In her inaugural interview, Nnadi spoke of her love of vintage fashion. Nnadi is not alone in her love of second-hand clothing. It is particularly popular with Gen Z; according to the Guardian more than half of shoppers have bought something second-hand in the last year, but this figure rose to 67% amongst Gen Z and millennials. Moreover, it is estimated that second-hand clothing will constitute 10% of global fashion industry sales by 2025, highlighting the strength of this movement.

Much of this is driven by these generations’ preferences for shopping more sustainably is fuelled by their widespread access to the internet throughout their childhood, meaning they have grown up to be more environmentally and socially conscious than generations before them. Consequently, they are more likely to research a brand on their ethics and sustainability practices before purchasing from them. One only needs to look as far as TikTok to find videos titled ‘Fashion girlies don’t support genocide’ listing companies to boycott following the Israel-Gaza war to see these generations’ commitment to social, environmental and ethical issues.

Moreover, online second-hand shopping is easier than ever before, with platforms like Depop and Vinted facilitating this technologically savvy generation’s ability to buy and sell more sustainable clothes. However, there is no doubt that increasing financial pressures from both the COVID pandemic and the cost of living crisis have also driven the rise of pre-owned shopping amongst these demographics.

For generations looking to make ethical choices the fact that many mainstream brands have been accused of greenwashing only pushes them further to avoid them and thrift instead. For example, Zara’s Join life range, which is advertised as being more sustainable, has fallen short of many of the standards required to be classed as ‘sustainable’. This makes it nigh impossible for customers to make ethical choices if they would like to buy store-bought clothes. With many companies under increasing pressure to connect with Gen Z customers, their desire for more sustainable fashion could be an important driving force for companies to pay more attention to their ESG factors or else run the risk of being on a TikTok Boycott list!

Like much of the fashion industry, the activewear sector has also been flooded with fast fashion brands, widely known to have a subpar ethical track record. However, TALA, a sustainable active wear brand seems to be disrupting this market. Advertising to predominantly young millennial and Gen Z women, TALA is an example of how brands prioritising sustainability and affordability will attract mass support from these demographics, and see this reflected in their profits; the company hit £1 million in sales within an hour of launching their new puffer jacket.

The financial success of companies like TALA highlights the profitability of introducing more ethical business practices, upon gaining the support of Gen Z and millennials. Thus, there is a strong case to be made that for companies to remain competitive, clothing brands need to prioritise ESG and sustainability practices, to garner young people’s interest.

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Environmental, Social and Governance (ESG) spans a number of business functions and has become a strategic area of focus for companies globally. Being able to demonstrate your ESG credentials has never been more important to retain current clients and gain new ones, attract bright talent who are passionate about sustainability and satisfy the various regulatory requirements of SECR, ESOS, TCFD, SFDR, not to mention all the reporting frameworks such as CDP, GRI and Science Based Targets.

Our support to clients ranges from an initial ESG assessment and Board level strategy / advisory role through to full implementation support. All delivered internally via a very experienced team.

Energy

The energy markets are facing pressures not seen before. Our expert teams are able to advise on timing as well as running extensive energy renewal tender processes. Post procurement, we are validating invoices to ensure our clients only pay for the energy they use. Our software platforms analyse usage patterns and highlight areas for further investigation and improvement. Technical specialists are available to conduct site surveys, train staff and recommend CapEx projects to reduce consumption.

Waste

Waste has certainly moved up the strategic agenda as companies seek to increase recycling, divert waste from landfill and reduce single use plastics. Many companies struggle with reporting on their waste activities as they have multiple waste streams collected by multiple suppliers across multiple locations. Sustainable Advantage takes on the role of a waste management company whilst liaising with the various suppliers on your behalf.

Infrastructure

Sustainable Advantage’s utilities team manage the upgrade, removal, diversion, installation and commissioning of all types of utilities for many of the largest prime contractors in the UK. Our specialist teams can handle all aspects of power, water, gas and communications from initial site review and bid support through site delivery to metering and energisation.

Supporting Private Equity

Our Private Equity clients seek to create shareholder value through investing in ambitious companies led by dynamic teams but are equally focussed on responsible investing. This means ensuring new investee companies are considering all stakeholders in business decisions – employees, clients, suppliers, local communities and environmental impact.

https://sustainable-advantage.com/about/

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The new proposed standards come as companies globally gear up to begin reporting on sustainability and climate-related risks, opportunities and impacts, with the emergence of a series of new sustainability disclosure standards and regulatory requirements, including the EU’s Corporate Sustainability Reporting Directive (CSRD), the U.S. SEC’s upcoming climate disclosure rules, the recently launched IFRS climate and sustainability reporting standards by the International Sustainability Standards Board.

(ISSB). #ethics #sustainability #greenwashing

https://lnkd.in/gX7u6wFv

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The central pillar of COP28 activity was the Global Stocktake. This year marks the conclusion of the first two-year review process, which going forward will take place at five-year intervals. The Stocktake was a key commitment of the 2015 Summit in Paris, its purpose; to review, assess and report on global progress towards achieving the central ambitions of the Paris Agreement. The Stocktake this year recognised that global greenhouse gas emissions need to be cut 43% by 2030, compared to 2019 levels, to limit global warming to 1.5°C, but noted parties were off track when it comes to meeting this commitment. As such, it recognised the need for deep, rapid and sustained reductions in greenhouse gas emissions in line with the 1.5 °C ambition, calling for parties to accelerate efforts towards the phase-down of coal power, transition away from fossil fuels in energy systems, and triple renewable energy capacity globally by 2030, whilst recognising the value of transitional fuels in facilitating energy security.

Bringing all this together, and after tense talks at the climax of the summit, countries reached a deal around fossil fuels. The difficulty in getting there cannot be understated. Firstly, this is the first time a COP agreement has referenced the burning of fossil fuels as the root cause of climate change. Additionally, although Saudi Arabia took most of the blame, it was in fact many middle-income developing countries like Nigeria and Colombia who opposed the idea of a phase out of fossil fuels, out of fear of extra costs.

The “UAE Consensus,” outlines a climate agenda geared towards maintaining the feasibility of limiting global warming to 1.5°C. It urges Parties to transition away from fossil fuels (specifically for energy systems) to reach global net-zero emissions by 2050, calls for the submission of economy-wide Nationally Determined Contributions (NDCs), establishes a fresh target to triple renewables and double energy efficiency by 2030, and encourages a revamped framework for climate finance. There has however been criticism of the agreement and the optimism surrounding it, with small climate-vulnerable island states, who were excluded from the discussions, questioning its efficacy, and suggesting the text contains a “litany of loopholes” and is “unambitious”.

Representatives of the UK also faced criticism. Prime Minister Rishi Sunak was accused of only attending for performative purposes, as he left COP28 after his speech, and Graham Stuart, Minister of State for Energy Security and Net Zero journeyed back to London for the House of Commons Rwanda vote, before returning to Dubai for the publication of the “UAE Consensus”. In a year the UK government have rowed back on many of their climate pledges, an over 10,000 mile round trip in 24 hours does nothing to demonstrate a commitment to the environment. Despite this, in his speech, Sunak restated the UK’s commitment to the transition, the Paris Agreement, and the ambition of keeping 1.5 alive.

Keir Starmer got the memo that COP28 was the place to be seen. COP28 attendance was almost double the attendance of COP26, with the world’s biggest companies attending en masse, and the Times naming it ‘the new Davos’. Starmer used COP28 as an opportunity to talk about Labour’s commitment to the climate; spending three days at the summit accompanied by shadow foreign secretary, David Lammy and shadow energy secretary Ed Miliband. As with his attendance at Davos in January this year, Starmer seems intent on making Labour’s mark on a global stage. Ed Miliband emphasised that Labour wanted to mobilise private finance to back action on green goals, and harness financial services to lead on the green finance agenda.

As we move towards a general election in the UK, all eyes will be on manifesto pledges to see how each party aims to bring the UK’s COP28 commitments to reality. Countries will reconvene at COP29, next November. Amidst a raft of elections globally, the stance leaders will take on the global stage will be telling. Interestingly, host Azerbaijan is another petrostate, therefore heavily dependent on the extraction and export of fossil fuels, but the UAE has shown that this isn’t the barrier that many expected it to be. Azerbaijan could also flip the narrative and make positive representations on the world stage. With the date for the UK general election still unclear, it remains to be seen which politician will be making these representations on behalf of the UK government in 2024.

Next steps

• Following Azerbaijan, Brazil will host COP30 in 2025.
• At COP29, governments must establish a new climate finance goal, reflecting the scale and urgency of the climate challenge.
• At COP30, governments must come prepared with new nationally determined contributions that are economy-wide, cover all greenhouse gases and are fully aligned with the 1.5°C temperature limit.

COP28 Policy Summary 

H/Advisors Cicero December 2023 

Statements

Speech by the Prime Minister, Rishi Sunak

• In his COP28 speech, Sunak acknowledged that progress has been made at the point of the first Global Stocktake but stressed the need for the agreement of new commitments including by major emitters who he said must dramatically accelerate the delivery of what they have already promised.
• He nonetheless reiterated that the UK would continue to pursue a pragmatic approach so as not to place the pressures of the transition on working people.
• On the global transition, Sunak announced an additional £1.6 billion of international climate finance (ICF), as set out in full below.
• On green finance, Sunak reiterated the UK’s leadership in this field and confirmed the Government would continue to seek to unlock private capital to support the transition, as set out below.

Private Finance 

Finance Day Commitments 

• The Government has confirmed the formal launch of the CIF Capital Markets Mechanism in 2024 which it suggests will generate up to $750 million/year in new climate finance – $7.5 billion over the next decade – which could in turn attract over $50b in co-financing for climate projects in emerging and developing economies.
• The Government has announced a £484m package to help developing countries access climate finance and mobilise private investment. This includes:
• £391 million investment in the Private Infrastructure Development Group (PIDG).
• £44 million investment by British International Investment (BII) in new projects in the clean energy transition and climate resilience in Africa and South Asia.
• £32 million via MOBILIST in the Green Guarantee Company, which offers specialist guarantees for climate adaptation and mitigation projects in developing countries.
• £9 million in the Emerging Markets Climate Action Fund (EMCAF).
• £5 million to establish a new global Centre for Access to Climate Finance.
• Up to £3.2 million in tools to integrate adaptation and resilience into investment decisions and national planning frameworks.
• UK Export Finance (UKEF) has reached an agreement to add CRDCs to its new and existing loan agreements with Senegal and Guyana, making it the first export credit agency globally to offer CRDCs in its direct lending to low-income countries and small island developing state.
• Lords Treasury Minister, Baroness Vere, has confirmed that the Government’s forthcoming consultation on voluntary carbon and nature markets will include its intention to endorse the outputs of the Voluntary Carbon Markets Integrity Initiative (VCMI) and Integrity Council on Voluntary Carbon Markets, and consider how these could be reflected in UK policy, regulation and guidance. It will also test demand for a new labelling scheme for UK credits, in addition to existing work with the British Standards Institution to develop Nature Investment Standards.
• It has also been confirmed, as per the Green Finance Strategy, that the Government will launch a Transition Finance Market Review early next year to assess how the UK as a financial centre can mobilise transition finance.

Non-Government Announcements 

City of London Corporation 

The City of London Corporation has announced that it will host the Net Zero Delivery Summit at Mansions House in June 2024 to mark the halfway point between COP28 and COP29.

The focus of the Sumit will be on unlocking private sector finance for climate mitigation and adaptation; nature finance; ESG disclosures; and the scaling of a credible voluntary carbon market.

Spending Commitments

International Climate Finance 

The UK Government has committed £1.6 billion for ICF projects over the course of COP28. Of that, £887.8 million – including £465 million for forests – is new funding, outside of the £11.6 billion ICF spending target agreed for 2021/22 – 2025/26.

Examples of specific spending commitments are as below:

• £60 million for loss and damage, including up to £40 million for the new loss and damage fund and a further £20 million for funding arrangements, including for early warning systems and disaster risk finance.
• £500 million for the ‘Investment in Forests and Sustainable Land Use’ programme.
• £316 million for global energy innovation projects, plus an addition £40m for the Ayrton Fund.
• Up to £80 million through the UK Partnering for Accelerated Climate Transitions (PACT), a UK partnership programme to support governments across Africa, Asia, and Latin America.
• £4 million to support universal access to affordable and reliable clean energy in Africa.
• £40 million new funding to expand the UK’s Climate Finance Accelerator.
• £2 million support for President Biden’s Methane Finance Sprint.
• £36 million for climate action in the Middle East and North Africa to support long-term climate stability.
• £4.4 million to improve access to climate finance for Small Island Developing States.
• £36 million increase for the Market Accelerator for Green Construction.

More information on the above can be viewed here, here, here and here.

 International Partnerships 

• The UK has committed to the Green Public Procurement Pledge, alongside Germany, Canada and the US.
• Australia and Norway signed the UK-led Clean Energy Transition Partnership, bringing the total membership to over 40 countries and public finance institutions.
• Two partnerships between the UK and Brazil have been agreed.
• The first agreement will boost efforts to cut carbon emissions from heavy industries including steel, cement and chemicals.
• The second will see the UK support Brazil’s National Hydrogen Programme, which is aiming for a sevenfold increase in research and development in clean hydrogen-related technologies between 2020 and 2025.
• The UK endorsed a global ambition to treble civil nuclear power capacity between 2020 and 2050.

More information on the above can be viewed here, here, here and here.

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Introduction

The rise of electric vehicles (‘EVs’) has been hailed as a significant step towards a greener and more sustainable future. Proponents argue that EVs can reduce the carbon footprint of transportation, mitigate air pollution, and combat climate change. However, these claims are not without their challenges and controversies. In recent years, a growing body of research and analysis has cast doubt on the environmental benefits of electric vehicles. Are EVs as truly eco-friendly as they are often portrayed?

The Promise of Electric Vehicles

Electric vehicles have gained popularity for several reasons:

1.1 Reduced Greenhouse Gas Emissions

One of the primary arguments in favour of EVs is that they produce fewer greenhouse gas emissions compared to traditional internal combustion engine (‘ICE’) vehicles. EVs are often perceived as a cleaner and more sustainable alternative, as they do not emit tailpipe pollutants such as carbon dioxide (CO2), nitrogen oxides (NOx), and particulate matter.

1.2 Transition to Renewable Energy

The promise of EVs is further strengthened by the potential for renewable energy integration. Electric vehicles can be charged with electricity generated from renewable sources like wind, solar, or hydro power, reducing their environmental impact even further.

1.3 Reduced Air Pollution

EVs are also promoted as a solution to urban air pollution, as they produce zero exhaust emissions. This can lead to improved air quality and better public health in densely populated areas.

Challenging the Claims

Despite these promises, a growing body of research suggests that the environmental benefits of electric vehicles may not be as clear-cut as they initially seemed. Several key challenges to these claims have emerged:

2.1 Life Cycle Emissions

One of the central arguments against EVs revolves around life cycle emissions, which encompass not only exhaust emissions but also emissions generated during the manufacturing, transportation, and disposal of EVs and their components. A comprehensive life cycle analysis is required to assess the true environmental impact of EVs.

A study by Hawkins et al. (2012) published in the journal Environmental Science & Technology found that the manufacturing phase of EVs can result in higher emissions compared to the production of conventional vehicles. This is primarily due to the energy-intensive process of manufacturing lithium-ion batteries.

An earlier study by Samaras and Meisterling (2008), also in Environmental Science & Technology concluded that the overall emissions of EVs depend significantly on the electricity source used for charging. In regions where electricity is generated primarily from fossil fuels, the benefits of EVs in terms of reducing greenhouse gas emissions are limited.

2.2 Battery Production and Disposal

The production and disposal of lithium-ion batteries, which are commonly used in EVs, raise environmental concerns. Mining and processing the raw materials for these batteries can result in habitat destruction, water pollution, and greenhouse gas emissions.

A study by Dunn et al. (2015) published in Environmental Science & Technology discussed the environmental impacts of lithium-ion battery production. The researchers found that the extraction of materials like lithium and cobalt can have severe environmental consequences, particularly in regions with lax environmental regulations.

Furthermore, battery recycling and disposal pose challenges. A report by Nuss et al. (2019) in the Journal of Industrial Ecology highlighted the importance of establishing effective recycling systems for lithium-ion batteries to reduce waste and environmental impact.

2.3 Grid Integration and Electricity Source

The environmental benefits of EVs are closely tied to the source of electricity used for charging. In regions heavily reliant on fossil fuels for electricity generation, the reduction in greenhouse gas emissions from EVs is limited.

A study by Majeau-Bettez et al. (2011) in Environmental Research Letters emphasized the importance of grid decarbonization to maximize the environmental benefits of EVs. The researchers argued that shifting towards renewable energy sources for electricity generation is essential for realizing the full potential of EVs in reducing emissions.

The Counterarguments

While the challenges to the environmental claims of electric vehicles are substantial, proponents of EVs also present compelling counterarguments:

3.1 Grid Decarbonization

Many countries are actively working to decarbonize their electricity grids by increasing the share of renewable energy sources. As the grid becomes greener, the environmental benefits of electric vehicles increase, as they produce lower emissions during operation.

A study by Zivkovich et al. (2019) in Energy Policy discussed the impact of grid decarbonization on the environmental performance of EVs. The researchers concluded that, as the electricity grid becomes cleaner, the life cycle emissions of electric vehicles decrease significantly.

3.2 Battery Advancements

Research and development efforts are continuously improving battery technology, making them more energy-efficient to produce and reducing their environmental impact. Innovations in battery chemistry, recycling methods, and materials sourcing hold promise for mitigating the negative aspects of battery production and disposal.

A study by Notter et al. (2010) in Environmental Science & Technology examined the potential for reducing the environmental impact of lithium-ion batteries through advancements in technology and recycling methods.

3.3 Role of Policy

Government policies and incentives can play a pivotal role in shaping the environmental impact of electric vehicles. Subsidies, tax incentives, and regulations aimed at promoting cleaner transportation options can encourage the adoption of EVs and accelerate the transition to a greener grid.

Conclusion

The environmental impact of electric vehicles is a complex and nuanced issue. While they offer the potential to reduce greenhouse gas emissions and improve air quality, they are not without their challenges. Life cycle emissions, battery production and disposal, and grid integration all play critical roles in determining whether EVs truly live up to their green reputation.

Research indicates that the environmental benefits of electric vehicles depend heavily on factors such as electricity source, grid decarbonization efforts, battery technology advancements, and supportive government policies. To maximize their positive impact on the environment, it is crucial to address these challenges comprehensively and continue investing in sustainable solutions.

As the transition to electric vehicles continues, it is essential to consider the broader context of energy production, distribution, and consumption to fully understand their environmental implications. Continued research and innovation will be key in ensuring that electric vehicles contribute significantly to a more sustainable and environmentally friendly transportation future.

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About the roles: Salary, £24,000 (UK Graduates, full time, Surrey/London based)
– Researching best practice within a variety of sectors
– Gathering ESG data / metrics from their clients
– Creation of sustainability / ESG reports for their clients
– Advising them on how they can improve their performance.

Details
– Full time office based role in Hersham, Surrey + one day a week in London. NOT remote working.
– Start date asap.

Minimum requirement
1st or 2:1 UK Graduate degree required, ideally Masters level preferably
– Exceptional writing skills
– Excellent communication skills
– Passion about sustainability.

Please submit a typo-free CV and a short covering note via the Foundation’s Job section on LinkedIn, in support of your application by July 20. Announcements on those selected will be made by July 30.

Thank you for your interest in The ESG Foundation.

Even if your application isn’t successful on this occasion it would be great if you personally would keep in touch, as we are regularly asked to find candidates at all levels of #ESG expertise. Follow and share our pages on Twitter and LinkedIn or better still, become a Friend of the ESG Foundation: https://esgfoundation.org/join-us

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ESG refers to metrics by which corporations’ sustainability performances in business operations are measured. While the concept is firmly embedded in EU laws and practices, it remains contentious in the United States, with about fifty per cent (50%) of states pushing against ESG policies and implementation. It may seem trivial for some to dismiss ESG concerns, but business and regulatory trends suggest that such efforts will eventually be rendered futile.

From the business angle, there is a heightened awareness of ESG among investors and consumers, resulting in an increased demand for sustainable products and services. The majority of investors appear concerned about and more aware of broader sustainability issues. A while ago, the term “sustainability” in investing was primarily attributed to environmental issues. There is now a much needed and improved focus on “social” and “governance” as well, with investors identifying themes such as employee welfare, community development, and governance structures. Also, Banks and other financial institutions are more wary about business endeavors they finance. As a result, controversial businesses such as fossil fuels and firearms production are heavily scrutinized. Looking to the next generation, there is an overwhelming preference for ESG products. Gen Z investors account for 28% of sustainable investment inquiries, with an expected two-fold increase in ESG investments over the next few years. This means that ESG-conscious corporations will receive a more significant share of investor funds. Ultimately, it would be tasking for business endeavors that lack (robust) ESG strategies to pull funds as more investors would be compelled to follow popular and profitable trends even if they remain unconvinced about the principles of ESG.

The conception of the CSRD in Europe and the existence of some form of ESG legislation in US states (whether pro or anti) outline the importance of regulation in shaping ESG development. Though the US Senate has a current clampdown on ESG – to refocus investments on returns instead of sustainability, ESG practices will likely soar. The author envisages an impasse, possibly a clash with foreign regulations such as the CSRD. From 2028, the regulation requires non-European companies that generate an annual net turnover of 150 million euros in the EU and have at least one subsidiary or branch in the EU to report on material ESG issues annually. This applies to about a third of American corporations, and failure to comply effectively places such businesses at risk in the EU. The regulation demands major modifications to companies’ business operations, especially those currently bankrupt of ESG considerations. To place this in perspective, it would be difficult for a company to maintain sustainable standards in the EU while focusing squarely on profits elsewhere. In addition to financial risks, issues such as greenwashing and loss of investor confidence may arise, facilitating reputational risks.

The ESG revolution is here and wields tremendous powers, with companies increasingly being legally obliged to report on sustainability and global investors seeking ESG products and services. The need to adapt is paramount and requires immediate action. When all has been said and done, those who fail to embrace sustainable change may find themselves left behind in the face of this unstoppable force.

Keep up with other issues at the forefront of the ESF Foundation’s attention on LinkedIn: https://www.linkedin.com/company/the-esg-foundation/

Twitter: @esgfoundation

And also on the ESG Podcast: https://esgfoundation.org/esg-podcast

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