World Bank MOOC 2015 Final Project - Peter Shepherd
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Global Carbon Disclosure Reporting Standards
Peter ShepherdWorld Bank MOOC, Turn Down the Heat
Final ProjectMay 20, 2015
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Challenges, Responses + Opportunities
• Challenge: Turn Down the Heat: Why A Four Degree C Warmer World Must Be Avoided
• Responses: Changing Behaviour at Individual, Institutional, Corporate and Country Level
• Opportunities: Motivators for Behaviour Change
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Our Challenge
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Response: Behaviour Change
• Changing Behaviour [Source: http://www.carbontrust.com/our-clients/u/university-of-sheffield-low-carbon-behaviour-change 5
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Ingredients/ Elements/ Factors for Behaviour Change
• Access to Information (about scope of the problem) and Awareness of Options for Change
• Advocacy and Persuasion• Incentives: Social Pressure, Market
Mechanisms and Policy Instruments• Leadership + Commitment
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Varied Mechanisms
• Voluntary Initiatives on part of institutions and corporations: prompted by pressure from investors and ethically oriented consumers
• Legislative Mandatory Reporting Requirements (examples: Denmark, United Kingdom)
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Interaction
• Mandatory + Voluntary
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Corporate Reporting
• Avenues of Reporting
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Carbon Disclosure + Reporting: Rationales
• Use of market-based environmental policy tools and instruments to:
• Focus on economic incentives as crucial means to reduce carbon emissions
• Encourage informed decision making taking energy usage and greenhouse gas emissions in account in business planning
• Manage risks and communicate with stakeholders + wider public
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CD + R: Opportunities
• Opportunities for:• Setting and pursuing targets for capping
and reducing carbon emissions• Giving priority to energy efficiency in the
design and development of new projects• Identifying new opportunities for low
carbon business
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Carbon Disclosure Project
• Carbon Disclosure Project (CDP): charity based in UK working with corporations and shareholders (institutional investors) to facilitate voluntary disclosure of greenhouse gas emissions of major corporations
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How: Rankings
• CDP: Rankings, Carbon Performance Leadership Index
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How: Carbon Disclosure + Reporting Standards
• Voluntary Initiatives:• Global Compact (GC)• Organization for Economic Cooperation
and Development (OECD) Guidelines for Multinational Enterprises (GME)
• Global Reporting Initiative (GRI)
• Global Initiative for Sustainability Ratings (GISR)
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Source: http://www.unglobalcompact.org 15
The Global Compact
Background and purpose • World's largest aspirational corporate
citizenship and sustainability initiative Development and governance • Initiative of United Nations (UN), led by
Secretary General’s Office, and supported by seven UN agencies
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Global Compact Principles
• Environment• Principle 7: Businesses should support a
precautionary approach to environmental challenges;
• Principle 8: undertake initiatives to promote greater environmental responsibility; and
• Principle 9: encourage the development and diffusion of environmentally friendly technologies.
• Other Principles focus on Human Rights, Labour and Anti-Corruption
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OECD: October 2013; Carbon Phaseout by 2050, Achieve by pricing in order to stay below 2° C target
“Unlike the financial crisis, we do not have a 'climate bailout option' up our sleeves,” Angel Gurria, Sec Gen OECD
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Background and purpose of Guidelines for Multinational Enterprises (GME) • OECD is international membership organization of states (34), mainly of developed nations •Purpose is to promote economic development• Standing stakeholder committees: trade union advisory committee and business and industry advisory committee
Development and Governance
• GME started in 1976, with latest revision in 2011.•Intended for guidance only, though supported by monitoring mechanism • Governments that adhere to the guidelines required to establish National Contact Point (NCP) agency
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OECD GME standard
• disclosure • human rights • employment and industrial relations • the environment • combating bribery • protecting consumer interests • science and technology • competition • taxation
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Source: http://www.oecd.org/environment/climate-carbon.htm
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Global Reporting Initiative (GRI)
• Background & Purpose:– aim to be comprehensive & consistent.
• Development & Governance:– Designed with broad multi-stakeholder group – First iteration in year 2000, GRI 4 in 2013
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Deliverable: • Annual corporate “Communications on
Progress” (COP) report. GRI is recommended over the Global Compact for greater assurance, though GC useful to get initial buy-in, especially in developing countries.
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Source: *http://www.wri.org/sites/default/files/pdf/ghgp_launch_factsheet_2011.pdf 23
CERES conclusion, GRI & similar standards
• Ceres compared GRI and other standards’ effectiveness at implementing human rights, including to a carbon budget as described by IPPC, IEA, World Bank, OECD & IMF.
• One large shortfall of existing broad standards is failure to understand & recognize physical limits of carbon cycle & equity issues involved.
• GRI & Carbon Disclosure Project (CDP) hide systemic effect of emissions under “Scope 3: Product Life Cycle” section that are not deemed sufficiently material or mandatory to report downstream effects.
• GRI doesn’t sufficiently recognize Principle 7 of 1992 Rio Declaration, “Common But Differentiated Responsibilities”.
• CERES, GRI’s parent NGO takes corrective action, and founds the Global Initiative for Sustainability Ratings, (GISR).
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http://ratesustainability.org/the-gsir-ratings-standard-an-overview/
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GISR Principles Issued
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Source: http://ratesustainability.org/standards/principles/#form 26
The 12 Principles: Five Process, Seven Content
• Transparency• Impartiality • Continuous Improvement• Inclusiveness• Assurability• Materiality• Comprehensiveness• Sustainability Context - science-based thresholds, ecological limits• Long-Term Horizon• Value Chain – wherever firm has significant influence • Balance• Comparability
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http://ratesustainability.org/wp-content/uploads/2013/10/GISR-Principles-Map.pdf 27
Sustainability Principles Comparative Rating: Snapshot of GISR among Precursor Standards
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Continuing Challenges• Addressing + Remedying Carbon Chasm
28 http://www.sustainablebrands.com/news_and_views/new-metrics/CDP-leadership-indexes-role-scientific-targets