Richard Milroy

Calls for discussing #degrowth at the New Zealand Climate Change and Business Conference began in 2022. While it's not an explicit agenda item in #CCBC2024, I will bring degrowth into a panel discussion on the new economics of climate change. Degrowth remains a challenging topic for many in business, finance and consulting. As someone originating from this community, I've looked at the evidence and the ideas with a sceptical eye and I honestly find degrowth to be credible and compelling. It's not perfect—it's an emerging concept—but then, what is perfect? Certainly not the current economy, which many would agree is deeply flawed. 🌍 🌍 How can we take the best of both worlds and move forward? That demands a more open-minded look at both degrowth and growth. If you want to know a little bit more about degrowth, alongside indigenomics with Jewelz Petley (Nga Puhi/Te Rarawa) and operationalising planetary boundaries with Kate Meyer, please join us for our panel conversation led by Gareth Hughes of Wellbeing Economy Alliance Aotearoa NZ on 9 Sep 2024 at the conference or online. Register here: https://lnkd.in/gCgYGmAC Sustainable Business Council NZ, Environmental Defence Society (EDS), Climate Leaders Coalition

58

10 Comments

Some amazing opportunities out in the social enterprise ecosystem right now! Make sure to check these out and see what can help you 👇 #socialenterprise #businessforgood #entrepreneurship #impact

5

2 Comments

Impact measurement is essential in today's business world. Understanding your business's effects on stakeholders, employees, communities, and the environment can help drive growth and build a positive reputation. Why Focus on Impact? Impact is becoming a priority for several reasons: 1) Transparency: Stakeholders demand clarity on value creation and distribution. 2) Value Shifts: Society prioritizes sustainability and social equity. 3) Technology: New tools improve impact tracking and reporting. 4) Regulation: Governments enforce stricter reporting requirements. How to Apply Impact Measurement in Business Here's how boards, CEOs, and executives can apply impact measurement: 1) Set Clear Impact Goals: o Define success beyond financials, including ESG metrics. o Example: Set goals to reduce carbon footprint, boost employee well-being, and engage communities. 2) Integrate Impact into Strategy: o Align impact goals with your mission and strategy. Ensure decisions consider stakeholder and environmental impacts. o Example: Integrate impact into product development and supply chain management. 3) Implement Robust Impact Accounting: o Use ESG, SROI, and triple bottom line accounting to measure and report impact. o Example: Retail companies can use SROI to evaluate community outreach benefits. 4) Conduct Regular Impact Assessments: o Periodically assess business activities using environmental and social impact assessments. o Example: Energy companies can conduct assessments before launching new projects. 5) Monitor and Evaluate Impact: o Establish ongoing monitoring and evaluation systems like logframe and theory-driven evaluation. o Example: Tech firms can use outcome harvesting to track training program effectiveness. 6) Foster a Learning Culture: o Encourage continuous improvement based on impact data. Use insights to drive innovation. o Example: Hold strategic learning sessions to review and improve impact data. 7) Communicate Impact Transparently: o Share impact results with stakeholders through reports and digital platforms. o Example: Publish annual reports on sustainability and social responsibility impact. Success and impact measurement differ among businesses, employees, and communities: o For Businesses: Success includes financial performance, market share, and shareholder value, enhanced by sustainability and social responsibility. o For Employees: Success involves job satisfaction, career development, and work-life balance, enriched by a positive work environment and social initiatives. o For Communities: Success means improved quality of life, economic opportunities, and environmental health, driven by CSR programs and community investments. By embracing impact measurement, business leaders in Aotearoa can create a sustainable, equitable future. Together, let's drive meaningful change now. Kia kaha. Kia māia. Kia manawanui!

4

The Climate Change Commission's latest report is out today, looking at whether we're doing enough as a country to adapt to a changing climate. You can find the whole report on our website - https://lnkd.in/gkpizJAG - but here's my quick overview 👇   The impacts of climate change are getting worse and are affecting people's lives and livelihoods around the motu: floods, fires, droughts – things that pose risks to our homes, our communities, our businesses, our farms, and our infrastructure like roads and water supplies.   But we've also found that there are opportunities and things Aotearoa New Zealand can do now to respond. We've made nine recommendations to government, identifying the most urgent action and highlighting the value of a proactive approach.   The bottom line for us all: if we pick up the pace and move to be more proactive, we will save money and avoid unnecessary heartache.   You can find our report and supporting info on the Commission's website: https://lnkd.in/gkpizJAG   #ClimateChange #ClimateAdaptation #ClimateAction

173

4 Comments

Great discussion with Dr. Jennifer Rayner PhD GAICD head of Advocacy at the Climate Council as part of The Women's Club, Sydney video series. Some great points raised, in particular the real issues with the current state of carbon accounting, that we need to focus on actual reductions and not just offsetting. Also, that the cost of inaction needs to be better calculated. I would add that the cost of action is not properly understood either because carbon accounting and financial accounting tend to operate in their own separate departments, we need to bring them together. Which means to bring the two data sets together, in a meaningful way, we need as rigorous accounting for carbon as we do for financial accounting, which the E-liability Institute is working on.

3

I know there is a lot going on right now, but we must refocus our attention on the #ClimateCrisis. Last week some the most respected climate scientists in the world released their 2024 State of the Climate Report, which warned: "We are on the brink of an irreversible climate disaster. This is a global emergency beyond any doubt." Then today a study was published showing that in 2023, the earth's forests, plants and soil suffered so much damage from #ClimateChange that they no longer served collectively as a carbon sink. (The breakdown of terrestrial carbon sinks was not projected by most climate models to occur at 1.3C of heating.) I cannot stress highly enough that we need to focus our collective efforts on building out clean energy, phasing out fossil fuels, transforming high-carbon systems, and saving the future for our children. And we need to do it right now. First order of operations, at least in the US: get Kamala Harris elected, get the election properly certified, and PUSH the Harris/Walz administration to act on climate with the urgency it deserves. This is a timed test, and later is too late. In my newsletter this week, I offer some resources on voting registration, phone banking, canvassing, messaging, and much more. Check it out here: https://lnkd.in/gt2HkHAQ And please read the 2024 State of the Climate Report (it's open access): https://lnkd.in/gWMQgAsk And the Guardian coverage of the carbon-sink study: https://lnkd.in/grsHvHkz Every day: steel yourself and remain aware of what fossil-fuel interests are doing to the world, but also focus on what you can control. With everyone doing what they can, things will change!

185

8 Comments

Important report released today at the #GlobalNaturePositiveSummit that models the economic opportunities presented by a transition to a nature positive economy in Australia The report by Cyan Ventures (based on methodology previously applied globally by the WEF) finds economic benefit of $298 billion and the creation of 1.6 million new jobs by 2035 from pursuing nature positive growth in Australia. Really valuable contribution to the macroeconomic story of the huge economic opportunities ahead of us if we choose to pursue nature repair and helps us look beyond just the costs and risks. These opportunities go well beyond just land based agri sectors, finding huge opportunities in infrastructure, built environment, energy and extractive industries. Very useful detailed analysis where significant opportunities sit. Read report here: https://lnkd.in/gEijxHcV Fraser Thompson Shaun Chau

66

2 Comments

Tensions are a pervasive, but perhaps overlooked feature of green finance. With my colleagues Matthias Täger and Julius Kob, I’ve analysed how tensions, for example, between climate change mitigation efforts and financial objectives, play out in the day-to-day work of finance professionals. Navigating these tensions is an ongoing struggle and can produce adverse effects, such as tensions persisting rather than being resolved, and climate change mitigation efforts being subordinated to financial objectives. Find out more in our latest blogpost 👇 #climatefinance #greenfinance #climatechange #investors #assetowners #assetmanagers #ESG #ClimateAction100+ #netzero

24

Beyond the higher temperatures, rising sea levels, and impacts on food supplies and migrations, worsening human-induced climate change is influencing mental distress among teens worldwide. #australia #candicegaukelandrews #cityplanning #climateaction #climateanxiety #climatechange #ecoanxiety #environment #forestbathing #genz #globalwarming #mentalhealth #naturalhabitatadventures #nathab #nature #physicalhealth #science #scienceandenvironment #scientificresearch #teens #unitedstates #wellbeing #worldwildlifefund #wwf #youth

5

Excellent overview of the resources IVAR has created about the effects of unrestricted funding. If you are interested in changing the project based funding paradigm, check these out!

4

Social pressures should be driving businesses to do better in sustainability and the environment. Decisions by any stakeholder should be well informed, and that's where climate reporting comes into play. Australia's mandatory climate reporting law is just for reporting, not carbon emissions reduction. "The law does not directly require any organisation to reduce its greenhouse gas emissions or change its operations. It simply requires companies to report." Without standardised, mandatory reporting, how can stakeholders make informed decisions? No doubt there will be cases of greenwashing. There will be creative accounting. But over time, these will be flushed out because most are or will be trying to do the right thing. If you need help with the data and technology strategy and implementation to support your ESG and climate reporting activities, say [email protected]. https://lnkd.in/gCBWji67 #ESG #ClimateReporting #CarbonAccounting #DataManagement #DataGovernance

4

3 Comments

An international group of investors representing trillions of dollars of assets has set out expectations for banks to end financed deforestation aligned with the Accountability Framework initiative. So far Westpac has adopted a commitment, but now it's time for ANZ, Commonwealth Bank, NAB, Rabobank Australia, Suncorp Bank, Bendigo and Adelaide Bank and Bank of Queensland to do the same. Why should banks care about deforestation? Well firstly, Australia has one of the highest rates of deforestation in the world - we are a world leader in mammal extinctions, and due to our geographic isolation have one of the highest rates of unique endemic species in the world. Forests not only provide habitat, but prevent erosion, retain water, enable pollination, draw down carbon and delight us. Life as we know it could not exist without forests, yet our laws do not adequately protect them. 49% of Australia's GDP is moderately to very highly directly dependent on nature, and all economic activities depend on nature in some form. Deforestation therefore represents a material financial risk to financial institutions, with system-wide effects. Diversified investors have no choice but to use every avenue they have to prevent deforestation, because of the fiduciary obligation they owe to their beneficiaries. Banks that don't act also have their reputations on the line. Most importantly, deforestation is inherently repugnant. We cannot improve land by degrading it, and we do not become richer by destroying our home. Thank you to Institutional Investors Group on Climate Change (IIGCC) for this statement - I hope these words will be followed up with action.

34

1 Comment

Bridging the divide between the science, the environmental community and the real economy has never been more urgent. Join me and David Greely for a comprehensive conversation about the current state of voluntary corporate climate action, the new SEC disclosure rules and how we find a landing zone on use of environmental attribute commodities in net zero transition strategies on the SmarterMarkets™ podcast, dropping this Saturday.

47

6 Comments

Our CEO Kieron Boyle spoke to Alberto Lidji for the The Do One Better Knowledge Hub and Podcast about the power of impact investing to build a fairer, greener future. The discussion dives into the challenges such as pricing negative externalities (pollution costs) and creating deeper, more transparent markets as well as solutions - like blended finance (combining public & private capital) and collaboration between governments, businesses, investors, and philanthropists. Listen to the full podcast here: https://lnkd.in/eEhuHBgp #ImpactInvesting #SustainableFinance #ESG #InvestingForGood

11

Given society's complete reliance on nature for everything we do and the enormous cost involved in continuing business as usual (conservatively estimated to hit $20bn/year in Australia by mid-century), it is no longer possible for prudentially regulated financial institutions to ignore how their portfolios impact and depend on nature, or the risks or opportunities that come from recognising that all economy activity occurs within our natural world. Yesterday we released the second iteration of our report assessing how ten Australian banks and ten superannuation funds are tracking on tackling nature risks. TL;DR - the penny has dropped that nature can't be ignored in financial risk management and momentum is starting to pick up - but this needs to drastically accelerate if we are to meet global commitments on nature.

1

Access to real data is real asset for impact investing market development. Sharing own data is more than generosity and active contribution to build market infrastructure as public good. Thanks Ceniarth we are working along the same principles with focus on social impact of investments in social infras PlusValue (PV)

1

Double materiality assessments are rapidly becoming a foundational layer of any organizations sustainability program. Anna Hancock of Pollination truly nails the benefits of the double materiality assessment in this Australian Institute of Company Directors article 👇 -- "Double materiality assessment, approached as a cornerstone of strategy, can offer coherence to investments and programs of work that follow...if an assessment is used to directly inform strategy and operations, it can connect insight to intent to impact. A clear-eyed assessment and distillation of its findings can provide a playbook for action." If interested in learning more about conducting a Double Materiality Assessment, see the links in the comments section. Socialsuite #DoubleMateriality #Materiality #Financial #Impact #Risk #Opportunities #CSRD #ESRS #GRI #SASB #Climate #Environmental #Social #Governance https://lnkd.in/eVMTJrKC

13

2 Comments

How do we make the climate change story about people rather than science - and build trust along the way? What does research tell us about public sentiment around climate issues, and where they feature in people’s everyday lives? How can businesses strike the right balance of pride and credibility in their climate stories? And with housing representing such a significant part of the country’s net zero ambition - how can the housing sector ensure residents are involved and on board with their net zero plans? Don’t miss tomorrow’s impact chat when I speak to Rachael Orr, chief executive of Climate Outreach and former CEO of PlaceShapers . Listen or join in the discussion - 30 mins tomorrow a 12pm via Zoom. Reg here: https://lnkd.in/dNFeZM3j #climatechange #climateaction #climatestory #netzero #sustainability #ukhousing #housing

6