This week in SnippETS we examine just what is in the recently released draft report from the Productivity Commission, how having access to more detailed data is driving efficiencies and how Blockchain could be used to verify sustainability initiatives. We also examine some other encouraging trends in renewable energy and how cities and organisations are key to delivering sustainability goals.
The Productivity Commission has released their draft report outlining five major recommendations to regulators regarding climate change. The report recognizes that the climate change policies already in place have not been effective in reducing our domestic emissions, which the latest figures show have climbed by 20 percent from 1990 levels. The draft report is open for feedback until June 8, when the Government is due to consult on its zero carbon legislation.
The results of a new survey from the Environmental Defense Fund (EDF) suggest that in the private sector, business and environmental goals are more closely aligned today than they were five years ago. The gap is being closed by innovative technologies that help business processes become more efficient and additionally reduce their environmental impact. It's encouraging to hear from these executives that sustainability pays!
Although Bitcoin is probably a long way from becoming the money of the future, we may be closer to using the technology behind it - Blockchain, for sustainability reporting. Blockchain is a network secured ledger system which is in many ways superior to traditional centralised systems. With no central authority controlling the Blockchain, and with all transactions being immutable, it could be used to provide a truly transparent sustainability reporting platform.
Movement towards lowering carbon emissions, thus lowering the predicted global temperature rise needs to happen faster than it is currently. The Paris Accord is great, but what is needed is for local governments and businesses to take a lead role in getting us there. This is fundamentally what the Productivity Commission wants to happen, and this article looks at options that may deliver on this.
An example of a business that is taking this into its own hands, leading by example, is Ørsted (formerly DONG Energy). A previously fully fossil fuel focused business, Ørsted is now a leading renewable-focused power utility. It has reduced CO2 emissions, increased offshore wind generation and scaled up renewable capacity, installing many more offshore wind turbines than any other company in world, making it well ahead of schedule on its climate change goals.