News

The Canadian Sustainability Standards Board (CSSB) announced the release of new proposed standards for companies to report sustainability and climate-related information, based on the recently released sustainability disclosure standards by the IFRS Foundation’s International Sustainability Standards Board (ISSB).

The release of the new standards may form a significant step towards the introduction of mandatory climate-related reporting requirements for Canadian companies.

The ISSB was launched in November 2021 at the COP26 climate conference, with the goal to develop IFRS Sustainability Disclosure Standards, driven by demand from investors, companies, governments and regulators to provide a global baseline of disclosure requirements enabling a consistent understanding of the effect of sustainability risks and opportunities on companies’ prospects.

Read the full article here.

Coca-Cola Launches 100% Recycled Plastic Bottles in Canada

The Coca-Cola Company announced today the launch of 100% recycled plastic bottles in Canada, with all 500 ml sparkling beverage bottles – including flagship brands Coca-Cola, Sprite and Fanta – in the country using 100% recycled plastic, excluding caps and labels, by early 2024.

According to the company, the move will save 7.6 million pounds of new plastic in 2024, and reduce CO2 emissions by nearly 7,000 metric tons annually.

Read the full article here.

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.

Read the full article here.

Ten things to know about the first ISSB Standards

Better information leads to better economic decisions. IFRS S1 requires companies to communicate the sustainability-risks and opportunities they face over the short, medium, and long term. The requirements are designed to ensure that companies provide investors information relevant to decision-making. IFRS S2 sets out specific climate-related disclosures and is designed to be used with IFRS S1. Both Standards are based on recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

Issuing these Standards is just the starting point. The ISSB is consulting on future priorities to help determine what comes next. We welcome your feedback before the consultation closes on 1 September 2023.

Read the full article here.

Home Depot Says 85% of Lawn Equipment Sales to be Battery Powered by 2028, Saving 2 Million Tons of Emissions per Year

Home Depot announced a new goal to have more than 85% of its US and Canada sales of outdoor power equipment, including lawn mowers, leaf blowers and trimmers to be powered by rechargeable batteries, instead of gas.

According to the company, the transition would reduce more than 2 million metric tons of greenhouse gas (GHG) emissions per year, with gas-powered mowers creating as much pollution in an hour as driving 300 miles in an average car, and a gas leaf blower generating emissions similar to driving 1,100 miles.

Read the full report here.

In the future, booking a trip could mean boarding an airplane that runs on sustainable aviation fuel (SAF) converted from mustard seeds, used French fry oil or other renewable materials.

SAF is a low-carbon alternative to conventional jet fuel made with petroleum that is compatible with today’s aircraft engines and airport infrastructure.

Learn about eFuels, a new class of renewable fuels that are produced using renewable energy sources like wind and solar.

Read the full article here.

This Reuters newsletter has some seriously thought-provoking developments encouraging us to take stock of where we are in the fight against global warming. The World Meteorological Organization (WMO) warns that global temperatures have a 66% chance of temporarily reaching 1.5 degrees Celsius by 2027, which means the world has failed to make sufficient progress on slashing climate-warming greenhouse gas emissions.

“There must be urgency in our action. The global climate crisis is more evident by the day, and today’s actions are crucial. Carbon must become a priority, equal to money in all future decision-making.”

Read the full report here.

Over 80% of Businesses Plan to Increase Spending on Environmental Sustainability Goals Over Next Year: Honeywell

A large majority of companies are planning to increase spending over the next 12 months on environmental sustainability initiatives across categories including energy efficiency and emissions reduction, according to a new survey released by industrial products, solutions and technologies company Honeywell, as sustainability goals continue to emerge as the top priority for executives. (Source: ESGtoday.com)

“Our data shows that companies aren’t wavering in their commitment to sustainability. Not only are leaders keeping it at the top of the priority list despite other looming challenges, but they are also increasingly taking actions.” ~ Vimal Kapur, President and Chief Operating Officer of Honeywell

Click here to access Honeywell’s 2Q 2023 Environmental Sustainability Index.

Over 70% of Businesses View ESG as a Revenue Enabler

The argument that ESG harms profitability is “more than a myth—it’s misinformation that leads to poor business decision-making,” according to a new study released by IBM, which found that more than 70% of executives view ESG as a revenue enabler, and that consumers increasingly focus on companies’ sustainability performance when making purchasing and employment decisions. (Source: ESGtoday.com)

“ESG leaders are 43% more likely to outperform on profitability—and 52% more likely to say ESG efforts have a huge impact on profitability.”

“72% of executives say ESG needs to be a higher priority in their organization.”

Read the full report here.

Montreal, April 18, 2023 – BDC today announces the creation of its new $150-million Sustainability Venture Fund dedicated to investing in businesses developing technologies that will support Canada and the world to meet sustainability and climate targets.

The Fund is a key component of BDC’s commitment to sustainability and part of its contribution to help advance Canada’s 2050 net-zero ambition. It will invest in technologies in line with four key United Nations Sustainable Development Goals (SDGs) leveraging Canada’s strengths and areas of opportunity: sustainable communities and cities, responsible production and consumption, climate action as well as clean and affordable energy.

“Innovation is imperative to speed the transition to net-zero, as much as it can spur the growth of our economy. With the new fund, we have an immense opportunity to ensure that Canadian start-ups have access to the capital they need to compete and drive meaningful impact to Canada’s journey to reach net-zero and meet its sustainability targets.” ~ Isabelle Hudon, President and CEO of BDC

Read the full article here.