I recently Zoomed into a class where my textbook was being taught to answer questions from the students (which I am asked to do, occasionally). At some point in the conversation, I was asked whether I am hopeful for the future, given that things are beginning to change. There is so much conversation around sustainability and CSR-related topics (although the acronym of the day is now more likely ESG), the questioner suggested, that there should be reason for hope.
There are many ways to process that question and begin to formulate a response but, for me, a straightforward answer that cuts to the heart of whether we are serious about doing something on climate change (and that effort can be a proxy for so many social and societal initiatives) is global carbon emissions. As I noted in a prior newsletter, during COVID, when the world that we knew had effectively come to a halt, total emissions only dropped 6% (see Strategic CSR – COVID-19), while there is increasing evidence that companies are promising a lot and delivering much less (see Strategic CSR – Accountability). And we claim to be serious about net-zero targets in 2050.
Along similar lines, the article in the url below focuses on the sustainability reporting metrics of financial institutions (and introduces the useful term, "financed emissions"). In a related story, it includes a chart of annual total carbon emissions, worldwide, since 1899:
Feel free to draw your own conclusions on whether this graph presents a picture of hope:
As a result, it is not surprising that 2023 is being predicted by scientists to be the hottest year for global temperatures, on record.
Have a good weekend
David
David Chandler
© Sage Publications, 2023
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Oil and Gas Companies Face an Era of Credit Downgrades, Fitch Warns
By Gautam Naik
October 31, 2023
Bloomberg
