Author: Archie Burkinshaw

With a firm commitment to sustainability and a vision of accelerating the adoption of electric vehicles, Formula E has been revolutionising the racing industry for the past nine years. We sit down with Julia Pallé, Formula E sustainability director, to explore the organisation’s sustainable journey and the strides it has made towards a greener future. In the world of motorsport, a green revolution is underway – and at the forefront of this movement is Formula E. From its inception in 2011, Formula E has incorporated sustainability into its DNA – and sustainability director Julia Pallé has been there for every…

The International Financial Reporting Standards (IFRS) Foundation has released a comparison between the requirements in its S2 Climate-related Disclosures and the TCFD recommendations, in response to the Financial Stability Board’s announcement of the completion of the Task Force on Climate-related Financial Disclosures (TCFD) work, culminating in the ISSB Standards. The comparison confirms that the IFRS S2 aligns with the existing four core TCFD recommendations and eleven recommended disclosures. This means companies adopting the ISSB Standards will automatically meet the TCFD recommendations without the need for additional compliance. In addition to this alignment, IFRS S2 will introduce some supplementary requirements, including:…

Both Prime Minister Rishi Sunak and Labour leader Sir Keir Starmer have been urged to uphold their parties’ green pledges after a Cabinet minister voiced concerns that certain environmental reforms targeting landlords were being implemented too hastily. The expansion of the ultra-low emission zone (Ulez) by London mayor Sadiq Khan has been attributed to Labour’s failure to secure Boris Johnson’s former seat of Uxbridge and South Ruislip, with the Conservatives narrowly retaining it by 495 votes. Khan plans next month to widen the £12.50 daily charge for vehicles which fail to meet emissions standards to all London boroughs, taking it…

Business sustainability rating provider EcoVadis has announced its Carbon Action Module (CAM) has been named the Top Product of the Year Award by Environment + Energy Leader. The 2023 E+E Leader Awards program recognises products and initiatives that bring substantial energy and environmental benefits. For many companies, achieving emission-reductions targets becomes challenging due to a lack of visibility within their supply chain. The Carbon Action Module (CAM) offers a view of each supplier’s greenhouse gas (GHG) management efforts, backed by primary qualitative and quantitative data and supporting evidence directly from the suppliers.  The tool helps organisations drive large-scale climate action…

Companies are being urged to abandon carbon offsetting-based environmental claims and instead adopt a “climate contribution” model, in a new quality standard. The Voluntary Carbon Markets Integrity Initiative (VCMI) has issued guidelines on how companies should utilise carbon credits as part of their corporate action with high quality.  The recommended approach involves disclosing emissions annually, demonstrating alignment with science-based targets in line with the Paris Agreement and using carbon credits solely for climate mitigation purposes. Claims of “cancelling out” emissions through offsets are discouraged. The rules, limited to voluntary corporate climate actions, resulted from consultations with civil society, private sectors,…

The Australian Competition and Consumer Commission (ACCC) is set to investigate numerous businesses suspected of engaging in “greenwashing” practices after an extensive review revealed that over half of businesses made troubling claims about their environmental or sustainability practices. Out of the 247 businesses examined during the sweep, 57% were found to have made concerning assertions regarding their environmental credentials. The sectors with the highest proportion of such claims were cosmetics, clothing and footwear, and food and drink. However, other sectors also displayed a significant number of concerning claims. “Consumers are now, more than ever, making purchasing decisions on environmental grounds,”…

Drinks manufacturing giant Coca-Cola and eight bottling partners have closed a $137.7 million (£105m) venture capital fund focusing on sustainability investments that will be managed by VC firm Greycroft. The bulk of the capital comes from Coca-Cola and the eight bottlers accounting for nearly half of the Coca-Cola system’s global volumes, who have each contributed $15 million (£11.4m). The Greycroft Coca-Cola System Sustainability Fund will focus on technologies that can reduce the carbon footprint of the Coca-Cola system in areas including packaging, heating and cooling, facility decarbonisation, distribution, and supply chain. “This fund offers an opportunity to pioneer innovative solutions…

South Korean multinational corporation Samsung Electronics has revealed its inaugural disclosure of Scope 3 greenhouse gas emissions, representing indirect emissions, in its recently published 2023 sustainability report. Last year, Samsung Electronics emitted a total of 124.72 million tons of indirect greenhouse gas emissions (Scope 3), 21 times higher than its Scope 1 emissions and surpassing the combined emissions of Scope 1 (5.97 million tons) and Scope 2 (9.08 million tons) by over eight times. Scope 1 emissions refer to direct emissions produced by the company, such as heating company property or the output of owned or leased vehicles. Scope 2…

Sustainability has become a critical concern for businesses of all sizes. Small and medium-sized enterprises (SMEs), in particular, play a vital role in driving economic growth and fostering innovation. As the global community looks to address pressing environmental and social challenges, SMEs will need to embrace sustainability as a core business principle. SMEs play a crucial role in fighting climate change and changing the status quo on destructive business practices. But, to do so effectively, many of these businesses need a helping hand. The case for going green Sustainability is no longer just a nice-to-have, it is now considered a…

Spanish multi-national retail clothing chain Zara has announced it will turn to recycling and sustainably farmed crops to reduce its environmental impact by 2030, as fast-fashion retailers face continued pressure to cut waste. The retail giant revealed it is aiming to have around 40% of the Spanish group’s fibres coming from conventional recycling and 25% from sustainably farmed crops by 2030. Chief executive Oscar Garcia Maceiras said, another 25% will come from “next-generation” materials in which the group is investing, and the remaining 10% from other sustainable sources, the company said. The new targets come as the European Commission is…