A field with wind mills on it to represent green energy and the revolution of sustainability in Europe.

Businesses need to prepare for climate reporting in 2024

As we approach 2024, businesses operating in the European Union and preparing for climate risk and sustainability reporting mandates, similar requirements will soon follow in the U.S. With increasing pressure from investors and consumers, companies are urged to provide more comprehensive information about their environmental impacts. This includes complying with new regulations concerning scope 1, 2, and 3 carbon emissions reporting, as outlined in climate rules in the EU and California. The EU Corporate Sustainability Reporting Directive (CSRD) mandates reporting on environmental, social, and governance efforts starting in 2024. In California, companies will need to comply with two climate bills starting in 2026, requiring reporting of carbon emissions and climate-related financial risks. The U.S. Securities and Exchange Commission (SEC) is also finalizing its climate risk disclosure rule, which could further impact reporting requirements for publicly traded companies. As these regulations loom, it’s essential for businesses to start preparing now to meet these obligations effectively.


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A big factory is discarding much smoke into the environment.

Nordic Countries Agree on Joint CCUS Initiatives

Nordic countries, including Denmark, France, Germany, Sweden, and the Netherlands, have joined forces by signing the Aalborg Declaration to enhance European collaboration on CO2 capture, use, and storage (CCUS). The declaration emphasizes the need to scale up CCUS efforts nationally and across Europe to advance the green transition and achieve climate goals. Denmark’s Climate, Energy, and Supply Minister, Lars Aagaard, stressed the significance of this step, highlighting its importance in reaching climate objectives. The EU’s designation of two Danish CCS projects as Projects of Common Interest (PCI) further underscores Europe’s commitment to CCUS initiatives.

Read more about this exciting development in the original article.


Consumers are Willing to Pay More for Sustainable Products

Concerns about the environment are on the rise due to extreme weather events. Consumers are willing to make changes and pay an average of 12% more for sustainable products. However, a study by Bain & Company reveals that over 60% of businesses are falling behind in meeting their sustainability goals This is highlighting the pressing need for a comprehensive approach involving technology, policy, and behavior change. In this context, an increasingly conscious base of consumers and employees can play a crucial role in driving the progress. Discover the surprising insights, such as the willingness of consumers to pay more for sustainable products and the misconceptions surrounding sustainability. Explore how companies can devise future-proof and flexible strategies, acknowledge the diversity of consumer segments, leverage marketing experimentation, and proactively engage with changing regulations. This article also emphasizes the importance of upskilling employees to effectively embed sustainability into business operations and outlines how Bain is leading by example in this regard through its partnership with world-class universities. Don’t miss the opportunity to delve into these compelling insights and learn how your organization can navigate the evolving landscape of sustainability successfully.

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A cartoonized light bulb is pulling itself out of the socket to demonstrate the problems with energy usage and efficiency.

Germany Tightens Energy Efficiency Requirements

We would like to inform you about an important change in the field of energy efficiency that may concern you. On November 17, 2023, the new Energy Efficiency Act (EnEfG) was published, which came into effect on November 18, 2023.

The EnEfG obligates all companies with an average total final energy consumption of more than 7.5 GWh per year to establish and operate an energy or environmental management system according to recognized standards. Additionally, companies with an average total final energy consumption of more than 2.5 GWh per year must create, have reviewed, and publish implementation plans for economic energy-saving measures.

The EnEfG has also supplemented certain aspects of the existing Energy Services Act (EDL-G), such as updating the standard for energy audits.

We recommend that you familiarize yourself with the new requirements and assess whether you are affected by them. We are available for any further questions and guidance.

Read more about the subject here!

Plastic bottles being recycled in light of the new EU recycling standards.

EU Recycling Update

The EU Commission’s early warning report reveals the status of recycling goals in Europe. Thanks to its effective deposit return system, Germany is excelling in meeting its targets. However, 18 other EU member states risk falling short in municipal waste recycling and landfill reduction. Particularly, countries in areas such as municipal waste recycling and reducing landfill usage are affected. Collaboration and best practices are crucial to overcome these challenges. The significance of collaboration and sharing best practices among these nations cannot be overstated. Let’s work together for a greener future!

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Smoke or condense water comes out of two chimneys of a factory

COP28: Council sets out EU position for UN climate summit in Dubai

The European Union is gearing up for the 28th United Nations Climate Change Conference (COP28) in Dubai from November 30 to December 12, 2023. The recently approved position emphasizes the opportunities that ambitious climate action brings for the planet, the global economy, and people. It’s crucial to ensure a transition to sustainable, climate-resilient, and climate-neutral economies that leave no one behind. Are you curious to learn more about our position and commitments?

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How can books become more sustainable?

How can books become more sustainable?Paper causes the majority of the carbon footprint in the production of books, but printing and distribution also consume resources. Increasingly, publishers are focusing on sustainability. What does it take? And what role does the size of a publishing house play?

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CDU and CSU no longer want to rule out CO2 storage in Germany

The Union calls on the government to use carbon dioxide industrially to become climate neutral. In addition, the parties want to use nuclear energy longer. The CDU is in favor of storing carbon dioxide underground and processing it in industry. The party wants to achieve the German climate targets by 2045. In industry, “residual emissions” would still occur after 2045, according to a motion by the Union faction in the Bundestag, which is available to the Handelsblatt. Germany wants to be largely climate-neutral by 2045.

Specifically, the Union faction calls for a “strategy process” that clarifies how and where CO2 could be separated, transported and stored in the future – abroad and “perspectively also in domestic storage facilities”. So far, the so-called “Carbon Capture and Storage” (CCS) has hardly been possible in Germany, because the countries can ban underground CO2 storage facilities on their territory.


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EU agrees on protective shield for climate-damaging imports

The EU agrees on a defense system for climate-damaging goods from third countries. The decision is part of the “Fit for 55” package, which aims to reduce CO2 emissions. Additional costs are likely to be incurred for some products in the near future, including many essential ones.


Step towards climate protection: To ensure that the EU’s efforts to reduce greenhouse gas emissions are not nullified by importing climate-damaging goods from third countries, negotiators in the European Parliament and the governments of the EU states have agreed on a so-called CO2 border adjustment system. This was recently announced by the current Czech Council Presidency…

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Choosing Sustainability Is Easier Than You May Think

The topic of sustainability is becoming more important for all business executives since environmental issues like climate change, pollution and resource shortages have a direct influence on populations and enterprises around the world.

According to the Stanford Social Innovation Review, “Today, more than 90% of CEOs state that sustainability is important to their company’s success.” At the same time, the increasing pressure on organizations from various stakeholders—including customers, investors and employees—for reducing environmental impact also plays a key role in buying, investment and employment decisions.

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