Category: Operations
Banks still involved in fossil fuels. New Report: World’s 60 Largest Banks Have Poured $3.8 Trillion Into Fossil Fuels Since Paris Agreement; Climate Groups Sound Alarm as Financing for Fossil Fuel Expansion Continues to Rise.
Even amidst the global economic downturn, fossil fuel financing numbers were higher in 2020 than 2016
The 12th edition of the most comprehensive report on fossil fuel bank financing documents an alarming disconnect between the global scientific consensus on climate change and the continued practices of the world’s largest banks.
This year’s report, titled “Banking on Climate Chaos 2021″, expands its focus from 35 to 60 of the world’s largest banks and reveals that in the 5 years since the Paris Agreement was adopted, these banks have pumped over $3.8 trillion into the fossil fuel industry.
The report also concludes that fossil fuel financing was higher in 2020 than in 2016, a trend that stands in direct opposition to the Agreement’s stated goal of rapidly reducing carbon emissions with the aim to limit global temperature rise to 1.5° Celsius.
The report demonstrates that, even amidst a pandemic-induced recession that resulted in an across-the-board reduction of fossil fuel financing of roughly 9%, the world’s 60 largest banks still increased their financing in 2020 to the 100 companies most responsible for fossil fuel expansion by over 10%.
These banks have poured nearly $1.5 trillion over the past 5 years into 100 top companies expanding fossil fuels.
This includes companies behind highly controversial projects like the Line 3 tar sands oil pipeline and the expansion of fracking on the land of Indigenous Mapuche communities in Argentina’s Patagonia region, which are just two of the nearly 20 case studies featured in the report.
“Banking on Climate Chaos” was authored by Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance and Sierra Club, and is endorsed by over 300 organizations from 50 countries around the world.
U.S.-based banks continue to be the largest global drivers of emissions in 2020, with JPMorgan Chase remaining the world’s worst fossil bank. Chase recently committed to align its financing with the Paris Agreement and yet continues essentially unrestrained financing of fossil fuels. From 2016 through 2020, Chase’s lending and underwriting activities have provided nearly $317 billion to fossil fuels, fully 33% more than Citi, the next worst fossil bank over this period.
Wells Fargo’s total fossil financing plunged by a surprising 42% in 2020. As a result, Wells dropped from fourth-worst fossil bank in 2019, to ninth worst in 2020. This is the only time over the past five years that Wells has not been one of the worst four fossil banks.
Another surprising result from the 2020 data is that BNP Paribas (whose U.S. subsidiary is Bank of the West, which strongly advertises its supposed responsibility on climate) came in as the fourth-worst fossil bank in 2020. BNP Paribas provided $41 billion in fossil financing in 2020, a huge 41% increase over its 2019 activity. This means the biggest absolute increase in fossil financing last year came from BNP Paribas, despite the bank’s strong policy commitments restricting financing for unconventional oil and gas.
The report also examines existing climate policy commitments by banks and finds them grossly insufficient and out of alignment with the goals of the Paris Agreement across the board. Recent high profile bank policies focus either on the distant and ill-defined goal of achieving ‘net zero by 2050’ or on restricting financing for unconventional fossil fuels. In general, existing bank policies are strongest with regards to restrictions for direct project-related financing. And yet, project-related financing made up only 5% of the total fossil fuel financing analyzed in this report.
The authoring organizations behind this report are united in their demand that respect for Indigenous rights, including the right to Free, Prior, and Informed Consent, and human rights more broadly must be a non-negotiable requirement for all bank financing decisions.
This report names the largest funders of fossil fuels around the world, with JPMorgan Chase the worst overall, RBC the worst in Canada, Barclays the worst in the UK, BNP Paribas worst in the EU, MUFG worst in Japan and Bank of China worst in China.
Rainforest Action Network – Ginger Cassady, Executive Director: “The unprecedented COVID-19 dip in global financing for fossil fuels offers the world’s largest banks a stark choice point going forward; they can decide to lock in the downward trajectory of support for the primary industry driving the climate crisis or they can recklessly snap back to business as usual as the economy recovers. U.S.-based banks continue to be the worst financiers of fossil fuels by a wide margin. Going into the Glasgow climate summit at the end of the year, the stakes could not be higher. Wall Street must act now to stop financing fossil expansion and commit to fossil zero, so as to truly align its financing practices with keeping our planet from heating up more than 1.5 degrees.”
Indigenous Environmental Network – Tom Goldtooth, Executive Director: “We must understand that by bankrolling the expansion of oil and gas the top banks of the world have blood on their hands and no amount of greenwashing, carbon markets, unproven techno-fixes, or net-zero commitments can absolve their crimes against humanity and Mother Earth. Indigenous lands globally are being plundered, our inherent rights are being violated and the value of our lives has been diminished to nothing in the face of fossil fuel expansion. For the sacredness and the territorial integrity of Mother Earth, these banks must be held accountable for covering the cost of her destruction.”
Reclaim Finance – Lucie Pinson, Founder and Executive Director: “These numbers expose the hollowness of banks’ ever-multiplying commitments to be net-zero or align with the Paris Agreement climate targets. A perfect example can be found in France. Finance Minister Bruno Le Maire is fond of calling Paris the capital of green finance – but this data exposes it as 2020’s capital of climate hypocrisy, with four unscrupulous banks making France the largest backer of oil, gas and coal in Europe. BNP Paribas merits singling out as the world’s fourth-largest fossil financier in 2020, having funnelled multi-billion dollar loans to oil giants like BP and Total. Nonetheless, it’s clear that all banks need to replace empty promises with meaningful policies enacting zero tolerance for fossil fuel developers.”
Sierra Club – Ben Cushing, Financial Advocacy Campaign Manager: “Many of the world’s largest banks, including all six major U.S. banks, have made splashy commitments in recent months to zero-out the climate impact of their financing over the next 30 years. But what matters most is what they’re doing now, and the numbers don’t lie. This report separates words from actions, and the picture it paints is alarming: major banks around the world, led by U.S. banks in particular, are fueling climate chaos by dumping trillions of dollars into the fossil fuels that are causing the crisis. Big banks don’t deserve a pat on the back if their 2050 pledges are not paired with meaningful 2021 actions to cut fossil financing.”
BankTrack – Johan Frijns, Director: “As the date of the crucial Glasgow Climate Summit approaches – and god forbid the global corona crisis prevents the world from meeting to address that other, much bigger existential crisis – we witness one bank after another making solemn promises to become ‘net zero by 2050’. There exists no pathway towards this laudable goal of a generation away that does not require dealing with bank finance for the fossil fuel industry right here and now, yet too many current promises lack precisely that; a firm commitment to start severing ties with all coal, oil and gas companies that plan on continuing their climate wrecking activities in the years to come.”
Oil Change International – Lorne Stockman, Senior Research Analyst: “This report serves as a reality check for banks that think that vague ‘net-zero’ goals are enough to stop the climate crisis. Our future goes where the money flows, and in 2020 these banks have ploughed billions into locking us into further climate chaos. Banks need to be focused on reducing fossil fuel production now, rather than on a far off and insufficient goal in the distant future. The time for half-measures is over.”
Methodology note:
This report aggregates bank lending and underwriting of debt and equity issuances according to Bloomberg’s league credit methodology (which divides credit among banks leading a transaction) to companies with any reported fossil fuel activity according to Bloomberg Finance L.P. and the Global Coal Exit List. The league credit assigned to a bank for a given transaction is adjusted by an approximation of the fossil fuel intensity of the particular borrower or issuer. Draft report findings are shared with banks in advance, and they are given an opportunity to comment on financing and policy assessments.
Quando l’elettronica cura corrente e freddo. Per rendere efficienti le macchine deputate alla refrigerazione e ridurre i consumi di energia elettrica, intervenendo sulla stessa rete, è possibile contare sugli apparati denominati SVG (Static Var Generator).
Ecco cosa sono e quali benefici offrono.
di Andrea Ballocchi – pubblicato su ZeroSottoZero
link articolo
Rigid polyolefins in EU recycling targets: increased quality collection and sorting a must to reach the key measures to advance recycling. New study (1) identifies key measures to advance recycling.
High-density polyethylene (HDPE) and polypropylene (PP) account for almost a third of European converters’ demand and are predominantly used in packaging applications. Out of the 16.7Mt (2) placed on the market, an estimated 6.6Mt is rigid polyolefin packaging.
With the current EU recycling capacity for HDPE and PP at 1.2Mt for post-consumer and additional 0.5Mt for pre-consumer waste, the recycling facilities can treat roughly 18% of rigid polyolefin waste. The scaling up of the EU plastics recycling capacity hinges on ensuring that the maximum of plastic waste is captured for recycling. Advancing collection and sorting were identified as key to unlock the much-needed investments in the recycling of rigid polyolefins.
‘Capturing additional tonnages and sorting out pots tubs and trays, is just one of the examples of making the change,’ said Werner Kruschitz, PRE PP/PO Working Group Chairman. Driving the uptake of recyclates, is equally important.
‘The recycled rigid polyolefins content must be widened, said Herbert Snell, PRE HDPE Working Group Chairman, he added: ‘The existing trend of fully circular uses of rigid polyolefin recyclate, where rHDPE from bottles is used in bottle production, and HDPE and PP crates can be recycled back into crates, must continue to grow’.
Making rigid polyolefins fully circular depends as well on ensuring a product is readily recyclable. This will allow to maintain the highest value of the material at its end of life but will also play into making recycling more cost-effective while meeting the requirements of even the most demanding applications. Additionally, filling the existing legislative gaps to drive the uptake of recyclates, by for example using public procurement, is yet another solution that must be fully exploited.
Rigid polyolefins stream has a potential for a greater contribution to plastic packaging recycling targets. However, to further develop recycling infrastructure and markets for this grade in Europe collaboration of the industry together with European policy-makers is critical.
(1)- HDPE & PP Market in Europe: State of Play
(2)- An estimated 2–2.5 Mt of PP is used in flexible films (including flexible packaging) and 0.7 Kt of HDPE across construction and packaging films. Additionally, textiles account for roughly 2 Mt of PP and 200 kt of HDPE.
Plastics Recyclers Europe (PRE) is an organization representing the voice of the European plastics recyclers who reprocess plastic waste into high-quality material destined for the production of new articles. Recyclers are important facilitators of the circularity of plastics and the transition towards circular economy.
Plastics recycling in Europe is a rapidly growing sector, representing €3 billion in turnover, 8.5 million tonnes of installed capacity, 600 companies and over 20,000 employees.
EU microplastic ban just got a step closer – but has major loopholes. Clean-up target impossible to meet without improvements, NGOs warn.
EU plans to stop firms adding microplastic to almost all products have major loopholes that would keep pollution flooding into the environment for nearly a decade and reward unproven biodegradable plastics, environmental groups are warning.
The European Commission has pledged to ban microplastic from cosmetics, paints, detergents, some farm, medical and other products to prevent 500,000 tonnes polluting mostly rivers and seas. The legal process moved forward on Tuesday when a detailed proposal was presented by ECHA to the Commission. The legal restriction is expected to become law next year.
But following industry lobbying, the proposal has major loopholes, according to the Rethink Plastic alliance of environmental groups. Some sectors could get up to 8 years to drop microplastic, while ‘biodegradable’ microplastic that has not been shown to degrade in the environment could escape the ban. The 500,000 tonnes target will be impossible to achieve unless the proposal is improved, they calculated.
European Environmental Bureau chemicals policy officer Elise Vitali said: “Microplastic pollution is everywhere: in our drinking water, our fields, filling the air in cities and even inside our bodies. The EU is right to build on its reputation of tackling plastic pollution with this new ban. But it must avoid being sidetracked by industry-sponsored loopholes. We want a quick and broad restriction with no green light for unproven biodegradable plastic.”
Hélène Duguy, chemicals lawyer at ClientEarth, said: “The EU promised to turn off the taps on microplastic pollution. Take sport pitches – it’s a gigantic source of microplastics pollution and it’s now up to the Commission to make sure that a full ban is in order. When it comes to cosmetics – another well-known source of this pollution – the Commission needs to reject the lenient proposal that would give the cosmetics industry a free pass to continue business as usual until 2028, even where alternatives are available.”
Microplastic pollution is irreversible and causes considerable harm to the environment, with potential grave consequences for humans. EU scientific advisors have recognised that microplastics pose an unacceptable risk, which justifies a comprehensive ban.
The groups are urging the Commission to adopt a broad restriction that covers all microplastics in all sectors and uses.
The proposal is now in the hands of the Commission’s industry department, which has not always shown ambition on chemicals policy, the NGOs said. The Commission has until late May 2021 to draft the restriction text, which will then go to a vote of member state experts. The European Parliament and Council of Ministers then have three months to object, but rarely do.
Rethink Plastic, part of the Break Free From Plastic movement, is an alliance of leading European NGOs working towards ambitious EU policies on plastics. It brings together the Center for International Environmental Law, ClientEarth, Environmental Investigation Agency , European Environmental Bureau , European Environmental Citizen’s Organisation for Standardisation, Greenpeace, Seas At Risk, Surfrider Foundation Europe, and Zero Waste Europe.
Together they represent thousands of active groups, supporters and citizens in every EU Member State working towards a future free from plastic pollution.
Accordo con ADACI per efficienza nelle aziende socie. Sono iniziati gli interventi di SmartEfficiency per migliorare l’Efficienza Energetica nelle aziende i cui manager, soci di ADACI – Associazione Italiana Acquisti & Supply Management, si avvalgono del Progetto “VIRGILIO ADACI”, lanciato nel 2020 allo scopo di erogare servizi sempre più innovativi a beneficio dei propri associati.
(altro…)
To reduce over-consumption. European Parliament demands EU targets to reduce over-consumption. MEPs confirm push for targets to curb over-consumption and decouple economic growth from resource use – an unprecedented move that could help Europe transition to a more resilient and less wasteful economy.
MEPs are looking to further accelerate Europe’s push against the throwaway economy, following a key plenary vote in the European Parliament.
Amongst other amendments, lawmakers called for the introduction of two legally binding targets to significantly reduce the EU’s material and consumption footprints by 2030. The targets would help curb Europe’s consumption and material footprints, bringing consumption and production patterns within planetary boundaries by 2050.
The vote confirms the position of the Parliament’s environment committee, which introduced the amendments two weeks ago. The European Commission will now have to take into consideration the demands of MEPs with a view to updating its Circular Economy Action Plan put forward last year.
Hailed as one of the pillars of the European Green Deal, the Commission’s proposal for the action plan was already praised for supporting sustainability and durability in the design of textiles, electronics, packaging, batteries, and other products.
MEPs also called for the absolute decoupling of economic growth from resource use, questioning the Commission’s arguments for green growth as a strategy for sustainability.
The Parliament’s stance significantly improves this strategy, according to Stephane Arditi, Director of Policy Integration and Circular Economy at the European Environmental Bureau (EEB). He said: “Legally binding targets for material use and consumption patterns are badly needed. They were the main missing piece of the puzzle in the European Commission’s proposal. If approved by the Commission and member states without delays, the targets can play a central role in Europe’s green recovery, helping citizens, businesses and governments save valuable and limited resources.”
Despite being the very first legally binding targets addressing over-consumption at EU level, the Netherlands and Finland have already adopted similar measures.
Other notable amendments approved by the environment committee push for:
– An ambitious policy making sustainable products placed on the EU market the norm and the affordable choice. In this regard, MEPs support the development of a product passport;
– Measures aimed at putting an end to planned obsolescence in everyday products.
– A more limited role for chemical recycling, which is to be assessed based on its environmental impact;
– Binding targets to reduce and cap the generation of waste, and to prevent waste. The Parliament also wants an additional target to boost the preparation of products for reuse;
– Measures aimed at reducing waste incineration and landfilling. These include a 10% landfill target to be set on a baseline year and kg of waste per person a year in order to prevent diversion from landfilling to waste incineration;
– The need to reinforce the EU Ecolabel as a benchmark for environmental sustainability
The European Environmental Bureau (EEB) is Europe’s largest network of environmental citizens’ organisations, standing for environmental justice, sustainable development and participatory democracy. Our experts work on climate change, biodiversity, circular economy, air, water, soil, chemical pollution, as well as policies on industry, energy, agriculture, product design and waste prevention. We are also active on overarching issues as sustainable development, good governance, participatory democracy and the rule of law in Europe and beyond.
330+ firms to reduce emissions by a quarter in five years since Paris Agreement. Analysis of 338 companies shows companies with ambitious science-based targets (SBTs) are delivering on Paris-aligned ambition, with emissions reductions at scale
As global leaders gather for the UN’s Climate Adaptation Summit on climate resilience, new data published by the Science Based Targets initiative (SBTi) shows that companies with science-based targets are delivering on large-scale emissions reductions. Target-setting companies have successfully reduced their emissions by 25% since 2015, a difference of 302 million tonnes of CO2 equivalent, the same as the annual emissions from 78 coal-fired power plants.
Five years on from the Paris Agreement, the SBTi analysed the emissions of a group of 338 companies whose climate targets have been approved by the SBTi as aligned with climate science and the goals of the Paris Agreement. This is the first ever study to look at how setting science-based targets correlates with corporate emissions reductions and the extent to which companies are actually delivering on those targets (338 companies out of 478 total SBTi companies with targets – SMEs using the streamlined route were excluded – are included in this analysis. Companies that were missing any emissions data between 2015-2019 were excluded. Emissions data was derived from public and private disclosures through CDP, as well as public sources such as sustainability reports. In all cases, emissions data was reported by companies. The reported emissions reductions may be due to any number of factors including concerted emissions reduction efforts, changes in activity levels or types, and changes in business structure).
SBTi finds that the typical company with SBTs actually slashed direct (scope 1 and 2) emissions at a linear annual rate (6.4%) that exceeds the rate required under the SBTi’s criteria to meet 1.5°C-aligned warming scenarios (4.2%). This shows companies with SBTs are taking climate action at rates that not only meet, but are faster than, the pace of action required by the Paris Agreement. These figures compare to an average increase of around 0.85% per year in global emissions for energy and industrial processes over the same period (see Fig.1 graph below).
New research from the SBTi suggests that the planned emissions savings of companies with science-based targets are also set to generate US$25.9 billion of new investment into climate mitigation initiatives in the next decade.
Alexander Farsan, Global Lead on Science Based Targets at WWF, one of the SBTi partners said: “Today’s findings are a mark of progress at the beginning of a critical year for climate action. It shows that companies setting science-based targets are backing these commitments up with action – delivering the emissions reductions we know are vital if we want to meet the goals of the Paris Agreement. SBTi companies have cut their emissions by a quarter over the last five years – and we need more companies to follow in their footsteps. With COP26 on the horizon, now is the time for the private sector to step up to the plate and follow the science. If a company is genuine about protecting the climate, then it should be setting science-based targets.”
The research also shows that, despite the challenges of COVID-19, 2020 was a milestone year for corporate climate commitments. Over 1,000 companies, making up 20% of global market capitalization, have now set, or committed to set, a science-based target. Companies that joined the SBTi in 2020 included Amazon, Facebook and Ford. The SBTi’s analysis finds that the rate of adoption of science-based targets doubled in 2020 versus the period 2015-2019, with over 370 companies joining the SBTi in 2020[5] at an average rate of 31 per month in 2020.
Additionally, more companies are now setting targets aligned with limiting global warming to 1.5°C than, for instance, a 2°C pathway or other type of target: 41% of all companies with science based targets have 1.5°C-aligned scope 1 and 2 targets.
Progress has been particularly strong in developed economies: in 16 OECD countries, a critical mass of 20% of high-emitting companies setting science-based targets has now been reached. In 2020, this 20% threshold was also reached in six new sectors, including the high-emitting and hard to abate cement and concrete sector. However, there is huge potential to further scale up ambition and improve progress in high-emitting sectors such as construction and automotives.
The global picture also shows commitments are lagging in some regions. In Europe, a critical mass of corporates with Paris-aligned climate commitments has been reached: 34% of all companies with the greatest climate impact have committed to, or set, SBTs in contrast to just 16% in North America and 12% in Asia.
Lila Karbassi, Chief of Programmes at the United Nations Global Compact, one of the SBTi partners, said: “It is encouraging that, even in the midst of a global pandemic, corporate climate action soared in 2020. COVID-19 has revealed the vulnerability of our current economic model, and showed us that a coordinated global effort led by science is the only way out of such crises. We must channel these learnings into our collective response to the climate crisis. In many sectors and regions, we have reached a ‘critical mass’ of companies making meaningful commitments to reduce emissions, but this needs to be a global and sector-wide effort, supported by ambitious government policy, to truly build back better.”
Jason Tarry, Tesco UK and ROI CEO said: “Since setting our science-based goals, we’ve started our transition to 100% renewable electricity across our own operations by 2030, introduced a new fleet of electric delivery vans in London as part of plans to go fully electric by 2028, and begun the rollout of the UK’s largest retail network of electric vehicle charging points across 600 of our stores.
We’ve also become the first retailer to issue a new corporate bond that is aligned to an agreed Sustainability Performance Target (SPT) of reducing Group greenhouse gas emissions by 60% by 2025 against our 2015 baseline. It’s encouraging to see science-based target-setting correlating so strongly with emissions reductions and we hope to see more companies taking the urgent action needed to reduce environmental impact across all sectors, including food.“
Ernesto Ciorra, Chief Innovability® Officer at Enel said: “Enel’s strategy and integrated business model place sustainability and the fight against climate change at their core. Setting science-based targets supports an ambitious decarbonization roadmap, clarifying the alignment with the Paris Agreement, and promotes a global net-zero energy system, while reinforcing the message that climate action is an investment through which we can make a meaningful impact, creating true shared value at the global level. If corporate strategies do not encompass targets as serious as SBTi ones, they do not go beyond lots of talk and a badge of cinematic fame. #NoSBTiNoParty”
Kristina Kloberdanz, Chief Sustainability Office at Mastercard said: “This will be a crucial year for climate action, and we believe the private sector has a vital role to play in the transition to a zero-carbon economy. That’s why we updated our target with the SBTI and have aligned our ambition- across our whole value chain- with a 1.5C world,” said Kristina Kloberdanz, Chief Sustainability Officer, Mastercard. We are already making progress toward thi starget by fousing on key areas of business, inclusing decarbonization of our operations and supply chains, while also leveraging our tehnology and global network to make a positive impact on th environment at scale. Today’s data shows that increasingly more corporates are stepping up their role in this collaborative effort to address the climate challenge- and as an SBTI company we’re proud to be at the forefront of this change.”
About the Science Based Targets initiative
The Science Based Targets initiative mobilizes companies to set science-based targets and boost their competitive advantage in the transition to the low-carbon economy. It is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments. The initiative defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets.
EU industrial pollution law revision essential to cut greenhouse gases and pollutants. The Industrial Emissions Directive (IED) currently excludes limits on carbon dioxide and other greenhouse gas emissions (GHGs), making it unfit to support the EU’s moves to address climate change, according to legal, environmental and health experts.
As the directive determines the allowable emissions levels of over 50,000 industrial facilities – about half of the EU’s GHG emissions – the group is launching a petition demanding the IED be revised to include GHGs and to limit air, water and soil pollution much more strictly, to ensure that the commitments under the European Green Deal become reality.
The news comes during the European Commission’s public consultation on the IED
Christian Schaible, Policy Manager for Industrial Production at the European Environmental Bureau (EEB) said: “The whole point of the IED is to protect us and our environment from the negative impacts of industrial activities. If the Commission is serious about their zero pollution, circular and carbon neutrality goals, they must redesign its scope, rethink how standards are set, and ensure greater transparency.”
Doreen Fedrigo, Industrial Transformation Policy Coordinator at CAN Europe, said: “EU leaders last year agreed to more ambitious greenhouse gas emission reductions by 2030. Now is the time to implement this higher climate goal, across all sectors. The IED is a key tool to drive drastic cuts in greenhouse gas and toxic emissions in the industry sector. Including limits on greenhouse gas emissions alongside stricter limits on other industrial emissions will be needed for the EU to honour its commitments under the Paris Climate Agreement.”
The NGOs also stress that the IED does not currently address a variety of serious problems related to the air, water and soil pollution. Large-scale industrial activities are one of the main contributors to air pollution, which leads to 412,000 premature deaths in Europe every year, meaning a stricter regulation on all industrial emissions can no longer be avoided.
Vlatka Matkovic, Senior Health and Energy Officer at the Health and Environment Alliance (HEAL) said: “Zero pollution and a health-protective approach need to be at the heart of the industrial emissions law, to urgently and significantly cut pollution, especially from coal power plants. The revision of the Industrial Emissions Directive is a not-to-be-missed opportunity for preventing disease and premature deaths, and for delivering on the EU’s climate ambition.”
The current IED does not lead to a zero pollution environment or circular economy, nor does it ensure proper public participation rights and access to information. The NGOs point out various cases of these failures throughout the EU Member States.
Laura Otýpková, lawyer from Frank Bold said: “The current IED is full of loopholes and flexibilities which allow industrial operators to avoid complying with strict rules. At the same time, the public is often excluded from proper participation and denied access to information on emissions. In the end, the IED seems like a token gesture – its revision is a perfect opportunity to make it the powerful piece of legislation it could be.”
The NGOs have launched a petition to urge the European Commission to transform the Industrial Emission Directive (IED).
The Industrial Emissions Directive came into force in January 2011 and was transposed in the EU Member States by January 2013.
It regulates dangerous pollutants from industry, including dust, nitrogen oxides, sulphur dioxide and heavy metals. Industry – which includes factories, power plants, intensive livestock farming and refineries – is the source of about a half of the European Union’s greenhouse gas emissions and 75% of hazardous waste production. Large-scale industrial activities are one of the main contributors to air pollution which leads to 412,000 premature deaths in Europe every year. At the same time, according to industry reports, these facilities release about 4,600 tonnes of heavy metals every year into the air, water and soil, including ecotoxic arsenic and neurotoxic lead and mercury. Their main source is coal combustion.
In a recent evaluation, the European Commission concluded that the IED is not working on several levels. Most importantly, the law is not helping to decarbonize industry. What we see in several countries is that the IED has allowed multiple flexibilities and has not lowered emissions, especially from coal plants, as fast as it could have. The fitness check showed that the IED has rarely helped tackle transboundary pollution and has not enabled sufficient public participation or access to information. This means that industrial operators are being allowed to pollute at dangerous levels while people at home and abroad remain powerless to do anything about it.
The European Commission has started preparing an update to the Directive, which should include new rules for industrial pollution. The public can now have their say to influence the future legislation, and secure the protection of climate and health. The consultation will be open for anyone to participate until 23 March. The European Commission should prepare the final proposal by the end of 2021, and it will then be voted on by the European Parliament.
The European Environmental Bureau (EEB) is Europe’s largest network of environmental citizens’ organisations, standing for environmental justice, sustainable development and participatory democracy. Our experts work on climate change, biodiversity, circular economy, air, water, soil, chemical pollution, as well as policies on industry, energy, agriculture, product design and waste prevention. We are also active on overarching issues as sustainable development, good governance, participatory democracy and the rule of law in Europe and beyond.
We have over 160 members in over 35 countries.
ph. © Enrico Rainero
Monitoraggio consumi elettrici Leader Price Italia. SMARTEFFICIENCY per MONITORAGGIO. L’azienda è oggi interamente italiana di proprietà di CRAI, gruppo cooperativo con una società centrale, Crai Secom, e diversi cedi distributivi con esclusività di zona. La conoscenza approfondita del territorio ha permesso di sviluppare una rete di punti vendita di varie dimensioni per soddisfare al meglio il consumatore.
Corporate Environmental Disclosures. CDSB calls for regulatory change following review of European Corporate Environmental Disclosures. The third consecutive review of environmental and climate-related disclosures in Europe shows signs of improvement, but the information remains insufficient for investment decision-making.
Latest report released by the Climate Disclosure Standards Board “The state of EU environmental disclosures in 2020” analysed the strength and weaknesses of disclosure among 50 largest companies in the European Union with a combined market capitalisation of US$3.5 trillion under the EU Non-Financial Reporting Directive (NFRD).
Companies reviewed showed progress in the completeness and quality of greenhouse gas emissions and business model disclosures, however the top strengths and weaknesses remain unchanged.
CDSB’s report concludes that investors’ ability to integrate information disclosed under the EU’s rules into their decision-making is inherently limited without further improvements to the Non-Financial Reporting Directive on TCFD, risk and materiality.
Top strengths:
– Policies and due diligence – All companies disclosed environmental policies, but 30% did not clarify board and management level due diligence;
– Business model – 52% fully disclose the environmental aspects of their business model; and
– Key performance indicators – All companies provided GHG emissions disclosures, but only 10% disclosed metrics on biodiversity.
Top weaknesses:
– TCFD – 68% referenced the recommendations of the Task Force on Climate-related Financial Disclosures, but only 18% adequately disclosed their resilience to different climate scenarios;
– Principal Risks – 74% considered both physical and transition risks, but just 4% clearly disclosed risks over different time horizons; and
– Materiality – 38% (2019: 8%) applied a double materiality perspective, but this did not necessarily improve the quality of disclosures.
In her keynote address at the launch event, EU Commissioner Mairead McGuinness said: “The rules of the game must be transformed to fully integrate sustainability at every step of the financial value chain, and that’s why the Commission has prepared the Renewed Sustainable Finance Strategy for early next year. One of the priorities of the renewed strategy will be to strengthen the foundation for sustainable investment and the review of the Non-Financial Reporting Directive is crucial.” “Our ultimate aim,” she added, “is to put financial and the so-called non-financial information on the same footing.”
Mardi McBrien, CDSB Managing Director, said: “To achieve the goals of the Paris Agreement, it is essential for investors to receive comparable and consistent information that is needed to inform their capital allocation. The sustainability reporting landscape is moving towards harmonisation and common standards. The work of the European Commission is important in achieving this goal and we will continue working closely with Europe to develop leading approaches and internationally to develop a global baseline that works for all.”
The Climate Disclosure Standards Board (CDSB) was founded in 2007 and is an international consortium of business and environmental NGOs committed to advancing and aligning the global mainstream corporate reporting model to equate natural capital with financial capital. It does so by offering companies a framework for reporting environmental and climate information with the same rigour as financial information.
In turn, this helps them to provide investors with decision-useful environmental and climate information via the mainstream corporate report, enhancing the efficient allocation of capital.
Regulators also benefit from compliance-ready materials. Collectively, we aim to contribute to more sustainable economic, social, and environmental system.
CDSB also hosts the TCFD Knowledge Hub on behalf of the Task Force on Climate-related Financial Disclosures.