ESG Essentials: plastic pollution and TNFD adopters

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“Godfathers of climate chaos”: UN Secretary-General urges governments to stop fossil fuel ads

UN Secretary-General António Guterres has called for advertising agencies and PR companies to stop working with fossil fuel companies, citing their greenwashing efforts and attempts to delay climate action.

Guterres urged every country to ban advertising from fossil fuel companies, as well as news media and tech companies, as they are the main contributors to global warming. He went on to label fossil fuel companies “godfathers of climate chaos”.

Some places have already made the bold move to ban fossil fuel advertising. France became the first country to ban adverts for fossil fuel companies in 2022, but critics argue it doesn’t go far enough. Canada and Ireland are also considering implementing similar bans. 

TNF-reaDy 

Around one-fifth of companies engaged in the latest Morningstar Sustainalytics stewardship initiative are prepared to report in line with the Taskforce on Nature-related Financial Disclosures (TNFD) recommendations by 2025 or sooner, despite the recent finalisation of these disclosures. 

This follows increasing action by governments to incorporate Target 15 of the Global Biodiversity Framework, which covers taking legal, administrative or policy measures to encourage and enable business. This facilitates TNFD reporting, and enhanced regulatory efforts are anticipated to accelerate countries’ adoption and implementation of nature-related disclosures.

Europe and the Asia-Pacific regions are leading TNFD-aligned reporting. However, these regions comprise a small portion of the total engagement, with notable regional disparities reflecting varying regulatory environments, market pressures, and sustainability priorities. Challenges such as data quality and availability, the need to prioritise mandatory reporting, and assessing the relationship of TNFD with other nature-related frameworks are the main barriers to wider TNFD adoption.

This research coincides with London Climate Action Week, during which the first set of final Sector Guidance will be published in eight priority sectors, and the next cohort of TNFD Adopters will be announced on Friday 28th June 2024 at their celebration event.

Investors should treat plastics industry as ‘significant risk’ sector

A recent analysis from Planet Tracker exposes the false narrative peddled by the global plastic industry that recycling is the silver bullet to plastic pollution. In reality, a shocking 91% of plastic is not recycled globally. 

According to the report, the plastic industry has successfully shifted focus away from upstream production end measures by creating the illusion of recyclability. This illusion stems from the global plastic industry’s misleading recycling symbols, continued product and profit margin expansion, and shifting the blame onto consumers and local waste management organisations. 

Planet Tracker urges investors and policy-makers to consider the true costs of plastic pollution and explore upstream solutions, such as extended producer responsibility, taxation, and regulation, to create a sustainable path forward.

Moreover, Planet Tracker calls on investors to support their statement, which focuses on petrochemical companies’ role in resolving plastic pollution and driving the industry towards producing safe and sustainable plastic.

Source: Planet Tracker

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