Victoria sets 2035 emissions target
Good to see outperformance on emissions reductions. At least that’s what Victoria claims after it raised its ambitions on emissions reductions to 75 per cent by 2030, as part of its accelerated push to reach net zero by 2045. The state released an upgraded 2035 target after beating its 2020 target to reduce emissions by 15-20 per cent on 2005 levels (it reduced emissions by almost 30 per cent).
The state said it plans to achieve this by investing in renewable energy via a newly established State Electricity Corporation which in which it is seeding $1 billion from the state budget. The SEC will be tasked with delivering 4.5 GW of renewable energy to replace the state’s ageing coal plants including Loy Yang A.
Other emissions reduction plans afoot include an accelerated rollout of electric vehicles, plans to electrify homes and the widespread adoption of seaweed by products in cattle feed to reduce agriculture emissions. The state is also planning to increase the amount of land used for carbon sequestration to offset the emissions it can’t eliminate.
Commonwealth Bank launches small business sustainability tool
Small to medium businesses now have a tool to measure how they can reduce their environmental footprint and improve their social licence. And interestingly it’s come from the Commonwealth Bank. Interesting, because when the money people talk, a lot of others listen.
The tool is simple to use. Users answer a few simple questions and are then provided with a selection of resources and actions based on their responses.
You can guess what the questions are: usage of energy, transport and waste management.
Soon the scrutiny will extend to supply chain management, product design and wellbeing.
Research from the bank shows cost is the biggest barrier to going green for small to medium businesses (60 per cent), followed by finding sustainable suppliers (30 per cent) and a lack of time and resources (28 per cent).
Glencore latest fossil fuel company to be hit with shareholder ultimatum
Shareholders are revolting. Again. This time it’s Glencore that’s copping resolution asking the company to explain how its thermal coal production aligns with its climate goals at the Swiss commodity group’s annual general meeting.
Twenty-nine per cent of shareholders voted in favour of the resolution, the second-highest vote ever recorded in favour of a shareholder climate resolution that management has not endorsed for a London Stock Exchange listed company.
In a separate vote, 30 per cent of shareholders voted against the company’s 2022 Climate Report.
This is big news for Australia as Glencore is our largest coal miner. The vote means the company must now formally consult with shareholders about the reason for the result, as is stipulated under the UK Corporate Governance Code.
The resolution was co-filed by: Legal and General Investment Management (LGIM), one of Europe’s largest asset managers; Swiss based Ethos Foundation, on behalf of large Swiss pension fund members of the foundation, including Pensionskasse Post and Bernische Pensionskasse (BPK); Vision Super, an Australian industry super fund; and HSBC Asset Management. The Australasian Centre for Corporate Responsibility (ACCR) and UK-based responsible investment NGO ShareAction were also co-filers.
Consumers can now recycle polystyrene
Polystyrene has until now been the “last bastion” of plastics waste, with no credible recycling option. Now, households and small businesses can drop off up to 20 cubic metres of their used polystyrene through StyroCycle, which will operate a series of collection points, local council offices and other small businesses.
Expanded polystyrene is 100 per cent recyclable and does not immediately degrade, meaning it can be recycled repeatedly. The polystyrene will be collected, compressed and reused to create products for sustainable building.
The recycling process is fast, meaning that the waste does not have to be warehoused for long, and it can be recycled locally without the need for export. StyroCycle has two manufacturers with four recycling sites operating in Victoria and South Australia and is looking to source a further eight more sites across multiple state by 2024.