Learn about Amazon rainforest degradation, the councils being bashed for carbon offsetting, responsible investment trends, and more, with our summary of this week's sustainability news.
27/01/23
This past week was filled with interesting sustainability and climate news, we’ve summarised the top stories below.
Study uncovers the potential of seaweed farming: a solution for food and fuel sustainability
A new study suggests that an area of ocean almost the size of Australia could support commercial seaweed farming, providing food for humans, feed supplements for cattle, and alternative fuels.
The research says if seaweed farming could grow to constitute 10% of human diets by 2050, it could reduce the amount of land needed for food production by 110 million hectares (an area twice the size of France).
Another reported benefit of seaweed farming, as reported by the study, is the cultivation of red Asparagopsis. When used as a cattle feed supplement, red Asparagopsis has been shown to result in drastically lower methane emissions.
The study suggested that cuts to methane emissions from using Asparagopsis could save 2.6 billion tonnes of CO2e per year by 2050, which is equivalent to the current footprint of India.
New CDP report reveals the impact of investor engagement on companies with high environmental impact
A report from CDP has provided new insight into the impact of investor engagement on companies causing the greatest environmental damage.
The results of CDP's 2022 Non-Disclosure Campaign show that a record 260 financial institutions with nearly $30 trillion in assets participated, a 56% increase from 2021.
These institutions engaged 1,466 global companies to report on climate change, forests, and water security, and 26% of these companies responded.
Companies were 2.3 times more likely to respond when directly engaged by financial institutions compared to a control group.
The campaign shows the power of direct engagement and the increasing awareness of financial institutions' role in tackling the economic threats posed by climate and nature crises.
The Non-Disclosure Campaign, first started in 2017, has consistently shown that engagement works and can drive greater ambition in tackling climate change, deforestation, and water security.
Questions arise over effectiveness of carbon offsetting projects by Australian councils
Questions are being raised about the use of international projects to offset local carbon emissions by Australian councils.
Critics argue that public entities should focus on reducing their own emissions instead of using offsets, especially in light of new research by the Guardian which found that 90% of rainforest credits issued by one leading company were highly ineffective.
Brisbane city council, the largest local government in Australia, spent $6 million in offsetting its emissions. This included a project in China for recovering and generating power from landfill gas.
A senior research fellow from the University of Melbourne, Lily O'Neill, criticised the council's spending, calling it a "joke" that an organisation primarily responsible for waste disposal would spend money on reducing emissions from the same activity offshore.
Climate experts argue that offsetting should only be used as a last resort for emissions that cannot be avoided and that local governments should focus on reducing emissions in their own backyard.
This approach requires a focus on internal policies, practices, and behaviours rather than relying on offsetting.
New study reveals Amazon rainforest degradation is even worse than previously thought
A study published in Science found that human activity and drought have degraded more than a third of the Amazon rainforest, double the previous estimate.
The study used existing research, satellite data, and a new assessment of drought impacts by an international team of scientists.
Causes of degradation include fires, land conversion, logging, and water shortages, affecting up to 2.5 million square kilometres of the forest.
Drought is a significant contributor to degradation, making the forest more vulnerable to fire and reducing its ability to regenerate.
The degradation has knock-on effects on food production and raises concerns of a feedback loop in which drought leads to more drought.
The authors urge policymakers to prioritise reducing the drivers of degradation to prevent the damage and associated risks from spiralling out of control.
2023 responsible investment trends: emphasis on net-zero emissions and industry impact
A report released by ISS ESG, the responsible investment arm of Institutional Shareholder Services Inc., has identified key trends that responsible investors will be focusing on this year.
Key findings include:
Obtaining transparent, reliable, and standardised data on companies' emissions, targets and reduction strategies will be a key focus for investors in 2023 as they continue to move towards achieving net-zero emissions.
Investment decisions will be impacted by a growing awareness of the effects specific industries, like food and energy, have on the environment.
The scope of global sustainability standards is expected to expand in 2023 in order to meet the growing demand for disclosure among investors.
