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Embedding Project Newsletter - March 2022

Every month, we curate the best in corporate sustainability and bring you useful new tools and resources, upcoming events, and leading practice to inspire you. This month, we saw two key announcements that will shape sustainability disclosure for years to come.

GRI and IFRS announced their intention to collaborate. The Global Reporting Initiative (GRI) and the IFRS Foundation announced that they will start to coordinate their sustainability reporting standards, reflecting that sustainability disclosure needs to meet the needs of investors and a broad range of other stakeholders (dual materiality) and that topics material to stakeholders may by extension make them material to investors. GRI standards will focus on the impacts that companies have on the environmental and social systems around them.

The Taskforce on Nature-related Financial Disclosure released a beta-version. Following the Taskforce on Climate-related Financial Disclosures (TCFD)’s climate scenario analysis and transparent disclosure requirements, ecosystems are next: the Taskforce on Nature-related Financial Disclosure has released the beta-version of its Nature-Related Risk & Opportunity Management and Disclosure Framework. Your senior leaders and boards will be expected to take note.

With so many great sustainability resources released this past month, we dedicate the March newsletter entirely to them. We hope you’ll enjoy it!

A Highlight From Our Community

Teck Resources Limited and West Fraser Timber have both announced new climate goals.

Teck aims to achieve net-zero Scope 2 (purchased electricity) GHG emissions by 2025 and net-zero Scope 3 (value chain) emissions and net-zero emissions from operations by 2050.

West Fraser has committed to materially reduce emissions by 2030 and set science-based targets to achieve near-term GHG emission reductions across its operations in the United States, Canada, United Kingdom, and Europe.

Leading Practice

New Goals

Molson Coors has set emissions reduction targets, and Henkel has set a goal to design 100% of their packaging for recyclability or reusability by 2025. Visit our Goals Database to see these and other leading goals.

New Position Statements

We have added new position statements from Airbnb, Cisco, and many other companies regarding the war in Ukraine. We have also added a position statement from Yelp on anti-trans legislation in Texas and Florida. Visit our Position Database to see these and other leading goals.

Resources We Like

ITC’s Standards Map

The International Trade Centre (ITC) has created this comprehensive and free database of over 300 standards related to a wide range of sustainability topics. They also provide a toolkit that will help you find information about voluntary sustainability standards, codes of conduct, audit protocols, reporting frameworks, and company programs on sustainability.

A Practical Guide to Insetting

Insetting refers to when a company offsets its emissions through projects that avoid, reduce, or sequester carbon within its own value chain. This guide shares insights and provides recommendations that will help you to transform your supply chain for a resilient, regenerative, net zero carbon future.

Mind the Gap

This briefing paper from the Energy Transitions Commission will help you to understand that carbon removals must play a role in climate change mitigation strategies in addition to rapid decarbonization. It provides a comprehensive deep-dive that explores emissions reductions scenarios, the types of carbon dioxide removal actions available, the risks involved for each, who should pay for them, and more.

Responsible climate lobbying: The global standard

This global standard was created to provide a framework to ensure that lobbying and political engagement activities align with the goal of restricting global temperature rise to 1.5°C above pre-industrial levels. It provides 14 indicators of responsible climate lobbying, which outlines requirements among policy and climate change-related commitments; governance; and actions. This standard is an excellent starting point for any business currently engaged or considering engagement in direct or indirect climate lobbying.

We have also added the following resources to our Resource Wheel and Issue Snapshots:

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Embedding Project
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