Bitcoin transactions are not only guzzling electricity, but are also thirsty for so much water that the amount used for one transaction would be enough to fill “a backyard swimming pool,” a recent analysis found.

Billions of people across the world are struggling with shortages of fresh water, and with climate change and extreme weather events the situation may worsen in the coming decades.

<h2>How much water is too much water?</h2>

The study based on the analysis done by Alex de Vries of Vrije Universiteit Amsterdam says that Bitcoin’s water footprint has rapidly increased in recent years.&nbsp;

ALSO WATCH |&nbsp;Bitcoin's growing enviornmental problems, every bitcoin payment 'uses a swimming pool of water'

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/bitcoins-growing-enviornmental-problems-every-bitcoin-payment-uses-a-swimming-pool-of-water-664695/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

As of 2023, Bitcoin’s annual water footprint may cross 2,200 billion litres or gigaliters (GL), according to the study in the journal Cell Reports Sustainability. According to de Vries, that is over six million times more water than a credit card swipe.&nbsp;

Between 2020 and 2021, the water footprint of Bitcoin increased by as much as 166 per cent, from 591.2 to 1,573 GL, said the study.&nbsp;

<h2>What is this water being used for?</h2>

Bitcoin uses such large amounts of water for its enormous amount of computing and with that, it burns through a lot of energy. Therefore, the systems use a great deal of water in their cooling systems to keep the bitcoin mining machines from overheating.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/heres-how-much-youd-be-worth-if-you-had-invested-in-bitcoin-on-day-1-653829">Here's how much you'd be worth if you had invested in Bitcoin on day 1</a>

In fact, Bitcoin is so power-hungry that, according to the Cambridge Centre for Alternative Finance (CCAF), it consumes only a little less electricity than the entire country of Poland, which is home to around 38 million people.&nbsp;

In his study, de Vries noted how most of the research about the environmental impact of Bitcoin mining has been focused on its energy consumption, carbon footprint, and the electronic waste it generates but given the shortage of water and the estimated use of it in the Bitcoin network it is crucial to understand the water footprint of the cryptocurrency usage.

As the amount of water that Bitcoin uses, not only can it potentially impact different countries’ climate goals, but also potentially poses an additional stress to water resources in drought-prone areas.&nbsp;

Notably, the numbers are based on the assumption that Bitcoin mines run on water-dependent cooling systems but some data centres and crypto mines also use a different system which not only keeps the computers cool but also cuts down water consumption by immersing them in a non-conductive liquid, reported The Verge.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/wall-street-awaits-100-bn-crypto-boom-with-bitcoin-etfs-report-661050">Wall Street awaits $100 bn crypto boom with Bitcoin ETFs: Report</a>

The author of the study also argues that Bitcoin does not actually need this much water and it is a process of “mining” the cryptocurrency which requires an enormous amount of water since miners compete against each other and the same transaction is being worked on several times by multiple power-hungry computers.&nbsp;

“All of these machines combined are generating 500 quintillion guesses every second of the day, non stop – that is 500 with 18 zeros behind it,” de Vries told the BBC.&nbsp;

(With inputs from agencies) 
&nbsp;

Bitcoin transactions are not only guzzling electricity, but are also thirsty for so much water that the amount used for one transaction would be enough to fill “a backyard swimming pool,” a recent analysis found.

Bitcoin transactions are not only guzzling electricity, but are also thirsty for so much water that the amount used for one transaction would be enough to fill “a backyard swimming pool,” a recent analysis found. Billions of people across the world are struggling with shortages of fresh water, and with climate change and extreme weather events the situation may worsen in the coming decades. How much water is too much water? The study based on the analysis done by Alex de Vries of Vrije Universiteit Amsterdam says that Bitcoin’s water footprint has rapidly increased in recent years. ALSO WATCH | Bitcoin's growing enviornmental problems, every bitcoin payment 'uses a swimming pool of water' As of 2023, Bitcoin’s annual water footprint may cross 2,200 billion litres or gigaliters (GL), according to the study in the journal Cell Reports Sustainability. According to de Vries, that is over six million times more water than a credit card swipe. Between 2020 and 2021, the water footprint of Bitcoin increased by as much as 166 per cent, from 591.2 to 1,573 GL, said the study. What is this water being used for? Bitcoin uses such large amounts of water for its enormous amount of computing and with that, it burns through a lot of energy. Therefore, the systems use a great deal of water in their cooling systems to keep the bitcoin mining machines from overheating. ALSO READ | Here's how much you'd be worth if you had invested in Bitcoin on day 1 In fact, Bitcoin is so power-hungry that, according to the Cambridge Centre for Alternative Finance (CCAF), it consumes only a little less electricity than the entire country of Poland, which is home to around 38 million people. In his study, de Vries noted how most of the research about the environmental impact of Bitcoin mining has been focused on its energy consumption, carbon footprint, and the electronic waste it generates but given the shortage of water and the estimated use of it in the Bitcoin network it is crucial to understand the water footprint of the cryptocurrency usage. As the amount of water that Bitcoin uses, not only can it potentially impact different countries’ climate goals, but also potentially poses an additional stress to water resources in drought-prone areas. Notably, the numbers are based on the assumption that Bitcoin mines run on water-dependent cooling systems but some data centres and crypto mines also use a different system which not only keeps the computers cool but also cuts down water consumption by immersing them in a non-conductive liquid, reported The Verge. ALSO READ | Wall Street awaits $100 bn crypto boom with Bitcoin ETFs: Report The author of the study also argues that Bitcoin does not actually need this much water and it is a process of “mining” the cryptocurrency which requires an enormous amount of water since miners compete against each other and the same transaction is being worked on several times by multiple power-hungry computers. “All of these machines combined are generating 500 quintillion guesses every second of the day, non stop – that is 500 with 18 zeros behind it,” de Vries told the BBC. (With inputs from agencies)

Bitcoin transactions not only guzzle electricity, but also need ‘swimming pools’ worth of water

Every Bitcoin transaction uses on average almost the same amount of water that is needed to fill a backyard swimming pool and that's the conclusion of a study conducted by the University of Amsterdam which indicates the amount of resources wasted in Bitcoin processes.

Bitcoin's growing enviornmental problems, every bitcoin payment 'uses a swimming pool of water'

World's biggest iceberg is on the move. Icebergs called as A23a which is twice the size of Greater London is now about to spill beyond Antarctic waters and how the iceberg is passing through the northern tip of the Antarctic Peninsula is a question what impact could it produce.

World's largest iceberg, A23a on the move | WION

Scientists have invented a breakthrough device that can not only clean dirty water and make it consumable but can also generate hydrogen fuel from it, thus solving two problems at once—the lack of energy and the lack of clean drinking water.

It can change the lives of millions of people who live off limited resources, with no access to clean water and clean energy.&nbsp;

As per the scientists behind the machine, it is based on the photosynthesis process in plants, where they turn light into food. The older version of the same device required clean water to operate, making it unviable for areas with no clean water resources.

<a href="https://www.wionews.com/technology/technology-devouring-humans-robot-crushes-man-to-death-in-south-korea-656647">Also read:&nbsp;Technology devouring humans? Robot crushes man to death in South Korea</a>

But the new model is simply miraculous.&nbsp;

“Bringing together solar fuels production and water purification in a single device is tricky,” said Chanon Pornrungroj from the University of Cambridge.

“Solar-driven water splitting, where water molecules are broken down into hydrogen and oxygen, need to start with totally pure water because any contaminants can poison the catalyst or cause unwanted chemical side-reactions,” he added.

<h2>How does the machine work?</h2>

The system utilises a carbon mesh to absorb light and heat, generating water vapour from which hydrogen is generated by a photocatalyst. This carbon mesh also repels water, allowing the system to float and protect important components from water damage.

Watch:&nbsp;Technology for Parkinson's patients

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/technology-for-parkinsons-patients-657563/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Moreover, this device captures a greater amount of solar energy compared to previous models, as it utilises a wider spectrum of light. A white layer on the top absorbs UV rays, while the remaining light is used to vapourise the water.&nbsp;

The researchers emphasise that this system is simple to manufacture and effective in treating highly polluted water.

Although currently a proof of concept, they believe it holds promise for achieving a sustainable future.

“The climate crisis and issues around pollution and health are closely related, and developing an approach that could help address both would be a game-changer for so many people,” said Cambridge’s Erwin Reisner, who led the work.

(With inputs from agencies) 
 
&nbsp;

Scientists have invented a breakthrough device that can not only clean dirty water and make it consumable but can also generate hydrogen fuel from it, thus solving two problems at once—the lack of energy and the lack of clean drinking water.

Scientists have invented a breakthrough device that can not only clean dirty water and make it consumable but can also generate hydrogen fuel from it, thus solving two problems at once—the lack of energy and the lack of clean drinking water. It can change the lives of millions of people who live off limited resources, with no access to clean water and clean energy. As per the scientists behind the machine, it is based on the photosynthesis process in plants, where they turn light into food. The older version of the same device required clean water to operate, making it unviable for areas with no clean water resources. Also read: Technology devouring humans? Robot crushes man to death in South Korea But the new model is simply miraculous. “Bringing together solar fuels production and water purification in a single device is tricky,” said Chanon Pornrungroj from the University of Cambridge. “Solar-driven water splitting, where water molecules are broken down into hydrogen and oxygen, need to start with totally pure water because any contaminants can poison the catalyst or cause unwanted chemical side-reactions,” he added. How does the machine work? The system utilises a carbon mesh to absorb light and heat, generating water vapour from which hydrogen is generated by a photocatalyst. This carbon mesh also repels water, allowing the system to float and protect important components from water damage. Watch: Technology for Parkinson's patients × Moreover, this device captures a greater amount of solar energy compared to previous models, as it utilises a wider spectrum of light. A white layer on the top absorbs UV rays, while the remaining light is used to vapourise the water. The researchers emphasise that this system is simple to manufacture and effective in treating highly polluted water. Although currently a proof of concept, they believe it holds promise for achieving a sustainable future. “The climate crisis and issues around pollution and health are closely related, and developing an approach that could help address both would be a game-changer for so many people,” said Cambridge’s Erwin Reisner, who led the work. (With inputs from agencies)

Scientists develop machine that creates hydrogen fuel from dirty water

Aakash Ranison, Climate Optimist and Author of ‘I’m a Climate Optimist’ – India’s first climate-neutral book published by Penguin, shares his views on Sustainability.

People can be sustainable in each and every thing they do: Aakash Ranison

With companies around the world increasingly focusing on sustainability and net-zero, 'green skills' are the passport to remain relevant in the 21st Century job market.

Companies and their supply chain contribute about 60 per cent to the world's emissions. But companies in all but a few countries have any stated commitment towards net-zero. However, with increasing awareness about the impact of climate change, things are changing - albeit slowly.

At the forefront of this 21st Century revolution are workers possessing 'green skills', which the United Nations defines as technical knowledge and abilities that "enable the effective use of green technologies and processes in professional settings".

In fact, the United Nations has recognised 'green skills' as one of the key elements for achieving the Sustainable Development Goals (SDGs) by 2030.

Manu Saigal, Director, Adecco India says that 'green skills' can contribute to a "just transition" to a low-carbon and circular economy, which can generate decent work and income for millions of people.

However, the 2023 edition of LinkedIn's Global Green Skills report leaves much to be desired. The report states that only one out of every eight worker has one or more 'green skills'.

Saffin Mathew, Program Director at 1M1B (One Million for One Billion), calls 'green skills' a linchpin in climate mitigation efforts. He adds: "By acquiring green skills, individuals can advocate for resource efficiency, economic growth, and environmental stewardship."

'Green skills': A demand-supply mismatch

At least three industries are likely to put a premium on 'green skills': energy production, transportation, and finance.

The first two sectors are among the top carbon emitters, while the finance industry can enable sustainable transformation of our planet, notes the report, which is based on the activity of more than 930 million LinkedIn users worldwide.

The number of people with 'green skills' in the global workforce has risen by an average of 12.3 per cent since 2022. On the other hand, jobs requiring at least one green skill doubled by over 22 per cent in the same period. These numbers are significant given that the global job market has largely remained weak.

But demand for 'green workers' far outstripping supply has been observed for the last few years. Between 2018 and 2023, workers with 'green skills' grew by 5.4 per cent each year. But, jobs needing at least one green skill grew by 9.2 per cent in the same period.

This supply-demand disconnect, the LinkedIn report argues, is likely to rise considerably without significant investments in building an effective 'green' workforce.

The outlook in key sectors

Since 2016, there has been a steady increase in the number of workers with 'green skills' in the oil and gas industry, the biggest subset of energy industry. The figure stands at 21 per cent in 2023, which lower than other resource-intensive sectors like farming and construction.

Since 2018, the share of auto workers with EV skills, subset of 'green skills', has risen by an average 61 per cent. But only 3.5 per cent of automobile workers possess any form of 'green skills'. Interestingly, India, where 5.1 per cent of auto workers have EV skills, has experienced the greatest five-year jump from 2018 to 2023 -- 140 per cent.

Only 6.8 per cent of the finance industry is equipped with 'green skills'. This places finance behind industries ranging from energy and mining to

agriculture and manufacturing. However, the industry is seeing a 14.8 per cent year-over-year rise in its green talentpool.

Moreover, workers in the US and Europe are quickly acquiring skill sets at the intersection of finance and sustainability. Skills like carbon accounting, emissions trading, impact assessment, and sustainability reporting are among the top skils being picked up by finance professionals.

"Increasingly, lenders are offering attractive green rates to organisations that are able to meet sustainability requirements. Green bonds and sustainability-linked loans would help in reaching net-zero by 2050," says Mathew, while stressing on the need for more 'green' finance professionals. &nbsp;

Green skills: The key to renewables sector

If there's one sector where workers with 'green skills' will play a leading role, it is the booming renewables sector. From 2015 to 2023, the 'sunrise' sector attracted 120 new workers for every 100 workers who left.

Data from the International Labour Organisation too highlights the exponential growth being seen in the renewables sector, especially in solar photovoltaic (PV), bioenergy, hydropower and wind power.

The global renewable energy sector employed 13.7 million people directly as well as indirectly last year. A decade ago, this number stood at 7.3 &nbsp;million.

"When hiring and job postings in renewable energy increase, the industry gains the capacity that is needed to produce clean energy," the report says, indicating the pivotal role of 'green skills' plays in the world's energy transition.

The renewable energy, as opposed to fossil fuels, is likely to accelerate the push towards a greener earth. Renewable energy can help meet increased energy demand while limiting the increase in average global temperatures, provided there is a massive infusion of green skills in the sector.

Training for 'green jobs'

Increasing focus on 'green skills' training is the need of the hour. According to Saigal, 'green skills' can be incorporated in a curriculum in various ways and at any age, depending on the subject, level and, context of the education. "Green skills training should be an integral part of the curriculum from preschool to higher education and beyond," she adds.

Sustainability expert Ashwin Kak believes that the 'green skills' are very multi-dimensional, which means that they incorporate skill-sets from across social studies, technical studies and policy-making.

He explains the inter-disciplinary aspect of 'green skills' in the following manner: "Engineers going through a mix of solar and wind energy in their learning setup, or a liberal arts students learning more about the aspects of human rights and land rights that go into the process of putting up large wind farms."

Mathew, Saigal and Kak believe that the private sector as well as the government need to work in tandem to push for a greener economic future. This is likely to be a win-win for both. Developing a 'green' workforce will not only help governments reach their net-zero targets but also accelerate private sector's push towards sustainability.

Talking specifically about India: In 2015, the government in partnership with the private sector launched the Skill Council for Green Jobs, which aims to accredit 60 training organisations, train 1,490 trainers and certify more than a million learners by 2025. &nbsp;

"The government's strength lies in providing a central platform or available infrastructure, while corporates can be in with vital quality content, delivery mechanisms and trainings modules," says Kak.

With companies around the world increasingly focusing on sustainability and net-zero, 'green skills' are the passport to remain relevant in the 21st Century job market.

With companies around the world increasingly focusing on sustainability and net-zero, 'green skills' are the passport to remain relevant in the 21st Century job market. Companies and their supply chain contribute about 60 per cent to the world's emissions. But companies in all but a few countries have any stated commitment towards net-zero. However, with increasing awareness about the impact of climate change, things are changing - albeit slowly. At the forefront of this 21st Century revolution are workers possessing 'green skills', which the United Nations defines as technical knowledge and abilities that "enable the effective use of green technologies and processes in professional settings". In fact, the United Nations has recognised 'green skills' as one of the key elements for achieving the Sustainable Development Goals (SDGs) by 2030. Manu Saigal, Director, Adecco India says that 'green skills' can contribute to a "just transition" to a low-carbon and circular economy, which can generate decent work and income for millions of people. However, the 2023 edition of LinkedIn's Global Green Skills report leaves much to be desired. The report states that only one out of every eight worker has one or more 'green skills'. Saffin Mathew, Program Director at 1M1B (One Million for One Billion), calls 'green skills' a linchpin in climate mitigation efforts. He adds: "By acquiring green skills, individuals can advocate for resource efficiency, economic growth, and environmental stewardship." 'Green skills': A demand-supply mismatch At least three industries are likely to put a premium on 'green skills': energy production, transportation, and finance. The first two sectors are among the top carbon emitters, while the finance industry can enable sustainable transformation of our planet, notes the report, which is based on the activity of more than 930 million LinkedIn users worldwide. The number of people with 'green skills' in the global workforce has risen by an average of 12.3 per cent since 2022. On the other hand, jobs requiring at least one green skill doubled by over 22 per cent in the same period. These numbers are significant given that the global job market has largely remained weak. But demand for 'green workers' far outstripping supply has been observed for the last few years. Between 2018 and 2023, workers with 'green skills' grew by 5.4 per cent each year. But, jobs needing at least one green skill grew by 9.2 per cent in the same period. This supply-demand disconnect, the LinkedIn report argues, is likely to rise considerably without significant investments in building an effective 'green' workforce. The outlook in key sectors Since 2016, there has been a steady increase in the number of workers with 'green skills' in the oil and gas industry, the biggest subset of energy industry. The figure stands at 21 per cent in 2023, which lower than other resource-intensive sectors like farming and construction. Since 2018, the share of auto workers with EV skills, subset of 'green skills', has risen by an average 61 per cent. But only 3.5 per cent of automobile workers possess any form of 'green skills'. Interestingly, India, where 5.1 per cent of auto workers have EV skills, has experienced the greatest five-year jump from 2018 to 2023 -- 140 per cent. Only 6.8 per cent of the finance industry is equipped with 'green skills'. This places finance behind industries ranging from energy and mining to agriculture and manufacturing. However, the industry is seeing a 14.8 per cent year-over-year rise in its green talentpool. Moreover, workers in the US and Europe are quickly acquiring skill sets at the intersection of finance and sustainability. Skills like carbon accounting, emissions trading, impact assessment, and sustainability reporting are among the top skils being picked up by finance professionals. "Increasingly, lenders are offering attractive green rates to organisations that are able to meet sustainability requirements. Green bonds and sustainability-linked loans would help in reaching net-zero by 2050," says Mathew, while stressing on the need for more 'green' finance professionals. Green skills: The key to renewables sector If there's one sector where workers with 'green skills' will play a leading role, it is the booming renewables sector. From 2015 to 2023, the 'sunrise' sector attracted 120 new workers for every 100 workers who left. Data from the International Labour Organisation too highlights the exponential growth being seen in the renewables sector, especially in solar photovoltaic (PV), bioenergy, hydropower and wind power. The global renewable energy sector employed 13.7 million people directly as well as indirectly last year. A decade ago, this number stood at 7.3 million. "When hiring and job postings in renewable energy increase, the industry gains the capacity that is needed to produce clean energy," the report says, indicating the pivotal role of 'green skills' plays in the world's energy transition. The renewable energy, as opposed to fossil fuels, is likely to accelerate the push towards a greener earth. Renewable energy can help meet increased energy demand while limiting the increase in average global temperatures, provided there is a massive infusion of green skills in the sector. Training for 'green jobs' Increasing focus on 'green skills' training is the need of the hour. According to Saigal, 'green skills' can be incorporated in a curriculum in various ways and at any age, depending on the subject, level and, context of the education. "Green skills training should be an integral part of the curriculum from preschool to higher education and beyond," she adds. Sustainability expert Ashwin Kak believes that the 'green skills' are very multi-dimensional, which means that they incorporate skill-sets from across social studies, technical studies and policy-making. He explains the inter-disciplinary aspect of 'green skills' in the following manner: "Engineers going through a mix of solar and wind energy in their learning setup, or a liberal arts students learning more about the aspects of human rights and land rights that go into the process of putting up large wind farms." Mathew, Saigal and Kak believe that the private sector as well as the government need to work in tandem to push for a greener economic future. This is likely to be a win-win for both. Developing a 'green' workforce will not only help governments reach their net-zero targets but also accelerate private sector's push towards sustainability. Talking specifically about India: In 2015, the government in partnership with the private sector launched the Skill Council for Green Jobs, which aims to accredit 60 training organisations, train 1,490 trainers and certify more than a million learners by 2025. "The government's strength lies in providing a central platform or available infrastructure, while corporates can be in with vital quality content, delivery mechanisms and trainings modules," says Kak.

Decoding the trend: 'Green skills' for the 21st Century workforce

Climate change is no longer a theoretical concern; rather, it is a harsh reality that businesses everywhere are having to deal with.

Climate change no longer a distant threat, it's a stark reality

Ashish Jha, Editor - Mobility, WION’s chat with Kavinder Khurana, Managing Director, Tesla Power USA on ‘Sustainable Energy Solutions - Reduce, Recycle, Reuse’

Mission Sustainability : Sustainable Energy Solutions - Kavinder Khurana

Sustainability Champions - Special presentation by Shaji K V, Chairman, National Bank for Agriculture and Rural Development (NABARD) Visit missionsustainability.in to know more.

Mission Sustainability: Sustainability Champions - Shaji K V

In today's world, corporate sustainability has become an increasingly important focus for businesses of all sizes and industries. As concerns about climate change, resource scarcity, and social responsibility continue to rise, companies are under growing pressure to demonstrate their commitment to sustainability. But how do organisations measure their sustainability efforts effectively, and how can they communicate these efforts to stakeholders? This article explores the key metrics and reporting frameworks that companies can use to assess and communicate their sustainability performance.

<h2>The Importance of Corporate Sustainability</h2>

Before delving into measurement and reporting, it's essential to understand why corporate sustainability is so critical in the first place. Corporate sustainability is a broad concept that encompasses a company's environmental, social, and governance (ESG) practices.&nbsp;

These practices are not only important for the planet and society but also for the long-term viability of businesses themselves. Here are a few reasons why corporate sustainability matters:

•&nbsp;&nbsp; &nbsp;Risk Mitigation: Companies that fail to address environmental and social risks can face financial, legal, and reputational consequences. Sustainability efforts can help identify and mitigate these risks.

•&nbsp;&nbsp; &nbsp;Cost Savings: Sustainable practices often lead to cost savings through reduced resource consumption, increased energy efficiency, and waste reduction.

•&nbsp;&nbsp; &nbsp;Market Competitiveness: Consumers are increasingly looking for sustainable products and services. Companies that prioritize sustainability can gain a competitive edge in the market.

•&nbsp;&nbsp; &nbsp;Investor Interest: Many investors consider a company's ESG performance when making investment decisions. Strong sustainability performance can attract investment and reduce the cost of capital.

•&nbsp;&nbsp; &nbsp;Regulatory Compliance: Governments and regulatory bodies worldwide are introducing stricter environmental and social regulations. Being proactive in sustainability can help companies stay ahead of these changes. 
Given these benefits, it's clear that measuring and reporting on corporate sustainability is no longer optional but a strategic imperative.

<h2>Key Metrics for Corporate Sustainability</h2>

Measuring corporate sustainability involves tracking a range of metrics across various ESG dimensions. These metrics help companies understand their current performance, set targets for improvement, and monitor progress over time. Here are some key metrics to consider:

Environmental Metrics

•&nbsp;&nbsp; &nbsp;Greenhouse Gas Emissions: Tracking and reporting emissions, including Scope 1 (direct), Scope 2 (indirect), and Scope 3 (value chain) emissions, is crucial for assessing a company's contribution to climate change.

•&nbsp;&nbsp; &nbsp;Energy Consumption: Measuring energy usage and striving for energy efficiency can help reduce operational costs and environmental impact.

•&nbsp;&nbsp; &nbsp;Water Usage: Monitoring water consumption and implementing conservation measures is essential for sustainable water management.

•&nbsp;&nbsp; &nbsp;Waste Generation and Recycling Rates: Companies should aim to reduce waste generation and increase recycling rates to minimize environmental impact.

Social Metrics

•&nbsp;&nbsp; &nbsp;Diversity and Inclusion: Tracking diversity within the workforce and promoting inclusivity is essential for fostering a healthy work environment.

•&nbsp;&nbsp; &nbsp;Labor Practices: Monitoring fair labor practices, including worker safety, fair wages, and labor union relations, is crucial for social sustainability.

•&nbsp;&nbsp; &nbsp;Community Engagement: Measuring the company's engagement with local communities and assessing the positive or negative impact of operations on these communities.

•&nbsp;&nbsp; &nbsp;Product Safety and Quality: Ensuring the safety and quality of products or services is vital for maintaining trust among customers.

Governance Metrics

•&nbsp;&nbsp; &nbsp;Board Diversity: Assessing the diversity of the board of directors and ensuring independent oversight of company operations.

•&nbsp;&nbsp; &nbsp;Ethical Leadership: Measuring adherence to ethical business practices and anti-corruption measures.

•&nbsp;&nbsp; &nbsp;Compliance and Risk Management: Tracking compliance with laws and regulations, as well as risk management practices.

•&nbsp;&nbsp; &nbsp;Executive Compensation: Evaluating the alignment of executive compensation with company performance and sustainability goals.

<h2>Reporting Frameworks</h2>

To effectively communicate their sustainability efforts, many companies turn to established reporting frameworks and standards. These frameworks provide guidelines for reporting ESG information in a structured and standardized manner. Here are some of the most widely recognized sustainability reporting frameworks:

Global Reporting Initiative (GRI)

The GRI Standards are one of the most widely used frameworks for sustainability reporting. They provide guidelines for reporting on a wide range of ESG topics, including environmental, social, and governance issues. GRI Standards help companies create comprehensive sustainability reports that are useful to investors, customers, and other stakeholders.

Sustainability Accounting Standards Board (SASB)

SASB standards are industry-specific and focus on financially material sustainability topics. This framework helps companies identify the ESG issues most relevant to their industry and report on them in a way that is meaningful to investors.

Task Force on Climate-related Financial Disclosures (TCFD)

The TCFD framework is specifically focused on climate-related disclosures. It provides guidelines for reporting on climate-related risks and opportunities, helping companies assess and communicate their climate resilience.

United Nations Sustainable Development Goals (SDGs)

The UN's Sustainable Development Goals provide a global framework for addressing some of the world's most pressing sustainability challenges. Many companies align their sustainability efforts with specific SDGs and report on their contributions to these goals.

Carbon Disclosure Project (CDP)

The CDP is a global disclosure platform that focuses on environmental reporting, particularly related to carbon emissions. Companies disclose their environmental data through the CDP platform, which is then made available to investors and other stakeholders.

<h2>The Integration of Sustainability Metrics</h2>

While these reporting frameworks provide valuable guidance, it's important to note that sustainability reporting is not just about compliance. The most effective sustainability reporting goes beyond simply ticking boxes on a checklist. It involves integrating sustainability metrics into the core of the business strategy.

To achieve this integration, companies should consider the following steps:

•&nbsp;&nbsp; &nbsp;Set Clear Objectives: Define clear sustainability objectives that align with the company's mission and values.

•&nbsp;&nbsp; &nbsp;Engage Stakeholders: Involve key stakeholders, including employees, customers, investors, and communities, in the sustainability journey.

•&nbsp;&nbsp; &nbsp;Integrate Sustainability into Decision-Making: Consider sustainability metrics when making strategic decisions and investments.

•&nbsp;&nbsp; &nbsp;Invest in Data and Technology: Invest in data collection and reporting systems to ensure accurate and timely sustainability data.

•&nbsp;&nbsp; &nbsp;Continuous Improvement: Regularly review and update sustainability goals and strategies to adapt to changing circumstances and new challenges.

<h2>Challenges in Measuring and Reporting Sustainability</h2>

Measuring and reporting sustainability is not without its challenges. Companies often face the following obstacles:

•&nbsp;&nbsp; &nbsp;Data Collection and Verification: Gathering accurate data on sustainability metrics can be challenging, particularly for global companies with complex supply chains.

•&nbsp;&nbsp; &nbsp;Standardization and Consistency: Achieving consistency and comparability in sustainability reporting, especially across different industries, can be difficult.

•&nbsp;&nbsp; &nbsp;Greenwashing: Some companies may engage in "greenwashing," where they exaggerate or misrepresent their sustainability efforts to appear more environmentally responsible than they are.

•&nbsp;&nbsp; &nbsp;Short-Term vs. Long-Term Focus: Balancing short-term financial goals with long-term sustainability objectives can be challenging.

•&nbsp;&nbsp; &nbsp;Lack of Stakeholder Engagement: Failing to engage key stakeholders in the sustainability reporting process can lead to a lack of credibility and trust.

Measuring and reporting corporate sustainability is no longer an optional endeavour but a strategic necessity. Companies that prioritise sustainability and effectively communicate their efforts can gain a competitive edge, reduce risks, and contribute positively to the planet and society. By using key metrics and established reporting frameworks, organizations can navigate the challenges of sustainability reporting and work toward a more sustainable future. Remember, it's not just about reporting sustainability; it's about integrating it into the very fabric of the business for long-term success.

(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

WATCH WION LIVE HERE

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

In today's world, corporate sustainability has become an increasingly important focus for businesses of all sizes and industries. As concerns about climate change, resource scarcity, and social responsibility continue to rise, companies are under growing pressure to demonstrate their commitment to sustainability.

In today's world, corporate sustainability has become an increasingly important focus for businesses of all sizes and industries. As concerns about climate change, resource scarcity, and social responsibility continue to rise, companies are under growing pressure to demonstrate their commitment to sustainability. But how do organisations measure their sustainability efforts effectively, and how can they communicate these efforts to stakeholders? This article explores the key metrics and reporting frameworks that companies can use to assess and communicate their sustainability performance. The Importance of Corporate Sustainability Before delving into measurement and reporting, it's essential to understand why corporate sustainability is so critical in the first place. Corporate sustainability is a broad concept that encompasses a company's environmental, social, and governance (ESG) practices. These practices are not only important for the planet and society but also for the long-term viability of businesses themselves. Here are a few reasons why corporate sustainability matters: • Risk Mitigation: Companies that fail to address environmental and social risks can face financial, legal, and reputational consequences. Sustainability efforts can help identify and mitigate these risks. • Cost Savings: Sustainable practices often lead to cost savings through reduced resource consumption, increased energy efficiency, and waste reduction. • Market Competitiveness: Consumers are increasingly looking for sustainable products and services. Companies that prioritize sustainability can gain a competitive edge in the market. • Investor Interest: Many investors consider a company's ESG performance when making investment decisions. Strong sustainability performance can attract investment and reduce the cost of capital. • Regulatory Compliance: Governments and regulatory bodies worldwide are introducing stricter environmental and social regulations. Being proactive in sustainability can help companies stay ahead of these changes. Given these benefits, it's clear that measuring and reporting on corporate sustainability is no longer optional but a strategic imperative. Key Metrics for Corporate Sustainability Measuring corporate sustainability involves tracking a range of metrics across various ESG dimensions. These metrics help companies understand their current performance, set targets for improvement, and monitor progress over time. Here are some key metrics to consider: Environmental Metrics • Greenhouse Gas Emissions: Tracking and reporting emissions, including Scope 1 (direct), Scope 2 (indirect), and Scope 3 (value chain) emissions, is crucial for assessing a company's contribution to climate change. • Energy Consumption: Measuring energy usage and striving for energy efficiency can help reduce operational costs and environmental impact. • Water Usage: Monitoring water consumption and implementing conservation measures is essential for sustainable water management. • Waste Generation and Recycling Rates: Companies should aim to reduce waste generation and increase recycling rates to minimize environmental impact. Social Metrics • Diversity and Inclusion: Tracking diversity within the workforce and promoting inclusivity is essential for fostering a healthy work environment. • Labor Practices: Monitoring fair labor practices, including worker safety, fair wages, and labor union relations, is crucial for social sustainability. • Community Engagement: Measuring the company's engagement with local communities and assessing the positive or negative impact of operations on these communities. • Product Safety and Quality: Ensuring the safety and quality of products or services is vital for maintaining trust among customers. Governance Metrics • Board Diversity: Assessing the diversity of the board of directors and ensuring independent oversight of company operations. • Ethical Leadership: Measuring adherence to ethical business practices and anti-corruption measures. • Compliance and Risk Management: Tracking compliance with laws and regulations, as well as risk management practices. • Executive Compensation: Evaluating the alignment of executive compensation with company performance and sustainability goals. Reporting Frameworks To effectively communicate their sustainability efforts, many companies turn to established reporting frameworks and standards. These frameworks provide guidelines for reporting ESG information in a structured and standardized manner. Here are some of the most widely recognized sustainability reporting frameworks: Global Reporting Initiative (GRI) The GRI Standards are one of the most widely used frameworks for sustainability reporting. They provide guidelines for reporting on a wide range of ESG topics, including environmental, social, and governance issues. GRI Standards help companies create comprehensive sustainability reports that are useful to investors, customers, and other stakeholders. Sustainability Accounting Standards Board (SASB) SASB standards are industry-specific and focus on financially material sustainability topics. This framework helps companies identify the ESG issues most relevant to their industry and report on them in a way that is meaningful to investors. Task Force on Climate-related Financial Disclosures (TCFD) The TCFD framework is specifically focused on climate-related disclosures. It provides guidelines for reporting on climate-related risks and opportunities, helping companies assess and communicate their climate resilience. United Nations Sustainable Development Goals (SDGs) The UN's Sustainable Development Goals provide a global framework for addressing some of the world's most pressing sustainability challenges. Many companies align their sustainability efforts with specific SDGs and report on their contributions to these goals. Carbon Disclosure Project (CDP) The CDP is a global disclosure platform that focuses on environmental reporting, particularly related to carbon emissions. Companies disclose their environmental data through the CDP platform, which is then made available to investors and other stakeholders. The Integration of Sustainability Metrics While these reporting frameworks provide valuable guidance, it's important to note that sustainability reporting is not just about compliance. The most effective sustainability reporting goes beyond simply ticking boxes on a checklist. It involves integrating sustainability metrics into the core of the business strategy. To achieve this integration, companies should consider the following steps: • Set Clear Objectives: Define clear sustainability objectives that align with the company's mission and values. • Engage Stakeholders: Involve key stakeholders, including employees, customers, investors, and communities, in the sustainability journey. • Integrate Sustainability into Decision-Making: Consider sustainability metrics when making strategic decisions and investments. • Invest in Data and Technology: Invest in data collection and reporting systems to ensure accurate and timely sustainability data. • Continuous Improvement: Regularly review and update sustainability goals and strategies to adapt to changing circumstances and new challenges. Challenges in Measuring and Reporting Sustainability Measuring and reporting sustainability is not without its challenges. Companies often face the following obstacles: • Data Collection and Verification: Gathering accurate data on sustainability metrics can be challenging, particularly for global companies with complex supply chains. • Standardization and Consistency: Achieving consistency and comparability in sustainability reporting, especially across different industries, can be difficult. • Greenwashing: Some companies may engage in "greenwashing," where they exaggerate or misrepresent their sustainability efforts to appear more environmentally responsible than they are. • Short-Term vs. Long-Term Focus: Balancing short-term financial goals with long-term sustainability objectives can be challenging. • Lack of Stakeholder Engagement: Failing to engage key stakeholders in the sustainability reporting process can lead to a lack of credibility and trust. Measuring and reporting corporate sustainability is no longer an optional endeavour but a strategic necessity. Companies that prioritise sustainability and effectively communicate their efforts can gain a competitive edge, reduce risks, and contribute positively to the planet and society. By using key metrics and established reporting frameworks, organizations can navigate the challenges of sustainability reporting and work toward a more sustainable future. Remember, it's not just about reporting sustainability; it's about integrating it into the very fabric of the business for long-term success. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Measuring corporate sustainability is now a strategic necessity

Fashion, a constantly changing form of self-expression, is vibrant and innovative. A sartorial symphony reflecting our always-changing reality, it is more than just clothing. It is the art of identification. Fashion is a canvas for creativity, a cultural barometer, and a stage for individual and societal narratives. Its appeal ranges from the timeless attraction of classic elegance to the daring revolutionary. Its trends are current and get media attention, making it an exciting voyage through the evolution of fashion in our fast-paced society.

A significant change in consumer and industry values has given rise to the transformative movement known as sustainable fashion in the apparel industry. It stands for a deliberate break from the wasteful, exploitative methods of rapid fashion, promoting ethical labour, responsible production, and environmental stewardship. Sustainable fashion is fundamentally about making an effort to lessen the environmental impact of clothing and fabrics. This entails reducing the use of hazardous chemicals while utilizing eco-friendly materials like organic cotton, recycled fibres, and cutting-edge substitutes. Additionally, it promotes a comprehensive strategy that includes everything from design and sourcing to manufacturing and distribution.

The ethical treatment of employees across the supply chain is a key component of sustainable fashion. It promotes just pay, secure working conditions, and an end to child labour. Parallel to this, the sustainable fashion concept places a strong emphasis on accountability and transparency, which helps consumers make trusted decisions. As guiding principles, quality and durability encourage customers to invest in long-lasting, classic pieces rather than fad-driven fashions. The idea also encompasses promoting artisanal and local industry, lowering carbon emissions, and preserving traditional workmanship. As sustainable fashion gains popularity, it not only reduces its negative environmental effects but also transforms the sector into one that is more socially conscious, progressive, and equal.

Sustainable fashion communication guidelines

The United Nations Environment Programme (UNEP) states that some of the principles for sustainable fashion communication are provided in their sustainable fashion playbook. The goals of the principles are to give communicators guidelines and standards for the best ways to communicate in a sustainable approach.

Principle 1: Commit to transparent and evidence-based communication 
Principle 2: Make sure the data is shared understandably and conveniently in the way 
Principle 3: Eliminate all encouraging messaging consumption excess 
Principle 4: Promote optimism modifications and illustrate accessible circle remedies to assist people in living more sustainable ways of living 
Principle 5: Highlight new position ideas and concepts related to ambition or triumph 
Principle 6: Give inclusiveness priority to advertising and narrative that honours the favourable ecological social and cultural norms of attire 
Principle 7: Encourage and organise the public to support the more extensive shift 
Principle 8: Encourage communication with leaders and decision-makers to Facilitate broader sector sustainability

Reducing the environmental and social footprint of the creation and production of any kind of communication asset or event, from fashion week shows and set design to photoshoots and filming, should be the cornerstone of all efforts towards sustainable fashion communication. This also applies to the messaging that is distributed. When possible, the outcome should have good effects with negligible negative effects.

Evolving Sustainably: The Past, Present, and Future of Fashion

Sustainable fashion has advanced significantly. The fashion business used to be dominated by fast fashion, which was characterised by ephemeral, disposable trends and unethical work practices. It was a period of extreme overconsumption and disregard for the environment. But when players in the industry and consumers learned more about these problems, a change towards more responsible behaviour developed.

The sustainable fashion industry is becoming&nbsp;more powerful these days, while taking key&nbsp;decisions like employing sustainable resources, moral labour, and open supply chains. The integration of eco-conscious lines and activities by large brands has led to the mainstreaming of sustainable fashion. It now forms a substantial portion of the fashion landscape rather than remaining a niche market.

With an eye towards the future, sustainable fashion is expected to keep expanding. Sustainable materials and industrial processes will be driven by innovation and technology. Systems of circular fashion will flourish, highlighting the significance of upcycling and recycling. The industry will probably be pushed to become even more environmentally conscious and accountable by consumer education and demands for openness. Fashion of the future will be more responsible and environmentally friendly, reflecting a society that prioritises sustainability and style.

The Economic Edge of Sustainable Fashion

Not only is sustainable fashion good for the environment, but it also has big financial benefits. Companies that embrace sustainable practices frequently see lower production costs as a result of waste reduction and resource efficiency. Additionally, new economic prospects are presented by the increased demand for eco-friendly fashion, which appeals to an environment-conscious&nbsp;consumer base. It improves the reputation of the brand and might result in more sales and more devoted customers.

Sustainable fashion is expanding quickly, especially online as customers feel more at ease purchasing from home, even for goods that are often associated with physical businesses. The market for sustainable fashion is anticipated to increase steadily from $6.3 billion in 2019 to $8.2 billion in 2023, according to Research And Markets. That growth is anticipated to reach $15.2 billion between 2025 and 2030. 
&nbsp; 
Furthermore, innovation is stimulated by sustainable practices, leading to the creation of environmentally friendly materials and technology. In general, sustainable fashion fosters both financial and environmental sustainability, making it a wise investment for businesses due to its economic benefits.

Fashion, a constantly changing form of self-expression, is vibrant and innovative. A sartorial symphony reflecting our always-changing reality, it is more than just clothing.

Fashion, a constantly changing form of self-expression, is vibrant and innovative. A sartorial symphony reflecting our always-changing reality, it is more than just clothing. It is the art of identification. Fashion is a canvas for creativity, a cultural barometer, and a stage for individual and societal narratives. Its appeal ranges from the timeless attraction of classic elegance to the daring revolutionary. Its trends are current and get media attention, making it an exciting voyage through the evolution of fashion in our fast-paced society. A significant change in consumer and industry values has given rise to the transformative movement known as sustainable fashion in the apparel industry. It stands for a deliberate break from the wasteful, exploitative methods of rapid fashion, promoting ethical labour, responsible production, and environmental stewardship. Sustainable fashion is fundamentally about making an effort to lessen the environmental impact of clothing and fabrics. This entails reducing the use of hazardous chemicals while utilizing eco-friendly materials like organic cotton, recycled fibres, and cutting-edge substitutes. Additionally, it promotes a comprehensive strategy that includes everything from design and sourcing to manufacturing and distribution. The ethical treatment of employees across the supply chain is a key component of sustainable fashion. It promotes just pay, secure working conditions, and an end to child labour. Parallel to this, the sustainable fashion concept places a strong emphasis on accountability and transparency, which helps consumers make trusted decisions. As guiding principles, quality and durability encourage customers to invest in long-lasting, classic pieces rather than fad-driven fashions. The idea also encompasses promoting artisanal and local industry, lowering carbon emissions, and preserving traditional workmanship. As sustainable fashion gains popularity, it not only reduces its negative environmental effects but also transforms the sector into one that is more socially conscious, progressive, and equal. Sustainable fashion communication guidelines The United Nations Environment Programme (UNEP) states that some of the principles for sustainable fashion communication are provided in their sustainable fashion playbook. The goals of the principles are to give communicators guidelines and standards for the best ways to communicate in a sustainable approach. Principle 1: Commit to transparent and evidence-based communication Principle 2: Make sure the data is shared understandably and conveniently in the way Principle 3: Eliminate all encouraging messaging consumption excess Principle 4: Promote optimism modifications and illustrate accessible circle remedies to assist people in living more sustainable ways of living Principle 5: Highlight new position ideas and concepts related to ambition or triumph Principle 6: Give inclusiveness priority to advertising and narrative that honours the favourable ecological social and cultural norms of attire Principle 7: Encourage and organise the public to support the more extensive shift Principle 8: Encourage communication with leaders and decision-makers to Facilitate broader sector sustainability Reducing the environmental and social footprint of the creation and production of any kind of communication asset or event, from fashion week shows and set design to photoshoots and filming, should be the cornerstone of all efforts towards sustainable fashion communication. This also applies to the messaging that is distributed. When possible, the outcome should have good effects with negligible negative effects. Evolving Sustainably: The Past, Present, and Future of Fashion Sustainable fashion has advanced significantly. The fashion business used to be dominated by fast fashion, which was characterised by ephemeral, disposable trends and unethical work practices. It was a period of extreme overconsumption and disregard for the environment. But when players in the industry and consumers learned more about these problems, a change towards more responsible behaviour developed. The sustainable fashion industry is becoming more powerful these days, while taking key decisions like employing sustainable resources, moral labour, and open supply chains. The integration of eco-conscious lines and activities by large brands has led to the mainstreaming of sustainable fashion. It now forms a substantial portion of the fashion landscape rather than remaining a niche market. With an eye towards the future, sustainable fashion is expected to keep expanding. Sustainable materials and industrial processes will be driven by innovation and technology. Systems of circular fashion will flourish, highlighting the significance of upcycling and recycling. The industry will probably be pushed to become even more environmentally conscious and accountable by consumer education and demands for openness. Fashion of the future will be more responsible and environmentally friendly, reflecting a society that prioritises sustainability and style. The Economic Edge of Sustainable Fashion Not only is sustainable fashion good for the environment, but it also has big financial benefits. Companies that embrace sustainable practices frequently see lower production costs as a result of waste reduction and resource efficiency. Additionally, new economic prospects are presented by the increased demand for eco-friendly fashion, which appeals to an environment-conscious consumer base. It improves the reputation of the brand and might result in more sales and more devoted customers. Sustainable fashion is expanding quickly, especially online as customers feel more at ease purchasing from home, even for goods that are often associated with physical businesses. The market for sustainable fashion is anticipated to increase steadily from $6.3 billion in 2019 to $8.2 billion in 2023, according to Research And Markets. That growth is anticipated to reach $15.2 billion between 2025 and 2030. Furthermore, innovation is stimulated by sustainable practices, leading to the creation of environmentally friendly materials and technology. In general, sustainable fashion fosters both financial and environmental sustainability, making it a wise investment for businesses due to its economic benefits.

Green is the new black: Sustainable fashion takes center stage

Killarney, an Irish town, has rid itself of the "plague" of disposable coffee cups. Three months ago, it became the first Irish town to ban single-use coffee mugs, and now the results are visible.

<h2>Not caring for nature will cost you</h2>

Killarney, a popular tourist town, had a ubiquitous problem: coffee cups littering the streets, overflowing bins and ruining the beauty of the picturesque national parking.&nbsp;

Every year, the town would go through millions of cups — about 23,000 a week — which added up to 18.5 tonnes of waste.

Also read |&nbsp;<a href="https://www.wionews.com/science/european-space-agency-shares-stunning-visualisation-of-mars-labyrinth-of-night-watch-here-647379">This stunning visualisation of Mars' gigantic 'Labyrinth of Night' will blow your mind</a>

Now, people are required to carry their own reusable cups with them, and those who don't, have to cough up a €2 (around $2.11) deposit for a reusable cup from the coffee shop. This deposit is returned once the customer gives back the cup they "borrowed".

<h2>Is the move helping?</h2>

Yes. As per the Guardian, the result is pretty evident. Streets and forest trails rarely have the pesky disposable cups littering them.

Talking to the publication, Michael Gleeson, chair of 'Killarney Looking Good,' a group that promotes civic improvements, said: "This was a wonderful and necessary initiative. The amount of cups strewn around is considerably reduced."

Also read |&nbsp;<a href="https://www.wionews.com/world/american-museum-to-remove-human-remains-from-exhibits-647430">Top American museum to remove 'human remains' from exhibits</a>

As per Gleeson, these cups were a "plague on the town and countryside."

Not only that, the move is also beneficial to restaurants and cafés, which save up to 20 to 30 cents a cup.&nbsp;

<h2>A source of inspiration</h2>

Killarney's success has become a source of inspiration for other Kerry towns, including Tralee and Dingle, which are also considering emulating similar experiments.

Gleeson expressed his hope that it will soon spread across Ireland and beyond, and said: "Our great challenge is to make our world more beautiful."

Similar initiatives have been undertaken by other towns across the globe. However, their numbers are low, because even the modest goal of eliminating single-use coffee cups isn't easy.

(With inputs from agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Killarney, an Irish town, has rid itself of the "plague" of disposable coffee cups. Three months ago, it became the first Irish town to ban single-use coffee mugs, and now the results are visible.

Killarney, an Irish town, has rid itself of the "plague" of disposable coffee cups. Three months ago, it became the first Irish town to ban single-use coffee mugs, and now the results are visible. Not caring for nature will cost you Killarney, a popular tourist town, had a ubiquitous problem: coffee cups littering the streets, overflowing bins and ruining the beauty of the picturesque national parking. Every year, the town would go through millions of cups — about 23,000 a week — which added up to 18.5 tonnes of waste. Also read | This stunning visualisation of Mars' gigantic 'Labyrinth of Night' will blow your mind Now, people are required to carry their own reusable cups with them, and those who don't, have to cough up a €2 (around $2.11) deposit for a reusable cup from the coffee shop. This deposit is returned once the customer gives back the cup they "borrowed". Is the move helping? Yes. As per the Guardian, the result is pretty evident. Streets and forest trails rarely have the pesky disposable cups littering them. Talking to the publication, Michael Gleeson, chair of 'Killarney Looking Good,' a group that promotes civic improvements, said: "This was a wonderful and necessary initiative. The amount of cups strewn around is considerably reduced." Also read | Top American museum to remove 'human remains' from exhibits As per Gleeson, these cups were a "plague on the town and countryside." Not only that, the move is also beneficial to restaurants and cafés, which save up to 20 to 30 cents a cup. A source of inspiration Killarney's success has become a source of inspiration for other Kerry towns, including Tralee and Dingle, which are also considering emulating similar experiments. Gleeson expressed his hope that it will soon spread across Ireland and beyond, and said: "Our great challenge is to make our world more beautiful." Similar initiatives have been undertaken by other towns across the globe. However, their numbers are low, because even the modest goal of eliminating single-use coffee cups isn't easy. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Irish town's unique solution to 'plague-like coffee-cup problem' miring its beauty

US President Joe Biden unveiled plans for "hydrogen hubs" -- networks of clean hydrogen producers, potential clean hydrogen consumers, and connective infrastructure located in close proximity -- across the United States. The announcement was aimed at bolstering the US economy through green energy ahead of 2024 election.&nbsp;

In Philadelphia, Biden announced a cumulative federal investment of $7 billion, claiming that it will attract $40 billion in private funding for clean hydrogen power.&nbsp;

<h2>What are these 'Hydrogen hubs' about?</h2>

These 'Hydrogen hubs' aim to produce nearly three million metric tonnes of clean hydrogen annually, and will aid the US reduce emissions.&nbsp;

The environmental impact of a successful execution of this project would be equivalent to removing 5.5 million gas-powered vehicles from the road.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/pm-modi-at-unga-india-to-become-the-worlds-biggest-green-hydrogen-hub-415915">PM Modi at UNGA: India to become the world's biggest Green Hydrogen hub</a>

Biden, who is in a close race with likely presidential opponent Donald Trump, has made green energy a central component of his "Bidenomics" plan to revitalise American industry and generate employment.&nbsp;

Hydrogen power is a critical element of his strategy to combat climate change and achieve "net zero" emissions by 2050. The substantial funding will support large-scale hydrogen production, transportation infrastructure, and facilitate the transition to hydrogen in various industries.

<h2>Where will these 'Hydrogen hubs' be established?</h2>

These hydrogen hubs will be established in multiple regions, including California, Texas, the East Coast, the Midwest, the Pacific Northwest, the Appalachian mountain region, and northern states such as Minnesota, North Dakota, and South Dakota.&nbsp;

Also watch |&nbsp;Revolutionising aviation with hydrogen-electric technology

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/revolutionising-aviation-with-hydrogen-electric-technology-633676/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Notably, Pennsylvania and Michigan, both swing states in the 2020 election, are included for the development of these 'Hydrogen hubs', indicating their significance in the 2024 election.

<h2>How will these 'Hydrogen hubs' be funded?</h2>

The funding for these hubs is part of the Bipartisan Infrastructure Law, which allocates $65 billion for clean energy investments from the US Department of Energy.&nbsp;

Biden's stated goal includes expanding production capacity for low- and zero-carbon emission sources, namely "blue" and "green" hydrogen, with blue hydrogen produced from natural gas and green hydrogen generated from renewable sources.

(With inputs from agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

US President Joe Biden unveiled plans for "hydrogen hubs" -- networks of clean hydrogen producers, potential clean hydrogen consumers, and connective infrastructure located in close proximity -- across the United States.

US President Joe Biden unveiled plans for "hydrogen hubs" -- networks of clean hydrogen producers, potential clean hydrogen consumers, and connective infrastructure located in close proximity -- across the United States. The announcement was aimed at bolstering the US economy through green energy ahead of 2024 election. In Philadelphia, Biden announced a cumulative federal investment of $7 billion, claiming that it will attract $40 billion in private funding for clean hydrogen power. What are these 'Hydrogen hubs' about? These 'Hydrogen hubs' aim to produce nearly three million metric tonnes of clean hydrogen annually, and will aid the US reduce emissions. The environmental impact of a successful execution of this project would be equivalent to removing 5.5 million gas-powered vehicles from the road. Also read | PM Modi at UNGA: India to become the world's biggest Green Hydrogen hub Biden, who is in a close race with likely presidential opponent Donald Trump, has made green energy a central component of his "Bidenomics" plan to revitalise American industry and generate employment. Hydrogen power is a critical element of his strategy to combat climate change and achieve "net zero" emissions by 2050. The substantial funding will support large-scale hydrogen production, transportation infrastructure, and facilitate the transition to hydrogen in various industries. Where will these 'Hydrogen hubs' be established? These hydrogen hubs will be established in multiple regions, including California, Texas, the East Coast, the Midwest, the Pacific Northwest, the Appalachian mountain region, and northern states such as Minnesota, North Dakota, and South Dakota. Also watch | Revolutionising aviation with hydrogen-electric technology × Notably, Pennsylvania and Michigan, both swing states in the 2020 election, are included for the development of these 'Hydrogen hubs', indicating their significance in the 2024 election. How will these 'Hydrogen hubs' be funded? The funding for these hubs is part of the Bipartisan Infrastructure Law, which allocates $65 billion for clean energy investments from the US Department of Energy. Biden's stated goal includes expanding production capacity for low- and zero-carbon emission sources, namely "blue" and "green" hydrogen, with blue hydrogen produced from natural gas and green hydrogen generated from renewable sources. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US: Biden launches 'hydrogen hubs' ahead of potential 2024 contest with Donald Trump

From October 9–15, 2023, at d3, Dubai Fashion Week (DFW) will once again wow fashion enthusiasts with Spring/Summer 24 designs from all around the world.

Dubai Fashion Week 2023 kicks-off; Theme for fashion week: Sustainability

Schneider electric India recently launched an electric innovation yatra to mark 60 years of its presence in the country. This carbon neutral "Innovation hub on wheels" was launched with a mission of making India more sustainable, digital, and energy positive.

Schneider electric's sustainability push

Pollution, biodiversity erosion, water and food scarcity, and climate change are some of the most urgent environmental challenges facing the world today. In such a scenario, sustainable green businesses, circular economy, and conscious capitalism seek to balance profit with the health of the planet. Mindful of the climate emergency and its associated problems, some ladies in the global entertainment industry are walking their talk and backing eco-sensitive businesses and initiatives.

<h2>Dia Mirza</h2>

For decades, actor, producer, entrepreneur, and climate champion Dia Mirza has spoken up for the preservation of biodiversity, and the conservation of wildlife and led campaigns against plastic pollution. On her 40th birthday, she also donated Rs 40 lakh to the families of forest warriors who had lost their lives during the pandemic. She has also become a discerning eco-investor and is backing sustainable brands like Shumee (wooden toys for kids), Beco India (organic cleaning agents), Greendigo (sustainable baby wear), and Allter (plastic-free diapers).

As a UNEP (UN Environment Programme) Goodwill Ambassador, the multi-faceted actor also amplifies important messages about air and water pollution as well as climate action with stakeholders around the world. Be it her zero-waste wedding or the plastic-free celebration of her son Avyaan's second birthday, she exemplifies the values that she now also instills in her children.

<h2>Natalie Portman</h2>

The Oscar award-winning leading lady of films like Black Swan, Heat, Star Wars&nbsp;franchise, V for Vendetta&nbsp;and many more is also an environmentalist who supports animal welfare, and vertical farming and advocates sustainability. In 2020, the actress invested in MycoWorks (a Biotech fashion company) which promotes sustainable fashion. &nbsp;

She has also invested in sustainable brands like Bowery Farming (vertical farming), Oatly (milk alternative), and Tender Foods (plant-based meat), which show her dedication to cruelty-free alternatives. The vegan actress has also won the Ongoing Commitment Award&nbsp;at the 27th annual Environmental Media Association Awards and was one of the producers of the 2018 documentary, Eating Animals.

<h2>Emma Watson</h2>

The British actor who immortalised the spunky Hermoine Granger in the Harry Potter series is also known for promoting gender equity, sustainable fashion, and green values. She has collaborated with multiple ethical fashion brands and has invested in People Tree, a sustainable clothing brand that makes environmentally-friendly clothes.

Moreover, her investment in FabricNano, a biodegradable plastics startup, showcases her commitment to reducing environmental impact. In 2011, she also collaborated with designer Alberta Ferretti to unveil an eco-friendly fashion collaboration, Pure Threads.

<h2>Gul Panag</h2>

Actor, producer, and entrepreneur Gul Panag passionately advocates for a greener future by promoting clean energy via her latest entrepreneurial project,&nbsp;Sunfuel Electric,&nbsp;a startup that provides a seamless charging experience for electric vehicles across India. She also promotes an increased usage of electric vehicles for the sake of a cleaner, healthier environment.

She also partook in India's first-ever green auction to support sustainability and businesses and startups that are good for the planet. The renowned actress has also invested in OneGreen.in, Asia's largest one-stop online shop for everything natural, safe, conscious, and green.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here.</a>

 
&nbsp;

Pollution, biodiversity erosion, water and food scarcity, and climate change are some of the most urgent environmental challenges facing the world today. In such a scenario, sustainable green businesses, circular economy, and conscious capitalism seek to balance profit with the health of the planet.

Pollution, biodiversity erosion, water and food scarcity, and climate change are some of the most urgent environmental challenges facing the world today. In such a scenario, sustainable green businesses, circular economy, and conscious capitalism seek to balance profit with the health of the planet. Mindful of the climate emergency and its associated problems, some ladies in the global entertainment industry are walking their talk and backing eco-sensitive businesses and initiatives. Dia Mirza For decades, actor, producer, entrepreneur, and climate champion Dia Mirza has spoken up for the preservation of biodiversity, and the conservation of wildlife and led campaigns against plastic pollution. On her 40th birthday, she also donated Rs 40 lakh to the families of forest warriors who had lost their lives during the pandemic. She has also become a discerning eco-investor and is backing sustainable brands like Shumee (wooden toys for kids), Beco India (organic cleaning agents), Greendigo (sustainable baby wear), and Allter (plastic-free diapers). As a UNEP (UN Environment Programme) Goodwill Ambassador, the multi-faceted actor also amplifies important messages about air and water pollution as well as climate action with stakeholders around the world. Be it her zero-waste wedding or the plastic-free celebration of her son Avyaan's second birthday, she exemplifies the values that she now also instills in her children. Natalie Portman The Oscar award-winning leading lady of films like Black Swan, Heat, Star Wars franchise, V for Vendetta and many more is also an environmentalist who supports animal welfare, and vertical farming and advocates sustainability. In 2020, the actress invested in MycoWorks (a Biotech fashion company) which promotes sustainable fashion. She has also invested in sustainable brands like Bowery Farming (vertical farming), Oatly (milk alternative), and Tender Foods (plant-based meat), which show her dedication to cruelty-free alternatives. The vegan actress has also won the Ongoing Commitment Award at the 27th annual Environmental Media Association Awards and was one of the producers of the 2018 documentary, Eating Animals. Emma Watson The British actor who immortalised the spunky Hermoine Granger in the Harry Potter series is also known for promoting gender equity, sustainable fashion, and green values. She has collaborated with multiple ethical fashion brands and has invested in People Tree, a sustainable clothing brand that makes environmentally-friendly clothes. Moreover, her investment in FabricNano, a biodegradable plastics startup, showcases her commitment to reducing environmental impact. In 2011, she also collaborated with designer Alberta Ferretti to unveil an eco-friendly fashion collaboration, Pure Threads. Gul Panag Actor, producer, and entrepreneur Gul Panag passionately advocates for a greener future by promoting clean energy via her latest entrepreneurial project, Sunfuel Electric, a startup that provides a seamless charging experience for electric vehicles across India. She also promotes an increased usage of electric vehicles for the sake of a cleaner, healthier environment. She also partook in India's first-ever green auction to support sustainability and businesses and startups that are good for the planet. The renowned actress has also invested in OneGreen.in, Asia's largest one-stop online shop for everything natural, safe, conscious, and green. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Actresses who are real-life sustainability champions

India is presently taking steps towards environmental sustainability by introducing carbon emission reduction targets for four pivotal industries,&nbsp;government sources told Reuters on Tuesday.&nbsp;&nbsp;&nbsp;&nbsp;

Reuters cited two anonymous government sources, who revealed that petrochemicals, iron and steel, cement, and pulp and paper industries will have carbon emission intensity benchmarks and reduction goals spanning three years. These targets align with India's commitment to the United Nations for greenhouse gas reduction, forming a crucial component of its climate change strategy.&nbsp;

Government insiders have disclosed to Reuters that these four sectors will help India enter the carbon trading market in April 2025. This initiative empowers companies to buy and sell carbon credits, helping them meet their emission reduction targets.&nbsp;

Reuters quoted the senior government official as saying, "The mandates will be applicable from 2024-25, and the (carbon) trade will start in 2025-26."&nbsp;

India's climate commitments are robust, aiming to reduce greenhouse emissions relative to gross domestic product (GDP) by 45 per cent compared to 2005 levels by 2030. Furthermore, the nation has set an ambitious goal of achieving net-zero emissions by 2070. These emission reduction mandates represent a significant step toward realising these climate ambitions.&nbsp;

Companies exceeding their emission reduction targets will earn carbon credits, which can be traded to companies falling short of their emission reduction objectives. This market-driven approach encourages environmental responsibility and sustainability.&nbsp;

The framework for trading carbon credits is being established following a legislation passed by the Indian Parliament in December of the previous year. Rules and targets for these industries are expected to be announced before December.&nbsp;

Presently, India has already implemented a market for trading certificates, rewarding entities in 13 sectors for surpassing energy savings targets. This prior experience provides a solid foundation for the upcoming carbon trading initiative.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

India is presently taking steps towards environmental sustainability by introducing carbon emission reduction targets for four pivotal industries, government sources told Reuters on Tuesday.

India is presently taking steps towards environmental sustainability by introducing carbon emission reduction targets for four pivotal industries, government sources told Reuters on Tuesday. Reuters cited two anonymous government sources, who revealed that petrochemicals, iron and steel, cement, and pulp and paper industries will have carbon emission intensity benchmarks and reduction goals spanning three years. These targets align with India's commitment to the United Nations for greenhouse gas reduction, forming a crucial component of its climate change strategy. Government insiders have disclosed to Reuters that these four sectors will help India enter the carbon trading market in April 2025. This initiative empowers companies to buy and sell carbon credits, helping them meet their emission reduction targets. Reuters quoted the senior government official as saying, "The mandates will be applicable from 2024-25, and the (carbon) trade will start in 2025-26." India's climate commitments are robust, aiming to reduce greenhouse emissions relative to gross domestic product (GDP) by 45 per cent compared to 2005 levels by 2030. Furthermore, the nation has set an ambitious goal of achieving net-zero emissions by 2070. These emission reduction mandates represent a significant step toward realising these climate ambitions. Companies exceeding their emission reduction targets will earn carbon credits, which can be traded to companies falling short of their emission reduction objectives. This market-driven approach encourages environmental responsibility and sustainability. The framework for trading carbon credits is being established following a legislation passed by the Indian Parliament in December of the previous year. Rules and targets for these industries are expected to be announced before December. Presently, India has already implemented a market for trading certificates, rewarding entities in 13 sectors for surpassing energy savings targets. This prior experience provides a solid foundation for the upcoming carbon trading initiative. (With inputs from Reuters) WATCH WION LIVE HERE

Indian government to enforce emission reduction targets for key industries: Report

Vacations can be exciting and stressful at the same time. The experience of having some time off from work, to just relax and enjoy yourself is made stressful by&nbsp;the arrangements — the stay, the food and what you'll wear in particular.

Anywhere you're travelling to hotels, bed and breakfasts, motels take care of the first two things, but the third thing for many of us remains a bother. To make it easier and also help the planet, Japan Airlines has introduced a year-long pilot of a service that provides its passengers the ease of booking a selection of clothes. Here's how it works.

<h2>No stress to shop or pack</h2>

For passengers travelling by Japan's flagship carrier, their vacations can now include the option to rent a selection of clothes. As per a BBC report, they can choose various options, including clothing type, season, style, and pickup and return dates.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/science/talk-about-keen-ear-dogs-can-listen-to-hooman-chatter-even-when-its-snoozing-finds-study-635361">Talk about keen ear! Dogs can listen to hooman chatter even when snoozing, finds study</a>

Users will receive their selected clothes at their hotel upon arrival. This service will only cost them about $34 to $48 for the rental period.

The service, called 'Any Wear, Anywhere,' started in July of this year and will run till August 2024.

Miho Moriya, who works for Sumitomo, the Japanese company handling reservations, deliveries, and laundering, came up with the idea. She says that what inspired her to come with this was her own dread about luggage.

"I love travelling and I've been to many foreign countries, but I've always dreaded dragging around luggage or doing laundry abroad," she said.

Moriya says it took "many tries" to find an airline that would support her idea, and once it got approved, the implementation was pushed back due to the pandemic. Over time, she hopes to expand this service to other airlines within the OneWorld Alliance and eventually worldwide, contributing to sustainable travel practices.

<h2>How would it help the planet?</h2>

To begin with, it should help cut down on holiday shopping. Many people tend to shop, especially for their vacations. These clothes often end up sitting in their wardrobes once the holiday is over.

Also read |&nbsp;<a href="https://www.wionews.com/entertainment/lifestyle/news-sleeping-late-at-night-study-warns-about-major-risk-of-type-2-diabetes-in-night-owls-635588">Sleeping late at night? Study warns about major risk of type 2 diabetes in night owls</a>

Clothes under the Any wear, Anywhere service are either pre-owned or sourced from company overstock. Furthermore, they will be cleaned and reused, which helps make the service sustainable.

Additionally, with travellers leaving their luggage at home, the aircraft will be lighter and thus help save on fuel and emissions.

This initiative aims to reduce carbon emissions by lowering the weight carried on JAL's aeroplanes. It is estimated that saving about 22 pounds (10 kg) in luggage equates to approximately 16.5 pounds (7.5 kg) saved in emissions. 
&nbsp; 
As per CNN, reducing weight is a proven way to save fuel and carbon emissions. Previously, Qantas airlines redesigned its tableware for first and business class to be about 11 per cent lighter. This move, as per the company, helped it start saving 1.1 million pounds (535 metric tonnes) of fuel per year.&nbsp;

Vacations can be exciting and stressful at the same time. The experience of having some time off from work, to just relax and enjoy yourself is made stressful by the arrangements — the stay, the food and what you'll wear in particular.

Vacations can be exciting and stressful at the same time. The experience of having some time off from work, to just relax and enjoy yourself is made stressful by the arrangements — the stay, the food and what you'll wear in particular. Anywhere you're travelling to hotels, bed and breakfasts, motels take care of the first two things, but the third thing for many of us remains a bother. To make it easier and also help the planet, Japan Airlines has introduced a year-long pilot of a service that provides its passengers the ease of booking a selection of clothes. Here's how it works. No stress to shop or pack For passengers travelling by Japan's flagship carrier, their vacations can now include the option to rent a selection of clothes. As per a BBC report, they can choose various options, including clothing type, season, style, and pickup and return dates. Also read | Talk about keen ear! Dogs can listen to hooman chatter even when snoozing, finds study Users will receive their selected clothes at their hotel upon arrival. This service will only cost them about $34 to $48 for the rental period. The service, called 'Any Wear, Anywhere,' started in July of this year and will run till August 2024. Miho Moriya, who works for Sumitomo, the Japanese company handling reservations, deliveries, and laundering, came up with the idea. She says that what inspired her to come with this was her own dread about luggage. "I love travelling and I've been to many foreign countries, but I've always dreaded dragging around luggage or doing laundry abroad," she said. Moriya says it took "many tries" to find an airline that would support her idea, and once it got approved, the implementation was pushed back due to the pandemic. Over time, she hopes to expand this service to other airlines within the OneWorld Alliance and eventually worldwide, contributing to sustainable travel practices. How would it help the planet? To begin with, it should help cut down on holiday shopping. Many people tend to shop, especially for their vacations. These clothes often end up sitting in their wardrobes once the holiday is over. Also read | Sleeping late at night? Study warns about major risk of type 2 diabetes in night owls Clothes under the Any wear, Anywhere service are either pre-owned or sourced from company overstock. Furthermore, they will be cleaned and reused, which helps make the service sustainable. Additionally, with travellers leaving their luggage at home, the aircraft will be lighter and thus help save on fuel and emissions. This initiative aims to reduce carbon emissions by lowering the weight carried on JAL's aeroplanes. It is estimated that saving about 22 pounds (10 kg) in luggage equates to approximately 16.5 pounds (7.5 kg) saved in emissions. As per CNN, reducing weight is a proven way to save fuel and carbon emissions. Previously, Qantas airlines redesigned its tableware for first and business class to be about 11 per cent lighter. This move, as per the company, helped it start saving 1.1 million pounds (535 metric tonnes) of fuel per year.

Japan Airlines is asking passengers to travel without clothes. Here's why

The Tata group on May 4 initiated the use of sustainable aviation fuel (SAF), as Vistara became the first airline in India to successfully operate a wide-body commercial domestic flight from Delhi to Mumbai using a blend of 17 per cent&nbsp;SAF&nbsp;to 83 per cent conventional jet fuel.

AirAsia India, a low-cost subsidiary of Air India, followed suit, operating the Pune-Delhi sector on May 19 using an indigenously-manufactured&nbsp;SAF&nbsp;blend.

Upon receiving the AirAsia flight at Delhi’s Indira Gandhi International Airport, Hardeep Singh Puri, the Minister for Petroleum and Natural Gas, said, “This would be the first domestic commercial passenger flight with&nbsp;SAF&nbsp;blending of up to one per cent in demonstration mode.”

What is&nbsp;SAF?

SAF&nbsp;is a type of biofuel that is used to power aircraft. Its chemical and physical properties are identical to that of conventional jet fuel, albeit with a significantly lower carbon footprint.&nbsp;SAF&nbsp;is made by using feedstocks consisting of various material such as cooking oil, municipal waste, agricultural residue, plants, and waste gasses.

According to the International Air Transport Association (IATA), the use of&nbsp;SAF&nbsp;can significantly bring down carbon dioxide emissions by about 80 per cent. Additionally,&nbsp;SAF&nbsp;could potentially stabilise fuel prices in the aviation sector, making it easier for airlines to budget and predict their operating expenses.

Targets set by aviation regulators

As aviation regulatory bodies push forth their sustainability goals to lower emissions, Puri said that one per cent&nbsp;SAF&nbsp;will be mandatory for domestic airlines by 2025. He further added that 140 million litres of biofuels are required to produce one per cent&nbsp;SAF&nbsp;mixed with jet fuel. If there are greater volumes of biofuels available, the mandate for&nbsp;SAF&nbsp;might increase to four or five per cent.

Meanwhile in the US, the Biden administration is targeting 100 per cent use of&nbsp;SAF&nbsp;by 2050. The EU on the other hand, instructs fuel suppliers to ensure that fuel with two per cent&nbsp;SAF&nbsp;in 2025 is supplied to all European Union (EU) airports. Subsequently, the supply is to increase to six per cent in 2030, 20 per cent in 2035 and steadily to 70 per cent in 2050.

Current landscape and the future

According to a report by the European Union Aviation&nbsp;Safety Agency (EASA), with a supply of less than 0.05 per cent of the overall jet fuel demand in 2020, the&nbsp;SAF&nbsp;industry is still in its early stages of development.&nbsp;

Currently, the EU’s greatest possible&nbsp;SAF&nbsp;production capacity is only 0.24 million tonnes, or 10 per cent of the&nbsp;SAF&nbsp;needed to fulfil the proposed mandate by 2030. The 2030 mandate level is high but achievable given the announcements of major capacity additions from these current&nbsp;SAF&nbsp;providers and the production from new market entrants.

In the Indian context, a press release from the Ministry of Petroleum and Natural Gas said, “India has feedstock for potential production of 19 to 24 million tons of&nbsp;SAF&nbsp;per year, whereas the estimated maximum requirement of&nbsp;SAF&nbsp;in India, considering 50 per cent blend, is around eight to ten million tons per year by 2030”.

What are aircraft manufacturers doing?

According to multiple reports by aviation news website Simple Flying, major aircraft manufacturers like Airbus and Boeing have aircraft that can fly with a 50 per cent blend of&nbsp;SAF&nbsp;and conventional jet fuel. Presently, aircraft flying with 100 per cent&nbsp;SAF&nbsp;are in the testing phase with Airbus conducting such tests on their A350 and A321 aircraft.

At the Airbus Summit, Chief Technical Officer, Sabine Klauke was quoted as saying, “All Airbus aircraft today are certified to fly with a 50 per cent&nbsp;SAF&nbsp;blend. We have a clear ambition to achieve certification for 100 per cent sustainable aviation fuel for our fleets by 2030. So, if we look, what is used today,&nbsp;SAF&nbsp;represents maybe 0.03 per cent of the fuel which is used in civil aviation, and that's for sure. We have a clear plan leading to 2030.”

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The Tata group on May 4 initiated the use of sustainable aviation fuel (SAF), as Vistara became the first airline in India to successfully operate a wide-body commercial domestic flight from Delhi to Mumbai using a blend of 17 per cent SAF to 83 per cent conventional jet fuel.

The Tata group on May 4 initiated the use of sustainable aviation fuel (SAF), as Vistara became the first airline in India to successfully operate a wide-body commercial domestic flight from Delhi to Mumbai using a blend of 17 per cent SAF to 83 per cent conventional jet fuel. AirAsia India, a low-cost subsidiary of Air India, followed suit, operating the Pune-Delhi sector on May 19 using an indigenously-manufactured SAF blend. Upon receiving the AirAsia flight at Delhi’s Indira Gandhi International Airport, Hardeep Singh Puri, the Minister for Petroleum and Natural Gas, said, “This would be the first domestic commercial passenger flight with SAF blending of up to one per cent in demonstration mode.” What is SAF? SAF is a type of biofuel that is used to power aircraft. Its chemical and physical properties are identical to that of conventional jet fuel, albeit with a significantly lower carbon footprint. SAF is made by using feedstocks consisting of various material such as cooking oil, municipal waste, agricultural residue, plants, and waste gasses. According to the International Air Transport Association (IATA), the use of SAF can significantly bring down carbon dioxide emissions by about 80 per cent. Additionally, SAF could potentially stabilise fuel prices in the aviation sector, making it easier for airlines to budget and predict their operating expenses. Targets set by aviation regulators As aviation regulatory bodies push forth their sustainability goals to lower emissions, Puri said that one per cent SAF will be mandatory for domestic airlines by 2025. He further added that 140 million litres of biofuels are required to produce one per cent SAF mixed with jet fuel. If there are greater volumes of biofuels available, the mandate for SAF might increase to four or five per cent. Meanwhile in the US, the Biden administration is targeting 100 per cent use of SAF by 2050. The EU on the other hand, instructs fuel suppliers to ensure that fuel with two per cent SAF in 2025 is supplied to all European Union (EU) airports. Subsequently, the supply is to increase to six per cent in 2030, 20 per cent in 2035 and steadily to 70 per cent in 2050. Current landscape and the future According to a report by the European Union Aviation Safety Agency (EASA), with a supply of less than 0.05 per cent of the overall jet fuel demand in 2020, the SAF industry is still in its early stages of development. Currently, the EU’s greatest possible SAF production capacity is only 0.24 million tonnes, or 10 per cent of the SAF needed to fulfil the proposed mandate by 2030. The 2030 mandate level is high but achievable given the announcements of major capacity additions from these current SAF providers and the production from new market entrants. In the Indian context, a press release from the Ministry of Petroleum and Natural Gas said, “India has feedstock for potential production of 19 to 24 million tons of SAF per year, whereas the estimated maximum requirement of SAF in India, considering 50 per cent blend, is around eight to ten million tons per year by 2030”. What are aircraft manufacturers doing? According to multiple reports by aviation news website Simple Flying, major aircraft manufacturers like Airbus and Boeing have aircraft that can fly with a 50 per cent blend of SAF and conventional jet fuel. Presently, aircraft flying with 100 per cent SAF are in the testing phase with Airbus conducting such tests on their A350 and A321 aircraft. At the Airbus Summit, Chief Technical Officer, Sabine Klauke was quoted as saying, “All Airbus aircraft today are certified to fly with a 50 per cent SAF blend. We have a clear ambition to achieve certification for 100 per cent sustainable aviation fuel for our fleets by 2030. So, if we look, what is used today, SAF represents maybe 0.03 per cent of the fuel which is used in civil aviation, and that's for sure. We have a clear plan leading to 2030.” WATCH WION LIVE HERE

Sustainable aviation fuel: The fuel of the future?

In an era marked by rapid technological advancements, Artificial Intelligence (AI) has emerged as a transformative force with the potential to reshape industries and societies across the globe. Among its myriad applications, AI is making significant inroads in the realms of sustainability and Environmental, Social, and Governance (ESG) considerations. This convergence of AI and sustainable practices presents a dual-edged sword, offering remarkable opportunities for positive change while posing formidable challenges that demand careful navigation.

Watch | AI-powered robot in Mecca's grand mosque

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/ai-powered-robot-in-meccas-grand-mosque-625437/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

Unveiling opportunities

•&nbsp;&nbsp; &nbsp;Efficiency and Resource Optimisation: One of the most compelling benefits of AI in the context of sustainability and ESG is its ability to optimise resource utilisation. AI-powered algorithms can analyze vast datasets to identify inefficiencies in energy consumption, water usage, and supply chains. This enables companies to streamline operations and reduce waste, leading to lower costs and a reduced environmental footprint.

•&nbsp;&nbsp; &nbsp;Renewable Energy Management: AI has revolutionized the management of renewable energy sources. By predicting fluctuations in energy supply and demand, AI enables the seamless integration of solar, wind, and other renewable sources into the power grid. This not only reduces reliance on fossil fuels but also enhances energy efficiency and resilience.

•&nbsp;&nbsp; &nbsp;Climate Change Mitigation: AI's predictive capabilities are invaluable in addressing climate change. Advanced climate models fueled by AI can forecast the impacts of rising temperatures, helping governments and businesses formulate adaptive strategies. AI can also aid in developing climate-friendly technologies, such as carbon capture and sequestration, to combat greenhouse gas emissions.

•&nbsp;&nbsp; &nbsp;ESG Data Analysis: ESG considerations have become paramount for investors seeking sustainable investment opportunities. AI-driven data analytics enable companies to gather, assess, and report ESG metrics accurately and efficiently. This transparency builds trust and encourages responsible practices, fostering a positive corporate image.

•&nbsp;&nbsp; &nbsp;Natural Resource Management: AI assists in monitoring and conserving natural resources, including forests, oceans, and wildlife. Through satellite imagery analysis and machine learning, AI can detect illegal logging, track deforestation rates, and monitor endangered species' habitats, contributing to biodiversity preservation.

<h2>Navigating challenges</h2>

•&nbsp;&nbsp; &nbsp;Data Privacy and Bias: As AI algorithms rely on large datasets, concerns about data privacy and bias emerge. Sensitive environmental and social data, if mishandled, can compromise individual privacy and perpetuate inequalities. Addressing these challenges requires stringent data protection measures and ethical AI development practices.

•&nbsp;&nbsp; &nbsp;Job Displacement and Workforce Transition: While AI enhances operational efficiency, it also raises concerns about job displacement in certain sectors. The transition to AI-driven systems may leave certain workers unemployed. Effective strategies for upskilling and reskilling are essential to ensure a just transition and a skilled workforce that can navigate the AI-powered landscape.

•&nbsp;&nbsp; &nbsp;Energy Consumption: Paradoxically, the computational intensity of AI models can lead to increased energy consumption. Training sophisticated AI models requires substantial computing power, potentially contributing to carbon emissions. Developing energy-efficient AI hardware and algorithms is crucial to mitigate this environmental impact.

•&nbsp;&nbsp; &nbsp;Ethical Dilemmas: AI decisions often lack human intuition, raising ethical questions in critical areas like resource allocation, environmental conservation, and disaster response. Striking the right balance between automated decision-making and human oversight is essential to avoid unintended negative consequences.

•&nbsp;&nbsp; &nbsp;Complexity and Accessibility: Implementing AI for sustainability and ESG involves complex technologies that may not be accessible to all organizations, particularly small businesses and developing economies. Bridging the technological divide and democratising AI tools will be pivotal in ensuring widespread benefits.

<h2>AI and ESG Reporting</h2>

AI can indeed play a significant role in improving company sustainability disclosures. Sustainability disclosures involve reporting a company's environmental, social, and governance (ESG) performance and impact on&nbsp;stakeholders, including investors, customers, employees, and the general public. AI technologies can enhance sustainability disclosures in several ways:

•&nbsp;&nbsp; &nbsp;Data Collection and Analysis: AI can efficiently gather and analyse large volumes of data from various sources, such as financial reports, operational data, supply chain information, and social media. This can help companies provide more comprehensive and accurate sustainability information.

•&nbsp;&nbsp; &nbsp;Predictive Analytics: AI can use historical data to make predictions about future sustainability trends, risks, and opportunities. This can assist companies in disclosing forward-looking information that reflects their commitment to long-term sustainability goals.

•&nbsp;&nbsp; &nbsp;Natural Language Processing (NLP): NLP technology can be used to analyse text-based information, such as corporate sustainability reports and stakeholder communications. AI-powered NLP can identify patterns, sentiments, and key information to ensure that sustainability disclosures are clear, relevant, and aligned with stakeholder interests.

•&nbsp;&nbsp; &nbsp;Performance Measurement and Reporting: AI can track and measure a company's sustainability performance against its goals and industry benchmarks. It can generate real-time reports and visualisations that enhance transparency and facilitate better decision-making.

•&nbsp;&nbsp; &nbsp;Supply Chain Transparency: AI can help trace the environmental and social impact of products and materials across the supply chain. This transparency can lead to more accurate and detailed disclosures about a company's supply chain practices.

•&nbsp;&nbsp; &nbsp;Risk Assessment: AI can identify potential ESG risks that may not be immediately apparent, allowing companies to address these issues and report on their efforts to mitigate risks.

•&nbsp;&nbsp; &nbsp;Automated Reporting: AI-driven automation can streamline the reporting process, reducing manual effort and human errors. This can lead to more consistent and timely sustainability disclosures.

•&nbsp;&nbsp; &nbsp;Materiality Analysis: AI can assist in identifying the most relevant ESG issues for a company based on data analysis and stakeholder engagement. This ensures that disclosures focus on the topics that matter most to stakeholders.

•&nbsp;&nbsp; &nbsp;Enhanced Communication: AI-powered chatbots and virtual assistants can engage with stakeholders and answer sustainability-related queries in real time, enhancing communication and transparency.

•&nbsp;&nbsp; &nbsp;Scenario Analysis: AI can simulate various scenarios to assess the potential impact of different decisions on a company's sustainability performance. This can aid in disclosing information about the company's resilience and adaptability.

The accuracy and quality of AI-generated insights depend on the quality of data inputs and the design of AI algorithms. Companies must also consider ethical considerations, data privacy, and potential biases when implementing AI solutions for sustainability disclosures.

<h2>A collaborative path forward</h2>

To harness the transformative power of AI while minimising its potential drawbacks, a collaborative approach is imperative.

•&nbsp;&nbsp; &nbsp;Public-Private Partnerships: Governments, industries, and academia must collaborate to establish frameworks that encourage responsible AI adoption. Regulatory guidelines, standards, and incentives can foster innovation while safeguarding societal interests.

•&nbsp;&nbsp; &nbsp;Ethical AI Development: Developers and data scientists must prioritize ethical considerations throughout the AI lifecycle. This includes data anonymisation, bias mitigation, and robust accountability mechanisms to ensure AI technologies align with sustainability and ESG goals.

•&nbsp;&nbsp; &nbsp;Stakeholder Engagement: Engaging stakeholders, including local communities, NGOs, and affected individuals, is crucial to understanding the nuanced implications of AI applications. Transparent and inclusive decision-making processes can avert potential conflicts and unintended consequences.

•&nbsp;&nbsp; &nbsp;Investment in Research: Continued research into AI's impact on sustainability and ESG is essential. This involves studying the long-term effects of AI adoption, developing innovative solutions, and refining existing technologies to align with evolving environmental and societal needs.

The integration of AI into sustainability and ESG practices presents a dual landscape of opportunities and challenges. While AI holds immense potential to drive positive change through resource optimisation, renewable energy management, climate action, and transparent ESG reporting, it also demands vigilant efforts to address data privacy, bias, ethical concerns, and accessibility barriers. By fostering collaboration, ethical development, stakeholder engagement, and sustained research, society can chart a path forward where AI serves as a powerful tool in building a more sustainable and equitable future.

(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

WATCH WION LIVE HERE

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

In an era marked by rapid technological advancements, Artificial Intelligence (AI) has emerged as a transformative force with the potential to reshape industries and societies across the globe.

In an era marked by rapid technological advancements, Artificial Intelligence (AI) has emerged as a transformative force with the potential to reshape industries and societies across the globe. Among its myriad applications, AI is making significant inroads in the realms of sustainability and Environmental, Social, and Governance (ESG) considerations. This convergence of AI and sustainable practices presents a dual-edged sword, offering remarkable opportunities for positive change while posing formidable challenges that demand careful navigation. Watch | AI-powered robot in Mecca's grand mosque × Unveiling opportunities • Efficiency and Resource Optimisation: One of the most compelling benefits of AI in the context of sustainability and ESG is its ability to optimise resource utilisation. AI-powered algorithms can analyze vast datasets to identify inefficiencies in energy consumption, water usage, and supply chains. This enables companies to streamline operations and reduce waste, leading to lower costs and a reduced environmental footprint. • Renewable Energy Management: AI has revolutionized the management of renewable energy sources. By predicting fluctuations in energy supply and demand, AI enables the seamless integration of solar, wind, and other renewable sources into the power grid. This not only reduces reliance on fossil fuels but also enhances energy efficiency and resilience. • Climate Change Mitigation: AI's predictive capabilities are invaluable in addressing climate change. Advanced climate models fueled by AI can forecast the impacts of rising temperatures, helping governments and businesses formulate adaptive strategies. AI can also aid in developing climate-friendly technologies, such as carbon capture and sequestration, to combat greenhouse gas emissions. • ESG Data Analysis: ESG considerations have become paramount for investors seeking sustainable investment opportunities. AI-driven data analytics enable companies to gather, assess, and report ESG metrics accurately and efficiently. This transparency builds trust and encourages responsible practices, fostering a positive corporate image. • Natural Resource Management: AI assists in monitoring and conserving natural resources, including forests, oceans, and wildlife. Through satellite imagery analysis and machine learning, AI can detect illegal logging, track deforestation rates, and monitor endangered species' habitats, contributing to biodiversity preservation. Navigating challenges • Data Privacy and Bias: As AI algorithms rely on large datasets, concerns about data privacy and bias emerge. Sensitive environmental and social data, if mishandled, can compromise individual privacy and perpetuate inequalities. Addressing these challenges requires stringent data protection measures and ethical AI development practices. • Job Displacement and Workforce Transition: While AI enhances operational efficiency, it also raises concerns about job displacement in certain sectors. The transition to AI-driven systems may leave certain workers unemployed. Effective strategies for upskilling and reskilling are essential to ensure a just transition and a skilled workforce that can navigate the AI-powered landscape. • Energy Consumption: Paradoxically, the computational intensity of AI models can lead to increased energy consumption. Training sophisticated AI models requires substantial computing power, potentially contributing to carbon emissions. Developing energy-efficient AI hardware and algorithms is crucial to mitigate this environmental impact. • Ethical Dilemmas: AI decisions often lack human intuition, raising ethical questions in critical areas like resource allocation, environmental conservation, and disaster response. Striking the right balance between automated decision-making and human oversight is essential to avoid unintended negative consequences. • Complexity and Accessibility: Implementing AI for sustainability and ESG involves complex technologies that may not be accessible to all organizations, particularly small businesses and developing economies. Bridging the technological divide and democratising AI tools will be pivotal in ensuring widespread benefits. AI and ESG Reporting AI can indeed play a significant role in improving company sustainability disclosures. Sustainability disclosures involve reporting a company's environmental, social, and governance (ESG) performance and impact on stakeholders, including investors, customers, employees, and the general public. AI technologies can enhance sustainability disclosures in several ways: • Data Collection and Analysis: AI can efficiently gather and analyse large volumes of data from various sources, such as financial reports, operational data, supply chain information, and social media. This can help companies provide more comprehensive and accurate sustainability information. • Predictive Analytics: AI can use historical data to make predictions about future sustainability trends, risks, and opportunities. This can assist companies in disclosing forward-looking information that reflects their commitment to long-term sustainability goals. • Natural Language Processing (NLP): NLP technology can be used to analyse text-based information, such as corporate sustainability reports and stakeholder communications. AI-powered NLP can identify patterns, sentiments, and key information to ensure that sustainability disclosures are clear, relevant, and aligned with stakeholder interests. • Performance Measurement and Reporting: AI can track and measure a company's sustainability performance against its goals and industry benchmarks. It can generate real-time reports and visualisations that enhance transparency and facilitate better decision-making. • Supply Chain Transparency: AI can help trace the environmental and social impact of products and materials across the supply chain. This transparency can lead to more accurate and detailed disclosures about a company's supply chain practices. • Risk Assessment: AI can identify potential ESG risks that may not be immediately apparent, allowing companies to address these issues and report on their efforts to mitigate risks. • Automated Reporting: AI-driven automation can streamline the reporting process, reducing manual effort and human errors. This can lead to more consistent and timely sustainability disclosures. • Materiality Analysis: AI can assist in identifying the most relevant ESG issues for a company based on data analysis and stakeholder engagement. This ensures that disclosures focus on the topics that matter most to stakeholders. • Enhanced Communication: AI-powered chatbots and virtual assistants can engage with stakeholders and answer sustainability-related queries in real time, enhancing communication and transparency. • Scenario Analysis: AI can simulate various scenarios to assess the potential impact of different decisions on a company's sustainability performance. This can aid in disclosing information about the company's resilience and adaptability. The accuracy and quality of AI-generated insights depend on the quality of data inputs and the design of AI algorithms. Companies must also consider ethical considerations, data privacy, and potential biases when implementing AI solutions for sustainability disclosures. A collaborative path forward To harness the transformative power of AI while minimising its potential drawbacks, a collaborative approach is imperative. • Public-Private Partnerships: Governments, industries, and academia must collaborate to establish frameworks that encourage responsible AI adoption. Regulatory guidelines, standards, and incentives can foster innovation while safeguarding societal interests. • Ethical AI Development: Developers and data scientists must prioritize ethical considerations throughout the AI lifecycle. This includes data anonymisation, bias mitigation, and robust accountability mechanisms to ensure AI technologies align with sustainability and ESG goals. • Stakeholder Engagement: Engaging stakeholders, including local communities, NGOs, and affected individuals, is crucial to understanding the nuanced implications of AI applications. Transparent and inclusive decision-making processes can avert potential conflicts and unintended consequences. • Investment in Research: Continued research into AI's impact on sustainability and ESG is essential. This involves studying the long-term effects of AI adoption, developing innovative solutions, and refining existing technologies to align with evolving environmental and societal needs. The integration of AI into sustainability and ESG practices presents a dual landscape of opportunities and challenges. While AI holds immense potential to drive positive change through resource optimisation, renewable energy management, climate action, and transparent ESG reporting, it also demands vigilant efforts to address data privacy, bias, ethical concerns, and accessibility barriers. By fostering collaboration, ethical development, stakeholder engagement, and sustained research, society can chart a path forward where AI serves as a powerful tool in building a more sustainable and equitable future. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

The impact of AI on sustainability and ESG: Seizing opportunities and overcoming challenges

The European Commission achieved a significant milestone on July 31, 2023, by adopting the European Sustainability Reporting Standards (ESRS), a crucial step towards implementing the EU's upcoming Corporate Sustainable Reporting Directive (CSRD). These standards will require companies to report on sustainability-related impacts, opportunities, and risks. The CSRD is set to take effect from the beginning of 2024, and reporting will commence for some companies during the 2024 financial year.

While the announcement was welcomed by many, sustainability-focused investor groups raised concerns about the EU Commission's decision to ease certain aspects of the new rules, particularly the removal of the mandatory nature of many sustainability disclosures, which remained in the adopted ESRS. The CSRD aims to update the current EU sustainability reporting framework, the 2014 Non-Financial Reporting Directive (NFRD), and will significantly expand the number of companies required to provide sustainability disclosures from around 12,000 to over 50,000. The new rules will also introduce more detailed reporting requirements on environmental impacts, human rights, social standards, and sustainability-related risks.

The European Financial Reporting Advisory Group (EFRAG) was tasked by the European Commission in June 2020 to develop new EU sustainability reporting standards. In November 2022, EFRAG submitted its final ESRS draft, making modifications to reduce administrative burdens on companies and cut the number of reporting requirements in half.

In June 2023, the European Commission released a proposed version of the final ESRS, introducing its own changes. Notably, the Commission proposed that all disclosure requirements, except for a set of general disclosures, undergo materiality assessments. This would allow companies to focus reporting on sustainability factors they consider significant to their businesses. The changes also involved phasing in certain reporting requirements, such as Scope 3 emissions and biodiversity-related topics, as well as 'own workforce' disclosures for companies with fewer than 750 employees in their first year of applying the standards.

However, investment and finance groups expressed concerns, stating that the amendments would impact their ability to obtain crucial sustainability-related information required for investment decisions. It would also hinder their ability to meet reporting requirements, including those under the EU's Sustainable Finance Disclosure Regulation (SFDR).

In response to investor concerns, the Commission published a Q&amp;A following the adoption of the ESRS. It clarified that 'disclosure requirements subject to materiality are not voluntary' and emphasised that information must be disclosed if deemed material. The materiality assessment process would also be subject to external assurance. Companies deciding not to report on climate change, for instance, would need to provide a detailed explanation for their decision due to the widespread and systemic impacts of climate change across the economy.

The Commission also highlighted the high level of interoperability between the ESRS and other sustainability reporting standards from the International Sustainability Standards Board (ISSB) and the Global Reporting Initiative (GRI). Companies required to report under ESRS on climate change would largely report the same information as those using the ISSB standard on climate-related disclosures.

With the adoption of the new sustainability reporting rules, the Commission's ESRS delegated act will be reviewed by the EU Parliament and Council during a two-month scrutiny period. Both bodies have the authority to reject the act but cannot amend it.

Once implemented, companies previously subject to the NFRD and large non-EU listed companies with more than 500 employees will need to start reporting under ESRS for the financial year 2024, with the first reports issued in 2025. Other large companies will begin reporting a year later. Listed SMEs, including non-EU-listed SMEs, will start issuing their first ESRS sustainability statements in 2027, with the option to opt-out for up to two years. Additionally, non-EU companies generating over €150 million of revenue annually in the EU and having a branch in the EU with revenue over €40 million or a subsidiary that is a large company or a listed SME will begin reporting from the financial year 2028 with the first reports due in 2029.

Mairead McGuinness, Commissioner for Financial Services, Financial Stability, and Capital Markets Union, praised the ambitious standards, emphasizing their role in supporting the EU's sustainable finance agenda. As per her, the standards strike a balance between minimising the reporting burden on companies and enabling them to showcase their efforts to meet the Green Deal Agenda, providing access to sustainable finance opportunities.

The European Commission achieved a significant milestone on July 31, 2023, by adopting the European Sustainability Reporting Standards (ESRS), a crucial step towards implementing the EU's upcoming Corporate Sustainable Reporting Directive (CSRD).

The European Commission achieved a significant milestone on July 31, 2023, by adopting the European Sustainability Reporting Standards (ESRS), a crucial step towards implementing the EU's upcoming Corporate Sustainable Reporting Directive (CSRD). These standards will require companies to report on sustainability-related impacts, opportunities, and risks. The CSRD is set to take effect from the beginning of 2024, and reporting will commence for some companies during the 2024 financial year. While the announcement was welcomed by many, sustainability-focused investor groups raised concerns about the EU Commission's decision to ease certain aspects of the new rules, particularly the removal of the mandatory nature of many sustainability disclosures, which remained in the adopted ESRS. The CSRD aims to update the current EU sustainability reporting framework, the 2014 Non-Financial Reporting Directive (NFRD), and will significantly expand the number of companies required to provide sustainability disclosures from around 12,000 to over 50,000. The new rules will also introduce more detailed reporting requirements on environmental impacts, human rights, social standards, and sustainability-related risks. The European Financial Reporting Advisory Group (EFRAG) was tasked by the European Commission in June 2020 to develop new EU sustainability reporting standards. In November 2022, EFRAG submitted its final ESRS draft, making modifications to reduce administrative burdens on companies and cut the number of reporting requirements in half. In June 2023, the European Commission released a proposed version of the final ESRS, introducing its own changes. Notably, the Commission proposed that all disclosure requirements, except for a set of general disclosures, undergo materiality assessments. This would allow companies to focus reporting on sustainability factors they consider significant to their businesses. The changes also involved phasing in certain reporting requirements, such as Scope 3 emissions and biodiversity-related topics, as well as 'own workforce' disclosures for companies with fewer than 750 employees in their first year of applying the standards. However, investment and finance groups expressed concerns, stating that the amendments would impact their ability to obtain crucial sustainability-related information required for investment decisions. It would also hinder their ability to meet reporting requirements, including those under the EU's Sustainable Finance Disclosure Regulation (SFDR). In response to investor concerns, the Commission published a Q&A following the adoption of the ESRS. It clarified that 'disclosure requirements subject to materiality are not voluntary' and emphasised that information must be disclosed if deemed material. The materiality assessment process would also be subject to external assurance. Companies deciding not to report on climate change, for instance, would need to provide a detailed explanation for their decision due to the widespread and systemic impacts of climate change across the economy. The Commission also highlighted the high level of interoperability between the ESRS and other sustainability reporting standards from the International Sustainability Standards Board (ISSB) and the Global Reporting Initiative (GRI). Companies required to report under ESRS on climate change would largely report the same information as those using the ISSB standard on climate-related disclosures. With the adoption of the new sustainability reporting rules, the Commission's ESRS delegated act will be reviewed by the EU Parliament and Council during a two-month scrutiny period. Both bodies have the authority to reject the act but cannot amend it. Once implemented, companies previously subject to the NFRD and large non-EU listed companies with more than 500 employees will need to start reporting under ESRS for the financial year 2024, with the first reports issued in 2025. Other large companies will begin reporting a year later. Listed SMEs, including non-EU-listed SMEs, will start issuing their first ESRS sustainability statements in 2027, with the option to opt-out for up to two years. Additionally, non-EU companies generating over €150 million of revenue annually in the EU and having a branch in the EU with revenue over €40 million or a subsidiary that is a large company or a listed SME will begin reporting from the financial year 2028 with the first reports due in 2029. Mairead McGuinness, Commissioner for Financial Services, Financial Stability, and Capital Markets Union, praised the ambitious standards, emphasizing their role in supporting the EU's sustainable finance agenda. As per her, the standards strike a balance between minimising the reporting burden on companies and enabling them to showcase their efforts to meet the Green Deal Agenda, providing access to sustainable finance opportunities.

Sustainability reporting gets a makeover: EU unveils bold standards to woo green investors

In a push to become a manufacturing hub, the Indian government is considering Production Linked Incentive (PLI) schemes for domestic manufacturing of chemicals and petrochemicals, MoneyControl reported on Thursday.&nbsp;

“We are in favour of having India becoming a manufacturing hub and, of course, we’ll consider the PLI also for chemicals and petrochemicals,"&nbsp;Indian Finance Minister Nirmala&nbsp;Sitharaman said at&nbsp;the global chemicals and petrochemicals summit.&nbsp;&nbsp;

The finance minister also emphasised the importance of increasing domestic production to balance out the trade imbalance in the petrochemical and chemical industries.&nbsp;

In 2022–2023, India's combined exports of chemicals and petrochemicals were valued at roughly $9 billion, while imports of similar products were valued at $13.33 billion, resulting in a trade deficit of more than $4 billion.

The PLI scheme was introduced in April 2020 to assist manufacturing in a few chosen industries. Under the scheme, the government provides businesses with incentives based on additional sales of goods produced domestically. It aims to reduce India's reliance on imports and strengthen its industrial capacity.

With a $26 billion incentive outlay, the benefits of this scheme have already expanded to 14 sectors. Among the important industries that have received benefits under the PLI plan are telecommunications, electronics, white goods, textiles, and pharmaceuticals.&nbsp;

Sitharaman pushes for sustainability&nbsp;

Sitharaman also spoke about the rising sustainability concerns in the chemicals and petrochemicals industry regarding, carbon emissions, general pollution, and groundwater contamination.&nbsp;&nbsp;

“We should remember that India has set its sights on becoming energy independent by 2047 and achieving net zero [carbon emissions] by 2070," MoneyControl quoted her as saying.&nbsp;&nbsp;

Sitharaman said that achieving net zero emissions will require efforts from every industry, including petrochemicals and chemicals. She claimed that India is highly motivated to promote green growth and lower carbon intensity.&nbsp;&nbsp;

She advised the industry not to rely on fossil fuels for their upcoming projects as India is expected to add 500 Giga-Watts (GW) of non-fossil energy generation capacity.&nbsp;&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In a push to become a manufacturing hub, the Indian government is considering Production Linked Incentive (PLI) schemes for domestic manufacturing of chemicals and petrochemicals, MoneyControl reported on Thursday.

In a push to become a manufacturing hub, the Indian government is considering Production Linked Incentive (PLI) schemes for domestic manufacturing of chemicals and petrochemicals, MoneyControl reported on Thursday. “We are in favour of having India becoming a manufacturing hub and, of course, we’ll consider the PLI also for chemicals and petrochemicals," Indian Finance Minister Nirmala Sitharaman said at the global chemicals and petrochemicals summit. The finance minister also emphasised the importance of increasing domestic production to balance out the trade imbalance in the petrochemical and chemical industries. In 2022–2023, India's combined exports of chemicals and petrochemicals were valued at roughly $9 billion, while imports of similar products were valued at $13.33 billion, resulting in a trade deficit of more than $4 billion. The PLI scheme was introduced in April 2020 to assist manufacturing in a few chosen industries. Under the scheme, the government provides businesses with incentives based on additional sales of goods produced domestically. It aims to reduce India's reliance on imports and strengthen its industrial capacity. With a $26 billion incentive outlay, the benefits of this scheme have already expanded to 14 sectors. Among the important industries that have received benefits under the PLI plan are telecommunications, electronics, white goods, textiles, and pharmaceuticals. Sitharaman pushes for sustainability Sitharaman also spoke about the rising sustainability concerns in the chemicals and petrochemicals industry regarding, carbon emissions, general pollution, and groundwater contamination. “We should remember that India has set its sights on becoming energy independent by 2047 and achieving net zero [carbon emissions] by 2070," MoneyControl quoted her as saying. Sitharaman said that achieving net zero emissions will require efforts from every industry, including petrochemicals and chemicals. She claimed that India is highly motivated to promote green growth and lower carbon intensity. She advised the industry not to rely on fossil fuels for their upcoming projects as India is expected to add 500 Giga-Watts (GW) of non-fossil energy generation capacity. WATCH WION LIVE HERE

India to consider PLI scheme for chemicals and petrochemicals: Nirmala Sitharaman  

India and France have announced a series of agreements to strengthen ties and address the challenges facing the Indo-Pacific region. During Indian Prime Minister Narendra Modi's visit to France, the two nations, sharing a common vision for the region, have adopted a new Indo-Pacific Roadmap, aiming to ensure stability, sustainable development, and free access to global commons.

Building upon the Joint Strategic Vision of India-France Cooperation in the Indian Ocean Region, adopted in 2018, India and France with this new roadmap are committed to working together to secure their economic and security interests. It includes advancing "the rule of international law" and building a "balanced and stable order" in the region, with "respect for sovereignty and territorial integrity," MEA said in a statement. &nbsp;

Also Read | <a href="https://www.wionews.com/india-news/pm-modi-meets-prominent-individuals-in-paris-hold-discussions-on-yoga-science-skill-development-and-more-615736">PM Modi meets prominent individuals in Paris; hold discussions on yoga, science, skill development, and more</a>

Highlighting the importance of the Pacific, both countries have pledged to extend their cooperation with the involvement of the French territories of New Caledonia and French Polynesia. The French overseas territories in the Indian and Pacific Oceans will play a crucial role in the Indo-Pacific partnership between India and France, the statement read.&nbsp;

<h2>Promoting UN Security Council reform</h2>

India and France also joined hands in advocating for the reform of the United Nations Security Council to ensure better representation and inclusivity. The two nations support the credentials of the G4 countries, including India, to become new permanent members of the Security Council. Additionally, both nations also urged the need for improved representation from Africa among the council's permanent members.&nbsp;

<h2>Science, technology, and academic cooperation</h2>

Recognising the pivotal role of technology in addressing the challenges of the 21st century, India and France have agreed to deepen their cooperation in the fields of science, technological innovation, and academic research. As leading startup and innovation ecosystems in their respective regions, both nations aim to promote research partnerships and essential technologies that contribute to their countries' self-reliance.

Also Read | <a href="https://www.wionews.com/world/modi-in-france-india-flags-cross-border-terrorism-repeats-call-for-dialogue-to-end-ukraine-war-615740">Modi in France: India flags cross-border terrorism, repeats call for dialogue to end Ukraine war</a>

In the field of health and medicine, India and France have signed a Letter of Intent for Cooperation, which lays the foundation for collaboration in various areas, including digital health, AI for healthcare, medical waste treatment technology, biotechnology, and combating antimicrobial resistance.&nbsp;

Both countries will also focus on health emergency prevention, preparedness, and response, as well as strengthen cooperation in the pharmaceutical sector and digital health technologies.

<h2>Enhancing cybersecurity&nbsp;</h2>

The growing strategic importance of cyberspace in the bilateral relationship between India and France was reaffirmed. Both nations acknowledged the significance of bilateral cyber dialogues and commit to working closely on mutual areas of interest. India and France are dedicated to jointly promoting a peaceful, secure, and open cyberspace, aligning with the Indo-French Roadmap on Cybersecurity and Digital Technology.

<h2>Collaborating for a sustainable future</h2>

India and France committed themselves to cooperating closely in the transition toward a low-carbon economy.&nbsp;

To meet the increasing energy demand driven by India's urbanisation and industrialisation while addressing energy security concerns, the two countries aim to increase their share of clean energy sources. Both nations share the conviction that sustainable solutions in combating climate change include the use of nuclear energy.

Watch | Ukraine continues to demand more weapons and NATO membership

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/ukraine-continues-to-demand-more-weapons-and-nato-membership-615741/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Moreover, India and France are strengthening their collaboration on promoting a circular economy and integrated waste management in cities. This collaboration focuses on enhancing waste collection and transportation, developing waste-to-wealth solutions, and improving liquid and solid waste management practices.

<h2>Promoting people-to-people ties</h2>

India and France laid emphasis on the importance of people-to-people exchanges and economic ties.&nbsp;

The Partnership Agreement on Migration and Mobility, which came into force in 2021, facilitates the mobility of students, graduates, academics, researchers, professionals, and skilled workers between the two nations.&nbsp;

Both countries aim to enhance tourist flows and simplify visa issuance procedures for the private sector and business community. They have also granted visa exemption for short stays to official passport holders and will assess the effectiveness of this exemption in 2026.&nbsp;Additionally, efforts will be made to promote mutual recognition of diplomas and professional qualifications, fostering skilled mobility between India and France.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

India and France have announced a series of agreements to strengthen ties and address the challenges facing the Indo-Pacific region. During Indian Prime Minister Narendra Modi's visit to France, the two nations, sharing a common vision for the region, have adopted a new Indo-Pacific Roadmap, aiming to ensure stability, sustainable development, and free access to global commons.

India and France have announced a series of agreements to strengthen ties and address the challenges facing the Indo-Pacific region. During Indian Prime Minister Narendra Modi's visit to France, the two nations, sharing a common vision for the region, have adopted a new Indo-Pacific Roadmap, aiming to ensure stability, sustainable development, and free access to global commons. Building upon the Joint Strategic Vision of India-France Cooperation in the Indian Ocean Region, adopted in 2018, India and France with this new roadmap are committed to working together to secure their economic and security interests. It includes advancing "the rule of international law" and building a "balanced and stable order" in the region, with "respect for sovereignty and territorial integrity," MEA said in a statement. Also Read | PM Modi meets prominent individuals in Paris; hold discussions on yoga, science, skill development, and more Highlighting the importance of the Pacific, both countries have pledged to extend their cooperation with the involvement of the French territories of New Caledonia and French Polynesia. The French overseas territories in the Indian and Pacific Oceans will play a crucial role in the Indo-Pacific partnership between India and France, the statement read. Promoting UN Security Council reform India and France also joined hands in advocating for the reform of the United Nations Security Council to ensure better representation and inclusivity. The two nations support the credentials of the G4 countries, including India, to become new permanent members of the Security Council. Additionally, both nations also urged the need for improved representation from Africa among the council's permanent members. Science, technology, and academic cooperation Recognising the pivotal role of technology in addressing the challenges of the 21st century, India and France have agreed to deepen their cooperation in the fields of science, technological innovation, and academic research. As leading startup and innovation ecosystems in their respective regions, both nations aim to promote research partnerships and essential technologies that contribute to their countries' self-reliance. Also Read | Modi in France: India flags cross-border terrorism, repeats call for dialogue to end Ukraine war In the field of health and medicine, India and France have signed a Letter of Intent for Cooperation, which lays the foundation for collaboration in various areas, including digital health, AI for healthcare, medical waste treatment technology, biotechnology, and combating antimicrobial resistance. Both countries will also focus on health emergency prevention, preparedness, and response, as well as strengthen cooperation in the pharmaceutical sector and digital health technologies. Enhancing cybersecurity The growing strategic importance of cyberspace in the bilateral relationship between India and France was reaffirmed. Both nations acknowledged the significance of bilateral cyber dialogues and commit to working closely on mutual areas of interest. India and France are dedicated to jointly promoting a peaceful, secure, and open cyberspace, aligning with the Indo-French Roadmap on Cybersecurity and Digital Technology. Collaborating for a sustainable future India and France committed themselves to cooperating closely in the transition toward a low-carbon economy. To meet the increasing energy demand driven by India's urbanisation and industrialisation while addressing energy security concerns, the two countries aim to increase their share of clean energy sources. Both nations share the conviction that sustainable solutions in combating climate change include the use of nuclear energy. Watch | Ukraine continues to demand more weapons and NATO membership × Moreover, India and France are strengthening their collaboration on promoting a circular economy and integrated waste management in cities. This collaboration focuses on enhancing waste collection and transportation, developing waste-to-wealth solutions, and improving liquid and solid waste management practices. Promoting people-to-people ties India and France laid emphasis on the importance of people-to-people exchanges and economic ties. The Partnership Agreement on Migration and Mobility, which came into force in 2021, facilitates the mobility of students, graduates, academics, researchers, professionals, and skilled workers between the two nations. Both countries aim to enhance tourist flows and simplify visa issuance procedures for the private sector and business community. They have also granted visa exemption for short stays to official passport holders and will assess the effectiveness of this exemption in 2026. Additionally, efforts will be made to promote mutual recognition of diplomas and professional qualifications, fostering skilled mobility between India and France. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

India, France draw up roadmap for balanced and stable order in Asia-Pacific region

In recent years, the concept of responsible investing has gained significant traction in the world of finance. More and more investors are seeking to align their investment portfolios with their personal values and social concerns. However, the term "responsible" can be subjective and open to interpretation. What does it truly mean to be a responsible investor? 
 
Here, I talk about the depths of responsible investing, exploring its various dimensions and shedding light on the true definition of "responsible."

At its core, responsible investing involves integrating environmental, social, and governance (ESG) factors into the investment decision-making process. ESG factors encompass a wide range of issues, including climate change, human rights, labour standards, corporate governance, and more. Responsible investors aim to generate financial returns while simultaneously creating a positive impact on society and the environment.

The true definition of "responsible" in responsible investing goes beyond simply avoiding investments in industries or companies that have a negative impact. It encompasses a proactive approach that seeks to identify and support companies that are actively working towards sustainable practices and positive social change. Responsible investors not only consider the risks associated with unsustainable practices but also seize opportunities to invest in businesses that are aligned with their values.

One key aspect of responsible investing is engagement. Responsible investors recognise the power of their capital and actively engage with companies to encourage better practices. Through dialogue, voting on shareholder resolutions, and collaboration with other stakeholders, responsible investors seek to influence corporate behaviour in a positive direction. By doing so, they contribute to the long-term sustainability of companies and the broader economy.

Responsible investing also involves robust research and analysis. Investors need to assess the ESG performance of companies and understand the potential risks and opportunities associated with their operations. This requires access to accurate and reliable data on ESG factors. Fortunately, in recent years, there has been a growing availability of ESG data and rating frameworks that enable investors to make informed decisions. By considering these factors, responsible investors can better identify companies that demonstrate a commitment to sustainable practices and good governance.

Another important aspect of responsible investing is diversification. Responsible investors understand that focusing solely on one ESG factor or one industry may not yield the desired impact. By diversifying their portfolios across various sectors and asset classes, responsible investors can spread their influence and support a broad range of sustainable initiatives. This approach helps to mitigate risks and maximize the potential for positive change.

In addition to the financial aspects, responsible investing also recognises the importance of transparency and accountability. Responsible investors expect companies to disclose relevant ESG information and performance metrics. This transparency allows investors to evaluate a company's sustainability practices and make informed investment decisions. Furthermore, responsible investors hold themselves accountable by regularly assessing the impact of their investments and adjusting their strategies as needed.

<a href="https://www.wionews.com/business-economy/sustainability-economics-emerges-as-key-player-in-financial-institutions-net-zero-transition-609641">ALSO READ|&nbsp;Sustainability Economics Is Key Player in Financial Institutions' Net-Zero Transition</a>

It is essential to note that responsible investing is not a one-size-fits-all approach. Different investors may have varying priorities and interpretations of what it means to be responsible. Some investors may focus on climate change and renewable energy, while others may emphasize social justice or corporate governance. Responsible investing allows for customisation based on individual values and preferences, enabling investors to align their portfolios with the issues they care about most deeply.

As responsible investing continues to gain momentum, it is crucial to establish clear standards and frameworks. Organisations such as the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), and the Task Force on Climate-related Financial Disclosures (TCFD) have been working to develop reporting guidelines and industry standards. These initiatives contribute to the evolution and standardisation of responsible investing practices, enhancing transparency and comparability across companies and sectors.

Responsible investing goes beyond avoiding "sin" industries and encompasses a proactive approach to create positive change. It involves integrating ESG factors into investment decision-making, engaging with companies to promote better practices, conducting thorough research, diversifying portfolios, and prioritising transparency and accountability. Responsible investing recognises the power of capital to drive sustainable outcomes and allows investors to align their financial goals with their personal values. As the field continues to evolve, it is crucial for investors, companies, and regulators to collaborate and refine the true definition of "responsible" in responsible investing.

The true definition of "responsible" in responsible investing extends far beyond mere compliance with regulations. It encompasses a comprehensive approach that considers the environmental, social, and governance aspects of investment decisions. Responsible investors aim to make a positive impact by supporting companies that prioritise sustainability, social responsibility, and good governance practices. By actively engaging with these companies, responsible investors strive to foster positive change and create a more sustainable and equitable future.

(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer)

WATCH WION LIVE HERE

 
&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

In recent years, the concept of responsible investing has gained significant traction in the world of finance. More and more investors are seeking to align their investment portfolios with their personal values and social concerns.

In recent years, the concept of responsible investing has gained significant traction in the world of finance. More and more investors are seeking to align their investment portfolios with their personal values and social concerns. However, the term "responsible" can be subjective and open to interpretation. What does it truly mean to be a responsible investor? Here, I talk about the depths of responsible investing, exploring its various dimensions and shedding light on the true definition of "responsible." At its core, responsible investing involves integrating environmental, social, and governance (ESG) factors into the investment decision-making process. ESG factors encompass a wide range of issues, including climate change, human rights, labour standards, corporate governance, and more. Responsible investors aim to generate financial returns while simultaneously creating a positive impact on society and the environment. The true definition of "responsible" in responsible investing goes beyond simply avoiding investments in industries or companies that have a negative impact. It encompasses a proactive approach that seeks to identify and support companies that are actively working towards sustainable practices and positive social change. Responsible investors not only consider the risks associated with unsustainable practices but also seize opportunities to invest in businesses that are aligned with their values. One key aspect of responsible investing is engagement. Responsible investors recognise the power of their capital and actively engage with companies to encourage better practices. Through dialogue, voting on shareholder resolutions, and collaboration with other stakeholders, responsible investors seek to influence corporate behaviour in a positive direction. By doing so, they contribute to the long-term sustainability of companies and the broader economy. Responsible investing also involves robust research and analysis. Investors need to assess the ESG performance of companies and understand the potential risks and opportunities associated with their operations. This requires access to accurate and reliable data on ESG factors. Fortunately, in recent years, there has been a growing availability of ESG data and rating frameworks that enable investors to make informed decisions. By considering these factors, responsible investors can better identify companies that demonstrate a commitment to sustainable practices and good governance. Another important aspect of responsible investing is diversification. Responsible investors understand that focusing solely on one ESG factor or one industry may not yield the desired impact. By diversifying their portfolios across various sectors and asset classes, responsible investors can spread their influence and support a broad range of sustainable initiatives. This approach helps to mitigate risks and maximize the potential for positive change. In addition to the financial aspects, responsible investing also recognises the importance of transparency and accountability. Responsible investors expect companies to disclose relevant ESG information and performance metrics. This transparency allows investors to evaluate a company's sustainability practices and make informed investment decisions. Furthermore, responsible investors hold themselves accountable by regularly assessing the impact of their investments and adjusting their strategies as needed. ALSO READ| Sustainability Economics Is Key Player in Financial Institutions' Net-Zero Transition It is essential to note that responsible investing is not a one-size-fits-all approach. Different investors may have varying priorities and interpretations of what it means to be responsible. Some investors may focus on climate change and renewable energy, while others may emphasize social justice or corporate governance. Responsible investing allows for customisation based on individual values and preferences, enabling investors to align their portfolios with the issues they care about most deeply. As responsible investing continues to gain momentum, it is crucial to establish clear standards and frameworks. Organisations such as the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), and the Task Force on Climate-related Financial Disclosures (TCFD) have been working to develop reporting guidelines and industry standards. These initiatives contribute to the evolution and standardisation of responsible investing practices, enhancing transparency and comparability across companies and sectors. Responsible investing goes beyond avoiding "sin" industries and encompasses a proactive approach to create positive change. It involves integrating ESG factors into investment decision-making, engaging with companies to promote better practices, conducting thorough research, diversifying portfolios, and prioritising transparency and accountability. Responsible investing recognises the power of capital to drive sustainable outcomes and allows investors to align their financial goals with their personal values. As the field continues to evolve, it is crucial for investors, companies, and regulators to collaborate and refine the true definition of "responsible" in responsible investing. The true definition of "responsible" in responsible investing extends far beyond mere compliance with regulations. It encompasses a comprehensive approach that considers the environmental, social, and governance aspects of investment decisions. Responsible investors aim to make a positive impact by supporting companies that prioritise sustainability, social responsibility, and good governance practices. By actively engaging with these companies, responsible investors strive to foster positive change and create a more sustainable and equitable future. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer) WATCH WION LIVE HERE

ESG Greenlight: Bringing about change through responsible investing

Climate change remains one of humanity's greatest challenges, prompting countries and institutions worldwide to take action by striving for near-zero greenhouse gas emissions. This ambitious goal, known as 'net zero,' requires a comprehensive transition to an environmentally friendly economy. Financial institutions play a pivotal role in this critical endeavor, and <a href="https://sustainabilityeconomics.com/">Sustainability Economics</a> has emerged as a leading solution provider to facilitate their net-zero targets.

Founded in 2022 by Kasu Venkata Reddy and Nayani Sreenadha Reddy, <a href="https://www.sustainabilityeconomics.com/static/media/SustainabilityEconomicsPressRelease.b118a518ad9b560be914.pdf">Sustainability Economics </a>is dedicated to simplifying the complex process of achieving net-zero transitions through cutting-edge technologies and an automation-first approach. Recognizing the importance of addressing climate change, the company aims to become the go-to destination for financial institutions&nbsp;seeking climate change mitigation strategies.

As the global finance industry constitutes a significant portion of the world's economy, it holds tremendous potential in the fight against climate change. However, transitioning to net zero requires various components, including carbon accounting, reporting, target setting, benchmarking, AI-driven climate scenario analysis, transition financing, carbon credits, and blockchain-powered marketplaces.

Providing a Platform for 'Change'

In response to these challenges, Sustainability Economics unveiled eight comprehensive platforms during the GreenFin 23 Summit in Boston, Massachusetts. These platforms cater to asset managers, asset owners, major banks, and insurers, providing them with the necessary tools to achieve their net-zero goals.

Among these platforms, 'Net Zero Investor' focuses on asset managers and asset owners, while 'Net-Zero Fin' and 'Net-Zero Insurer' assist insurance companies and banks. Additionally, Sustainability Economics offers five other platforms covering various aspects of climate financing, empowering the world to combat climate change effectively.

The 'Net-Zero Pulse' platform analyzes climate scenarios in alignment with models developed by esteemed organizations such as the Network for Greening the Financial System, International Energy Agency, and Intergovernmental Panel on Climate Change (IPCC). This ensures accurate and reliable data for informed decision-making.

Automating the issuance of carbon bonds and carbon credits transparently, the 'Net-Zero Bond' and 'Net-Zero Offset' platforms simplify the process while upholding transparency. Moreover, Sustainability Economics leverages blockchain technology through the 'Net-Zero DAOX' platform, which establishes a global marketplace for climate bonds and carbon credits.

The final platform, 'Net-Zero Metrics,' enables businesses to capture high-quality financial and climate metrics. By providing them with the necessary data, this platform facilitates informed decision-making and aids in making the right climate choices.

Together, these platforms guide businesses through seven phases of their journey toward achieving net zero. They enable companies to measure their carbon footprint, report emissions, set reduction targets, analyze climate scenarios, develop financing plans for a smooth transition, and issue and trade carbon bonds in the marketplace.

Sustainability Economics' business model centers around assisting financial institutions in their net-zero transitions while uncovering new business opportunities within the global net-zero economy. By leveraging their expertise and innovative platforms, Sustainability Economics aims to drive the transformation toward a sustainable future.

Follow Sustainability Economics on Twitter:&nbsp;@SE_NetZero

Climate change remains one of humanity's greatest challenges, prompting countries and institutions worldwide to take action by striving for near-zero greenhouse gas emissions.

Climate change remains one of humanity's greatest challenges, prompting countries and institutions worldwide to take action by striving for near-zero greenhouse gas emissions. This ambitious goal, known as 'net zero,' requires a comprehensive transition to an environmentally friendly economy. Financial institutions play a pivotal role in this critical endeavor, and Sustainability Economics has emerged as a leading solution provider to facilitate their net-zero targets. Founded in 2022 by Kasu Venkata Reddy and Nayani Sreenadha Reddy, Sustainability Economics is dedicated to simplifying the complex process of achieving net-zero transitions through cutting-edge technologies and an automation-first approach. Recognizing the importance of addressing climate change, the company aims to become the go-to destination for financial institutions seeking climate change mitigation strategies. As the global finance industry constitutes a significant portion of the world's economy, it holds tremendous potential in the fight against climate change. However, transitioning to net zero requires various components, including carbon accounting, reporting, target setting, benchmarking, AI-driven climate scenario analysis, transition financing, carbon credits, and blockchain-powered marketplaces. Providing a Platform for 'Change' In response to these challenges, Sustainability Economics unveiled eight comprehensive platforms during the GreenFin 23 Summit in Boston, Massachusetts. These platforms cater to asset managers, asset owners, major banks, and insurers, providing them with the necessary tools to achieve their net-zero goals. Among these platforms, 'Net Zero Investor' focuses on asset managers and asset owners, while 'Net-Zero Fin' and 'Net-Zero Insurer' assist insurance companies and banks. Additionally, Sustainability Economics offers five other platforms covering various aspects of climate financing, empowering the world to combat climate change effectively. The 'Net-Zero Pulse' platform analyzes climate scenarios in alignment with models developed by esteemed organizations such as the Network for Greening the Financial System, International Energy Agency, and Intergovernmental Panel on Climate Change (IPCC). This ensures accurate and reliable data for informed decision-making. Automating the issuance of carbon bonds and carbon credits transparently, the 'Net-Zero Bond' and 'Net-Zero Offset' platforms simplify the process while upholding transparency. Moreover, Sustainability Economics leverages blockchain technology through the 'Net-Zero DAOX' platform, which establishes a global marketplace for climate bonds and carbon credits. The final platform, 'Net-Zero Metrics,' enables businesses to capture high-quality financial and climate metrics. By providing them with the necessary data, this platform facilitates informed decision-making and aids in making the right climate choices. Together, these platforms guide businesses through seven phases of their journey toward achieving net zero. They enable companies to measure their carbon footprint, report emissions, set reduction targets, analyze climate scenarios, develop financing plans for a smooth transition, and issue and trade carbon bonds in the marketplace. Sustainability Economics' business model centers around assisting financial institutions in their net-zero transitions while uncovering new business opportunities within the global net-zero economy. By leveraging their expertise and innovative platforms, Sustainability Economics aims to drive the transformation toward a sustainable future. Follow Sustainability Economics on Twitter: @SE_NetZero

Sustainability Economics Emerges as Key Player in Financial Institutions' Net-Zero Transition

The world’s richest person and top entrepreneur, Elon Musk, has described ESG, or the Environment, Social and Governance movement, as the “Devil.” An article published recently by The Washington Free Beacon had the following caption: “From S&amp;P Global to the London Stock Exchange, tobacco companies are crushing Tesla in the ESG ratings. “How could cigarettes, which kill over eight million a year, be deemed a more ethical investment than electric cars?”&nbsp;

To this, Musk responded: “(This is) Why ESG is the devil…”

While ESG ratings are intended to assess a company's sustainability and ethical practices, Musk's behaviour and statements have often put him at odds with ESG frameworks, causing controversy and raising questions about the effectiveness of these ratings. In this article, we will explore Elon Musk's problems with ESG ratings and the debates surrounding his stance.

How does Tesla rate on ESG?

Last year, the Tesla, SpaceX founder said ESG was a “scam” after his electric car company was ejected from the S&amp;P 500 ESG index after only a year.&nbsp; 
 
Musk’s criticism of ESG stems from the fact that tobacco firms tend to receive higher ESG ratings than electric-vehicle maker Tesla. Musk highlighted a report that showed Tesla scoring only 37 out of 100 in S&amp;P Global’s latest ESG rankings, while tobacco giant Philip Morris scored 84. The London Stock Exchange gave British American Tobacco an ESG rating of 94, and Tesla a more middling 65.&nbsp;

MSCI (Morgan Stanley Capital International) that provides stock indexes, portfolio risk and performance analytics, and governance tools to institutional investors and hedge funds has been downgrading Tesla's ESG rating over time. In 2017, MSCI gave Tesla an ESG rating of "AAA," but it reduced the rating to "AA" in 2018 and "A" in 2022. 
 
The reasons for the downgrades are:

•&nbsp;&nbsp; &nbsp;Labour management: MSCI found that Tesla has had a number of problems with labour relations, including allegations of racial discrimination and poor working conditions. 
•&nbsp;&nbsp; &nbsp;Corporate governance: MSCI found that Tesla has a weak corporate governance structure, with a lack of independent directors and a CEO who has too much power.

ESG data can be noisy, which can lead to different rating agencies assigning different scores to the same company. Musk has argued that these ESG scores are flawed and do not accurately reflect Tesla's social contributions.

However, the ESG scores for Tesla from the above-mentioned agencies highlight some common challenges facing the company.

<a href="https://www.wionews.com/world/elon-musk-responds-to-jack-dorseys-claims-that-india-threatened-to-eject-twitter-out-606721">ALSO READ|&nbsp;Elon Musk responds to Jack Dorsey’s claim that India threatened to boot out Twitter</a>

The "S" in ESG&nbsp;

Tesla is a leader in the electric vehicle industry, but it has fallen behind its peers when it comes to environmental, social, and governance (ESG) factors. ESG is a broad framework that assesses a company's performance on a variety of factors, including environmental impact, social responsibility, and corporate governance. 
 
Tesla has been praised for its environmental impact, as its electric vehicles produce zero emissions. However, the company has been criticised for its lack of diversity and its treatment of employees. Tesla's board of directors is overwhelmingly white and male, and the company has been accused of unfair labour practices. 
 
In addition, Tesla's CEO, Elon Musk, has been criticised for his support of cryptocurrencies, which have a significant carbon footprint. Musk has also been accused of making offensive remarks about women and minorities. 
These criticisms have led some ESG rating agencies to downgrade Tesla's ESG score. While Tesla is a leader in the electric vehicle industry, it needs to do more to address its ESG shortcomings if it wants to be a leader in the 21st century.

ESG is not just about the environment. It is also about social responsibility and corporate governance. Tesla needs to recognise that ESG is a holistic framework. It cannot focus on just one factor, such as the environment, and ignore the others. If Tesla wants to be a leader for the 21st century, it needs to do more than just make electric cars. It needs to be a good company for all of its stakeholders.

One can’t live in a vacuum of just environmental or social issues – they are all intertwined.

ESG vs sustainability vs impact

Some, including Musk, argue that the ratings should recognise and reward companies that actively support the well-being of the planet and society. On the other hand, entities like S&amp;P, who produce these ratings, maintain that the purpose of the ratings is to indicate the extent to which a company's stock faces risks from ESG (Environmental, Social, and Governance) factors. This is why companies like Exxon Mobil, which contribute significantly to climate change, are permitted to be part of an ESG index if they can demonstrate efforts to reduce that risk.

ESG and sustainability are distinct yet interconnected concepts. ESG serves as a framework for evaluating an organisation's legitimacy and competitiveness, focusing on performance assessment. Sustainability, on the other hand, operates as a management paradigm aimed at ensuring an organisation's long-term viability or "the business of staying in business."

ESG primarily centres around evaluating the risks and opportunities posed to companies by evolving social, environmental, and governance factors. In the United States, it primarily considers the impact of the world on the company, rather than the impact of the company on the planet. 
. 
Effectively, Musk is conflating ESG with sustainability and impact. The issue with Musk's claims is that ESG is not concerned with impact but rather with operations. It provides a lens through which to assess how global events might jeopardise a company's enterprise value, rather than focusing on how a company itself may pose risks to the world. Hypothetically, if there were an S&amp;P 500 Impact Index, Tesla would likely be included while Exxon Mobil would not. However, this does not mean that Tesla can automatically claim compliance with ESG principles.

Therefore, Musk is both correct and mistaken. Tesla has undoubtedly made significant contributions to addressing climate change, but ESG does not necessarily measure the aspects that Musk and others believe it does.

In the context of investors, instead of relying solely on generic ESG ratings, it would be advisable for them to first identify the specific ESG considerations that are most important to them and then select an investment strategy accordingly.

(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)&nbsp;

WATCH WION LIVE HERE

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The world’s richest person and top entrepreneur, Elon Musk, has described ESG, or the Environment, Social and Governance movement, as the “Devil.” An article published recently by The Washington Free Beacon had the following caption: “From S&P Global to the London Stock Exchange, tobacco companies are crushing Tesla in the ESG ratings.

The world’s richest person and top entrepreneur, Elon Musk, has described ESG, or the Environment, Social and Governance movement, as the “Devil.” An article published recently by The Washington Free Beacon had the following caption: “From S&P Global to the London Stock Exchange, tobacco companies are crushing Tesla in the ESG ratings. “How could cigarettes, which kill over eight million a year, be deemed a more ethical investment than electric cars?” To this, Musk responded: “(This is) Why ESG is the devil…” While ESG ratings are intended to assess a company's sustainability and ethical practices, Musk's behaviour and statements have often put him at odds with ESG frameworks, causing controversy and raising questions about the effectiveness of these ratings. In this article, we will explore Elon Musk's problems with ESG ratings and the debates surrounding his stance. How does Tesla rate on ESG? Last year, the Tesla, SpaceX founder said ESG was a “scam” after his electric car company was ejected from the S&P 500 ESG index after only a year. Musk’s criticism of ESG stems from the fact that tobacco firms tend to receive higher ESG ratings than electric-vehicle maker Tesla. Musk highlighted a report that showed Tesla scoring only 37 out of 100 in S&P Global’s latest ESG rankings, while tobacco giant Philip Morris scored 84. The London Stock Exchange gave British American Tobacco an ESG rating of 94, and Tesla a more middling 65. MSCI (Morgan Stanley Capital International) that provides stock indexes, portfolio risk and performance analytics, and governance tools to institutional investors and hedge funds has been downgrading Tesla's ESG rating over time. In 2017, MSCI gave Tesla an ESG rating of "AAA," but it reduced the rating to "AA" in 2018 and "A" in 2022. The reasons for the downgrades are: • Labour management: MSCI found that Tesla has had a number of problems with labour relations, including allegations of racial discrimination and poor working conditions. • Corporate governance: MSCI found that Tesla has a weak corporate governance structure, with a lack of independent directors and a CEO who has too much power. ESG data can be noisy, which can lead to different rating agencies assigning different scores to the same company. Musk has argued that these ESG scores are flawed and do not accurately reflect Tesla's social contributions. However, the ESG scores for Tesla from the above-mentioned agencies highlight some common challenges facing the company. ALSO READ| Elon Musk responds to Jack Dorsey’s claim that India threatened to boot out Twitter The "S" in ESG Tesla is a leader in the electric vehicle industry, but it has fallen behind its peers when it comes to environmental, social, and governance (ESG) factors. ESG is a broad framework that assesses a company's performance on a variety of factors, including environmental impact, social responsibility, and corporate governance. Tesla has been praised for its environmental impact, as its electric vehicles produce zero emissions. However, the company has been criticised for its lack of diversity and its treatment of employees. Tesla's board of directors is overwhelmingly white and male, and the company has been accused of unfair labour practices. In addition, Tesla's CEO, Elon Musk, has been criticised for his support of cryptocurrencies, which have a significant carbon footprint. Musk has also been accused of making offensive remarks about women and minorities. These criticisms have led some ESG rating agencies to downgrade Tesla's ESG score. While Tesla is a leader in the electric vehicle industry, it needs to do more to address its ESG shortcomings if it wants to be a leader in the 21st century. ESG is not just about the environment. It is also about social responsibility and corporate governance. Tesla needs to recognise that ESG is a holistic framework. It cannot focus on just one factor, such as the environment, and ignore the others. If Tesla wants to be a leader for the 21st century, it needs to do more than just make electric cars. It needs to be a good company for all of its stakeholders. One can’t live in a vacuum of just environmental or social issues – they are all intertwined. ESG vs sustainability vs impact Some, including Musk, argue that the ratings should recognise and reward companies that actively support the well-being of the planet and society. On the other hand, entities like S&P, who produce these ratings, maintain that the purpose of the ratings is to indicate the extent to which a company's stock faces risks from ESG (Environmental, Social, and Governance) factors. This is why companies like Exxon Mobil, which contribute significantly to climate change, are permitted to be part of an ESG index if they can demonstrate efforts to reduce that risk. ESG and sustainability are distinct yet interconnected concepts. ESG serves as a framework for evaluating an organisation's legitimacy and competitiveness, focusing on performance assessment. Sustainability, on the other hand, operates as a management paradigm aimed at ensuring an organisation's long-term viability or "the business of staying in business." ESG primarily centres around evaluating the risks and opportunities posed to companies by evolving social, environmental, and governance factors. In the United States, it primarily considers the impact of the world on the company, rather than the impact of the company on the planet. . Effectively, Musk is conflating ESG with sustainability and impact. The issue with Musk's claims is that ESG is not concerned with impact but rather with operations. It provides a lens through which to assess how global events might jeopardise a company's enterprise value, rather than focusing on how a company itself may pose risks to the world. Hypothetically, if there were an S&P 500 Impact Index, Tesla would likely be included while Exxon Mobil would not. However, this does not mean that Tesla can automatically claim compliance with ESG principles. Therefore, Musk is both correct and mistaken. Tesla has undoubtedly made significant contributions to addressing climate change, but ESG does not necessarily measure the aspects that Musk and others believe it does. In the context of investors, instead of relying solely on generic ESG ratings, it would be advisable for them to first identify the specific ESG considerations that are most important to them and then select an investment strategy accordingly. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.) WATCH WION LIVE HERE

The unplugged version: Elon Musk Vs ESG

In an era where environmental consciousness is on the rise, businesses are increasingly seeking ways to showcase their sustainability efforts. However, a concept known as "green hushing" has emerged, casting doubt on the transparency of these eco-friendly claims.&nbsp; 
 
Green hushing refers to the intentional silence or omission of important environmental information by companies. This deceptive practice sets it apart from greenwashing, which involves exaggerating or misleading consumers about environmental initiatives. In this article, we will explore the insidious nature of green hushing, its implications, and how it differs from greenwashing.

Understanding Green Hushing

Green hushing is a strategy employed by companies to withhold or downplay negative environmental aspects associated with their products or practices. While greenwashing aims to create a positive image by exaggerating eco-friendliness, green hushing seeks to maintain a neutral stance by avoiding any mention of the environmental impact entirely. This silence prevents consumers from making informed choices and inhibits their ability to hold companies accountable for their actions.

A 2022 survey compiled by South Pole revealed that one in four companies surveyed have set science-based emission reduction targets, but they do not plan to publicise them. If a side effect of setting a goal is that a bunch of people are yelling at companies from the outside for not getting there fast enough, that creates an incentive to be a little quieter. Increased scrutiny by the media, NGOs, the public, and consumer and market authorities may have made companies more wary than ever about communicating their targets.

France is one of the few countries that has explicit regulation in place on corporate climate claims. In contrast, Singapore-based companies were the most open to publicising their reduction targets. Among big, publicly traded companies in the US and Europe, well-established sustainability norms would dull the impact of. green hushing. But among smaller businesses in these places, and for bigger firms in other regions, those norms are less established; in that sense green hushing could be a problem, if it slows the expansion of the norms into that new terrain.

Green hushing often manifests in various ways. For instance, a company might market a product as "green" without disclosing the materials used or the manufacturing processes involved. Another example could be a business withholding information about its waste management practices or pollution levels. By selectively sharing information, companies create an illusion of sustainability without addressing their true environmental impact.

Implications of Green Hushing

Green hushing has several detrimental effects on both consumers and the environment. Firstly, it erodes trust and transparency between businesses and their customers. Consumers who genuinely care about the environment rely on accurate information to make responsible purchasing decisions. When companies engage in green hushing, they undermine this trust, making it difficult for consumers to distinguish genuine eco-friendly products from those making false claims. 
 
<a href="https://www.wionews.com/world/explained-world-environment-day-5-international-deals-that-would-affect-environment-in-the-years-to-come-600963">ALSO READ|&nbsp;5 international agreements that would affect the planet in years to come</a> 
 
Moreover, green hushing perpetuates the status quo of unsustainable practices. By silencing information about harmful production methods or their ecological footprint, companies avoid the scrutiny and pressure to improve their environmental performance. This obstructs progress toward a more sustainable future and inhibits the development of innovative solutions to address environmental challenges.

Additionally, green hushing can hinder regulatory efforts to enforce environmental standards. When companies obscure or fail to disclose critical environmental information, it becomes challenging for regulatory bodies to assess compliance and hold businesses accountable. This lack of transparency undermines regulatory efforts, ultimately weakening the effectiveness of environmental protection measures.

Distinguishing Green Hushing from Greenwashing

Although green hushing and greenwashing share similarities, they differ in their approach and intent. Greenwashing involves making exaggerated or misleading claims about a product's environmental benefits. It is a deliberate marketing strategy designed to attract environmentally conscious consumers. On the other hand, green hushing is characterised by the omission or concealment of crucial environmental information, preventing consumers from fully understanding the true impact of a product or company.

While greenwashing misleads consumers by creating a false perception of environmental responsibility, green hushing keeps consumers in the dark altogether. Greenwashing attempts to capitalise on the demand for sustainability, while green hushing aims to maintain a veneer of neutrality and avoid scrutiny.

A fear of being called out

It remains to be seen if green hushing will have the same sort of staying power as its antithesis greenwashing. That term was coined nearly 40 years ago to describe the way companies exaggerate about their environmental credentials and has become so commonplace it was recently added to the dictionary. One assessment of greenwashing in the European Union last year found that nearly half of the “green online claims” being made by companies were exaggerated, deceptive, or false.&nbsp;

Glaring data points like this have triggered legal crackdowns; Australia’s competition watchdog recently made greenwashing an enforcement priority , and new EU Directive could prohibit environmental performance claims that can’t be backed up. Heightened sensitivity to such scrutiny might speak to the idea of not speaking at all.

There are other practical reasons for green hushing. One is a perception that green products will require undesirable trade-offs: If I tell you I’m buying a green cleaning product for my house, you might not expect it to get mildew off the shower tiles.There’s also a perception issue related to timing. If I’m the first company to go net-zero then I get more press for it, if I’m the 347th company to go net-zero, nobody cares and if I’m the 1,500th company then I’m actually seen as a laggard.

Accountability has to be fostered

Green hushing represents a troubling trend in the corporate world, as it stifles transparency and hampers progress toward sustainability. By intentionally withholding environmental information, companies impede consumer choice and hinder efforts. to address pressing ecological challenges. It is crucial for businesses to embrace genuine transparency, providing accurate and comprehensive information about their environmental practices.

As consumers, we have the responsibility to remain vigilant and demand transparency from the companies we support. By fostering a culture of accountability and encouraging open dialogue, we can help dismantle the deceptive practices of green hushing and foster a truly sustainable future. 
 
(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)

WATCH WION LIVE HERE

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

In an era where environmental consciousness is on the rise, businesses are increasingly seeking ways to showcase their sustainability efforts. However, a concept known as "green hushing" has emerged, casting doubt on the transparency of these eco-friendly claims.

In an era where environmental consciousness is on the rise, businesses are increasingly seeking ways to showcase their sustainability efforts. However, a concept known as "green hushing" has emerged, casting doubt on the transparency of these eco-friendly claims. Green hushing refers to the intentional silence or omission of important environmental information by companies. This deceptive practice sets it apart from greenwashing, which involves exaggerating or misleading consumers about environmental initiatives. In this article, we will explore the insidious nature of green hushing, its implications, and how it differs from greenwashing. Understanding Green Hushing Green hushing is a strategy employed by companies to withhold or downplay negative environmental aspects associated with their products or practices. While greenwashing aims to create a positive image by exaggerating eco-friendliness, green hushing seeks to maintain a neutral stance by avoiding any mention of the environmental impact entirely. This silence prevents consumers from making informed choices and inhibits their ability to hold companies accountable for their actions. A 2022 survey compiled by South Pole revealed that one in four companies surveyed have set science-based emission reduction targets, but they do not plan to publicise them. If a side effect of setting a goal is that a bunch of people are yelling at companies from the outside for not getting there fast enough, that creates an incentive to be a little quieter. Increased scrutiny by the media, NGOs, the public, and consumer and market authorities may have made companies more wary than ever about communicating their targets. France is one of the few countries that has explicit regulation in place on corporate climate claims. In contrast, Singapore-based companies were the most open to publicising their reduction targets. Among big, publicly traded companies in the US and Europe, well-established sustainability norms would dull the impact of. green hushing. But among smaller businesses in these places, and for bigger firms in other regions, those norms are less established; in that sense green hushing could be a problem, if it slows the expansion of the norms into that new terrain. Green hushing often manifests in various ways. For instance, a company might market a product as "green" without disclosing the materials used or the manufacturing processes involved. Another example could be a business withholding information about its waste management practices or pollution levels. By selectively sharing information, companies create an illusion of sustainability without addressing their true environmental impact. Implications of Green Hushing Green hushing has several detrimental effects on both consumers and the environment. Firstly, it erodes trust and transparency between businesses and their customers. Consumers who genuinely care about the environment rely on accurate information to make responsible purchasing decisions. When companies engage in green hushing, they undermine this trust, making it difficult for consumers to distinguish genuine eco-friendly products from those making false claims. ALSO READ| 5 international agreements that would affect the planet in years to come Moreover, green hushing perpetuates the status quo of unsustainable practices. By silencing information about harmful production methods or their ecological footprint, companies avoid the scrutiny and pressure to improve their environmental performance. This obstructs progress toward a more sustainable future and inhibits the development of innovative solutions to address environmental challenges. Additionally, green hushing can hinder regulatory efforts to enforce environmental standards. When companies obscure or fail to disclose critical environmental information, it becomes challenging for regulatory bodies to assess compliance and hold businesses accountable. This lack of transparency undermines regulatory efforts, ultimately weakening the effectiveness of environmental protection measures. Distinguishing Green Hushing from Greenwashing Although green hushing and greenwashing share similarities, they differ in their approach and intent. Greenwashing involves making exaggerated or misleading claims about a product's environmental benefits. It is a deliberate marketing strategy designed to attract environmentally conscious consumers. On the other hand, green hushing is characterised by the omission or concealment of crucial environmental information, preventing consumers from fully understanding the true impact of a product or company. While greenwashing misleads consumers by creating a false perception of environmental responsibility, green hushing keeps consumers in the dark altogether. Greenwashing attempts to capitalise on the demand for sustainability, while green hushing aims to maintain a veneer of neutrality and avoid scrutiny. A fear of being called out It remains to be seen if green hushing will have the same sort of staying power as its antithesis greenwashing. That term was coined nearly 40 years ago to describe the way companies exaggerate about their environmental credentials and has become so commonplace it was recently added to the dictionary. One assessment of greenwashing in the European Union last year found that nearly half of the “green online claims” being made by companies were exaggerated, deceptive, or false. Glaring data points like this have triggered legal crackdowns; Australia’s competition watchdog recently made greenwashing an enforcement priority , and new EU Directive could prohibit environmental performance claims that can’t be backed up. Heightened sensitivity to such scrutiny might speak to the idea of not speaking at all. There are other practical reasons for green hushing. One is a perception that green products will require undesirable trade-offs: If I tell you I’m buying a green cleaning product for my house, you might not expect it to get mildew off the shower tiles.There’s also a perception issue related to timing. If I’m the first company to go net-zero then I get more press for it, if I’m the 347th company to go net-zero, nobody cares and if I’m the 1,500th company then I’m actually seen as a laggard. Accountability has to be fostered Green hushing represents a troubling trend in the corporate world, as it stifles transparency and hampers progress toward sustainability. By intentionally withholding environmental information, companies impede consumer choice and hinder efforts. to address pressing ecological challenges. It is crucial for businesses to embrace genuine transparency, providing accurate and comprehensive information about their environmental practices. As consumers, we have the responsibility to remain vigilant and demand transparency from the companies we support. By fostering a culture of accountability and encouraging open dialogue, we can help dismantle the deceptive practices of green hushing and foster a truly sustainable future. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.) WATCH WION LIVE HERE

Green Hushing: Unveiling the deceptive silence beyond greenwashing

Actress and celebrity mom influencer Sameera Reddy came to Goa for 10 days during the pandemic and never went back. In an exclusive conversation with WION's Nikita Jain, she talks about how she, along with her family, live a sustainable life in Goa and what it is like to give back to the environment.

World Environment Day: Actress Sameera Reddy's 'sustainable' life in Goa

Investments must be increased to $4 trillion by 2030 in order to meet the 2015 Net Zero emission targets. The onus is on Asia, the world's largest energy user. To learn more about how Asia is redefining the landscape of green financing.

Asia's Green Revolution: Leading the charge towards sustainability

In a bid to minimise, CO2 emissions, a few students have built a sustainable car model and showed their prototype on a US promotional tour to universities and companies. The car is called Zero Emission Mobility or ZEM.

World Business Watch: Students build sustainable all-electric car to reduce CO2 emissions

“The business of doing business is business” is an age-old conventional approach of the functioning of businesses around the world, which has to change&nbsp;foremost. In the post-pandemic&nbsp;period, you might have surely heard the term, ‘greenwashing’, a savior wherein businesses portray themselves to be following ethical and sustainable practices in order to achieve a larger-collaborative agenda. It's veritably likely that businesses use this as a marketing gimmick or a way to overshadow the hazards it's causing. What you might be wondering is if it's really possible to count the ill effects&nbsp;being caused to the environment? Clearly, it's possible with the new propositions and research being pursued on a diurnal basis. 

Did you know that what you invest in could have an impact much further than what you could have imagined? Or your investment could have an impact on the entire frugality to stabilize it? One similar intriguing and essential concept for a better ever-growing model is sustainable finance.&nbsp;

Sustainable finance is a means to bridge the gaps of inequality between the economy, society and the governance model. It's an evolved term from green finance. Sustainability is piercing in each and every organisational activity, making it a ‘better late than never’ situation to bring about a change. Sustainable finance refers to the process of taking environmental, social and governance (ESG) considerations into account when making investment opinions in the fiscal sector, leading to further long- term feasible investments in sustainable profitable projects and systems. 

Environmental considerations include the impacts on climate change, pollution and biodiversity threats. Social considerations relate to issues of inequality, inclusiveness, labour practices, education, upliftment of backward societies, investment in human capital and communities, as well as human rights issues. The governance of public and private institutions – including operation structures, employee relations and administrative remuneration, policies for monitoring, regulations etc. – plays an aberrant part in icing the addition of social and environmental considerations in the decision-making process.&nbsp;

Now you may ask why sustainable investments? To add to the explanation, there are three simple and short reasons. First, it's ethical and for the future of our children and planet. Second, it serves as a means of risk mitigation in an ever-dynamic and evolving world. Third, the impact it creates leads towards a positive change in functioning of the corporations. Many important business stakeholders consider sustainability as a criteria in their checklist so that the investment takes into account the ESG factors.&nbsp;

Yet again coming back to the question. Is it really possible? Carbon taxing is one similar illustration, wherein the companies are held responsible for their carbon emissions&nbsp;and have to pay penalties on their emissions and are encouraged to borrow alternate practices. Such deductions are shown in the books to find out the real costs and impacts created thereof. Another factor is changing client perceptions. Consumers prefer to buy from those businesses which share the same values, and are ethical and socially evolving, leading towards a sustainable future.

This is the time for action to incorporate sustainable finance in every business practice more than ever, as every investment and action counts! Hence a sustainable finance system must be lived and big leaders should pave the way for the arising associations to acclimatize this practice. 

(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer)

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

WATCH WION LIVE HERE

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

“The business of doing business is business” is an age-old conventional approach of the functioning of businesses around the world, which has to change foremost.

“The business of doing business is business” is an age-old conventional approach of the functioning of businesses around the world, which has to change foremost. In the post-pandemic period, you might have surely heard the term, ‘greenwashing’, a savior wherein businesses portray themselves to be following ethical and sustainable practices in order to achieve a larger-collaborative agenda. It's veritably likely that businesses use this as a marketing gimmick or a way to overshadow the hazards it's causing. What you might be wondering is if it's really possible to count the ill effects being caused to the environment? Clearly, it's possible with the new propositions and research being pursued on a diurnal basis. Did you know that what you invest in could have an impact much further than what you could have imagined? Or your investment could have an impact on the entire frugality to stabilize it? One similar intriguing and essential concept for a better ever-growing model is sustainable finance. Sustainable finance is a means to bridge the gaps of inequality between the economy, society and the governance model. It's an evolved term from green finance. Sustainability is piercing in each and every organisational activity, making it a ‘better late than never’ situation to bring about a change. Sustainable finance refers to the process of taking environmental, social and governance (ESG) considerations into account when making investment opinions in the fiscal sector, leading to further long- term feasible investments in sustainable profitable projects and systems. Environmental considerations include the impacts on climate change, pollution and biodiversity threats. Social considerations relate to issues of inequality, inclusiveness, labour practices, education, upliftment of backward societies, investment in human capital and communities, as well as human rights issues. The governance of public and private institutions – including operation structures, employee relations and administrative remuneration, policies for monitoring, regulations etc. – plays an aberrant part in icing the addition of social and environmental considerations in the decision-making process. Now you may ask why sustainable investments? To add to the explanation, there are three simple and short reasons. First, it's ethical and for the future of our children and planet. Second, it serves as a means of risk mitigation in an ever-dynamic and evolving world. Third, the impact it creates leads towards a positive change in functioning of the corporations. Many important business stakeholders consider sustainability as a criteria in their checklist so that the investment takes into account the ESG factors. Yet again coming back to the question. Is it really possible? Carbon taxing is one similar illustration, wherein the companies are held responsible for their carbon emissions and have to pay penalties on their emissions and are encouraged to borrow alternate practices. Such deductions are shown in the books to find out the real costs and impacts created thereof. Another factor is changing client perceptions. Consumers prefer to buy from those businesses which share the same values, and are ethical and socially evolving, leading towards a sustainable future. This is the time for action to incorporate sustainable finance in every business practice more than ever, as every investment and action counts! Hence a sustainable finance system must be lived and big leaders should pave the way for the arising associations to acclimatize this practice. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Sustainable finance: Is it really possible?

sustainability

Sustainability, News on Sustainability, stories on Sustainability, articles on Sustainability, Sustainability stories at Wion, Sustainability news, Sustainability latest news