This past week was filled with interesting sustainability and climate news, we’ve summarised the top stories below.
Governments and businesses failing to act fast enough to combat climate crisis
- In a United in Science report published this week, leading climate scientists have criticised businesses and governments for failing to act fast enough in the face of the climate crisis.
- The report states that our chances to avoid a climate catastrophe are rapidly diminishing due to our failure to promptly reduce greenhouse gas emissions, leaving us set to enter “uncharted territory of destruction”.
Notable findings in the report include:
- The past seven years were the hottest on record.
- Between 2022 and 2026, it is anticipated that the average global temperature will be 1.1 to 1.7C warmer than pre-industrial levels.
- There is a 93% chance that at least one of the upcoming five years will be warmer than the warmest year ever recorded.
- Current national commitments to reduce emissions will fail to keep global heating below 1.5C.
- Climate-related disasters cost the global economy $200 million every day.
- Almost half the planet’s population live in areas highly vulnerable to climate impacts.
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Investors call on governments to raise climate ambition
- 532 investors, representing almost $39 trillion in assets, have signed a statement urging governments to strengthen financial disclosure regulations and increase their climate ambition.
The group are calling for governments to address the following five priority areas:
- Ensure that the 2030 targets in their Nationally Determined Contributions align with the goal of limiting global temperature rise to 1.5 ºC.
- Implement domestic policies and take early action to ensure that their 2030 greenhouse gas emissions are aligned with the goal of keeping global temperature rise to 1.5 ºC.
- Contribute to the reduction in non-carbon dioxide greenhouse gas emissions, and support the effective implementation of the Global Methane Pledge to reduce emissions by at least 30 percent from 2020 levels by 2030.
- Scale up the provision of climate finance from the public and the private sector for mitigation, and for adaptation and resilience, with a particular focus on the needs of developing countries.
- Strengthen climate disclosures across the financial system through requiring mandatory TCFD-aligned reporting; implementing public disclosures of climate transition plans; and coordinating and driving consistency across global financial regulation in the areas of mandatory climate risk disclosure and prudential risk supervision.
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All Patagonia profits now going to fight climate crisis
- Patagonia’s billionaire owner has donated the entire business to help fight climate change in an impressive example of what truly sustainable leadership can look like.
Read our take on this amazing story
Only 23% of asset owners ‘happy’ with ESG indices
- ESG data provider GaiaLens has found high levels of dissatisfaction with ESG rating indices across Europe and the USA.
- Only 23% of the surveyed asset owners stated that they were ‘happy’ with current ESG index offers.
- The most common concern found within the sample was that ESG index providers’ methodologies are ‘unclear’ and/ or ‘not robust’.
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Global day of action on climate crisis set during COP27
- Environmental groups across the globe are calling for a global day of action on the climate crisis, with aims to put pressure on governments to tackle climate issues.
- Organisers are planning to use the day of action to demand the rapid phase-out of fossil fuels, a just transition to renewable energy, and adequate climate financing.
- The day of action will take place during the COP27 climate talks, on the 12th of November.
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