Climate Action - Q4 2021

Q4 2021 | A promotional supplement distributed on behalf of Mediaplanet, which takes sole responsibility for its content

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“It is safe to say no one is safe.” ~Inger Andersen, Executive Director, UN Environment Programme

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“For years, youth have been calling on their governments to ramp up ambition.” ~Giulia Camilla Braga, Program Manager, Connect4Climate, The World Bank Group

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How car subscriptions can help everyone go electric At the end of 2020, there were c.6,000 vehicles on subscription fleets in the UK; this number is set to grow to around 600,000 by 2025 (Frost & Sullivan), a trajectory which reflects a general shift in consumer preferences towards greater flexibility and ‘access over ownership’.

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car subscription is a re-imagining of the traditional car lease to meet the needs of modern consumers.

Upfront deposits and lengthy contractual commitments (usually 24-48 months) are removed in favour of a monthly commitment.

Essentially, it means you pay for your own car for as long as you need it. To achieve that flexibility, the provider must include everything needed to run the car including insurance, breakdown cover, servicing and road tax in the package.

Helping consumer adoption of electric vehicles (EVs) Consumers are not going electric as fast as they could be. Price is often top of the list of barriers with electric cars about £5,00010,000 more expensive than equivalent petrol/diesel models. But unfamiliarity with charging, concerns about range and lifestyle risk as well as uncertainty around residual values also undermine consumer confidence about switching.

A subscription removes deposits and upfront purchase costs and offers consumers the flexibility to try an EV for as long as they like. It also allows them to upgrade to newer makes and models as they become available. This eases those concerns and empowers them to switch sooner.

With the UK government bringing forward its 78% emission reduction target from 2045 to 2035, there is no time for motorists to remain on the fence.

Decarbonising transport has a significant role to play - it currently contributes around 26% of UK annual emissions.

Moving from margin to mainstream Electric vehicles are moving from margin to mainstream. But, to achieve the required climate impact in the required timeframe, industry stakeholders must collaborate to accelerate that process and make switching as accessible and convenient as possible.

A subscription model like elmo, if properly executed, can be a powerful lever for accelerating and democratising electric cars.

Read more at elmodrive.com

WRITTEN BY Olly Jones Co-Founder, elmo

Embarking on the road to net zero

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t is often said that history is written by victors – either the winners of wars or those pioneering a revolutionary technology. The story of our current era will be written differently.

Competition between countries certainly continues, but in our age, some of the biggest threats are common to all nations.

The climate crisis is threatening all nations across the world and we must do far more and act more rapidly together to halt its impacts.

Global environmental impacts Diverse economies such as Iraq, Madagascar, Kenya and the United States are enduring droughts. China, France and Germany buried hundreds of people following flash floods earlier this year, while poorer countries across the Sahel face similar tragedies.

Developed economies may have more resources to adapt to the current rise in temperatures of 1.2 degrees Celsius, compared with pre-industrial times.

Yet given our current trajectory towards a global warming of 2.7 degrees Celsius, it is safe to say that no one is safe.

That is why multilateral and cross-sectoral efforts are absolutely essential on the road to a net zero carbon economy.

Bold commitments needed The 2015 Paris Agreement to limit global warming to well below the 2 degrees Celsius remains the guiding light, negotiated and agreed on by almost all countries in the world. The Glasgow Climate Pact, negotiated in November, keeps hope alive that a world where temperatures are limited to 1.5 degrees Celsius is indeed possible. But it is entirely up to us

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No one is exempt from the climate crisis. There is no government, business or community that is immune to the risks that our current economic model brings.

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At Glasgow, we saw people representing diverse groups, interests and stakeholders raising their hands, committing to bold climate action. and we need to swing into emergency mode, as the UN Secretary-General has noted, baby steps won’t get us anywhere.

The good news is that everyone is getting this message. At Glasgow, we saw people representing diverse groups, interests and stakeholders raising their hands, committing to bold climate action. This included mayors, indigenous leaders and activists, banks, universities, automobile manufacturers and others. No one can afford to cop out any longer.

To stabilise the climate, to protect and restore nature and to act on pollution, we will need step up this approach, closing the gap between ambition and action. Our history will be written not by any one victor, but by a planet of people and countries who collaborate and cooperate.

WRITTEN BY Inger Andersen Executive Director, UN Environment Programme

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Our history will be written not by any one victor, but by a planet of people and countries who collaborate and cooperate ~Inger Andersen, Executive Director, UN Environment Programme

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For the first time in the history of UN climate negotiations, the Pre-COP26 meetings hosted by Italy opened with an intergenerational roundtable between ministers and young climate leaders. Youth delegates from around the world presented the demands, asks and ambitions they had formulated over the course of the preceding Youth4Climate: Driving Ambition summit — and decision makers listened. ~Giulia Camilla Braga, Program Manager, Connect4Climate, World Bank Group Read the full article online at globalcause.co.uk

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Young people are telling us loud and clear what needs to be done. It is now a question of enablement: how do we do more than just give youth a seat at the table? It’s time to make them an integral part of every decision-making process and to give them the resources necessary to implement climate solutions in their communities. ~Giulia Camilla Braga, Program Manager, Connect4Climate, World Bank Group

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Small steps towards big change in transport sustainability INTERVIEW WITH Neil Cawse CEO, Geotab Inc. WRITTEN BY Kirsty Elliott

Now the talking is over and COP26 climate objectives have been agreed, attention turns to implementing the actions that will secure a sustainable future.

Transportation can play a leading role in this.

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e often think of sustainability on an individual level. However, COP26 turned our attention to the power of collective action. We need to look at how nations and big (and small) businesses can work together effectively to address the climate crisis.

Increased government policy is needed to meet net zero goals The last-minute watering down of agreements at COP26 left an air of pessimism, but where are we on the road to net zero?

WRITTEN BY Dr Nina Skorupska CBE, Chief Executive, Association for Renewable Energy and Clean Technology (REA)

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n terms of success stories, the decarbonisation of electricity over the last decade has been significant.

In 2010, less than 5% of electricity generation came from renewable energy and clean technologies. That figure stood at 42% last year and is expected to soon exceed 50%. By 2032, the REA believes a completely decarbonised electricity grid should be possible.

Lack of attention for heat generation However, when it comes to heat generation, there is a vastly contrasting picture. While electricity-generating technologies have benefited from Government support in the form of feed-in tariffs, the Renewable Obligation and Contracts for Difference, heat has not received the same level of attention.

While the Government’s Renewable Heat Incentive (RHI) has helped, less than 7% of heat came from renewable sources in 2020, suggesting we have long way to go. Back in March the Government closed this heat support to commercial and industrial projects, with nothing of equivalence to take its place.

The Government’s recent stated ambitions on heat pumps within homes and the new Boiler Upgrade Scheme are welcome in the domestic sector. Yet real progress remains slow - heat policy today is not expected to make a significant enough dent in helping households or businesses to move away from fossil fuel boilers.

Image provided by Geotab

Collaboration in transport sector The need for collaboration within the transport sector is particularly acute.

The sector alone is responsible for approximately a quarter of direct CO2 emissions into the atmosphere.

Neil Cawse, founder and CEO of Geotab, says: “The transport industry is currently a major contributor to overall carbon emissions but is also ripe for green innovation. We’re already seeing leaders agree to make bold steps towards change. At COP26, 24 countries and a group of prominent car manufacturers pledged a commitment to cease the production of fossil-fuel powered vehicles by 2040.”

For Cawse, while it’s important to convert positive intentions into firm and practical commitments, it is also crucial to carefully craft and implement an achievable climate action plan, such as Geotab’s first Sustainability Report. While his company’s own corporate commitments are important, he points out that the biggest impact can be made in the ability to help others to change their transport habits.

Championing decarbonisation Geotab is uniquely positioned to champion measures aimed at decarbonising the transport sector.

Cawse explains: “As a telematics provider, we can have an immediate, concrete and measurable impact by providing data-driven insights to empower organisations to manage their petrol and diesel fleets more efficiently. We also offer the insight to confidently transition to electric at the right time and for the right vehicles and provide all the tools to streamline EV management, from monitoring battery degradation to managing charging.”

The potential impact is quantifiable.

When developing its own corporate sustainability strategy, Geotab found that across its customer base of 2.5 million connected vehicles worldwide, increasing efficiency by just 5% for those customers, could reduce CO2 emissions by 1.25 million metric tons per year.

Overall, Cawse remains optimistic about the possibility to limit global warming to well below 2°C, preferably to 1.5°C above pre-industrial levels as laid out in the Paris Agreement.

“While there is a long and difficult road ahead, through collective determination and support, along with harnessing the power of technology, innovation and data, we can rise to the climate challenge together. There is a great opportunity for those in the transport industry to carve a path for others to follow.”

Transitioning to a net zero future Overall, policy is moving in the right direction but not fast enough. Yes, there has been some headway made in transitioning away from fossil fuels and towards a net zero future. There have been supportive policies and much-needed investment from the Government. The targets that the Government have committed to are ambitious and necessary.

But despite these positives, it remains the case that the energy transition is seriously lacking in some areas. The Government’s approach to policy and investment is often patchy, short-term and restricted to a select few technologies.

It goes without saying that targets are largely immaterial if there is not a coherent and consistent strategy to meet them.

It is crucial that net zero is not pushed down the agenda now that we are on the other side of COP26. If 2021 was the year to try and coalesce international efforts, 2022 has to be the year in which the Government accelerates and expands its net zero programme here in the UK. It will be a critical 12 months in this decisive decade.

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Supporting customers in the net zero drive P INTERVIEW WITH Jim Rushen Group Head of Environment, Centrica WRITTEN BY Mark Nicholls

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oliticians, governments, scientists, environmental campaigners and energy companies took centre stage at COP26 in Glasgow amid negotiations to reduce global warming.

But sustainability expert Jim Rushen emphasises the importance of working with consumers, and supporting them, in the drive towards net zero emissions.

in terms of power, heat and transport.

That includes helping customers to use less energy with better home insulation, and efficient hydrogenready boiler upgrades, smart heating controls or air source heat pumps as well as helping customers generate and store their own clean energy with solar or battery technologies.

“We also want to provide customers with cleaner energy and switch from fossil fuel heating Achieving climate targets systems into low carbon systems, Amid the complex COP26 negotiations, and also get people out of petrol Rushen says there was still a long way and diesel vehicles and into electric to go to achieve our vehicles,” he says. climate goals.

But he underlines Agreements around the need to work coal, deforestation, with customers methane and finance to transition to a We also want to provide were important, low-carbon future but Rushen, who in a way that is “just, customers with cleaner is Group Head of fair, affordable and energy and switch from fossil Environment with equitable for all.” fuel heating systems into Centrica, adds: “A real positive was Upskilling engineers low carbon systems, and the presence of With a focus that also get people out of petrol the private sector. also incorporates and diesel vehicles and into Within business, colleagues, electric vehicles. we have really communities and turned a corner; the supply chain, he large corporations stresses the need for recognise the need to take action on the customer voice to be heard and climate change.” be part of the development phase of Centrica has reduced its carbon shaping a low carbon future. It is also emissions by over 80% in the last upskilling engineers and recruiting decade and aims to be net zero by 2045.

3,500 new British Gas apprentices by Measures to achieve this include 2030, with the ambition that 50% of electrifying the UK road fleet by 2025, these new recruits are female. offering incentives to encourage “As we develop and start to deploy employees to follow suit, reducing new technologies, we are going to emissions from its properties by need the workforce to evolve and be another 50% by 2030 and growing able to install and maintain those a low carbon portfolio of up to solutions for the customers,” says 800MW of solar and battery assets Rushen. “We need a green skills in the next five years. revolution in the workforce to create the engineer of the future.”

Reducing emissions Similarly, it has set a target date for its customers to be net zero by 2050

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Energy suppliers will need to work closely with consumers to ensure that moves towards achieving net zero carbon emissions are achieved in a way that is fair, just and affordable for all.

Targets to achieve Centrica’s net zero ambitions Heat pumps are the best immediate option for millions of homes that are either off-grid or well insulated. However, some homes on the gas grid might not be suitable for heat pumps due to limited thermal efficiency or space, so we’re actively developing our thinking in this area to provide viable solutions such as hydrogen heating for different types of customers. By 2025 our aim is to deliver up to 20,000 heat pumps a year.

Electric vehicles are vital for reaching net zero.

So, we’re helping customers and communities make the switch by providing a one-stop shop which includes infrastructure, smart controls via the Hive app and dedicated time of use tariffs using renewable electricity. By 2025 we plan to install up to 100,000 EV charge points a year.

We are expanding energy efficiency and home energy management tools like the Hive smart thermostat and app to help customers use less energy. By 2025 we hope to have helped 2.5 million customers to use less energy by adopting our Hive heating solutions.

As we aim to inspire our customers to live more sustainably, it’s important that we lead by example in reducing our own emissions. We’re targeting to reduce our emissions by 40% by 2034 and achieve net zero by 2045.

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While the food industry is currently contributing to deforestation – as well as emissions and biodiversity loss – it holds the potential to actively regenerate nature and mitigate the climate crisis by creating a circular economy.

A circular economy is vital to achieve climate pledges There were many signs of progress at COP26 from countries and non-state actors alike, but if we want to fix the climate, we have to fix the economy.

WRITTEN BY Carmen Valache Project Manager, Climate Change, Ellen MacArthur Foundation

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he pledges made at COP26 to reduce global greenhouse gas emissions are critical milestones in the movement to tackle the climate crisis.

However, greater ambition is still needed to limit global heating to 1.5 degrees celsius, commitments such as those to protect forests and address methane emissions are a significant step forward. Now, action is needed from both governments and industry, and the circular economy must be part of the solution.

The role of the circular economy The circular economy offers a framework for climate solutions that can be scaled today by eliminating waste and pollution, circulating products and materials and regenerating nature.

Take commitments to protect forests, for example, which have been pledged by more than 100 countries (including Brazil), with USD 20 billion to be allocated to these efforts.

This recognises nature as a solution to the climate crisis for the first time at a COP, but cannot be achieved without a transformation of the food industry.

The Food and Agriculture Organization of the United Nations (FAO) has identified agricultural expansion as the main driver of deforestation, with large-scale commercial agriculture accounting for 40% of tropical deforestation between 2000 and 2010. But while the food industry is currently contributing to deforestation – as well as emissions and biodiversity loss – it holds the potential to actively regenerate nature and mitigate the climate crisis by creating a circular economy.

Analysis shows that creating a food system based around these ingredient categories in Europe and the UK, compared to conventional production, could increase total food output over the same area of land by 50%, Ensuring sustainable food production In a circular economy for food, products are designed using diverse, lower-impact, upcycled and regeneratively produced ingredients. Analysis shows that creating a food system based around these ingredient categories in Europe and the UK, compared to conventional production, could increase total food output over the same area of land by 50%, reducing pressure on landscapes, as well as reducing greenhouse gas emissions by 70%.

COP showed that the circular economy is increasingly seen as a potential solution to the climate crisis by businesses and government alike: around a quarter of the latest Nationally Determined Contributions (NDCs) include the promotion of circular economy measures.

However, there is scope to further develop its inclusion in international climate diplomacy and scale the environmental benefits. To achieve the pledges inked at the summit and fix the climate, we need a circular economy.

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Why standards will accelerate the net zero transition Every economy is different. Every country’s regulatory regime is different. Standards present an opportunity to deliver systemic change, if they can be embedded systemically into the economy.

The real value of standards is not just the words in the documents, but how they are used and integrated into the economy, alongside (or as part of) regulatory and contractual obligations.

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What role do standards play in tackling the climate challenge?

Put simply, standards set out an agreed way of doing something. They encapsulate good practice, agreed by a broad range of stakeholders who are experts in their field. In that sense, standards are trusted knowledge for industry, consumers and governments that can be used to create a common approach to solving global issues.

In terms of climate action, the road to net zero affects all facets of society, posing a unifying challenge for government, industry and investors. Our proposition is that in the coming years, a company’s progress towards net zero will become a routine measurement of success, demonstrating to its customers, employees, supply chain and shareholders that it is a socially conscious enterprise that is serious about sustainability. As the National Standards Body for the UK, we believe that standards can empower businesses to take the necessary action.

Although there are an increasing number of net zero corporate commitments and government targets, there has been a lack of real direction for business leaders as to how these targets can be met. The real value of standards is not just the words in the documents, but how they are used and integrated into the economy, alongside (or as part of) regulatory and contractual obligations. Every economy is different. Every country’s regulatory regime is different.

Standards present an opportunity to deliver systemic change, if they can be embedded systemically in the economy.

As countries continue to work out how they will meet their nationally determined contributions, consensusbased standards should play a

major role as part of every country’s market framework to support a rapid transition to net zero.

How can the standards development process adapt to incorporate the need for greater climate action?

Ahead of COP26, BSI hosted the International Organisation for Standardisation (ISO) General Assembly in September. A major outcome of that meeting was the signing by BSI and ISO of the London Declaration, which commits ISO and its member bodies around the world to ensuring that all current and new international standards will accelerate action on climate change.

ISO members and their stakeholders will now actively consider climate science to ensure that the voices of civil society and those most vulnerable to climate change are fully heard in standards development. This is already proving to be a game changer for National Standards Bodies and the international standards community and has been adopted by the International Electrotechnical Committee (IEC) and the European regional standards organizations CEN and CENELEC. What did BSI learn at COP26?

What we saw at COP26 was that ‘nonstate actors’ (businesses and those stakeholders with public interest remits) are seizing the initiative, independent of national positions.

The race is on. With investor, customer and employee pressure behind them, corporates have pivoted from the preCovid years. There is now competitive advantage to becoming more sustainable across the environmental, social and governance (ESG) agenda.

The only way to demonstrate this is through common standards and measurement.

We launched a new initiative, ‘Our2050 World’ together with ISO, endorsed by UNFCCC Race To Zero (RTZ) campaign, to support nonstate actors around the world use standards in their transition to Net zero, and we had strong support for the announcement by the Integrity Council for Voluntary Carbon Markets (ICVCM) that BSI will support the development of a common framework for standards and assurance for the supply side (project side) of VCM. In conclusion, we face a pivotal moment in the transition to net zero.

Governments, industry and consumers everywhere are beginning to realise that common standards implemented globally need to work alongside regulatory frameworks to accelerate progress towards net zero. There is huge potential for international standards to align governments, non-state actors and civil society behind our joint ambition to create a more sustainable world for all.

WRITTEN BY Scott Steedman Director General, Standards, BSI

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Urgent call to help take action and fix the global food system Fix the world’s flawed food system and we can make giant strides towards one of the biggest challenges of our times – securing the future wellbeing of both people and planet.

WRITTEN BY Dr Richard Swannell International Director, WRAP

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he food system is stuck in a deadly cycle.

Global food systems are responsible for 70% of freshwater extraction, around 70% of biodiversity loss and up to a third of human greenhouse gas emissions.

Action to deliver the changes that are needed has been a relatively low priority for policymakers.

The landscape is shifting though as recognition of the food system’s contribution to achieving net zero as well as the UN Sustainable Development Goals (UN SDGs) gains momentum. We have shown through our internationally renowned Courtauld Commitment how policy, which drives systemic change across the supply chain and aligned with citizen action, can be a powerful force for change.

Our solution to the flawed food system We worked on our visionary Food Futures Report 10 years ago. Many of the solutions we offered are still relevant today: • Decarbonise the entire supply chain and build in resilience.

To make the supply chain less vulnerable to external shocks such as water scarcity, extreme weather and global pandemics, the effective use of innovation and data-enabled technology could play a key role in reducing carbon emissions, increasing productivity, resource efficiency and the climate resilience of the food system.

• Tackle food loss and waste.

Recent reports by United Nations Environment Programme (co-authored by WRAP) and the FAO suggest that at least a third of all food produced is wasted. It requires a farmland area the size of China to grow the food that is thrown away

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every year and it is valued at well over $1 trillion. Globally, progress towards the UN SDG 12.3 target to halve food waste by 2030 is patchy and this needs to be addressed.

• Align health and sustainability.

There is a greater understanding of the synergies and trade-offs between dietary preferences and the environmental impacts of food supply chains. The FAO have argued that a global switch to healthy diets could help to reverse the slide into hunger, offset the healthcare costs from unhealthy eating and cut the diet-related social cost of greenhouse gas emissions by up to 75%.

The effective use of innovation and data-enabled technology could play a key role in reducing carbon emissions, increasing productivity, resource efficiency and the climate resilience of the food system.

All of this will require major shifts in our own lifestyle choices, but the benefits are transformational. If we work together to fix food, we can all play our part in restoring our planet to all its life-enhancing, nurturing potential.

It requires a farmland area the size of China to grow the food that is thrown away every year and it is valued at well over $1 trillion.

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Bursting the industrial food model bubble it’s not too late to change

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Eat less meat and embrace organic The decisions shoppers make in the supermarket is one way to make a difference. Wider diversity in our diets and opting for vegetarian, plant-based and organic alternatives is a starting point to safeguarding our world’s future. Put simply, the more vegetables and less meat in our diets, the better.

Animal farming is a major contributor to the climate crisis and has a direct effect on biodiversity. Soya animal feed is imported from parts of the world where tropical deforestation is taking place at an alarming level.

We must put biodiversity on the menu and do what is right for our planet’s future.

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Time to act We are fast approaching a tipping point, beyond which there will be no turning back, 80% of the insects in our fields have disappeared in less than 30 years. Three quarters of fruit and vegetable varieties worldwide are gone. Intensive livestock farming is responsible for 80% of Amazon deforestation. What more do we need to know to act?

The moment has come for us all to take personal responsibility for our choices: to make positive changes that will protect and enhance biodiversity and begin to rebuild our broken world.

WRITTEN BY Christophe Barnouin CEO, Ecotone, brand owner of Clipper Teas, Whole Earth and Kallo

More measurement and transparency For the food industry, the challenge is sizeable. It is about more than empty promises such as achieving ‘carbon neutrality’. This popular metric amongst many large UK corporations is little more than a cleverly disguised form of greenwashing. Unless businesses are acting to reduce their carbon outputs, they are not truly helping. Offsetting emissions is applying a plaster to a gaping wound; it does not address the root cause.

Image provided by Ecotone/ Fairtrade tea pickers

We can no longer ignore the impact our food consumption and farming methods are having on the natural world. Yet there is still time to turn the tide.

he Earth’s bountiful and beguiling biodiversity is in startling decline as a direct result of the food humanity needs and the choices we are making as consumers.

With 7.7 billion people globally, and an ever-growing population to feed, the current industrial food model is largely to blame. This is not widely understood. Recent UK consumer research found that just 5% of people say food production or intensive farming gives them most cause for environmental concern.

The manner in which we, as humans, source our food needs fixing. We must put biodiversity on the menu and do what is right for our planet’s future.

Food production is responsible for one third of all global greenhouse emissions, and meat and dairy farming accounts for 75% of this. We cannot ignore the impact our food consumption has on the natural world.

Targets and action At Ecotone, we have committed to using science-based targets to measure and reduce both our direct and indirect emissions in line with the Paris Agreement. Guided by our mission ‘Food for Biodiversity’, reducing climate emissions is integral to our belief that the climate crisis is intrinsically linked to biodiversity erosion.

Generally, we produce less emissions by having a predominantly plantbased product portfolio. We are taking further action by moving to fully recyclable packaging, reducing the weight of our products and using renewable production materials.

We will soon reach 100% renewable energy in our offices and factories and are progressively replacing our production sites with green biogas. We also work closely with our stakeholders on agricultural practices in our supply chain. Our priority is developing better agroecological practices that help to protect and grow biodiversity.

Tackling the biodiversity crisis There are many mountains to climb to combat the biodiversity crisis, including banning all life-destroying chemical substances, fighting against food standardisation and revitalising our hurt ecosystems. As COP26 made clear about climate - and NGOs and civil society have before - we all need to come together to drive positive change and protect what matters most. While biodiversity loss is less understood compared to the climate crisis, make no mistake: it is one of the biggest environmental crises of our time. Let’s take action now!

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Net zero ambitions and the role of asset managers

Business must play fundamental role in climate progress

The role of asset managers is crucial in tackling the climate crisis. Waves of commitments are supportive but risks loom ahead.

The success of COP26 cannot be achieved if businesses do not play a fundamental role. That does not just mean buy-in – it means true business progress.

Engagement or disengagement?

Recently, an increasing number of managers have committed to decarbonise their portfolio in line with Paris Agreement goals.

The Net Zero Asset Managers initiative groups these managers and includes industry giants such as BlackRock or HSBC. This commitment is a very powerful one. Nonetheless, some voices are starting to highlight the risk of this turning into a wave of disengagement rather than active contribution to decarbonisation. This fear is credible and merits attention.

Indeed, a huge amount of capital will be needed to turn the world economy into a net zero economy. A large amount is required in capital investment across heavy industries that need the most new money to decarbonise, as soon as possible.

Unfortunately, while investing in companies selling solutions for decarbonisation can unlock very attractive returns due to the growing market opportunity, installing these technologies in an industrial plant or a building does not always offers compelling financial returns. For instance, the payback period of a rooftop PV is usually longer than typical investments.

espite all the pledges and promises, very few companies are making the climate commitments that the world needs. Even when they are, even less are combining those with the leadership necessary to transform business at the pace and scale needed.

So much money is spent on looking good rather than doing good. So much effort is spent on sustainability strategies that feel safe, rather than upping the ambition and driving real progress. So much creativity is wasted on communications that celebrate modest achievements rather than driving change against specific issues.

Balance of economic targets and decarbonisation Asset managers might face the uncomfortable reality that a return maximisation objective will conflict with a decarbonisation objective. An easy way to achieve both at portfolio level would be to divest heavy industries and replace them with less carbon intense ones. Then buyers of the assets might have capital pools less prone to decarbonisation goals, which in turn will slow down the overall transition endeavour.

It is crucial that market participants and international initiatives continue to highlight the importance of engagement to achieve decarbonisation targets, in particular across industries that have no large viable alternatives as steel or cement. Actual emission reductions should be favoured over capital allocation decisions that simply move the issue somewhere else.

Ambienta has always taken the standpoint to engage. However, a risk of industry disengagement lies ahead, as a result of certain decarbonisation commitments. We all should do our part to make sure this risk does not turn into a reality.

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If 2021 was the year to try and coalesce international efforts, 2022 has to be the year in which the Government accelerates and expands its net zero programme here in the UK. ~Dr Nina Skorupska, CBE Chief Executive of the Association for Renewable Energy and Clean Technology (REA)

Rethinking benchmarks towards progress Many of our clients are doing this right, but many more are missing the mark. The time is up for leader boards and rankings – the only benchmark that matters is progress against a sustainable future. That is progress towards 1.5 degrees. Progress that drives circular innovation. Progress that delivers radical inclusion. Progress that delivers value for all.

Such business transformation requires enormous focus and ambition. That can only come from deep issues knowledge and courageous leadership.

Pinpointing levers of progress New tools are also needed, to help businesses track themselves against true progress instead of arbitrary corporate commitments.

Salterbaxer’s latest tool, developed in partnership with the World Benchmarking Alliance, named ProgressPoint, pinpoints the unique levers within every business to drive the progress the world needs, while unlocking growth and ROI as well.

ProgressPoint helps set the path for progress. That path is unique to every business, as are the levers that it identifies against sustainability strategy, transformational leadership and comms to drive change.

Businesses can only play their part in ensuring the future of our planet by losing the grey areas and the comfort of generic commitments worded with generic language. ProgressPoint gives businesses sharp focus and clear levers for leadership action, so that we can all work towards a future planet worth inhabiting and an economic model to be proud of.

Read more at salterbaxter.com Read more at ambientasgr.com

WRITTEN BY

WRITTEN BY

Fabio Ranghino Partner and Head of Sustainability and Strategy, Ambienta SGR

Paid for by Ambienta

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MEDIAPLANET

Kathleen Enright Managing Director, Salterbaxter

Paid for by Salterbaxter

READ MORE AT GLOBALCAUSE.CO.UK