ESG updates - Issue 3/2024



The Rise of Zero-Carbon Energy: Achieving 40% of Global Power in 2023
According to a report by the International Energy Agency (IEA), zero-carbon sources, such as solar and wind power, accounted for nearly half of global electricity generation in 2023.

The report states that renewables, including hydroelectric power, made up 42% of global electricity production in 2023, up from 27% just five years ago. Solar and wind power were the primary drivers of this growth, with their share increasing to 12% of global electricity generation. China was a significant contributor to the growth of renewables, accounting for over half of the world's solar and wind capacity added in 2023.

The world is making significant progress towards meeting climate goals, with renewables playing a key role in reducing greenhouse gas emissions from energy production. However, the report also highlights challenges ahead, including the need for further investment in renewable energy infrastructure and policies to support their growth.

Here are some other interesting key findings:
  1. Renewables made up nearly two-thirds (63%) of new power generation capacity added in 2023.
  2. Solar and wind power generated over 1.5 billion megawatt-hours of electricity in 2023, more than the total amount produced by all fossil fuels combined.



For more information, please visit https://www.edie.net/report-zero-carbon-sources-accounted-for-almost-half-of-global-electricity-in-2023/

 
Ways to Tackle Business Greenwashing
Greenwashing, the practice of making false or misleading claims about a company's environmental practices, has become increasingly prevalent in recent years. As consumers and stakeholders demand greater transparency and accountability from businesses, it is essential for companies to take proactive steps to address greenwashing head-on.

While some businesses engage in genuine sustainability efforts, others use these initiatives as a marketing tool to improve their public image without making meaningful changes. This not only undermines trust but also perpetuates environmental damage and social injustice.

Failing to address greenwashing can have severe consequences for companies, including:
  1. Eroding customer loyalty and trust
  2. Damage to reputation and brand value
  3. Increased regulatory scrutiny and potential fines
  4. Missed opportunities for genuine sustainability and innovation
To effectively combat greenwashing, businesses should conduct thorough environmental assessments, set realistic and measurable targets to ensure transparency and accountability in sustainability goals. Developing robust reporting frameworks can help provide regular updates on progress towards sustainability objectives. Most importantly, try to engage with stakeholders and suppliers, with collaboration the promotion of sustainability goals and practices will be much easier. 



For more details, please visit https://www.knowesg.com/featured-article/how-to-better-tackle-business-greenwashing-08082024

 
Is Modern Slavery still Existing ?
In recent years, there has been a growing recognition of the importance of addressing Modern Slavery within business operations. The introduction of legislation such as the UK's Modern Slavery Act 2015 has provided a clear framework for organizations to demonstrate their commitment to tackling this significant issue.

ISS-ESG (International Sustainability Standards and Governance) is one organization that is at the forefront of promoting enhanced reporting on Modern Slavery. By developing robust standards and guidelines, ISS-ESG aims to provide investors with a more comprehensive understanding of an organization's approach to addressing this critical social issue.

Through its work, ISS-ESG seeks to promote greater transparency and accountability within business operations, ensuring that companies are held to high standards in their efforts to tackle Modern Slavery. This approach is essential for maintaining trust and confidence among stakeholders, particularly investors who are increasingly scrutinizing an organization's ESG credentials as part of their investment decisions.

Ultimately, the integration of Social Governance into investor decision-making represents a significant shift towards a more responsible and sustainable business environment. As investors continue to prioritize ESG factors, organizations that demonstrate a genuine commitment to addressing social issues such as Modern Slavery will be well-positioned for success in this changing landscape.


For more information, please visit https://www.knowesg.com/social-governance/iss-esgs-enhanced-modern-slavery-solution-for-investors-18062024