News

“A net-zero grid will serve as the basis for climate actions across the economy"

The Government of Canada released its proposed Clean Electricity Regulations, aimed at advancing the decarbonization of the country’s electricity grid, and supporting its net zero emission climate goals.

Canada also joined a commitment last year with the U.S. to release clean energy regulations in 2023. Earlier this year, the Biden administration released a set of proposals aimed at reducing U.S. power sector emissions, including putting in place CO2 emissions controls at fossil fuel-fired power plants starting in 2030.

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Guest Post by Rob Fisher, KPMG U.S. ESG Leader

Large organizations are increasingly subject to an array of ESG reporting obligations. Incentivized by grants and tax credits, these large companies are driving the move toward sustainability.

However, it’s the small and mid-sized companies that make up nearly 90% of businesses worldwide and employ almost half of North America’s workers.

Therefore, it is crucial to explore how sustainability wins from small businesses can snowball into the larger value chain.

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Government of Canada Announcement

The Government of Canada announced on Monday a series of initiatives aimed at reducing government support for the fossil fuel sector, including the release of a new framework and guidelines, effective immediately, to eliminate “inefficient” fossil fuel subsidies.

The government also announced that it will work to identify current public financing by 2024, and develop an implementation plan by fall 2024 to phase out public financing of the fossil fuel sector, beyond the scope of the new subsidy elimination commitment.

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Half of Board Members Report Lacking Skills to Address Climate Issues: WTW/Nasdaq Survey - ESG Today

Nearly half of board members report lacking skills and expertise in their organizations for addressing climate issues, even as most acknowledge that a strong ESG strategy can lead to better financial outcomes, according to a new survey by advisory, broking and solutions company WTW and the Nasdaq Center for Board Excellence.

“Board members are evolving their ESG agenda from reacting to stakeholder pressure to proactively linking ESG to business strategy. As a result, we are seeing greater interest in addressing skills and resource gaps and more emphasis on oversight of emerging risks.”
~ Kenneth Kuk, Senior Director, Work & Rewards at WTW

Read the full article here.

ESG Today Guest Post

Dr. Matthew Bell, EY Global Climate Change & Sustainability Services Leader, explains why exponential, not incremental, change is needed ahead.

Over the last two decades, sustainability has undoubtedly helped to introduce “greener” business practices, but many would argue that these have been largely incremental, from boosting energy efficiency to building trust with consumers and regulators.

As the window in which environmental disaster can be averted narrows, sustainability professionals are increasingly aware that something less incremental and more fundamental will be required.

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Deloitte Survey

ESG has become a key focus area for procurement executives around the world, rising to the #2 spot of top priorities in a new survey by global professional services firm Deloitte, up from 7^th place in the prior 2021 study.

For the report, the 2023 Global Chief Procurement Officer Survey, Deloitte surveyed approximately 350 procurement leaders from more than 40 countries. Deloitte has been conducting the Global CPO survey since 2011.

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Ontario on building the economy

We are building the economy of the future to benefit you today. We're investing in and connecting our electric vehicle (EV) and EV battery supply chains to create good-paying jobs across the province. EVs and the batteries that power them will be built in Ontario, by Ontario workers.

Peruse articles on Unlocking critical minerals and the Ring of Fire, Made-in-Ontario electric vehicles and batteries, Ontario's clean competitive advantage, and more.

Peruse the articles here.

The IFRS Foundation’s International Sustainability Standards Board (ISSB) will take over responsibility for monitoring progress of companies’ climate-related disclosures from the Financial Stability Board’s (FSB) Task Force on Climate-related Financial Disclosures (TCFD) as of next year, following a request from the FSB.

The transfer of responsibilities marks a significant step in the ongoing consolidation of sustainability reporting standards, following the publication last month of the ISSB’s global standards for sustainability and climate reporting.

Read the full article here.

Nestlé Moves Away from Carbon Offsets to Focus on Emissions Reductions Across Brands

Global food and beverage company Nestlé will shift away from the use of offsets to achieve carbon neutral brands, focusing instead on actual emissions reductions in its operations and value chain, according to a company spokesperson, following media reports that the company was walking away from carbon neutral pledges for some brands.

Nestlé announced a commitment in 2019 to achieve net zero greenhouse gas (GHG) emissions by 2050, and in 2020 the company published its “time bound plan” to reach its climate goals, which also include targets to achieve a 20% emissions reduction by 2025 and 50% by 2030.

“Our net zero roadmap does not rely on offsets. We focus on GHG emissions reductions and removals within our value chain to reach our net zero ambition.”

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A Pivotal Moment to Tackle Some of Society’s Biggest Challenges

Guest post by John McCalla-Leacy, Head of Global ESG at KPMG

The news agenda is filled with discussions about the climate crisis and the business world’s response to ESG challenges. We hear leaders – from the political and business worlds – full of great intentions. However, transforming enthusiasm into impactful action is often the biggest blocker to much needed change.

A climate standard will play a major role in the ISSB’s announcements this week and rightly so, but it’s reassuring to see that the ‘S’ in ESG has also played its part in motivating the organization’s strategy.

Read the full article here.