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Climate Change was the Hot Topic at the World Economic Forum in Davos

January 28, 2019 Add Comment Edit

Climate change was the dominant theme at and this year's World Economic Forum (WEF). Panel discussions covered a wide range of related topics and including global warming, ocean sustainability and biodiversity. Al Gore, David Attenborough and Jane Goodall were among the participants.

This year's Global Risk Assessment report released at the WEF in Davos revealed, yet again, that climate change and related phenomenon are among the greatest risks both in terms of impact and likelihood. The report surveys nearly 1,000 decision-makers (public sector, private sector, academia and civil society) who are asked to assess the risks facing the world. Over a ten-year horizon, extreme weather and climate-change policy failures are seen as the gravest threats.

The WEF has issued many similar warnings in recent years. The 2016 Global Risks Report was the first that put environmental risks at the top the ranking. This report said the failure of climate change mitigation and adaptation is the risk with the greatest potential to impact society. It specifically warned about the impact of climate change on food security. As an interesting aside, the 2016 report included a prophetic warning about the risks associated with disempowered citizens.

The experts at Davos called for corporate and government action and there was widespread agreement that this requires economic change. As reported by CNN, these experts singled out fossil fuel subsidies in G7 countries. "There are still fossil fuel subsidies from G7 countries — that's ridiculous," said Rachel Kyte, special representative of the UN Secretary-General for Sustainable Energy. "Why we are subsidizing something we know is killing our children, poisoning them and affecting their ability to learn? That's beyond me," she added.

Attenborough, Gore and others have been sounding the alarm about climate change for years. However, the most powerful warning came from 16 year old Greta Thunberg who told attendees: "I don't want you to be hopeful, I want you to panic, I want you to feel the fear I feel every day," She also pulled no punches when she ascribed blame those assembled in Davos: "Some people say that the climate crisis is something that we will have created, but that is not true, because if everyone is guilty then no one is to blame. And someone is to blame," Thunberg said flatly. "Some people, some companies, some decision-makers in particular, have known exactly what priceless values they have been sacrificing to continue making unimaginable amounts of money. And I think many of you here today belong to that group of people."

After her speeches at COP24 and the WEF Greta has emerged as a leading voice for climate action. She is a realist in a world where many are either ebulliently optimistic about the prospects for climate action.

"Many people say that this is not an easy issue, we cannot just say that this is how it is, it's not black and white. But I say that this is black and white. Either we stop the emissions or we don't. There are no gray areas when it comes to survival,"Greta said.

In a chapter on the human causes and effects, the Global Risks Report 2019 calls for greater action around rising levels of psychological strain across the world.

"The world faced a growing number of complex and interconnected challenges in 2018. From climate change and slowing global growth to economic inequality, we will struggle if we do not work together in the face of these simultaneous challenges," the report's authors conclude.

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G19 Leaves Trump Behind and Moves Forward on Climate Action

July 10, 2017 Add Comment Edit

A recent G20 summit communiqué out of Hamburg Germany acknowledged the abdication of Trump but emphasized the global commitment to responsible climate action. Historically the G20 has made unanimous declarations but Trump's decision to quit the Paris Climate Agreement resulted in a break with this tradition. Despite the isolation of the US, the world's leading economic powers indicated that they remain serious about climate action. The summit was marked by riots and Trump was singled out as the preferred target of the protestors.

Trump was characteristically awkward at the summit and he appeared to have difficulty following the discussion at times. At one point Trump had to be diverted from his day-dreaming to turn around and pose for the cameras. Trump's only contribution was an initiative to help other countries burn fossil fuels more cleanly. This is rather ironic as the Paris Agreement seeks to end the burning of hydrocarbons.

Trump's decision to quit the Paris Climate Agreement met with widespread resistance. The entire world (except Syria) has embraced the need for climate action and this includes most Americans. Although Trump claims to be a champion of economic growth his decision is being resisted by corporate America and other levels of government. Led by California, US states and cities have vowed to counteract the Trump administration's inaction. While Trump's climate denial is unpopular at home it is openly reviled abroad.

World leaders

Canadian Prime Minister Justin Trudeau tried to educate Trump on the relationship between climate action and economic growth. Trudeau also pointed to the efforts of Canada's provinces, municipalities, and businesses in the absence of federal leadership on climate change during the Conservative rule of Stephen Harper.

"The fact that the G20 stayed strong and committed, even with the United States stepping aside, is a strong indication that the global community in general is committed and united," Trudeau told reporters. "I think that we can look at the global community holding together so strongly on the topic of climate change is a credit to the G20."

Both German Chancellor Angela Merkel and the UK's Conservative Prime Minister Theresa May said they were "dismayed" by Trump's decision to withdraw from the climate deal.

"Like other world leaders here, I am dismayed at the U.S. decision to pull out of the Paris agreement and I have urged President Trump to rejoin the Paris agreement," May said.

Merkel said she regretted the fact that the US had abandoned the climate consensus. However, she added that she is, "grateful that every other head of state and government acknowledges that the Paris Agreement is irreversible."

Although there is a broad consensus to act on climate change Trump's withdrawal has caused Turkey to consider reevaluating its participation.

Social inequality

Despite attempts by advocates, social issues failed to gain traction at the summit. This is unfortunate because there is an intimate relationship between social inequality and the election of populist leaders like Trump. Social issues must be taken into account if we are to safeguard our democracies against future political travesties.

Despite the efforts of Oxfam's Jörn Kalinski, social inequality was all but ignored. "[I]nequality is destroying social cohesion. People who feel left behind get frustrated and run into the arms of right-wing populists. And that is a threat to democracy," Kalinski told DW.

Russia

The meeting between Trump and Russian President Vladimir Putin went as planned. The two despots denied Russian interference in the 2016 presidential election and agreed to work together. Although it did not make the headlines, cooperation between these pleonectic leaders could augur an environmental and climate disaster.

The end game may be the lifting of sanctions. Putin needs Exxon's cooperation to extract oil from beneath the ocean floor of the Russian Arctic. There is a half a trillion dollars of fossil fuels up for grabs and the climate consequences are catastrophic. If it goes through the "deal" would unleash a massive carbon bomb at a time when we desperately need to reduce emissions by moving away from fossil fuels.

Conclusion

Trump's decision to quit Paris is counterproductive and may not serve his political agenda. Although he may have support from the minority of Americans that make up his base, his policies, particularly those related to climate action are at odds with the global consensus and reality itself.

"Trump has lost another collision between fantasy and reality. No other global leader shares his fantasy that climate change is a hoax," said Tom Burke, chairman of E3G, a London-based think tank on energy and environmental issues. "Other governments, cities, businesses, entrepreneurs, and communities, including many in his own country, will carry on with the serious business of tackling the greatest strategic threat to our prosperity."

No one did a better job of reviewing Trump's failure at the G20 summit than the award-winning political editor Chris Uhlmann. As reported in the Guardian, Uhlmann said Trump is a man with, "no desire and no capacity to lead the world". The centrist Australian reporter described Trump as "isolated and friendless" at the G20. "He was an uneasy, lonely, awkward figure at this gathering and you got the strong sense that some of the leaders are trying to find the best way to work around him," Uhlmann said.

He went on to say that Trump isolated the US, confused and alienated its allies and ultimately diminished America. Uhlmann concluded that Trump's policies are contributing to the "decline of the United States". He also described the American demagogue as "the biggest threat to the values of the west".

Uhlmann said Trump was obsessed with "burnishing his celebrity" and had "diminished" his own nation to the benefit of Russia and China.

In his final assessment of Trump's malfeasance Uhlmann said he is, "a man who barks out bile in 140 characters, who wastes his precious days as president at war with the west’s institutions like the judiciary, independent government agencies and the free press."

After only five months of Trump's rule, his presidency is proving to be an unmitigated disaster. Trump is more than a disgrace, he is a clear and present danger both domestically and abroad. The sooner his presidency comes to an end the safer the world will be.

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Engaging Boards of Directors on Sustainability is a Key Success Factor

November 24, 2016 Add Comment Edit

Boards of directors can play an invaluable role helping a company to inculcate sustainability into their DNA. Because of their unique position, boards of directors are well placed to integrate sustainability into business strategies and practices. This supports both the long-term profitability and the viability of an enterprise.

However, there is a disconnect between what is good for a firm and what they are actually doing. Most boards of directors are not engaged in sustainability even though almost all managers and directors think they should be.

Benefits
Companies that have engaged boards of directors are more than twice as likely to successfully accomplish their sustainability initiatives. Sustainability has become a mainstream phenomenon and benefits of sustainability have been well documented. This includes a plethora of research that demonstrates strong ROI. While success is correlated with companies where colloboration was supported by boards, the success rate is cut in half when company boards where not involved.

Failure to engage

Despite the benefits, many boards of directors are not getting involved in sustainability. The disconnect between what is good for a company and what they are actually doing represents a missed opportunity. Research conducted by MIT Sloan Management Review, The Boston Consulting Group and the UN Global Compact, indicates that 87 percent of managers and executives think boards of directors should be engaged in sustainability yet the research suggests that only 10 percent are actually engaged. An annual report from The Conference Board titled CEO Challenge suggests that CEOs are not turning to their boards of directors to address sustainability challenges.

Collaboration

Almost all managers and executives (9 out of 10) say that sustainability requires collaboration. According to these executives and managers, collaboration serves reputation and brand building, innovative products and services and the transformation of markets towards sustainability. Collaboration between companies, workers, governments, civil society, investors, and academia can augur a range of societal benefits including putting pressure on suppliers to develop a responsible global supply chain.

Antidote to short termism

One of the problems associated with sustainability is the failure to lay out a long-term strategic view. Getting boards of directors to engage with sustainability enables a company to develop long-term` strategic thinking. This includes longer term forecasting, planning, and preparation. It also enables companies to do a better job of zeroing in on risks and opportunities. Together this contributes to a focus on long term success.

Take-away

The take-away is clear, boards of directors should be given explicit oversight of sustainability issues and boards need to allocate time to sustainability issues. It is also highly desirable to have board members with expertise in the sustainability particularly those areas that are most material to the company.

Resources

Two years ago the UN Global Compact launched a program to help "move sustainability issues from the backroom to the boardroom". This program is tailored to the needs of the individual company and delivered in-house by a roster of international experts.

The UN Global Compact Program helps Boards to:

Align on the strategic imperative and materiality of corporate sustainability as critical for the company’s long-term viability
Realize the integral role that Board members can and should play in overseeing, incentivizing and driving corporate sustainability, by embedding it into Board duties, composition and structure
Take action to demonstrate leadership on Board adoption and oversight of corporate sustainability with investors, employees, customers and other stakeholders

For more information and strategic guidance consult the following documents from the UN Global Compact:

Joining Forces: Collaboration and Leadership for Sustainability
A New Agenda for the Board of Directors: Adoption and Oversight of Corporate Sustainability
Corporate Sustainability: An Important Agenda for Boards Of Directors

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Event - The Sustainability Summit 2017

November 20, 2016 Add Comment Edit

This Summit will take place on March 23-24, 2017 in London. What does COP21 and the push for greater environmental sustainability mean for business? The Sustainability Summit will bring together key thinkers, policymakers and business leaders, who will deliver strategies, ideas and solutions to decision makers, helping them to turn challenges into new opportunities and prepare for the future.

The issue of sustainability is a multifaceted one, and cannot be tackled by policy alone; international business must also rise to the challenge of reversing the damage that we have wrought on our environment. But how can businesses evolve and develop their practices to improve their footprint? Is it possible to make adjustments that have a net positive impact on revenue? And what are the challenges that multinational companies face in implementing such changes across borders?

In March 2016, The Economist Events’ Sustainability Summit in London delivered an alarming prognosis: adapt or die. This year we will be evaluating progress and the scalability of sustainability initiatives while asking the crucial question: what does COP21 and the push for greater environmental sustainability mean for business? Bringing together key thinkers, policymakers and business leaders the Sustainability Summit will deliver strategies, ideas and solutions to decision makers, helping them to turn challenges into new opportunities and prepare for the future.

Speakers

Bob Collymore
Chief Executive Officer, Safaricom

Daniel Franklin
Executive Editor,
Editor The Economist

Helen Hai
Chief Executive Officer,
Made in Africa

Miranda Johnson
Environment Correspondent
The Economist

Greg Lowe Global
Head of Resilience and Sustainability,
Aon

Jeremy Oppenheim
Programme Director,
Business and Sustainable Development Commission

Steve Waygood
Chief Responsible Investment Officer,
Aviva Investors

Mark Wilson
Chief Executive Officer,
Aviva

Why attend? Questions that will be answered

What steps can we take to break the prevailing short-termism which dominates the markets and begin to act with an eye to the future? How can policy-makers better address market failings and encourage a move toward a circular economy? In what ways do our current, global regulatory frameworks account for climate change? How can we leverage the capital markets and big business to create a more sustainable economy? Where should investors direct their capital in order to make the biggest impact? From source to shelf, how can businesses take better stock of natural capital and ensure resource efficiency all the way across their supply chains? Could technological innovation provide some of the solutions we need to deliver sustainable growth? And, how can we scale the green tech that already exists? How can we further the social components of the SGDs and create a more inclusive marketplace around the world?

Attendees will

Network with more than 200 international leaders from business, finance and government Make connections with those at the forefront of the sustainability effort and discover new opportunities for cross-border and cross-sectoral collaboration
Shape the evolving dialogue on sustainability and share ideas with decision-makers and innovators
Get to grips with practical steps businesses are taking to scale-up action and create the swift change we need to realise the transition to a two degree world
Gain a fresh perspective on sustainability as a value driver and differentiator for business and finance
Join the global effort to create an inclusive and environmentally sustainable marketplace

To register click here.

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Event - COP 22 and IRENA Renewable Energy Side Events

November 06, 2016 Add Comment Edit

COP 22 will take place November 7-18, 2016 in Marrakech, Morocco. The United Nations Framework Convention on Climate Change (UNFCCC), established in 1994, aims to stabilize the concentration of greenhouse gases in the atmosphere at a level that prevents "dangerous anthropogenic interference with the climate system".

The Framework’s Conference of Parties (COP) was created and put in place in order to structure the efforts of the Parties to the Convention as they address climate change. The COP meets annually to review and assess the implementation of the UNFCCC and any other legal instruments the body adopts with the goal of reducing greenhouse gas emissions and fighting climate change.

At this year’s COP, COP22, IRENA will host several side events related to advancing the deployment of renewable energy. Details of the side events can be found on the renewable energy track website.

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How Sustainability has Become a Mainstream Phenomenon

November 01, 2016 Add Comment Edit

Sustainability programs are not just for forward-thinking international conglomerates they are now part of mainstream practices for business both large and small. The data has convincingly made the case that sustainability is good for business and managers are integrating it into their strategies in ever increasing numbers.

There are a number of good reasons why businesses are embracing sustainability. In 2015 sustainability reached a tipping point and in 2016 it has become obvious that sustainability is a 21st-century megatrend. We are even beginning to conceive of a post sustainability world.

At the end of last year leading businesses made carbon reduction pledges at COP21. US companies like Apple, Microsoft, Mars, Ikea and others filed legal briefs supporting President Obama's the Clean Power Plan and corporations are embracing renewable energy in unprecedented numbers. As a result, corporations are increasingly decoupling their growth from their emissions. They are also adopting science-based emissions reduction targets.

As reported by Environmental Leader, the Conference Board’s annual CEO Challenge survey, indicated that sustainability was considered to be among the top five global challenges. What makes this remarkable is the fact that this is the first time that sustainability has made it into the survey's top five.

The most recent UN Global Compact-Accenture CEO Study report finds that 70 percent of major corporate executives see climate change presenting growth opportunities for their company within the next five years. A 2014 McKinsey survey finds 43 percent of executives say their companies are looking to align sustainability with their overall business goals, up from 30 percent two years earlier.

In the 2016 State of Responsible Business Report, 71 percent of corporate/brand respondents said that their CEO is convinced of the value of sustainability. There has been and almost ten percent increase in execs who feel that sustainability is integrated tightly enough into broader business strategies. More than half of Apparel, FMCG and Manufacturing respondents said that they pay for external assistance with their sustainability strategy.

The ROI on sustainability is supported by a number of studies which demonstrate the business case for sustainability. Sustainability not only drives profits it also contributes to cost savings through efficiency. The ROI on sustainability is best illustrated by Unilever which has attributed half its growth to sustainability in 2015. Unilever is but one of many companies that have generated a billion dollars or more each year from sustainable products or services. Some of the other companies profiting from sustainability are General Electric, Ikea, Tesla, Chipotle, Nike, Toyota, Natura and Whole Foods.

This data leads to the common misconception that sustainability is only for the large corporate players and not for SMEs. Nothing could be further from the truth. Not only do small businesses share in the responsibility to be better stewards, they must also address competitive pressures to promote their brand, increase revenues, and decrease costs.

There are a number of easy things that even small businesses can do that will decrease the net costs of their operations. From going paperless to reducing packaging, sustainability programs are for all businesses regardless of size. The single most important thing that any smart business must do is carefully scrutinize and manage their energy usage.

Adopting sustainability is no longer a choice it is a market dictate. In fact it is safe to say that businesses are thriving with sustainability and risk dying without it.

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Paris Climate Agreement Comes into Force

October 06, 2016 Add Comment Edit

The world's first global initiative to reign in climate change has come into effect. On October 5, 2016, less than a year after the Paris Climate Agreement was signed at COP21, a critical threshold was passed. With the ratification of more than 62 countries, the pact will formally enter into force on November 4, 2016.

Many thought we would not be able to secure a deal in Paris at the end of last year. Then detractors doubted that enough countries would ratify it. The naysayers have been proven wrong.

This historic agreement is designed to combat climate change through drastic emissions reduction pledges known as the INDCs. To bring this carbon cutting global agreement into force 55 countries representing 55 percent of global emissions had to formally join. The US, China and the EU have all signed onto the deal.

President Obama welcomed this historic step in our global efforts to combat climate change saying:

"If we follow through on the commitments this agreement embodies, history will judge it as a turning point for our planet." The President also said that the deal will contribute to a wave of opportunties. "[The pact will] unleash high-tech low carbon investment and innovation at a scale we have never seen before. So this gives us the best possible shot to save the one planet we've got."

See the President's full remarks in the video below:

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US China and Others to Sign the Paris Climate Agreement on Earth Day Suggesting an Early Start to Implementation

April 20, 2016 Add Comment Edit

The US and China, the world's leading carbon emitters have agreed to sign the historic Paris Climate Agreement at a signing ceremony on Earth Day. The signing of the agreement on Friday April 22nd at UN headquarters is more than just a symbolic gesture.

Of the 196 countries on-board at COP21 in Paris last December, as many as 155 other nations, including India, are expected to sign the agreement on Earth Day.

The signing by the US and China is crucial as they account for 38 percent of global emissions. This sends a powerful message that will be heard around the world. This is but the latest cooperative climate statement by these two nations. In November, 2014 the US and China launched their joint efforts to limit carbon emissions and then they followed this up with more climate cooperation in September, 2015.

To make the agreement operational 55 percent or 55 countries will need to sign the agreement.This would mean that the agreement would come into effect far sooner than the 2020 target date floated prior to COP21. The final Paris agreement does not make mention of the 2020 implementation date. Early implementation will increase the political pressure to increase carbon reduction targets in 2018.

More ambitious targets are necessary given that current INDCs will increase global temperatures to 2.7C (the upper threshold limit set in the Paris agreement is between 1.5C and 2C). We need to see emissions peak by 2020 if we are to be able to keep temperatures from breaching 2C of warming above pre-industrial times.

As reported by the Guardian, Eliza Northrop, an analyst at the World Resources Institute, said there was growing momentum behind an early approval of the agreement.

"It’s likely it could come into effect in 2017. It could even happen this year," she said.

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