COP27, Energy, Animals, HSBC & Pumpkins
1. ThinkIn about climate
COP27 kicks off in Sharm El-Sheikh in November. This year’s event marks the 30th anniversary of the adoption of the UN Framework Convention on Climate Change, and from a UK perspective, the final hurrah for Alok Sharma.
After the fanfare of COP26, some of the momentum appears to have disappeared, and there is less corporate interest and engagement with COP27 than there was with COP26. This is likely to be partly due to business focus on other pressing issues such as the cost-of-living crisis and the war in Ukraine. However, the narrative for COP27 is more focused on governments and intra-country discussions and negotiations, rather than those involving civil (including business) society more broadly.
But that doesn’t mean you can’t be involved. There are still opportunities to participate in discussions around the event, both in-person and virtually. Our friends at Tortoise will be on the ground in Sharm el Sheikh reporting from COP27 and hosting ThinkIns at the New York Times Climate Hub. These will cover a range of interesting topics, including the future of dairy, single-use plastics, adaptation lessons from the Global South, as well as a post-event debrief.
If you would like to attend any of their events virtually, use the code GOODBUSINESSGUEST for free access via their website. You can also sign up via the New York Times website if you wish to attend in person. We’re looking forward to dialling in – hope to see some of you there!
2. The future is bright
We’re living through a period of extreme energy insecurity. The current crisis has further reinforced the need for a speedy transition to renewable energy, and yet it often feels like the pace of change is frustratingly slow.
However, there is a light(bulb) at the end of the tunnel and it’s much closer than we thought. Recent research has highlighted how, year on year, the growth of solar and wind energy capacity has consistently exceeded expectations. Renewable energy has been growing exponentially due to the fact that the greater the proliferation, the better we become at harnessing it. Not only does technological innovation increase, but the more renewables spread, the cheaper they become.
Analysis by the think tank RethinkX has found that 100% clean electricity from the combination of solar, wind, and batteries is both possible and economically affordable across the majority of the global population by 2030. Their report sets out how this rapid growth of renewables has the same kind of disruptive potential on society as the advent of the internet, where the barriers to information and connection were drastically reduced over time. The spread of renewables does not simply mean a transition to clean energy usage, within our current systems, but a total shift in how we view energy as a whole. It’s an exciting shift in mindset as conservation in the new system will mean maximising rather than minimising energy use, where an abundance of cheap, green energy can open the door to a countless innovation and entrepreneurial opportunities.
We would highly recommend RethinkX’s report; it’s a fascinating and inspiring read especially in our current context. They set out a bold vision for the future of society, but it’s a future that might be just around the corner…
3. (Wilber)forcing the issue on meat
Last week saw the inaugural Wilberforce Lecture from the RSPCA. This year’s half-hour lecture, delivered by Henry Dimbleby of Leon and the National Food Strategy fame, is a thought-provoking, honest and realistic evaluation of our relationship with meat eating and animal cruelty.
Dimbleby explores three particularly important areas: carbon, biodiversity and cruelty. Carbon emissions associated with livestock make up nearly a quarter of total global emissions. It’s a highly inefficient way to feed ourselves: in the UK, 20% of the most unproductive farmland produces just 3% of the nation’s calories. Biodiversity is under threat from forest and peatland destruction for meat production - environments that would otherwise be capturing carbon and housing wild animals. This year’s Living Planet Report from WWF and ZSL found that animal populations have declined almost 70% since 1970, up from 60% just four years ago. And cruelty remains an issue, with the UK’s world-leading welfare standards under threat from deregulation and increases in the import of meat produced with lower welfare standards.
So what can we do? On a personal level we can eat less meat. This isn’t easy – Dimbleby points out that eating meat is hard-wired into our genes as well as our cultural norms and social rituals. But the change we need is achievable: the UK needs a 30% reduction in meat consumption to reach its carbon reduction and biodiversity targets.
On a national level there is more to do. If the Environmental Land Management Scheme (Elms) survives political turmoil it will allow farmers to be paid not only for producing food, but for delivering a range of public goods, including increasing biodiversity. The government can also ensure that animal welfare standards are upheld and strengthened, making it easy for consumers to make ethical choices. One measure that we will likely not see is a ‘meat tax’ – something consumers find difficult to stomach.
4. The Truth and the whole truth (and nothing but...)
Like most top-tier banks, HSBC is subject to heavy scrutiny. It ranks second in the UK for fossil fuel financing, which – long story short – means it is helping to accelerate the climate crisis. It shouldn’t have come as a surprise when last week the Advertising Standards Agency (ASA) banned two ads which promoted the bank’s plans to reduce emissions.
The reason for banning the ads? Greenwashing.
One advert promoted a $1 trillion investment plan to transition to net zero, while another highlighted plans to plant two million trees and lock in 1.25 million tonnes of carbon. While the information was true and accurate, the ads failed to disclose the material emissions the bank enables elsewhere, by empowering oil companies and gas groups with bonds and loans.
The ASA essentially concluded that the ads were misleading because they omitted significant information about HSBC’s contributions to greenhouse gas emissions. Full descriptions of the ads and the codes that were breached can be found here, but there is one key takeaway: businesses need to look at what they say and what they don’t say when talking about environmental activity, rather than picking up on individual goodness and choosing to highlight that. So don’t greenwash, don’t greenhush (see last week’s Friday 5 for more on that) but also make sure you’re not being selective in the story you tell.
HSBC has promised a bold shift in its relationship with energy-sector clients with the forthcoming bank-wide Climate Transition Plan in 2023. But until then, and unless they print new posters with the small print: “we are helping to fund climate change too”, you won’t be seeing these ads at the bus stops any time soon.
The Goods: Have your pumpkin and EAT it too!
We’ve discovered the scariest thing about Halloween and it isn’t ghosts, ghouls or gory clowns. It’s the frightening fact that around 22.2 million pumpkins bought to make jack o’ lanterns will go to waste every year. Pumpkins bought for the purpose of carving have their innards and guts pulled out and simply thrown away. What’s worse, once Halloween is over, the carved carcasses are also thrown in the bin.
This spooky story of uneaten pumpkins inspired the good people at Hubbub to start The Pumpkin Rescue Campaign in 2014. The campaign aims to save pumpkins from the bin by shifting attitudes towards eating them. They suggest pumpkin pies, soups and even pumpkin pasta. Through community events and social media, The Pumpkin Rescue Campaign has changed attitudes towards eating pumpkins nationally from 42% of the population thinking you can eat your pumpkin to 59% in 2022.
If you would like to join the campaign and reduce food waste, all you need to do is eat your pumpkin and spread the word. Hubbub have provided a number of eerie-sistable recipes which aim to inspire you to use every bit of your pumpkin. So don’t feel you need to miss out on the spooky fun but make sure you #EatYourPumpkin too!
