February 11, 2023

Weekend Reads: Sustainability priorities; Is climate change causing inflation?

It's the weekend! Kick back and catch up with these must-read articles from around the web:

Leading The Charge On Climate: Carbon Removal's Role In Achieving Net Zero (Forbes)  The world is making progress in reducing carbon emissions, largely due to Russia's invasion of Ukraine and the rise in funding from measures like the Inflation Reduction Act. But, to achieve net zero emissions, equal focus must also be given to carbon removal efforts. However, the question remains whether stigma and complacency will hinder progress. Many of us have likely heard the urgent warnings from national leaders and scientists that the next two-three years are crucial in averting the disastrous effects of climate change. 

Corporate Boards Are Ramping Up These Sustainability Priorities (Bloomberg Law)  Sustainability remains a top priority for corporate boards this year as industries field growing demand from investors, consumers, and governments for more accountability, transparency, and responsiveness. Major developments last year, such as the Securities and Exchange Commission’s proposed climate-risk disclosure rules, criticisms of ESG ratings metrics, and growing concerns about greenwashing, raised the bar for corporate sustainability practices. The following stand out as sustainability priorities for 2023.

How climate change could fare in the UK’s new Department for Energy Security and Net Zero (The Conversation)  The UK government has announced its business department will be split into separate departments for science, business and energy. The new Department for Energy Security and Net Zero, to give it its full name, represents the return of an energy and climate-focused department after a seven-year hiatus. When then-prime minister Theresa May disbanded the Department of Energy & Climate Change (DECC) in 2016, in order to create the Department for Business, Energy & Industrial Strategy (BEIS), it was widely criticised as a signal that climate change was being downgraded in importance. Looking back over BEIS’s few years in existence, this was not necessarily the case. 

Costs could rise even more in 2023—and thousands of CEOs blame climate change (CNBC)  Thousands of CEOs say they expect 2023′s high prices to rise even more over the course of the year. Their reason: climate change. A majority of company leaders expect to see anywhere from a “moderate” to “very large” impact on costs due to climate change within the next year, according to a recent survey of more than 4,400 CEOs from around the world, conducted by accounting and consulting firm PwC. In recent months, climate-fueled disasters have killed crops, eroded infrastructure, impeded energy supplies and prevented workers’ from staying on the job amid record heat. Such incidents have led environmental experts and economists to establish a link between climate change and inflation. 

Mapped: Europe’s Biggest Sources of Electricity by Country (Visual Capitalist)  Energy and electricity supply have become vital for nearly every European nation over the past year, as the region shifts away from its dependence on Russian fuel imports. While many countries have been making progress in their energy transition away from fossil fuels, nearly half of European countries are still dependent on them as their primary source of electricity generation. This graphic maps out European countries by their top source of electricity generation using data from Electricity Maps and the IEA, along with a breakdown of the EU’s overall electricity generation by source in 2021.

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