The REP Wrap: UN agrees net-zero shipping deal
Your weekly summary of corporate sustainability news.
The world’s governments have just agreed to limit emissions from the shipping industry to net zero by 2050. The United Nations’ International Maritime Organisation (IMO) oversaw negotiations which culminated in a vote in favour of the deal. The US walked out of discussions, and more than 10 other countries opposed the proposals. The final package includes the introduction of a fuel standard that seeks to gradually lower GHG intensity, and a carbon price on excess emissions. Proceeds will be allocated to a net-zero fund, which IMO will use to finance decarbonisation and climate resilience efforts in developing countries. The regulations, which apply to large marine vessels, will be formally adopted in October and are expected to come into force in 2027.
Lego’s decision to remove diversity-related terminology from its latest sustainability report has landed it in the headlines again this week. The toymaker’s 2023 report contained words such as ‘diversity’ ‘LGBTQ+’ and ‘inclusion’, but they have been stripped from this year’s version. It continued to report on senior-level gender diversity, but stressed its “appointments are made on merit” – a phrase also used by the US Government, which has been clamping down on companies’ diversity, equity and inclusion initiatives since Donald Trump returned to office. Lego told the Guardian it remained fully committed to its diversity and inclusion initiatives. “Every year we review and adapt our reporting to ensure it complies with latest requirements and reflects our plans and results,” a spokesperson is quoted as saying. “The 2024 sustainability statement does not represent a change in our ongoing approach to diversity and inclusion.”
Companies must now meet revised standards if they want to qualify as B Corps. The certification body that oversees the label, B Lab, has introduced new criteria for seven “impact topics” including lobbying, climate change and human rights. The goal is to deal with criticism that companies could ‘game’ the previous impact assessment, which worked on a cumulative basis.
The International Sustainability Standards Boards will propose targeted amendments to ease emissions disclosures under its standards, it has said. The proposed changes, which will be published later this month, will be subject to a 60-day comment period.
The UK Government has published a framework this week outlining the research and innovation needed to support climate adaptation across the country’s private and public sectors. “The framework supports an evidence-based programme of public sector research and innovation and provides information for businesses and academics working on climate adaptation related research,” the government said in a statement.
