent said...

Sustainable investment on Swiss financial markets will have to abide by new rules introduced by the Swiss Federal Council. Financial products and funds labelled as ‘sustainable’ or ‘ESG’ on Swiss financial markets will have to align or contribute to specific sustainability goals and pursue at least one investment objective under new rules introduced in December 2022. Sustainable investment products or services that aim to reduce ESG risk will not qualify for a sustainable label without pursuing a specific sustainability goal. Firms should consider adopting third-party verification standards that provide independent...

A sustainable packaging solution based on seaweed has been developed by Notpla, a UK company that won Earthshot’s ‘Building a Waste-Free World’ category. The solution is a seaweed-based biodegradable alternative to plastic. Sustainable packaging solutions are needed to replace the 6.3bn tonnes of plastic waste that currently litter our oceans and streets. With products ranging from edible drinks pouches to fast-food packaging, Notpla, supported by Innovate UK and Sky Ocean Ventures and a member of the UKRI-funded UK Circular Plastics Network, has already made over one million food boxes for takeaway company Just Eat. The coating...

Net zero targets are now expected from companies in every sector. Here is an official 7-step guide developed by the University of Oxford. The following are clear steps to follow in setting net zero commitments developed by the University of Oxford based on minimum criteria for the UNFCCC-backed Race to Zero Campaign and an extensive series of stakeholder workshops. By taking these steps organisations can join the global effort to meet the Paris Agreement goals. The criteria were created by the networks and initiatives that form the Race to Zero’s international climate action community. ...