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Hi friend,
Once again, it’s been another good-bad-ugly week for the climate and the souls that are impacted hardest by global warming.
The good news
Political and world leaders are starting to take a stand for the climate, with the Biden Administration moving to restore protections in the Endangered Species Act that Donald Trump removed.
And although it’s only taken them two decades, UN member nations have finally agreed to adopt the world’s first treaty to protect the high seas.
Large corporates are also starting to get their shit together, with big name businesses in the EU calling on lawmakers to implement a policy that will legally commit the bloc to ending the destruction of nature and working towards nature restoration.
Some businesses have also committed to stop sourcing cow leather linked to deforestation by 2030.
The bad news
Although they’re making progress, businesses still have a LONG way to go: 40% of the companies monitored by the Climate Disclosure Project have no emissions targets, and 93% have not yet set science-based targets. Seems like perfect timing for the new guidance published by the Science Based Targets Initiative on how companies can engage with their supply chains to set their own science-based targets.
On the climate front, we’re not even halfway through the year and already we’ve smashed a bunch of climate records. One of the most concerning is that Himalayan glacier loss is happening at a much faster rate than originally thought, which means sea levels could rise a lot faster than anticipated.
The ugly news
Shell has backtracked on its commitment to cut oil production this decade. Instead, it will keep production stable and pump billions into extracting even more oil and gas from the Earth. With world demand for oil expected to drop off sharply in the next five years, it seems Shell’s new CEO wants to squeeze every last drop from every last barrel to maximise profits and keep shareholders happy.
Dick move of the week
Poor countries that are hit by climate disasters will be able to pause debt repayments to the World Bank, to give them some breathing room to rebuild and recover. But there’s a caveat. The relief is only applicable to new loans and does not take into account the over US$80 billion that poor countries still owe the World Bank. All this does is acknowledge that poorer nations will still take the brunt of the impact from climate change while doing nothing to make up for the damage already done.
— Tarryn ✌️
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This week's climate and sustainability news worth noting
💸 The World Bank will let poor countries pause debt repayments if they are hit by a climate disaster. Seems like a dick move to me, especially if you watch the video from NASA clearly showing that most, if not all, CO2 emissions come from the global North, while it's the global South that's battered by extreme weather. Oh, and there's another caveat: The debt relief will only apply to new loans, which means the crippling debt that poor nations are already burdened with will likely keep them in a cycle of poverty and low economic growth. I say: Write the debt off, start again, and implement the loss and damage fund.
👏 The Biden Administration has moved to restore protections to the Endangered Species Act that Donald Trump had removed. The proposed regulations include those by the US Fish and Wildlife Service and the National Oceanic and Atmospheric Administration's fisheries service that aim to make it more challenging to remove a species from the endangered list and strengthen protections for threatened species. The regulations also revoke a policy implemented during the Trump administration, which would have allowed economic considerations, such as lost revenue for industries like oil and gas operations, to be taken into account when determining species protection. According to the proposed rule, listing species as threatened or endangered should be solely based on scientific evidence, without considering potential economic or other impacts.
🐟 193 UN member nations adopted the world’s first treaty to protect the high seas and preserve marine biodiversity – a move that has been 20 years in the making (and 20 years overdue, imo). Negotiators effectively agreed to establish marine protected areas spanning millions of kilometres and help reverse marine biodiversity loss. Despite their importance, only 1% of high seas is currently protected.
🔋 The UK, the US, and Ukraine are among 45 nations that have endorsed a new global commitment to accelerate the rate of energy efficiency improvements. The nations have pledged to develop and implement better policies to improve energy efficiency domestically.
🥤 Paris plans to ban single-use plastic when it holds the 2024 Olympic Games as part of efforts to tackle a global plastic pollution crisis, opting instead for reusable cups and glass bottles.
🛢️ World demand for oil is likely to drop off sharply over the next five years, as a shift to electric vehicles and other cleaner technologies brings growth in global oil use almost to a complete halt. The International Energy Agency says gasoline use will start shrinking after 2026.
🧊 Himalayan glacier loss is happening at a much faster rate than originally thought. The International Centre for Integrated Mountain Development in Kathmandu says glaciers in the Hindu Kush and Himalaya mountain range region melted 65% faster from 2010 through 2019 than in the previous decade.
🚨 New climate records: The global ocean hit a new record temperature in May after breaking the previous record in April. The last European summer was the hottest on record. New June heat records for a number of cities in China.
🌀 Wild weather: Heatwaves kill nearly 60 people in India. Tropical Cyclone Biparjoy kills five and forces the evacuation of hundreds of thousands of people in India and Pakistan. Floods and landslides in Nepal kill six with scores more people still missing. Multiple Texas tornadoes kill four.
And in business news
😤 Shell’s new CEO has abandoned plans to cut oil production this decade, focusing instead on increasing profits and payouts to shareholders. Shell had previously said it would cut production by 1% to 2% every year until 2030, but this week it did an about-turn and said production would remain stable. Shell will invest US$40 billion in oil and gas production between 2023 and 2035, and only between $10 billion and $15 billion in “low-carbon” products.
🐄 Several major brands have joined the ‘Deforestation-Free Call to Action for Leather’ to stop sourcing cow leather linked to deforestation by 2030. Adidas, America Eagle, BMW, Kering, Mango, M&S, Puma, Reformation, H&M, and others have committed to ending the procurement of bovine leather from deforested or converted lands and to source alternatives in their supply chains.
✅ Big businesses including Nestle, Unilever, Ikea, Danone, and Coca-Cola have called on EU lawmakers to press ahead with a new policy that will legally commit the bloc to ending the destruction of nature and working towards nature restoration. The law proposes that restoration measures are to be implemented on at least 20% of the EU’s land and sea areas by 2030 and repair all ecosystems in need of restoration by 2050. But it has faced major opposition from EU member states that are highly economically dependent on farming, including Ireland.
👎 A new report from the Climate Disclosure Project (CDP) has found that while 60% of the 18,600+ UK companies that disclose climate-related information – including the majority of those listed on the FTSE100 and S&P 500 – have targets to reduce emissions, less than 1% are producing transition plans to net-zero that CDP regards as credible. Globally, 40% of the companies included in the tracker have no emissions targets, and 93% have not yet set targets through the Science Based Targets Initiative (SBTi).
🎯 The Science Based Targets initiative (SBTi) has published new guidance to outline how companies can engage with the supply chains and get suppliers to set their own science-based targets. The new guidance outlines the relationships and structures that need to be built internally and externally in order to catalyse action.
Well, that's interesting
22 June was World Rainforest Day.
In appreciation of these crucial live-supporting wonders, check out these rainforest facts from Earth.org:
🪲 Despite covering only 2% of the planet’s total surface area, rainforests are home to half of the world’s plant and animal species. The Amazon is home to 10% of the world's total biodiversity.
🪓 3.75 million hectares of tropical primary rainforests were lost in 2021, nearly half of that in Brazil. In the last 50 years alone, around 17% of the Amazon has been cut down.
💨 Deforestation contributes nearly 5 billion tonnes of carbon dioxide a year.
😵 An average of 137 species of plants and animals are driven into extinction every day in the world’s tropical rainforests.
One small thing you can do.
Sign this petition to upskill our kids on climate literacy.
It takes one minute to sign the EarthDay.org petition calling on global leaders attending COP28 this year to make climate literacy compulsory for all schools, worldwide.
The petition calls for quality and meaningful climate and environmental education and civic skills to be provided to primary and secondary students so they can help in the fight against climate change while building a green economy.
Because lots of little actions combined can add up to something remarkable.
I'll leave you on this happy note...
Donkey is reunited with the girl who raised him.
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