Carbon Management

Coping with carbon: the rise of carbon anxiety

Bronagh Loughlin — Tue, 09 Jan 2024 15:26:32 +0000

Coping with carbon: the rise of carbon anxiety

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Managing carbon emissions is on the strategic plan for many organisations, but dealing with carbon footprint, net zero emissions and all that comes with that can cause many people to experience a sense of carbon overwhelm.

Think about the many terms under this umbrella and the vast number of activities and responsibilities linked to climate action; it can be information overload.

The phrase ‘eco-anxiety’ has become increasingly used, but just like sustainability, eco can be quite the umbrella term.

Climate or eco-anxiety refers to a chronic stress or fear associated with the climate crisis.

There’s no denying that much of this fear is well and truly justified. For some, fear may be a motivator for engaging in more sustainable activities. For others, it can leave them feeling powerless and immovable.

It is also important to acknowledge that education or lack of awareness or knowledge is a significant barrier to making change happen.

This lack of education can especially be applied to carbon, a constantly evolving area. We are seeing the rise of new approaches, like various types of carbon offsetting and storing.

Still, new terms like carbon neutral, carbon positive, carbon negative, net zero, carbon zero, and much more are also there to keep up with.

With all the buzz around carbon, businesses with the best intentions still don’t know how to approach this area, making the feeling of being overwhelmed more likely.

Despite the challenges, the 2022 SME Climate Hub report found that half of small businesses calculate emissions, and 60 per cent have created plans to reduce their carbon impact.

In saying that, two-thirds of small business owners did share that they were worried they lacked the proper knowledge and skills to tackle the environmental emergency of which carbon is a significant part.

The top reason they shared to delay climate action was a lack of knowledge and skills (63 per cent).

SME Climate HUB data revealed two-thirds of surveyed small businesses concerned over navigating climate action. Source: SME Climate HUB

Ultimately, the survey concluded that SMEs need additional support and guidance surrounding carbon, and we can assume some larger organisations also struggle with this, given the complexity of their operations.

There is a significant need for a comprehensive yet easy-to-digest carbon literacy like never before so businesses can take adequate steps to minimise their carbon footprint.

A British Chamber of Commerce report unveiled that a lack of business understanding has blocked action on net zero in the business sector.

This is both in terms of the actual targets and steps to achieve these targets.

Without a complete understanding, businesses will be unlikely to act, which is greatly needed given that lack of action undermines their ability to reach net zero emissions and future-proof their enterprise.

Illustration based on Research from the British Business Bank. Source: Profit with Purpose Magazine

NatWestGroup research also revealed that 87 per cent of UK SMEs are unaware of their organisation’s total carbon emissions. While they have good intentions, a lack of understanding is acting as a significant barrier.

This isn’t just affecting UK organisations; plenty of businesses and entrepreneurs worldwide are struggling with carbon overwhelm.

The lack of corporate and business understanding of net zero and carbon emissions also filters down to their customers.

Research from BRC reports that around 70 per cent of consumers openly admit they do not understand the contributions to their carbon footprint or comprehend the most impactful choices they can make.

The sense of anxiety and hopelessness business owners can feel about the carbon challenge is justified.

However, despite these challenges, it is crucial for businesses to take action and play a significant role in mitigating the crisis.

Many resources are available that work to demystify the carbon landscape and make it more accessible for businesses, such as the Carbon Jargon Buster published by the Irish government and The Carbon Literacy Project, which enables organisations to take on this challenge.

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The new buzz in offsetting: Blue Carbon

Szilvia Szabó — Tue, 05 Dec 2023 10:06:29 +0000

The new buzz in offsetting: Blue Carbon

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Just when businesses are starting to measure, reduce, and offset their carbon emissions, a new term has entered the realm of carbon management.

Blue carbon is simply a term that refers to the carbon captured by the world’s ocean and coastal ecosystems and has become a buzzword in the search for solutions to mitigate climate change.

How does underwater carbon capture work?

Mangroves, seagrass meadows, salt marshes and phytoplankton absorb carbon dioxide through photosynthesis. Some of this CO2 is converted into carbon in leaves, branches and other parts of the organism in much the same way as land-dwelling plants.

The difference is that marine habitats can sequester carbon up to 10 times faster than mature forests.

Below layers of coastal vegetation are thick carbon-rich sediments which have accumulated over time, often for hundreds or thousands of years. There are three main carbon-sinking habitats: Mangroves, Tidal Marshes, and Seagrass.

Example:

Verra registered its first blue carbon project in 2021: a mangrove conservation initiative called Vida Manglar (‘mangrove life’ in Spanish) situated on the north coast of Colombia.

The project is set to remove 1 million tonnes of CO2 over the next thirty years. Some income generated from carbon credit purchases will go towards sustainable development and improving local education and employment.

Blue carbon refers to the carbon captured by the world’s ocean and coastal ecosystems. Image: Unsplash

Offsetting with added benefits

Blue carbon started to gain attention in 2009 when the United Nations published an influential report entitled Blue Carbon: The Role of Healthy Oceans in Binding Carbon.

Over 150 countries have blue carbon habitats within their borders, making their conservation and protection a global issue.

The Blue Carbon Initiative (BCI) is perhaps the flagship example of this type of multilateral collaboration.

This UNESCO-backed agency brings together research institutions, governments, NGOs, and stakeholder communities from around the world to tackle global warming through the sustainable management of blue carbon ecosystems at all levels.

The demand for carbon credits is likely to increase 15-fold by 2030.

Why is Blue Carbon so unique?

Mangroves and salt marshes remove carbon from the atmosphere at a rate ten times greater than tropical forests.
Seagrass meadows account for just 0.1 per cent of the world’s seafloor but store 11 per cent of the organic carbon buried in the ocean.
Mangroves and salt marshes store three to five times more carbon per acre than tropical forests.
83% of the global carbon cycle is circulated through the ocean.
Coastal habitats cover less than 2% of all ocean areas but account for about half of the total carbon sequestered in ocean sediments.

(Sources: The Blue Carbon Initiative; Office for Coastal Management NOAA)

Coastal communities are being struck especially hard by the effects of climate change, such as rising sea levels and disappearing fish stocks.

Blue carbon credits can provide these communities with crucial financial aid while reducing greenhouse gas emissions.

Blue carbon habitats are also extremely scarce – they only make up 2% of global ocean cover and are disappearing quickly –yet they support a vast range of economically and ecologically important species.

It is worth noting that some researchers are sceptical since determining carbon removal rates for marine ecosystems is far from an exact science – estimates can vary widely even along a single stretch of coast.

This makes it difficult to know precisely how effective any blue carbon restoration project will be in the longer term.

On a practical level, the Blue Carbon Projects works on REDD+ * Mangrove Project Development in Indonesia and Mexico, including coastal ecosystems of mangroves, tidal marshes, and seagrass meadows. Indonesia’s mangroves are estimated to contain 3.14 billion metric tonnes of carbon, one-third of global coastal carbon stocks.

However, deforestation and the destruction of peatlands make Indonesia the world’s third-largest emitter of greenhouse gases.

There is great potential in exploring further opportunitities to utilise blue carbon in reaching net zero goals while keeping these rich ecosystems healthy.

*REDD+ stands for Reducing Emissions from Deforestation and Forest Degradation

Image source: Blue Carbon Initiative

Headline image: Getty Images

This article is published in collaboration with the Profit with Purpose Magazine.

To read more insights regarding carbon management, you can download the latest digital edition of the magazine that further explores topics such as carbon offsetting, regulations and more.

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Can AI help tackle the carbon challenge?

Bronagh Loughlin — Mon, 04 Dec 2023 15:00:57 +0000

Can AI help tackle the carbon challenge?

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Carbon Offsetting

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Carbon Management

As technology continues to advance, AI is something people are increasingly embracing. It is already taking over automating repetitive tasks, enhancing productivity, and freeing up human resources.

With its potential in mind, it poses the question of whether it can also help us tackle the carbon challenge.

Firstly, it can contribute to optimising our energy consumption and reducing waste through AI-driven smart grid management, allowing us to achieve both goals.

These technologies include advanced data processing, communication, sensing, and control.

With AI, smart grid management can analyse real-time data from various sources to predict energy demands and detect patterns more accurately.

Smart grids also manage distributed energy resources such as energy storage systems and solar panels to balance the grid and prevent potential blackouts or overloads. Image: Unsplash

It could also be easier to optimise the allocation of energy resources to prevent waste and ensure supply meets demand.

AI can also optimise the deployment and operation of renewable energy systems by analysing weather patterns, maximising output, and forecasting energy generation so we can drive a stable energy supply.

Adopting Artificial Intelligence can also optimise the design and operation of carbon capture technologies to drive their cost-effectiveness and efficiency while also playing a crucial role in monitoring and predicting emissions.

Additionally, these advanced technologies can arrange to collect data from operations, including activities like IT equipment and corporate travel, and every part of the value chain, from securing materials from suppliers to downstream users of their products.

Leveraging AI in carbon management has great potential.

For instance, data analytics and predictive algorithms can help companies better understand and manage their energy usage, transportation, and manufacturing processes to model and measure their Scope 1 and 2 emissions accurately.

According to a study by the European Union, the use of AI and machine learning in energy management systems could result in energy savings of up to 15% in commercial buildings.

AI-driven applications can also contribute to managing Scope 3 emissions through supply chains by optimising connections and material usage between different stakeholders.

Experimental projects are looking at implementing blockchain-based carbon tracking systems.

Putting more effort into using predictive analytics is also an area of interest since it can model future carbon emissions and identify potential areas of improvement.

It means that based on previous data and patterns, AI can present different carbon footprint scenarios, allowing decision-makers to choose the one that best fits their strategic goals.

Some of the practical applications of AI-driven solutions can be found in the property market. Since most of the buildings that will be standing in 2050 are already built, decarbonising existing buildings is critical.

London-based company Mortar IO uses automated digital audits to help organisations comprehend how to achieve net zero for entire real estate portfolios in a matter of minutes rather than months.

A start-up, Eugenie.ai, with offices in the US and India, also uses AI's power to drive sustainable development through an emission intelligence platform created to help manufacturers in sectors such as oil, mining, metal, and gas decarbonise their operations.

Start-ups are not the only ones leveraging AI to tackle the carbon challenge.

The United Nations Environment Program (UNEP) is also utilising AI to help analyse and predict the concentration of carbon dioxide in the atmosphere, besides assessing changes in glacier mass and rising sea levels.

The International Methane Emissions Observatory (IMEO) is another tool used by the United Nations that uses AI to mitigate and monitor methane emissions.

On the other hand, experts and researchers warn that using AI has its own environmental footprint that cannot be overlooked.

Empowering the process of training AI and using it on a large scale requires a lot of energy, and global companies like Microsoft refuse to share relevant information regarding resources used in powering AI solutions.

Swedish researcher Anders Andrae has forecasted that data centres could account for 10 per cent of total electricity use by 2025.

Researchers at the University of Massachusetts, Amherst, found the training process for a single AI model can emit more than 626,000 pounds of carbon dioxide, which is about the same amount of greenhouse gas emissions as 62.6 gasoline-powered passenger vehicles driven for a year.

Ultimately, AI’s strength in helping us tackle the carbon challenge lies in its ability to learn by experience, collect massive amounts of data from its environment, recommend appropriate actions, and make connections that humans often fail to notice.

While it can be used as a tool to help us in our fight, it does still come at a cost to the planet since using these tools also has a notable carbon footprint.

Therefore, before we jump to AI as the ultimate solution to all our carbon problems, we must look at all aspects of its overall societal and environmental potential impact.

Headline image: Getty Images

This article is published in collaboration with the Profit with Purpose Magazine.

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Can we rely on carbon offsetting to reach net-zero goals?

Szilvia Szabó — Mon, 04 Dec 2023 13:59:40 +0000

Can we rely on carbon offsetting to reach net-zero goals?

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Carbon offsetting is a method that enables companies, individuals, and countries to minimise their climate impact. An organisation or individual can purchase carbon credits to account for the carbon they emit due to their activities.

These carbon credits are obtained by investing in projects that reduce or remove carbon dioxide from the atmosphere, such as tree planting, restoring natural ecosystems, and protecting forests.

Carbon offsetting enables business leaders to consider their carbon footprint as a form of accounting. Their emissions are then their expenditure, and the carbon offsets they purchase act as their revenue.

Essentially, businesses should try to break even yearly to transition to net zero.

The idea of carbon offsetting was created by the United Nations when they realised the challenge of reaching net zero at the Kyoto Protocol in 1992.

Verified and certified carbon credits are traded at the carbon market, allowing companies, governments, and other organisations to address their greenhouse gas emissions.

What offsetting offers isn’t bad: renewable energy for poor communities and tree planting are great initiatives.

However, some argue that they are a distraction from meaningful climate change solutions and that offsetting fuels greenwashing and unsustainable behaviour.

There are also doubts that offsetting may not be entirely effective at cancelling out emissions.

Although tree planting is a popular choice and widely used, it is not a straightforward equation that would completely cancel carbon emissions.

For instance, a newly planted tree can take up to 20 years to capture the amount of CO2 a carbon offset scheme promises.

With this in mind, we would need to plant and protect a significant quantity of trees for decades to offset just a fraction of worldwide emissions.

Different tree species have various absorption capacities, but in general, it is considered that six mature trees can store about 1 ton of CO2.

According to calculations shared by the Massachusetts Institute of Technology (MIT), it would take 640 trees per person to account for all American emissions, which adds up to more than 200 billion trees.

To plant those trees, you need to find available and appropriate lands to start with, which would be a challenge in itself, not to mention keeping those trees healthy and alive for a long time.

Trees are more like time capsules for keeping carbon from entering the atmosphere since when they decay, they release most of the carbon they store.

Besides, newly planted trees must reach maturity before becoming formidable carbon sinks, need proper care and protection over their lifetime, and should be accounted for carbon release when decomposing.

Research has also determined that carbon offsetting may not be an effective sole strategy for tackling our carbon problem.

A study for the European Commission looked into the UN-sanctioned offset projects and discovered three-quarters of projects were unlikely to have resulted in additional emissions reductions.

Additionally, just 2 per cent had a high likelihood of being classed as additional.

There is also worry that carbon credits are being used as excuses to put off systemic reforms to produce green and clean energy.

Others have argued it doesn’t work at all since emissions levels are too high to possibly offset, and it is also challenging to calculate the real impact of offsetting programmes.

A Guardian-led investigation in 2023 unveiled that two-thirds of the most popular top 50 emission offsetting projects are overpromising and underdelivering on actual impact in terms of cancelling our emission.

The rest of the projects looked problematic or could not be determined definitively due to a lack of credible available data.

According to AlliedOffsets, the most comprehensive emissions trading database, these popular global offsetting programs span twenty countries, dominantly in developing regions, including forestry schemes, hydroelectric dams, solar and wind farms, waste disposal and greener household appliances schemes.

However, a vast number of these carbon offsetting schemes do great work for important causes like protecting wildlife, providing developing countries with energy-efficient technology and investing in green energy.

There are also promising innovative solutions for capturing carbon, like producing biochar, turning carbon dioxide into energy, and capturing carbon into concrete or storing it in rocks.

A new area to explore is how to embrace ocean-based solutions in carbon offsetting.

New research commissioned by the High Level Panel for a Sustainable Ocean Economy (Ocean Panel) shows that ocean-based climate solutions can deliver up to 35% of the annual greenhouse gas emission cuts needed in 2050 to limit global temperature rise to 1.5 degrees C.

These include ocean-based food production, renewable energy, reduction of transport, and embracing blue carbon ecosystems (mangrove forests, seagrass meadows and tidal marshes) that can store up to 5 times more carbon per area than tropical forests and absorb it from the atmosphere about three times as quickly.

Considering the pros and cons, it seems that carbon offsetting is more of a plaster than a cure for the problem.

We need these kinds of actions, but we also must recognise that carbon offsetting cannot solve our carbon issue alone.

Efforts should be focused on drastically reducing emissions while keeping the world’s forests and other ecosystems healthy and growing.

Headline image: Getty Images

This article is published in collaboration with the Profit with Purpose Magazine.

To read more insights regarding carbon management, you can download the latest digital edition of the magazine that further explores topics such as carbon offsetting, regulations and more.

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The impact of carbon labels on consumer behaviour

Bronagh Loughlin — Wed, 08 Nov 2023 10:41:30 +0000

The impact of carbon labels on consumer behaviour

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If items sold in stores were labelled according to the carbon emissions embodied in them, would customers be encouraged to shop more eco-consciously?

Carbon labelling is a relatively new concept that enables manufacturers to display information surrounding the impact their products have on the environment.

The concept behind a climate label is that the label on a product not only tells the consumer what the product contains but also tells the planetary costs that went into manufacturing the product.

These expenses are typically hidden from consumers and might range from water usage to animal welfare and carbon emissions.

Think of a climate label like a nutritional label on a food product that helps customers make better choices.

However, just like a nutritional information label, we must question whether this is an effective approach to encouraging consumers to shop more sustainably.

A group of American researchers sought to determine this with a SUSDIET project.

They completed a study in a suburban grocery store in Ballina for 12 weeks in 2008. They identified five categories of grocery items with a high turnover and wide product choice.

These 37 products were then categorised according to their CO2 emissions generated up to the point of sale.

The labels were in place for 8 weeks, and over the eight weeks, the number of black-labelled sales fell from 32 per cent to 2 per cent while the share of green-labelled sales soared from 53 per cent to 57 per cent.

A further analysis unveiled three different trends of consumer response.

The products were labelled with one of three symbols:

average or medium (yellow footprint),
lower than average (green footprint),
higher than average (black footprint).

The classification was significantly influenced by the energy used during transport and the energy embodied in the packaging.

In other words, when green-labelled products were also the cheapest, there was a strong consumer response.

However, if the green-labelled goods were not the most affordable, the reaction to the labelling was weaker.

Carbon labelling has been found to increase people’s willingness to pay more for a product.; Image: Unsplash

Other research has also been conducted to analyse the effectiveness of carbon labelling for driving behavioural change.

Some findings have concluded that those who express higher environmental concern and typically purchase eco-friendly products are more likely to buy carbon-labelled items.

Researchers across the globe agree that carbon labels successfully get customers to consider the ecological impact of their choices.

A paper published in 2018 revealed the presence of a carbon label makes customers more likely to purchase a product.

Additionally, European shoppers were found to be willing to pay premium prices of 20 per cent for a product. Other studies have also backed up these findings.

A Carbon Trust 2020 survey uncovered customers were more likely to think positively about a brand when it could showcase its environmental impact on its products.

Besides, a TENZING study confirmed carbon labels could help alter consumer behaviour.

Research does still note that customers have a poor knowledge of carbon measurements.

Therefore, when carbon labels are re-designed using familiar symbols like traffic light colours, a consumer’s understanding increases significantly.

Considering the potential positive impact of carbon labelling seems to be a way to make sustainability communication more consumer-friendly while incentivising and encouraging sustainable choices.

Research has proven that carbon labelling does precisely what it is supposed to do - drive behavioural change.

According to the Carbon Trust, most consumers actively want carbon labelling.

Their survey found that over 10,000 people from Germany, France, Italy, Spain, Sweden, the UK, the Netherlands, and the US support carbon labelling on products. Carbon labels could have a significant role to play in the transition to a greener world.

However, the latest EU proposal on banning vague carbon and environmental claims concerning products and services will also force organisations to be strict on labelling.

Headline image: Unsplash

This article is published in collaboration with the Profit with Purpose Magazine.

To read more insights regarding carbon management, you can download the latest digital edition of the magazine that further explores topics such as carbon offsetting, regulations and more.

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Five misleading assumptions about addressing carbon emissions

Szilvia Szabó — Thu, 02 Nov 2023 16:27:45 +0000

Five misleading assumptions about addressing carbon emissions

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In the lead-up to COP28, the United Nations Climate Change Conference, which will take place from 30 November until 12 December 2023, there are a lot of talks regarding how to reach net zero emission targets.

Although carbon management has become mainstream in the business sector, there is still much confusion and urban legends about what to do with our carbon footprint. This overview explores the most common assumptions about the carbon case.

1 / We can offset our way out of climate action.

Even though it might seem like a simple math equation that we use offsetting to cancel out emissions, it is more complex than that.

Carbon offsetting is far from being a flawless process, with many controversial issues and a lack of reliable scientific evidence on its actual short and long-term impact.

A recent investigation by the Guardian and researchers from Corporate Accountability analysed the top 50 emission offset projects - those that have sold the most carbon credits in the global market.

Using a thorough analytical method, they claim that “78% of them were categorised as likely junk or worthless due to one or more fundamental failing that undermines its promised emission cuts”.

The rest of the projects looked problematic or could not be determined definitively due to a lack of credible available data.

The shocking revelation is that the projects marked as “junk or overvalued” made up almost a third of the global voluntary carbon market, raising the question of whether carbon offsetting benefits are exaggerated across the whole portfolio.

It is compelling to look at carbon credits as the ultimate solution.

Still, the best way forward is to reduce emissions as much as possible and look for offsetting through critical analytical lenses that ensure the best outcome.

2 / Becoming carbon neutral is the end goal.

While reaching the point where you are balancing off what your company emits is a great starting point, it is not enough to improve our situation in terms of reverse engineering climate change.

Image: Getty Images

Settling to cancel out the total amount of carbon emissions you produce will not be sufficient in the long term to future-proof your business. It is great to start with net-zero carbon goals focusing on specific activities, which means that no carbon was emitted, therefore, there is no need to capture or offset.

Aiming for maximum reduction of environmental footprint and offsetting more than the overall emission of your business, or in other words, becoming carbon negative, is where things will get better.

3 / AI solutions will solve all climate challenges.

Leveraging AI in carbon management has great potential. For instance, data analytics and predictive algorithms can help companies better understand and manage their energy usage, transportation, and manufacturing processes to model and measure their Scope 1 and 2 emissions accurately.

According to a study by the European Union, the use of AI and machine learning in energy management systems could result in energy savings of up to 15% in commercial buildings.

AI-driven applications can also contribute to managing Scope 3 emissions through supply chains by optimising connections and material usage between different stakeholders, and experimental projects are looking at implementing blockchain-based carbon tracking systems.

Putting more effort into using predictive analytics is also an area of interest since it can model future carbon emissions and identify potential areas of improvement.

This means that based on previous data and patterns, AI can present different carbon footprint scenarios, allowing decision-makers to choose the one that best fits their strategic goals.

On the other hand, experts and researchers warn that using AI has its own environmental footprint that cannot be overlooked.

Swedish researcher Anders Andrae has forecasted that data centres could account for 10% of total electricity use by 2025.; Image: Unsplash

Using AI in addressing climate change could be a valuable tool that organisations utilise with a footnote that it must also be vetted with the same principles as any other activities with environmental impact.

4 / Planting more trees is the ultimate solution for offsetting carbon emissions.

Trees are natural carbon absorbers commonly known as the easiest, most environmentally friendly way to offset carbon emissions.

Different tree species have various absorption capacities, but in general, it is considered that 6 mature trees can store about 1 ton of CO2.; Image: Unsplash

To plant those trees, you need to find available and appropriate lands to start with, which would be a challenge in itself, not to mention keeping those trees healthy and alive.

Experts agree that while planting new trees is beneficial and needed in fighting climate change, protecting and nurturing existing forests with complex ecosystems is best.

Also, there is the issue that trees are more like time capsules for keeping carbon from entering the atmosphere since when they decay – whether in a wildfire or being chopped down and burnt – they release most of the carbon they stored.

Embracing professional forest management is an excellent tool in the box, but looking at tree planting is far from being a quick fix for offsetting.

5 / Digital tech companies should not worry about carbon emissions.

The hidden environmental impact of digital tech companies is not in the spotlight that much, and it is easy to assume that since a company does not produce physical products, it has a small role in lowering carbon emissions.

However, the reality is that they should be on the radar for ramping up climate actions through their operation and the tools or resources they use.

Data centres used by small and large tech companies are essentially massive warehouses packed with servers consuming electricity primarily generated by fossil fuels, like power plants that burn coal.

It is estimated that 30% of data centres run on a 24/7 basis, often resulting in energy wastage of around 5-10% of their total capacity.

All digital services, from sending emails to running video conferences, use energy that accounts for emissions, and putting together all the small amounts emitted through these activities could sum up to a considerable volume.

Based on Our World in Data report, the information technology used to manage and maintain digital services can be between 2 and 3 per cent. ; Image: Unsplash

There are various ways to manage digital companies' carbon footprint.

An interesting approach from Facebook was moving some parts of its IT infrastructure to northern Sweden, where the naturally cold environment helps reduce the energy needed to keep servers from overheating.

Switching to cloud-based solutions that operate more energy-efficiently is a popular choice for environmentally conscious companies to reduce their footprint.

Besides energy usage, there is also the question of using computers and other electronic devices, considering their overall environmental footprint from production to waste.

Headline image: Getty Images

This article is published in collaboration with the Profit with Purpose Magazine.

To read more insights regarding carbon management, you can download the latest digital edition of the magazine that further explores topics such as carbon offsetting, regulations and more.

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European business decarbonisation platform company attracts $27M funding to scale

Climate Journal reporting — Fri, 22 Sep 2023 12:54:02 +0000

European business decarbonisation platform company attracts $27M funding to scale

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Greentech company Plan A, a corporate carbon accounting, decarbonisation, and ESG reporting software provider, raised $27M in a round led by Lightspeed Venture Partners due to its significant growth and innovative carbon data processing technology.

Known for leading the way in corporate carbon management, the enterprise already had prominent clients such as BMW, Deutsche Bank, Visa, trivago, and KFC, among others, using their digital sustainability platform to reduce and offset carbon emissions.

“The strength and flexibility of their platform truly has the capabilities to drive change and impact within organisations from across any sector and on a global scale, and to guide organisations both small and large on a holistic decarbonisation journey,”

said Julie Kainz, Partner at Lightspeed Venture Partners regarding their choice to back Plan A growth plans.

Lubomila Jordanova, CEO of Plan A, (left) and Julie Kainz, Partner at Lightspeed Venture Partners (right). Image: Plan A

Businesses are yet to meet the legally binding target of net zero greenhouse (GHG) gas emissions by 2050 set in The European Climate Law, with the recent addition of reaching at least a 55% reduction by 2030 compared to levels in 1990.

The fresh capital will further propel Plan A expansion in European markets, primarily focusing on France, the UK, and Scandinavian countries, while they aim to double their headcount and advance the platform’s features.

Lubomila Jordanova, CEO of Plan A adds:

“It's our mission at Plan A to provide made-to-measure software solutions and services to empower large and complex companies to decarbonise their operations and value chains and respond to the regulatory shift.”

This investment will enable the company to further its mission to empower many more businesses to self-manage their net-zero journey using its end-to-end SaaS platform.

One of the unique characteristics of this fully automated digital solution is that it operates based on integrating internationally recognised methodologies and standards, such as the Greenhouse Gas Protocol and the Science Based Targets initiative (SBTi), making it a credible and reliable tool for companies to navigate sustainability reporting and implementations.

The Berlin, Paris, and London-based company was founded in 2017 to develop an end-to-end software solution from data collection over emissions calculation, target setting, and decarbonisation planning to non-financial reporting in one central hub.

Jordanova states that “climate change and the associated impacts pose an existential risk to businesses,” and with Plan A, they strive to empower large and complex companies to decarbonise their operations and value chains and respond to changes in regulations.

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How can carbon offsetting fix climate and communities at one go?

Sinead Connolly — Tue, 17 Aug 2021 17:17:20 +0000

How can carbon offsetting fix climate and communities at one go?

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Creating 'climate smart communities' while cutting back on carbon emissions proved a viable model to tackle the climate crisis.

Carbon offsetting enables individuals and organisations to reduce their carbon footprint by purchasing verified carbon credits, which essentially means investing in offsetting projects that independent third parties manage and monitor.

Renewable energy, bio-diversity protection, community projects, clean water, and improved cookstoves are examples of offsetting projects offered by various organisations that reduce emissions and transform communities worldwide.

“It’s a global issue,” explains Ciara Feehely, Head of Communications and Fundraising at Vita, an Irish NGO that is in the business of creating sustainable, climate smart livelihoods with rural communities in East Africa.

“It doesn’t matter where you take that tonne of carbon out of the atmosphere. Every time you buy a carbon offset, you have a global impact.”

Empowering the people of East Africa through community-led development based on equality and sustainability, and tackling climate change by transitioning to renewable energy and leveraging existing resources, has been the driving force behind Vita’s work.

“The woman is at the centre of all our programs and always has been,” explains Feehely.

“Relieving her burden is important. A woman can spend 16-30 hours a week gathering sticks for a fire, to cook food and sanitise water.”

Creating climate smart communities in East Africa is the main focus of Vita Ireland. Image: Vita Ireland

Working in Ethiopia and Eritrea for the last twenty years, Vita knew how critical fuel-efficient stoves and access to clean water are to the quality of life while positively impacting the climate and the environment.

Monetising carbon savings

With that in mind, they launched the Vita Green Impact Fund in 2015 to monetise carbon emissions savings to benefit the local community and the environment.

The focus of this social impact investment vehicle was on balancing economic development and climate justice.

Vita’s investors were looking for environmental and social impact, along with the security of verifiable carbon emissions savings, independently accredited by The Gold Standard.

They raised €2 million for the Fund and used the investment to finance water programs and supply homes in East Africa with fuel-efficient stoves.

“We reached 311,000 people with clean water or clean cooking,” explained Feehely.

“With the €2 million that we spent, we actually generated 2 million carbon offsets.

It’s a very cost-effective model because there is no commercial leakage since we retain the ownership right up until the point of sale.”

Vita was able to repay their investors with a modest return and invested the profit back into the community that had generated the carbon offsets in the first place.

Following on from the success of their pilot scheme, they are currently raising €27.5 million to reach at least 4 million people with life enhancing and climate mitigating initiatives.

Empowering women

One of Vita’s most critical carbon offsetting and community programs is the repair of broken water pumps.

Water pumps installed in the ’80s and ’90s had fallen into disrepair, and with no access to materials or parts, villagers were unable to fix them.

Efficient cooking and access to clean water can help reducing carbon emission and improve quality of life. Image: Vita Ireland

Local access to clean water reduces the need for women and children to walks miles to find water, and most crucially, eliminates the need to resort to sharing water sources with animals.

Without access to clean water, the dirty water must be boiled to sterilise it.

This typically means a lot of firewood is required as fuel for the stove, which leads to mass deforestation.

The need to cut down trees for fuel can be reduced by making clean water available, thus putting less strain on the local environment.

Saving trees has an immediate impact on the atmosphere, a fully grown tree absorbs anywhere between 10 and 50kg of CO2 on average per year.

Another of Vita’s flagship offsetting programs was the introduction of fuel-efficient stoves.

Open stoves in cooking are an inefficient and dangerous activity that emits tonnes of carbon into the atmosphere every year.

Those who operate open stoves often suffer health implications relating to the eyes, heart and lungs.

Using modernised versions results in a reduction of approximately 50% of carbon emissions compared to the traditional stone stoves.

Looking into the future

To makes sure that these are not stand-alone actions they also run sustainable forestry programmes in tandem with their development projects.

For example, each recipient of a fuel-efficient stove will get some saplings.

These are grown on a plantation in the village, and local women are taught how to manage the trees sustainably to ensure reduced carbon emissions and better energy security for all of the community.

Feehely believes that greenwashing is no longer an option because of increased regulation and transparency.

“It’s going to be expensive to be an emitter in the future, even for big organisations.

Creating carbon and damaging the planet is going to cost your business money, and it’s going to detract from your brand.”

Headline image: Vita Ireland

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August 2021

Achieving a climate-neutral EU by 2050 becomes a legal obligation to all member states

Business Spirit News reporting — Thu, 01 Jul 2021 17:29:39 +0000

Achieving a climate-neutral EU by 2050 becomes a legal obligation to all member states

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Newly adopted European climate law is entering into force, ensuring climate neutrality in the EU in alignment with the Paris Agreement.

The European Council ended the European climate law's adoption procedure and set into legislation the objective of a climate-neutral EU by 2050.

This step transforms the European Green Deal’s political commitment to EU climate neutrality by 2050 into a binding obligation, which means that the EU will aim for negative emissions afterwards.

Parliament rapporteur Jytte Guteland (S&D, Sweden) said:

“I am proud that we finally have a climate law.

We confirmed a net emissions reductions target of at least 55%, closer to 57% by 2030, according to our agreement with the Commission.

I would have preferred to go even further, but this is a good deal based on science that will make a big difference.

The EU must now reduce emissions more in the next decade than it has in the previous three decades combined, and we have new and more ambitious targets that can inspire more countries to step up.”

The new EU climate law is entering into force; image:Unsplash

The new law sets a binding Union climate target of reducing net greenhouse gas emissions (emissions after deduction of removals) by at least 55% by 2030 compared to 1990.

By 30 September 2023, and every five years thereafter, the Commission will assess the collective progress made by all EU countries and the consistency of national measures towards the EU’s goal of becoming climate neutral by 2050.

Now that the European climate law has been adopted by both the European Parliament and the Council, citizens and businesses have the legal certainty and predictability they need to plan for this transition.

Given the importance of independent scientific advice, and based on a proposal from Parliament, a European Scientific Advisory Board on Climate Change will be set up to monitor progress and to assess whether European policy is consistent with these objectives.

In addition, an upcoming proposal from the Commission on the LULUCF Regulation (Land use and forestry regulation for 2021-2030) to regulate GHG emissions and removals from land use, land use change and forestry, will increase EU carbon sinks and will hence de facto increase the 2030 EU’s target to 57%.

At the same time, it will publish a projected indicative Union’s greenhouse gas budget for the period 2030-2050, together with its underlying methodology.

“I warmly welcome this final step of the adoption of the EU’s very first climate law, which enshrines into legislation the 2050 climate neutrality objective.

An agreement on the European climate law has been a priority for the Portuguese Presidency and I am glad that we have successfully brought it over the finishing line,” said João Pedro Matos Fernandes, Minister of Environment and Climate Action.

The Commission plans to present a series of proposals on 14 July 2021 in order for the EU to be able to reach the more ambitious 2030-target.

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July 2021

EU Carbon Farming initiatives aim to fight climate change

Szilvia Szabó — Thu, 29 Apr 2021 09:22:13 +0000

EU Carbon Farming initiatives aim to fight climate change

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The Commission published the final report of a two-year study on setting up and implementing carbon farming in the EU.

Building on this study and other preparatory work – such as input from several EU-funded projects and events –, the Commission plans to launch the carbon farming initiative by the end of 2021.

The study “Technical Guidance Handbook – setting up and implementing result-based carbon farming mechanisms in the EU”, carried out from 2018 to 2020, explored key issues, challenges, trade-offs and design options to develop carbon farming.

The publication reviewed existing schemes about protecting and developing natural carbon sinks and explored how to trigger carbon farming in the EU.

It concludes that carbon farming brings benefits such as carbon sequestration and storage, increased biodiversity, and preservation of eco-systems.

The research also explored how widespread adoption of carbon farming can be triggered in the EU.

This recent study will serve as a guideline to help private actors and public authorities start increasing the number of carbon farming initiatives.

Technical Guidance Handbook – setting up and implementing result-based carbon farming mechanisms in the EU

Frans Timmermans Executive Vice-President for the European Green Deal said:

“Our climate action must first and foremost reduce human-made emissions.

But we also need to restore and protect natural carbon sinks, so that we can capture CO2 from the atmosphere and store it in our soils and forests.

Carbon farming offers new income opportunities for farmers.

It is an example of how the new Common Agricultural Policy's ecoschemes and private funding can reward agricultural practices that help us fight the climate and biodiversity crises.”

The Commission will promote carbon farming as a new green business model that creates a new source of income for actors in the bioeconomy.

Pilot initiatives should be developed at the local or regional level in order to gather experience to upscale carbon farming.

This will enable improving design aspects, in particular the certification of carbon removals, and expanding stakeholders’ knowledge and understanding of the potential benefits for them.

The research concludes that result-based carbon farming can contribute significantly to the EU’s efforts to tackle climate change, bringing benefits in terms of carbon sequestration and storage and other co-benefits, such as increased biodiversity and preservation of eco-systems.

The Commission will promote carbon farming as a new green business model; Image:Pexels

Carbon farming can be promoted via EU and national policies and private initiatives.

Member States will be able to accelerate the roll-out of carbon farming practices in the context of the Common Agricultural Policy (CAP), for instance, via eco-schemes or rural development support and through State aid.

This new type of financial support will create a new source of income for land managers.

In addition, as announced in the Circular Economy Action Plan, the Commission is developing a regulatory framework for certifying carbon removals based on robust and transparent carbon accounting to monitor and verify the authenticity of carbon removals.

Nature-based solutions that remove carbon from the atmosphere can help the EU achieve climate neutrality and should therefore be rewarded.

Depending on the outcome of the CAP negotiations, eco-schemes can bring between 38-58 billion Euro to farmers.

The Commission already included carbon farming in its recommendations to the Member States’ CAP Strategic Plans.

Pilot projects are also co-financed by the EU through several channels, like the LIFE Programme and the European Regional Development Fund.

Furthermore, the Commission is organising a workshop on 25 May to help Member States design carbon farming schemes in their CAP Strategic Plans.

Headline image: Quang Nguyen Vinh from Pexels

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April 2021