When it comes to addressing the impact of dangerous climate change, we know that a binary approach doesn’t work. The Kyoto Protocol era (1997-2012) taught us this lesson: developed vs developing countries, mitigation vs adaptation, perpetrator vs victim, etc. Although progress was made, it was not quick enough, inclusive enough or innovative enough to meet the huge global challenges we face as a result of manmade climate change.
I’ve not set resolutions this year. However, this year I have decided that I’d like to not take certain things with me into 2017. I’d like to leave the negative aspects of 2016 behind and focus on the now.
This particularly resonates for me when I think about climate change. So much was achieved in 2016 – ratification of the Paris Agreement and the ongoing march of renewable energy as an economically competitive energy source – but sometimes other events overshadowed the good news.
The Financial Stability Board (FSB) has today recommended through its Taskforce on Climate-Related Financial Disclosure (TCFD) that companies based in G20 nations adopt a range of best practices to report on environmental risks. The group was set up by Bank of England Governor Mark Carney in his role as head of the FSB.
Topics: Climate Risk
Measuring Scope 1 and 2 emissions is standard practice for many companies. Our research into the sustainability reporting performance of the FTSE 100 found only one company not providing this information publicly. In the context of stakeholder demand and the need to manage business risk, companies are increasingly looking to understand emissions in their value chain (Scope 3 emissions).
Friday 4th November marks the beginning of the historic Paris Agreement to limit emissions of greenhouse gases (GHG) on a global level. This means that all countries must now begin to implement the plan laid out in their ‘Intended Nationally Determined Contributions’ (INDCs), including regular reporting on efforts to reduce emissions.
CDP has today released a report examining the findings of company disclosures to its Climate Change Questionnaire.
Congratulations to BT Group for ranking first in this year's Sustainability Reporting Performance of the FTSE 100 research. Marks and Spencer Group (M&S) scored a very close second, missing the top spot by one percentage point. Both of these companies really pave the way in terms of climate change best practice with holistic and extensive approaches to their sustainability strategies. Unilever ranked third thanks to its innovative approach to managing sustainability performance and engagement.
The Sustainability Reporting Performance of the FTSE 100 is an annual research report that has been published for the past six years.
Companies use it, alongside CDP and Dow Jones Sustainability Index, as a benchmark for how well they are publicly reporting.
Earlier this year, Peabody Coal, the largest private sector coal company in the world, filed for bankruptcy amidst falling global coal prices. Peabody Coal is one of five coal companies that have sought bankruptcy since 2011. Financial analysts have attributed what’s happening in the coal sector in part to environmental causes – more stringent legislation and declining demand for coal in favour of lower carbon fuels.
The media have reported another climate change first. Research carried out by scientists found the Bramble Cay melomys (a small rat native to Australia) has become extinct. But more than the extinction of an entire species, itself a terrible occurrence, the researchers concluded that it ‘probably represents the first recorded mammalian extinction due to anthropogenic climate change’.