California to require big firms to reveal carbon emissions in first law of its kind

Our latest selection of articles from New Zealand and around the world on environmental management and sustainability. Click here to subscribe.

Welcome to another issue of SnippETS, where we again showcase a number of interesting developments in the sustainability and climate change space.

In this issue we examine how the need to disclose greenhouse gas emissions is continuing to grow, with the State of California, with the fifth largest economy in the world, being the latest to require all major corporations operating in the State, to disclose their corporate emissions as well as those of their supply chain and customers. The impact of this new law will likely have global significance.

In another welcoming move, the Australian Competition and Consumer Commission ruled that Brookfield could proceed with its takeover of Origin’s utility business because of Brookfield’s proposed investments in renewable generation and the climate change impacts being in the public benefit. This ruling may be the world’s first where climate change and environmental benefits have been a major factor in the public benefit analysis in a merger ruling.

With COP 28 kicking off in late November, we examine how funding for poorer nations can be met. Nobel laureate Joseph Stiglitz has proposed an annual $300 billion IMF allocation funded through a special drawing rights (SDRs) issuance. As Stiglitz observed, unless poorer countries can successfully address climate change and reduce emissions, the world will miss the Paris Agreement targets and limit warming to 1.5C. And we need to help them achieve this in the name of equality. Societies based on equality and tolerance show much more resilience in dealing with extreme weather conditions. Now is the time to show leadership and encourage fast action such as what is happening in China with their rapid expansion of wind and solar PV renewable generation.

We end with a collection of articles on transport. These include moves by Stockholm to ban fossil fuel vehicles from the city centre, the splendid, high speed rail network in Spain that is now so good, the Spanish people prefer this for inter-city travel and how wind is making a return into the shipping industry.

Here is the full list of articles...

A groundbreaking California law will force large companies doing business in the State – including major global corporations – to disclose their planet-heating carbon emissions. By 2026, those companies will have to publicly disclose how much carbon is produced by their operations and electricity use. Critically, by 2027, they will also be required to report emissions generated by their supply chains and customers, known as “scope 3” emissions. With California having the world’s fifth largest economy, this has global implications. Read more…

This article looks at Brookfield, one the world’s largest alternative investment management companies with more than $1.33 trillion under management, and its proposed takeover of Origin’s utility business – the biggest in Australia. According to The Australian Competition and Consumer Commission, it is the first time that climate change or environmental benefits have been a major factor in the public benefit analysis for a merger ruling in Australia. Some lawyers believe it might be the first time in the world. Read more…

The UN's climate change fund is currently short of its $10 billion target, with only $9.3 billion raised due to a lack of contributions from major wealthy nations. Donors including Japan and Norway have pledged funds, while Germany urges non-traditional contributors like the Gulf states and China to participate. The pressure is mounting for commitments before the November COP28 Summit, where a new fund for vulnerable nations is set to be launched. Delivering the long-awaited $100 billion annual climate finance pledge remains crucial for its success. Read more…

Nobel laureate Joseph Stiglitz has proposed an annual $300 billion IMF allocation for poor countries to combat the climate crisis, drawing parallels with the US Inflation Reduction Act. Stiglitz urges richer nations to support this through special drawing rights (SDRs) issuance. Amid discussions at the IMF's meeting, Stiglitz emphasised the urgency of global collaboration and highlights the significance of this move in the context of insufficient climate action and protectionist policies, stressing the transformative potential of SDRs in financing a green transition. Read more…

Inequality is one of history’s greatest villains and has led to the collapse of great ancient civilisations because of minor forms of climate change in the past. There are lessons to be learned, not just from the civilisations that collapsed, but also from those that navigated through environmental disasters and made it through intact. To survive the much more radical shifts of the climate catastrophe today, resilience is going to be key. Addressing inequality, political polarisation, and social cohesion should be priorities to make large-scale reforms and adaptations. Read more…

Overshooting 1.5 degrees of global warming is not inevitable and crossing this threshold depends on what we do. Experts have called for a global moratorium on efforts to geoengineer the climate, as there is great danger of disastrous consequences. The techno-solution is well loved by the fossil fuel industry as it can be used as an excuse to continue business as usual. However, the technology could lead to termination shock, which would end human civilisation and much of life on Earth. Read more…

Instead, central governments should be pushing and supporting proven and existing technologies and solutions, such as renewable energy. Through strong support from the Chinese government, China has overtaken the rest of the world to become the undisputed leader in wind power capacity. China’s efforts have revealed the potential when governments make clean energy expansion a strategic priority, and it is time that other global governments follow suit and shift financial resources to other, cleaner areas where we can meet our climate goals and thrive as a society. Read more…

Spain’s focus on development of a high speed train network since the mid 1990’s (regardless of the political party in power) has brought positive changes to how people travel. So much so, that train travel is now the preferred option between cities. With the longest high-speed rail network in Europe and the second longest in the world, spanning approximately 4,000km, and still expanding, it is the poster-child for rail. And good fare structures along with favourable refunds if trips are delayed has meant that trains are consistently packed. Read more…

1,000 Stockholmers die a year from air pollution. As part of an effort to address that, the Swedish capital is banning petrol and diesel cars from its city centre to reduce pollution from 31 December 2024. The ban covers 20 blocks in Stockholm’s city centre, with only electric vehicles, low emissions gas vehicles, plug-in hybrid heavy goods and emergency vehicles being permitted. As well as the car ban, €2 billion in funding is available to improve pedestrian, bicycle and public transport infrastructure. Read more…

The global shipping industry needs to reduce emissions. Wind may help, Pyxis Ocean, began its first wind-assisted voyage recently with two 125 ton wings. Each sail can cut fuel usage by 1.5 tons per day, or 4.65 fewer tons of CO2 emissions, a decrease in fuel consumption of 30 %. A French company has developed a sail that could slash fuel use by 40% on some routes. Shipping emissions could be cut by up to 47% by 2030 through a combination of wind propulsion, new fuels, and reduced speeds. Read more…