Lord Deben, a former Conservative minister and chair of the Climate Change Committee (CCC), has criticised Rishi Sunak’s decision to water down key environmental policies, calling them “not to be conservative at all” and warning that it will damage businesses and undermine trust. Deben says that Sunak’s decisions have undermined the Conservative Party’s values and damaged key industries. “I am a Conservative because I think that free enterprise works and that you have to work with industry and the private sector to make this country richer and better, so you can help the poorest,” he said. “To run policies which…
KPMG has launched a dedicated learning platform designed to enable and educate business leaders on environmental, social and governance (ESG) topics. The program, known as the KPMG ESG Academy, is offered together with Microsoft and some of the world’s leading universities and institutions. It leverages KPMG’s Learning Enablement and Analytics Platform (LEAP) and can be offered as a standalone virtual learning tool or can be integrated into clients’ in-house learning platforms. The course is structured around the latest business thought leadership in ESG topics, with content developed by globally recognised ESG specialists from leading universities and institutions, in collaboration with…
The Science Based Targets initiative (SBTi) has launched the world’s first science-based decarbonisation framework for all iron and steel makers worldwide. The framework outlines a clear roadmap for the steel industry to achieve its 1.5 °C emissions reduction targets, providing a guideline for companies to set near- and long-term targets aligned with this goal. Steel is a heavy emitting sector, accounting for up to 9% of global emissions. However, it is also an essential material for many industries, including manufacturing, construction, infrastructure, transportation and renewable energy. “The role of the steel industry is critical to the climate,” said Alberto Carrillo…
BT and Johnson Controls today announced a new partnership to help businesses in the UK and internationally reduce their carbon emissions and reach net zero faster. The partnership combines BT’s expertise in secure connectivity with Johnson Controls’ leadership in smart building technology to create a solution that can help businesses monitor, analyse, and optimise their energy use. Buildings are responsible for a significant portion of global greenhouse gas emissions, around 39% of global energy use and 36% of carbon emissions according to the World Green Building Council and the International Energy Agency. The collaboration is expected to help businesses reduce…
New research by McKinsey & Company has found the recent fall in UK energy prices could accelerate the energy transition, with many consumers now willing to switch to new suppliers, flexible energy tariffs, and green products and services to cut household bills. The research, which surveyed more than 2,000 UK consumers, found that a third of consumers are now considering switching suppliers, and almost half are willing to adopt energy-saving time-of-use (ToU) tariffs. ToU tariffs offer cheaper energy prices when demand is generally low, but conversely will charge more for energy consumed when demand is higher. The research also found…
The European Financial Reporting Advisory Group (EFRAG) and the Global Reporting Initiative (GRI) have announced a joint statement confirming a ‘high level of interoperability’ between the European Sustainability Reporting Standards (ESRS) and the GRI Standards. The news means that companies reporting to under ESRS will be considered as reporting with reference to the GRI Standards, and will therefore not have to do double reporting under the Corporate Sustainability Reporting Directive (CSRD). Hans Buysse, EFRAG administrative board president, said: “This joint statement concludes several years of diligent work towards a high level of interoperability between the ESRS and GRI standards. “The…
The UK government has committed to introducing a revenue certainty mechanism to support the production of sustainable aviation fuel (SAF) in the country. The mechanism, which was announced this week by the Department for Transport (DfT), is intended to be funded by industry, will give producers greater assurance about earnings from the SAF they produce. It comes as part of the government’s broader plan to achieve net zero emissions from aviation by 2050, known as ‘Jet Zero’. SAF is a cleaner alternative to traditional jet fuel and can be produced from a variety of sustainable feedstocks, such as waste cooking…
The International Association of Insurance Supervisors (IAIS) has urged the International Sustainability Standards Board (ISSB) to continue its focus on climate change and ensure a strong correlation between climate disclosures and financial reporting. In a letter to the ISSB, the IAIS said that “ensuring effective implementation of the climate standard is more important than moving into new areas.” The IAIS also said that the ISSB should consider what else needs to be done to deliver effective economy-wide climate disclosures across jurisdictions. The IAIS’s letter comes as the ISSB is developing its work plan for 2024-2025. The ISSB was established in…
Vanguard, the world’s largest asset manager, has cut its support for shareholder resolutions on environmental, social, and governance (ESG) issues. The Pennsylvania-based firm supported just 2% of such resolutions in 2023, down from 12% in 2022. Vanguard said the decline reflected a rising number of proposals, coupled with improvements in company disclosure that made many resolutions unnecessary. The company also noted new securities regulations that make it harder for companies to leave questions off their ballots./ In its regional brief, Vanguard said many resolutions sought changes that might not be needed. “In some cases, we identified that although a proposal…
Professional services firm PwC has earned a platinum sustainability rating from EcoVadis for the third year in a row, placing it in the top 1% of all respondents to the EcoVadis assessment. The EcoVadis assessment evaluates companies on their environmental, social, and ethical performance. PwC received high marks for its ‘outstanding’ environmental performance, as well as recognition for being a carbon management leader. In addition, the company was recognised for significant improvement in its Labour & Human Rights performance, moving from ‘advanced’ to ‘outstanding’, which places it in the top 1% of rated companies. The platinum rating is the highest…
