No ANBLE Global 500 company made a new net zero commitment last year.

No ANBLE Global 500 company made a new net zero commitment last year.

The Growing Challenge of Addressing Climate Change

Climate Change

In recent years, the global business community has made significant efforts to address the challenge of climate change. However, according to a report by Climate Impact Partners, this momentum seems to have stalled. After a surge of commitments to achieve net zero emissions in 2020 and 2021, no new commitments were made in the last year, leaving the percentage of ANBLE Global 500 companies with significant climate commitments at a standstill of 66%.

Various factors have contributed to this slowdown. Sheri Hickok, the CEO of Climate Impact Partners, highlights the uncertainty surrounding environmental, social, and governance (ESG) efforts. Lack of clarity around SEC reporting, the perceived high costs, and the challenge of linking these actions to a company’s bottom line have caused businesses to pause. Nonetheless, the actions taken in previous years hold significance. According to the report, 76% of the ANBLE Global 500 now report on their annual emissions. Furthermore, 55% of these companies even provide data on Scope 3 emissions, which include emissions from suppliers and customers. The report also indicates that companies with a “meaningful commitment,” defined as a target of achieving sustainability by 2030 or sooner, witnessed a 7% reduction in emissions. In contrast, companies without such targets saw their emissions increase by 3%.

It is worth noting that the United Nations has set a goal of achieving annual emissions reductions of 8% throughout the decade to limit global warming to 1.5 degrees Celsius. Given these targets, Sheri Hickok emphasizes the urgency of the situation, stating, “We don’t have time for a pause.”

Deloitte

In other news, Deloitte has released a report highlighting the importance of women’s sports in developing business leaders. The report reveals that 85% of surveyed women who have played sports consider the skills they learned to be instrumental in their professional careers. This finding underscores the positive impact of women’s sports beyond athleticism and emphasizes the valuable life lessons that can be gained through participation.

Now, let’s take a look at some other news making waves:

Functional Footwear: Birkenstock’s Appeal to Modern Feminism

German sandal maker, Birkenstock, predicts that the “breakthrough of modern feminism” will be a consumer trend in its favor. The company, which recently filed for a U.S. IPO, believes that once consumers experience the comfort and functionality of its apparel and footwear, they won’t want to return to less comfortable options. Analysts project that Birkenstock could achieve a valuation as high as $8.7 billion, taking advantage of the renewed interest in the IPO market following Arm’s successful debut.

Prosus’s CEO Steps Down Amid Challenges

Bob van Dijk, CEO of South African tech company Naspers and its Netherlands-based affiliate, Prosus, has announced his resignation. Naspers, an early investor in Chinese tech giant Tencent, has faced difficulties managing its valuable stake in the company. Currently, Prosus, which owns a 26% stake in Tencent, is valued at $82 billion, while the stake itself is estimated to be worth $98 billion. Van Dijk’s departure comes as the company grapples with strategic decisions and seeks to optimize its position in the market.

Profit Stagnation for Overseas Companies in Russia

Overseas companies earned around $18 billion in profits in Russia last year. However, due to a ban imposed by Moscow in retaliation for Western sanctions, these profits are now stuck in the country. Companies from “unfriendly” countries, including the U.S., the U.K., and the EU, are unable to transfer their earnings out of Russia without the government’s permission. This situation adds to the complexities faced by businesses operating in Russia and highlights the challenges of navigating geopolitical tensions.

These stories provide a glimpse into the various dynamics shaping the economic and environmental landscapes. From the need for accelerated climate action to the empowerment of women through sports, each topic contributes to a broader conversation about progress, challenges, and the way forward. As we navigate this complex world, it is essential to stay informed and adapt to emerging trends and opportunities.