Bitcoin uses more energy than all of Argentina

February 12, 2021 by  
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Bitcoin is a huge energy hog. And  Tesla’s  recent announcement that it had bought $1.5 billion bitcoin — and will soon accept the cryptocurrency as payment for its cars — will only encourage more energy usage. Inhabitat reported on Bitcoin’s out-of-control energy use in 2018. Back then, we noted that  Bitcoin  was on track to use as much energy as Austria by the end of the year. In 2021, Bitcoin has already surpassed Argentina’s energy use, according to a Cambridge University study. To put this growth into perspective, the population of Austria is about 9 million, while Argentina has approximately 45 million residents. Related: Bitcoin is expected to consume enough energy to power Austria by the end of 2018 Since the Tesla announcement, Bitcoin has hit a record high in value. More value means more high-powered computers sucking up energy to power the Bitcoin machine. “It is really by design that Bitcoin consumes that much  electricity ,” Michel Rauchs, a researcher at The Cambridge Centre for Alternative Finance, said in BBC’s Tech Tent podcast. “This is not something that will change in the future unless the Bitcoin price is going to significantly go down.”  Rauchs co-created the online tool that estimates Bitcoin’s energy use. At 121.36 terawatt-hours (TWh) a year, the tool showed that Bitcoin has surpassed the Netherlands and the United Arab Emirates, as well as Argentina, in energy use and may soon edge out Norway. To contextualize this, the Cambridge study noted that this is enough energy to power every kettle in the U.K. for 27 years. “Elon Musk has thrown away a lot of Tesla’s good work promoting energy transition,” said David Gerard, author of “Attack of the 50 Foot Blockchain,” as reported by BBC. “This is very bad… I don’t know how he can walk this back effectively.” Gerard suggested that a carbon tax on cryptocurrencies could perhaps balance out some of the impact of the giant  computers  that work 24/7 solving puzzles to verifying transactions. Via BBC Image via Pexels

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Bitcoin uses more energy than all of Argentina

Subway commuters are exposed to dangerous amounts of air pollution

February 12, 2021 by  
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Millions of commuters who use underground subway systems in the U.S. are exposed to dangerous rates of air pollution , according to a recent study. The study, which sampled air quality in 71 underground stations across the U.S., has revealed air pollution during the morning and evening rush is nothing short of disastrous. The cities that are most affected include New York, Philadelphia, Boston and Washington, D.C. The researchers focused on measuring the level of PM2.5 within these underground transit systems. The recommended safe level of PM2.5 in the air is 35 micrograms per cubic meter. In the New York Metropolitan Transit Authority (MTA) system, the researchers recorded 251 micrograms per cubic meter. The Washington, D.C. system was another highly contaminated train service, recording 145 micrograms per cubic meter. Related: Air pollution caused by fossil fuels kills millions The worst-case scenario was recorded at Christopher Street station in Manhattan. The station helps connect New York and New Jersey with its rapid trains. But, unfortunately, at a rate of 1,499 micrograms per cubic meter, the station’s pollution was found to be 77 times that of the air outside. According to Terry Gordon, professor at New York University’s Grossman School of Medicine and a co-author of the study, the amount of pollution in New York is the most alarming. “It was the worst pollution ever measured in a subway station, higher than some of the worst days in Beijing or Delhi,” Gordon said of Christopher Street station. “New Yorkers, in particular, should be concerned about the toxins they are inhaling.” The study’s researchers said that a person commuting daily on these systems is exposed to a higher risk of certain health conditions. They noted that a daily commuter at Christopher Street has a 10% higher risk of cardiovascular disease. After analyzing the collected samples, researchers realized that the particles contain iron and organic carbon . The carbon is mainly produced from the breakdown of fossil fuels and is linked to respiratory conditions when inhaled. “This is an important contribution, especially to our understanding of the disproportionate burden of air pollution faced by low-income communities and communities of color,” said Gretchen Goldman, research director of the Union of Concerned Scientists. “As the scientific community works to better understand exposure and potential health effects of air pollution in the urban environment, I hope local decision makers use this valuable work to inform the best ways to address the known racial and socioeconomic inequities in air pollution exposure in U.S. cities.” Via The Guardian Image via Wes Hicks

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Subway commuters are exposed to dangerous amounts of air pollution

Shooting for the moon: 3 radical innovations to remove atmospheric CO2

November 10, 2020 by  
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Shooting for the moon: 3 radical innovations to remove atmospheric CO2 Tali Zuckerman Tue, 11/10/2020 – 01:00 Removing carbon dioxide from the atmosphere may be as difficult as getting to the moon.  That’s because every day, human activity pumps out 38 tons of CO2 into the air. Currently, our atmosphere is saturated with around 415 parts per million (ppm) CO2, a number we urgently need to reduce to 280 ppm to avoid the most devastating climate impacts.  But to take out just one ton of CO2, we must first filter one Roman colosseum’s worth of air. Several pioneers in the field are developing revolutionary systems to do just that. During the “Carbon Removal Moonshots” session in late October at VERGE 20, co-founders from innovative carbon removal initiatives Project Vesta, Charm Industrial and IdeaLab joined moderator Tito Jankowski, co-founder of the online community Air Miners, on the virtual stage to share the stories and missions behind their innovations. 1. Project Vesta: Enhancing natural weathering to capture CO2 in ocean-bound volcanic sand Launched on Earth Day 2019, Project Vesta aims to enhance natural weathering processes to accelerate carbon capture and storage in the world’s oceans. The nonprofit organization plans to do this by accelerating Earth’s carbonate-silicate cycle, in which volcanic rock is weathered by rain and creates a chemical reaction that sequesters CO2 from the air. Over time, this carbon turns into limestone on the ocean floor and melts back into the Earth’s core.  During the session, co-founder Kelly Erhart explained the natural inspiration for the project: “This [process] has been working for millions of years and slowly locking up trillions of tons of carbon dioxide into the earth over geologic time scales. We looked at this and we asked: How can we speed this up?” Specifically, Project Vesta has developed a way to take olivine, a naturally abundant, green volcanic rock, and grind it into sand to be distributed over beaches around the world. After the olivine sand is set in place, ocean waves, tides and currents will be left to do the rest.  If we want to create a world that we know is possible, we have to be able to imagine it. Erhart believes that the process is not only feasible, but scalable. Olivine is found on every continent, and makes up over 50 percent of Earth’s upper mantle. The solution does not compete for land use or other economic activities, and only requires that 2 percent of global shelf seas are covered with a few millimeters of olivine sand to sequester one year’s worth of human CO2 emissions, Erhart said. Of the three innovations presented, Project Vesta comes in at the lowest estimated price point. The organization aims to reach $10 per ton of CO2 equivalent, which is five to 10 times cheaper than direct air capture (DAC) or other techniques. So far, Project Vesta has raised $2.5 million in philanthropic and corporate donations (including a large purchase from Stripe) and is deploying its technology on a few heavily instrumented pilot beaches to monitor the rate of weathering and any effects on ocean life. The team believes that any impact will be beneficial, as olivine deacidifies the ocean and therefore helps support the life and health of marine ecosystems. Ultimately, the project’s goal is to advance this technology all over the world. It hopes to establish an open-source integrated algorithm and protocol that will enable governments, nonprofits and companies to deploy this solution with predictable results. The Charm Industrial team. 2. Charm Industrial: Turning biomass waste into CO2-dense bio-oil Charm Industrial is working to reverse the process of crude-oil production — that is, to take the carbon stored in biomass, turn it into CO2-dense biofuel through fast pyrolysis (superheating) and inject it back into the Earth’s crust. The startup is on a mission to “return the atmosphere to 280 ppm” through its technology, which it claims is more permanent and cost-effective than traditional nature-based offsets and direct air capture (DAC) methods.  Currently, Charm makes its bio-oil from excess sawdust and wood, but it plans to use agricultural residues such as corn stover, rice straw, sugar cane and almond shells in the future. Its aim is for the process to have additionality, meaning that if the feedstock was left unused, such residues would be left in fields to rot and emit CO2 back into the air.  The bio-oil Charm produces has properties similar to crude oil but with half the energy content and a very high carbon content. This, along with its tendency to form a solid over time, make the product safe for injection into existing oil wells, according to the company. Further, the oil is less likely to leak back into the atmosphere or groundwater than CO2 gas (or CO2 dissolved in water) when injected into the same wells, according to Charm, and the oil also can better help prevent seismic activity in large underground caverns created by past mining activities.  “What’s interesting about sequestration of bio-oil is that it sort of closes the carbon cycle that started about 200 years ago with the initial removal of oil from these formations,” said Charm co-founder Shaun Meehan. “There’s enormous infrastructure that exists to get oil out of the earth, and we just need to run it backwards.” Charm says its model is unique because it plans to use small-scale facilities. Meehan explained that previously, large biomass facilities have been unsuccessful because they quickly depleted nearby biomass stores and caused prices to skyrocket. By opening multiple smaller plants, Charm hopes to have a more stable quantity of biomass to work with. What does it cost for this form of sequestration? Charm’s current projections are around $475 per ton of CO2 equivalent for the first few years — a number it hopes to get down to $200 by its 10th plant and eventually to $50 per ton of CO2 equivalent.  Like Project Vesta, Charm believes its solution is scalable. The company already has received regulatory approval for its first injection site in Kansas. “As far as scale, there is about 140 gigatons per year of global biomass availability,” Meehan said. “If we are even able to take a small subset of that biomass, then we are able to have a meaningful impact on negative emissions.” Bill Gross, founder of Heliogen, said every acre of land served by the technology would remove 1 ton of CO2 per day, a rate of capture equivalent to that in roughly 100 acres of forest. Courtesy of Heliogen 3. Heliogen (IdeaLab): Capturing carbon with solar-powered, desert-based DAC plants Bill Gross , founder and chairman of the IdeaLab technology incubator and company Heliogen, began his presentation with several eye-opening statistics and visuals about humanity’s emissions. These included the fact that humans emit 31 times (by weight) the amount of CO2 into the atmosphere as they do garbage into their trash cans, and that to remove 1 ton of carbon from the atmosphere requires capturing a volume of air equivalent to the Colosseum in Rome.  Gross then described the solar-powered DAC process his team at Heliogen has designed. The process involves first funneling air through a desiccant (a hygroscopic substance that absorbs water), then moving it through zeolite, a mineral that effectively takes up any CO2 in the air, Gross said. Water is then removed from the desiccant and CO2 from the zeolite using solar-powered thermal energy. Ideally, this technology would be situated in desert environments so as not to compete for land and harness the brilliant power of the sun. According to Gross, every acre of land of this technology would remove 1 ton of CO2 per day, a rate of capture equivalent to that in roughly 100 acres of forest. Multiplied over 390 acres (a rectangle that fits well within the Sahara desert) this technology theoretically could neutralize all 38 gigatons of CO2 humans produce every year. Of course, this is a big ask. Actually achieving it would require that the technology be cheap enough to set up and account for any emissions created during its installation. At the moment, the estimated price of this technology is $100 per ton of CO2, according to Gross. He hopes to reach $50 per ton and dreams of getting to $25. When asked about plans for the use of CO2 after it is captured and compressed, Gross reckoned that he focuses solely on the removal of CO2, several startups will emerge to find creative uses for the gas once it can be captured at a low price. Like the previous two technologies, Gross stressed that the success of this solution relies on the global shift towards valuing CO2 emissions.  Although private players are increasingly taking responsibility for their emissions (tech companies such as Shopify, Square and Microsoft were mentioned) the public sector must move to put a price on carbon to drive change on a larger scale. Once global regulations mandate that corporations pay for their emissions, companies will look towards such innovations for cheaper ways to offset their emissions, he said. To the moon and beyond  Ultimately, a real solution to the global CO2 crisis necessitates collaboration between sectors and individual innovators, something Jankowksi’s online community Air Miners is working to facilitate. As each speaker stressed, no one solution is big enough to bring us back to 280ppm — we need several of them to go to work at once.  As Gross put it, “We need the same diversity of ideas to take [CO2] out as the people who put it up there.” The time to act is now, the speakers urged: Spread the message, get people excited and, as Jankowski said, believe that even this trip to the moon can succeed.  “If we want to create a world that we know is possible,” Erhart echoed, “we have to be able to imagine it.” Pull Quote If we want to create a world that we know is possible, we have to be able to imagine it. Topics Carbon Removal VERGE 20 Innovation Carbon Capture Featured in featured block (1 article with image touted on the front page or elsewhere) Off Duration 0 Sponsored Article Off Olivine, the focus of Project Vesta’s carbon removal approach. 

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Shooting for the moon: 3 radical innovations to remove atmospheric CO2

Luxury in the new normal: Leadership and innovation in 2020 and beyond

October 16, 2020 by  
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Luxury in the new normal: Leadership and innovation in 2020 and beyond Elisa Niemtzow Fri, 10/16/2020 – 01:00 Business as usual for the luxury industry is over. 2020 brings with it the end of a positive growth cycle, as analysts expect global luxury sales to contract 25-45 percent in 2020 , with a recovery that could take up to three years. And yet, the coronavirus pandemic, for all the havoc it has wrought on the industry, has pushed the sustainable business agenda even further, forcing business leaders to reevaluate their role in society and better articulate their value, not just in terms of money, but also in terms of corporate purpose and the way they contribute to the world.   Recent months have revealed several fragilities and also several strengths as the luxury industry navigates its future. Companies demonstrated the depth of their commitment and a certain financial resilience by shifting production lines to manufacture hand sanitizer and masks or forgoing government aid to demonstrate social solidarity. Brands have reimagined design and distribution of products in a context of lower sales volumes and digital acceleration. The crisis also has multiplied the insecurity of some workers and left some precious material supply chains, such as cashmere and exotic skins, even more vulnerable.   As luxury fashion brands adapt and survive in the “new normal,” they can drive a renewed vision of the luxury business that demonstrates how to decouple volume growth from value growth. They can seize opportunities to strengthen resilience and further set the example when it comes to long-term value creation, business transformation and progressive leadership. To drive innovation and demonstrate leadership in the years ahead, luxury leaders should consider these three opportunities: 1. Deepen luxury’s value proposition Luxury brands can deepen their value proposition by further embedding efficiency, sustainability and inclusion into business models and practices, building on the new approaches that the pandemic accelerated. Designers are streamlining collections, focusing on evergreen best sellers and incorporating upcycling, regenerative materials and use of dead stock (French) in collections. Meanwhile, digitization is accelerating efficiency and agility. Design teams are working together online and using virtual sampling. Showrooms and fashion weeks have gone digital. And brands are hurrying to transfer business to online outlets. Supply chain experts argue companies can make less product and increase margins as they reduce waste (via better inventory management), better connect supply and demand (via strengthened omni-channel programs) and optimize understanding of client needs and trends (via enhanced client data). For an industry on the receiving end of considerable finger-pointing for its destruction of unsold merchandise, the win-win of increased embedded efficiency and sustainability is substantial — less environmental impact, more financial resilience and, potentially, redistribution of investment across the supply chain to benefit primary raw material producers and workers upstream. For an industry on the receiving end of considerable finger-pointing for its destruction of unsold merchandise, the win-win of increased embedded efficiency and sustainability is substantial. Optimized distribution of value creation is important in a context where the pandemic has rendered raw material and manufacturing workers more vulnerable. For example, the Sustainable Fibre Alliance raised the alarm of COVID-19’s considerable consequences for the economic security and well-being of cashmere goat herding families. In the case of exotic leather, a controversial material prior to the pandemic according to animal rights activists, conservationists recently have raised their voice about the necessity of protecting the benefits to species, people and ecosystems generated by this trade. At the moment, luxury brands are still struggling to develop the business cases and financially support all of these actors. One promising mechanism to explore is a “reverse-sourcing” approach whereby value chain actors for a specific raw material pilot interventions to drive positive change and then connect the dots to create a traceable, sustainable supply chain. In one example, this approach allowed vulnerable suppliers who committed to improved environmental and social practices to broker a long-term contract with a global beauty company at a premium — enabling investment in long-term sustainability while the beauty brand achieved the security of a traceable, sustainable supply chain. Additionally, luxury brands can leverage sustainable finance mechanisms and growing investor interest in ESG to partner on long-term value creation. Following on the heels of Prada, Burberry, Moncler and other players outside the sector, Chanel made its first public offering on the Luxembourg Stock Exchange in September. Its sustainability bond will support business transformation including raw material extraction, regenerative agriculture and innovation across its supply chain. This announcement is notable as it signals the emergence of a deeper value proposition and the importance of communicating this value to key stakeholders. 2. Build on luxury’s predisposition for circular and regenerative practices Over the last several years, the industry has adopted several circular economy initiatives, such as the CEDRE recycling platform  (French) initiated by LVMH, support for innovation via Fashion for Good and training designers on circular economy principles. Yet huge barriers still exist to scaling an efficient luxury fashion circular ecosystem — whether it’s closing the loop on certain product categories such as luxury leisurewear and sneakers, which have shorter lives than typical luxury items; acquiring sustainable, regenerative materials in sufficient quality and quantity (such as leather); or fully embracing the idea of producing fewer new items, including encouraging the multiple lives of products and brand-controlled secondhand markets (as Gucci has just done with The RealReal). Further, as luxury companies make their way in the “new normal,” there is a strong rationale to focus on the third leg in the circular economy stool: regenerating the natural and agricultural systems they rely on for their high-quality natural materials . With 60 percent of species and ecosystem functionality lost, the clock continues to tick. In 2021, the Convention on Biological Diversity will launch a new 10-year strategic plan with the Business for Nature coalition driving business support for policy changes and new targets. Additionally, late last month, an informal working group, Task Force on Nature-related Disclosure, was launched. The work will take several months but signals an expectation of increasing accountability for companies and investors related to their impacts on nature. Luxury brands are well-poised to demonstrate leadership on this and other aspects of the circular economy. Luxury brands also can explore two newer areas: first, assessing their performance against a comprehensive set of circularity indicators to focus on circular economy practices across entire operations and increase robustness of efforts. Second, brands can explore how to take a people-centered approach to circular fashion systems which ensure that as new infrastructure and business models are created, they are inclusive and fair for people from the outset. 3. Demonstrate socially progressive leadership As described above, in the urgency of initial responses to the coronavirus, luxury companies relied on their financial resources and business infrastructure to contribute to their workforce and local communities. Against the profound upheaval transforming our world, luxury leaders have significant opportunity to continue using this power to drive positive change. Doing so will help to preserve the social acceptance of luxury and create the stable operating environment needed by all businesses. Earlier this year, BSR published a report discussing five principles for business action to contribute towards creating a 21st century social contract that supports economic prosperity and social mobility. While the luxury industry can contribute to all principles, it is well-placed to focus on contributions to developing stakeholder capitalism, an approach to business strategy focused on long-term value creation and based on a multi-stakeholder model. Specific actions luxury companies can take include: ensure that corporate governance structures, including board and executive leadership, are inclusive and consider the interests and perspectives of all; pay their fair share of taxes; and align policy advocacy, participation in industry associations and monetary contributions with environmental and social objectives. What’s next Given luxury’s outsize influence on society, luxury brands and their leaders have significant opportunity to build on their efforts and demonstrate the behaviors we need to drive resilient and thriving societies. When will we see every luxury CEO’s bonus dependent on achieving Scope 3 climate targets, paying a living wage in supply chains and achieving zero product destruction? Thriving in the “new normal” will take nothing less than bold leadership such as this. Pull Quote For an industry on the receiving end of considerable finger-pointing for its destruction of unsold merchandise, the win-win of increased embedded efficiency and sustainability is substantial. Topics Circular Economy Fashion Collective Insight BSR Featured in featured block (1 article with image touted on the front page or elsewhere) Off Duration 0 Sponsored Article Off LVMH’s partnership with CEDRE centers on finding second-life uses for its products.

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Luxury in the new normal: Leadership and innovation in 2020 and beyond

Luxury in the new normal: Leadership and innovation in 2020 and beyond

October 16, 2020 by  
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Luxury in the new normal: Leadership and innovation in 2020 and beyond Elisa Niemtzow Fri, 10/16/2020 – 01:00 Business as usual for the luxury industry is over. 2020 brings with it the end of a positive growth cycle, as analysts expect global luxury sales to contract 25-45 percent in 2020 , with a recovery that could take up to three years. And yet, the coronavirus pandemic, for all the havoc it has wrought on the industry, has pushed the sustainable business agenda even further, forcing business leaders to reevaluate their role in society and better articulate their value, not just in terms of money, but also in terms of corporate purpose and the way they contribute to the world.   Recent months have revealed several fragilities and also several strengths as the luxury industry navigates its future. Companies demonstrated the depth of their commitment and a certain financial resilience by shifting production lines to manufacture hand sanitizer and masks or forgoing government aid to demonstrate social solidarity. Brands have reimagined design and distribution of products in a context of lower sales volumes and digital acceleration. The crisis also has multiplied the insecurity of some workers and left some precious material supply chains, such as cashmere and exotic skins, even more vulnerable.   As luxury fashion brands adapt and survive in the “new normal,” they can drive a renewed vision of the luxury business that demonstrates how to decouple volume growth from value growth. They can seize opportunities to strengthen resilience and further set the example when it comes to long-term value creation, business transformation and progressive leadership. To drive innovation and demonstrate leadership in the years ahead, luxury leaders should consider these three opportunities: 1. Deepen luxury’s value proposition Luxury brands can deepen their value proposition by further embedding efficiency, sustainability and inclusion into business models and practices, building on the new approaches that the pandemic accelerated. Designers are streamlining collections, focusing on evergreen best sellers and incorporating upcycling, regenerative materials and use of dead stock (French) in collections. Meanwhile, digitization is accelerating efficiency and agility. Design teams are working together online and using virtual sampling. Showrooms and fashion weeks have gone digital. And brands are hurrying to transfer business to online outlets. Supply chain experts argue companies can make less product and increase margins as they reduce waste (via better inventory management), better connect supply and demand (via strengthened omni-channel programs) and optimize understanding of client needs and trends (via enhanced client data). For an industry on the receiving end of considerable finger-pointing for its destruction of unsold merchandise, the win-win of increased embedded efficiency and sustainability is substantial — less environmental impact, more financial resilience and, potentially, redistribution of investment across the supply chain to benefit primary raw material producers and workers upstream. For an industry on the receiving end of considerable finger-pointing for its destruction of unsold merchandise, the win-win of increased embedded efficiency and sustainability is substantial. Optimized distribution of value creation is important in a context where the pandemic has rendered raw material and manufacturing workers more vulnerable. For example, the Sustainable Fibre Alliance raised the alarm of COVID-19’s considerable consequences for the economic security and well-being of cashmere goat herding families. In the case of exotic leather, a controversial material prior to the pandemic according to animal rights activists, conservationists recently have raised their voice about the necessity of protecting the benefits to species, people and ecosystems generated by this trade. At the moment, luxury brands are still struggling to develop the business cases and financially support all of these actors. One promising mechanism to explore is a “reverse-sourcing” approach whereby value chain actors for a specific raw material pilot interventions to drive positive change and then connect the dots to create a traceable, sustainable supply chain. In one example, this approach allowed vulnerable suppliers who committed to improved environmental and social practices to broker a long-term contract with a global beauty company at a premium — enabling investment in long-term sustainability while the beauty brand achieved the security of a traceable, sustainable supply chain. Additionally, luxury brands can leverage sustainable finance mechanisms and growing investor interest in ESG to partner on long-term value creation. Following on the heels of Prada, Burberry, Moncler and other players outside the sector, Chanel made its first public offering on the Luxembourg Stock Exchange in September. Its sustainability bond will support business transformation including raw material extraction, regenerative agriculture and innovation across its supply chain. This announcement is notable as it signals the emergence of a deeper value proposition and the importance of communicating this value to key stakeholders. 2. Build on luxury’s predisposition for circular and regenerative practices Over the last several years, the industry has adopted several circular economy initiatives, such as the CEDRE recycling platform  (French) initiated by LVMH, support for innovation via Fashion for Good and training designers on circular economy principles. Yet huge barriers still exist to scaling an efficient luxury fashion circular ecosystem — whether it’s closing the loop on certain product categories such as luxury leisurewear and sneakers, which have shorter lives than typical luxury items; acquiring sustainable, regenerative materials in sufficient quality and quantity (such as leather); or fully embracing the idea of producing fewer new items, including encouraging the multiple lives of products and brand-controlled secondhand markets (as Gucci has just done with The RealReal). Further, as luxury companies make their way in the “new normal,” there is a strong rationale to focus on the third leg in the circular economy stool: regenerating the natural and agricultural systems they rely on for their high-quality natural materials . With 60 percent of species and ecosystem functionality lost, the clock continues to tick. In 2021, the Convention on Biological Diversity will launch a new 10-year strategic plan with the Business for Nature coalition driving business support for policy changes and new targets. Additionally, late last month, an informal working group, Task Force on Nature-related Disclosure, was launched. The work will take several months but signals an expectation of increasing accountability for companies and investors related to their impacts on nature. Luxury brands are well-poised to demonstrate leadership on this and other aspects of the circular economy. Luxury brands also can explore two newer areas: first, assessing their performance against a comprehensive set of circularity indicators to focus on circular economy practices across entire operations and increase robustness of efforts. Second, brands can explore how to take a people-centered approach to circular fashion systems which ensure that as new infrastructure and business models are created, they are inclusive and fair for people from the outset. 3. Demonstrate socially progressive leadership As described above, in the urgency of initial responses to the coronavirus, luxury companies relied on their financial resources and business infrastructure to contribute to their workforce and local communities. Against the profound upheaval transforming our world, luxury leaders have significant opportunity to continue using this power to drive positive change. Doing so will help to preserve the social acceptance of luxury and create the stable operating environment needed by all businesses. Earlier this year, BSR published a report discussing five principles for business action to contribute towards creating a 21st century social contract that supports economic prosperity and social mobility. While the luxury industry can contribute to all principles, it is well-placed to focus on contributions to developing stakeholder capitalism, an approach to business strategy focused on long-term value creation and based on a multi-stakeholder model. Specific actions luxury companies can take include: ensure that corporate governance structures, including board and executive leadership, are inclusive and consider the interests and perspectives of all; pay their fair share of taxes; and align policy advocacy, participation in industry associations and monetary contributions with environmental and social objectives. What’s next Given luxury’s outsize influence on society, luxury brands and their leaders have significant opportunity to build on their efforts and demonstrate the behaviors we need to drive resilient and thriving societies. When will we see every luxury CEO’s bonus dependent on achieving Scope 3 climate targets, paying a living wage in supply chains and achieving zero product destruction? Thriving in the “new normal” will take nothing less than bold leadership such as this. Pull Quote For an industry on the receiving end of considerable finger-pointing for its destruction of unsold merchandise, the win-win of increased embedded efficiency and sustainability is substantial. Topics Circular Economy Fashion Collective Insight BSR Featured in featured block (1 article with image touted on the front page or elsewhere) Off Duration 0 Sponsored Article Off LVMH’s partnership with CEDRE centers on finding second-life uses for its products.

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Luxury in the new normal: Leadership and innovation in 2020 and beyond

Amid record oil price fluctuations, circular plastic strategies prevail

August 27, 2020 by  
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Amid record oil price fluctuations, circular plastic strategies prevail Jesse Klein Thu, 08/27/2020 – 01:45 The coronavirus pandemic threw almost every market into a tailspin, including the notoriously sensitive oil market. And when crude oil prices fell into negative territory in April, the recycled plastic industry experienced a reckoning. Would corporations still invest in relatively expensive circular plastic commitments if virgin plastic prices, closely tied to the petroleum industry, nosedived? So far, most big companies seem to be standing by their pledges. “Our strategy hasn’t changed,” Yolanda Malone, vice president of global foods packaging at PepsiCo, told a digital crowd at GreenBiz’s Circularity 20 event this week. “We aren’t letting the oil prices and the fluctuations in the market sway us from our long-term vision. Our strategy needs to be strong enough to weather it.” Shifting the focus away from everyday volatility and instead emphasizing the long-term benefits of an overarching and durable circular packaging plan can help brands avoid reacting to oil price dynamics and enable them to ignore the small short-term benefits — such as lower virgin plastic prices — in favor of long-lasting ones, according to Malone and other speakers who addressed the topic during the online event. We aren’t letting the oil prices and the fluctuations in the market sway us from our long-term vision. “One thing we did was to remind our associates and merchants that you can’t claim something is recyclable if it doesn’t actually get [turned into] recycled content,” Ashley Hall, lead for sustainable packaging at Walmart, said during the session. “That was a really important ah-ha moment for our clients and reaffirmed their commitment to get past these low prices and reassess moving forward.” But like good businesswomen, Malone and Hall are ready to adapt to a changing landscape, and the market volatility that occurred during the early days of the pandemic has prompted some soul-searching. According to Malone, her team is working on ways that ensuring Pepsi’s tactics can support a circular plastic initiative even amidst dropping oil prices — even if that means some tactics might need to change, such as shifting conversations away from cost savings associated with circular initiatives and instead turning the focus to consumer purchasing trends, the value of having a qualitative lifecycle assessment and the potential for refillable containers. Taylor Price, global manager of sustainability at packaging company Aptar, suggested that shifting to refillables rather than focusing almost exclusively on recycled content could be one way for companies to combat the effect of sinking oil prices on their packaging strategy.  “What we’ve seen as a packaging company is it’s not really an either/or,” she said. “Refillable solutions, for us, are really a co-strategy.”  Hall agreed that strategy diversification is important: “One solution won’t solve our issues. We need to work on all of them.” The consensus among the panelists was that a sustainable, circular packaging plan that includes a variety of levers to pull and different types of projects would be best suited to survive changing oil prices and other shifting market dynamics.  “Don’t reinvent the wheel,” Hall said. “Pull from existing resources. And on the other side, share not only what works but where you’ve had troubles. And by doing that you can help other people avoid making some mistakes that you [have] made along the way so we can all move forward.” Pull Quote We aren’t letting the oil prices and the fluctuations in the market sway us from our long-term vision. Topics Circular Economy Circularity 20 Circular Packaging Plastic Circularity 20 Featured in featured block (1 article with image touted on the front page or elsewhere) Off Duration 0 Sponsored Article Off As oil prices fall, recycled plastic initiatives have a new obstacle. //Unsplash

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Amid record oil price fluctuations, circular plastic strategies prevail

Despite record oil price fluctuations, circular plastic strategies prevail

August 27, 2020 by  
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Despite record oil price fluctuations, circular plastic strategies prevail Jesse Klein Thu, 08/27/2020 – 01:45 The coronavirus pandemic threw almost every market into a tailspin, including the notoriously sensitive oil market. And when crude oil prices fell into negative territory in April, the recycled plastic industry experienced a reckoning. Would corporations still invest in relatively expensive circular plastic commitments if virgin plastic prices, closely tied to the petroleum industry, nosedived? So far, most big companies seem to be standing by their pledges. “Our strategy hasn’t changed,” Yolanda Malone, vice president of global foods packaging at PepsiCo, told a digital crowd at GreenBiz’s Circularity 20 event this week. “We aren’t letting the oil prices and the fluctuations in the market sway us from our long-term vision. Our strategy needs to be strong enough to weather it.” Shifting the focus away from everyday volatility and instead emphasizing the long-term benefits of an overarching and durable circular packaging plan can help brands avoid reacting to oil price dynamics and enable them to ignore the small short-term benefits — such as lower virgin plastic prices — in favor of long-lasting ones, according to Malone and other speakers who addressed the topic during the online event. We aren’t letting the oil prices and the fluctuations in the market sway us from our long-term vision. “One thing we did was to remind our associates and merchants that you can’t claim something is recyclable if it doesn’t actually get [turned into] recycled content,” Ashley Hall, lead for sustainable packaging at Walmart, said during the session. “That was a really important ah-ha moment for our clients and reaffirmed their commitment to get past these low prices and reassess moving forward.” But like good businesswomen, Malone and Hall are ready to adapt to a changing landscape, and the market volatility that occurred during the early days of the pandemic has prompted some soul-searching. According to Malone, her team is working on ways that ensuring Pepsi’s tactics can support a circular plastic initiative even amidst dropping oil prices — even if that means some tactics might need to change, such as shifting conversations away from cost savings associated with circular initiatives and instead turning the focus to consumer purchasing trends, the value of having a qualitative lifecycle assessment and the potential for refillable containers. Taylor Price, global manager of sustainability at packaging company Aptar, suggested that shifting to refillables rather than focusing almost exclusively on recycled content could be one way for companies to combat the effect of sinking oil prices on their packaging strategy.  “What we’ve seen as a packaging company is it’s not really an either/or,” she said. “Refillable solutions, for us, are really a co-strategy.”  Hall agreed that strategy diversification is important: “One solution won’t solve our issues. We need to work on all of them.” The consensus among the panelists was that a sustainable, circular packaging plan that includes a variety of levers to pull and different types of projects would be best suited to survive changing oil prices and other shifting market dynamics.  “Don’t reinvent the wheel,” Hall said. “Pull from existing resources. And on the other side, share not only what works but where you’ve had troubles. And by doing that you can help other people avoid making some mistakes that you [have] made along the way so we can all move forward.” Pull Quote We aren’t letting the oil prices and the fluctuations in the market sway us from our long-term vision. Topics Circular Economy Circularity 20 Circular Packaging Plastic Circularity 20 Featured in featured block (1 article with image touted on the front page or elsewhere) Off Duration 0 Sponsored Article Off As oil prices fall, recycled plastic initiatives have a new obstacle. //Unsplash

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Despite record oil price fluctuations, circular plastic strategies prevail

Cocoanutty makes zero-waste living more attainable

August 19, 2020 by  
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The concept couldn’t be more basic — you can live a great life without endangering the planet. Cocoanutty is a company that puts this idea at the forefront of everything it does with the motto to, “Live Well. Live Sustainably.” As such, this online retailer offers home and personal care items for a zero-waste lifestyle. Cocoanutty scours eco-minded businesses to find products that are environmentally friendly and then makes them all available in an easily accessible online store. The idea is to save consumers the time of tracking down each product themselves and having them shipped from multiple locations. Related: “FORGO” plastic packaging with powder to liquid hand wash The company’s mission is to “make eco-friendly products the go-to for every household. We’re doing this by making a sustainable lifestyle more approachable. Our curated selection of sustainable, environmentally friendly, and all-natural products aim to help you live well, while treating the Earth well.” Cocoanutty doesn’t believe you have to choose between living well and honoring the limited resources of the planet. For example, the store offers a luxurious-smelling lavender shampoo bar that looks like soap but performs like shampoo sans the typical wasteful plastic bottle. Cocoanutty also carries a plastic-free toothbrush made with bamboo wood for the handle and bamboo charcoal fiber for the bristles. For the household, reusable produce bags replace plastic at the grocery store, and the Travel Cutlery & Straw Set is a portable swap for single-use utensils. You can also ditch the kitchen plastic wrap in favor of the Vegan Wax Food Wraps. In addition to carefully selecting products that use eco- and human-friendly ingredients, the company is dedicated to reaching a zero carbon footprint when it comes to shipping. “We’re combating waste by ensuring that our products are packaged and shipped with zero plastic or recycled materials,” Cocoanutty explained. “Beyond our eco-friendly collection, consumers can feel good about making an order with our carbon-neutral shipping.” The company ensures every shipment made through Cocoanutty is neutralized through certified carbon offsets via Pachama, funds that go toward forest protection initiatives. Both product and shipping packaging is sustainable, too. The company chooses environmental protection over flashy marketing or pretty appeal when it comes to packaging. In order to be as sustainable and waste-free as possible, packaging options are 100% biodegradable, all-natural and reusable. Cocoanutty even recycles boxes from other brands and packs products with compostable corn peanuts and all-natural wooden boxes. The business admitted, “While it might not always be the prettiest, we feel good knowing that we’re minimizing waste.” Isn’t that more important after all? + Cocoanutty Images via Cocoanutty

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Cocoanutty makes zero-waste living more attainable

Online farmers markets gain popularity during pandemic

June 5, 2020 by  
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Virtual farmers markets have been online for a few years now, but the COVID-19 pandemic is giving them a boost. Many consumers are happy to get fresh goods from local farmers without having to brave in-person stores or markets. Online farmers markets usually operate in a fairly small geographical area. The operators partner with local farms to market their wares online and deliver them to individuals. The consumer peruses a website packed with delicious fruits and vegetables, picking what they want from various producers, just like at a real farmers market. After paying online, the market ships or delivers the goods. This is a little like the convenience of a community supported agriculture subscription, but with a full choice of items from a variety of farmers. Related: Everything you need to know about online farmers markets In Southern California, online farmers market Market Box recently expanded its delivery area to Los Angeles. This virtual farmers market is based in El Cajon, a small city east of San Diego. The new venture involves 50 local vendors offering upward of 600 items. All are vegan and locally grown. When Jessica Davis and Amanda Zollinger Waterman heard that their local farmers markets were closing due to the pandemic, the vendors teamed up to found Market Box. “Finding vendors was the easy part — everyone was looking for sales outlets and we had relationships already built from doing farmers markets. What we did not plan was everything else. Just finding supplies, alone, was so difficult,” Davis and Zollinger Waterman told VegNews . “Our community helped us so much — we would not have been able to pull this off without friends volunteering, families flying in from out of town to help, vendors being insanely patient and kind to us, companies renting us refrigerated vans off their own fleet, and our customers that were so sweet, understanding, and encouraging, through every steep learning curve we experienced.” Other online farmers markets include OurHarvest in New York, NoCo Virtual Farmers Market in northern Colorado and Champaign County Ohio Virtual Farmers’ Market . During the pandemic, Crescent City Farmers Market is offering a weekly drive-through market in New Orleans. Via VegNews Image via Adobe Stock

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Online farmers markets gain popularity during pandemic

Tour 5 national parks from home

March 19, 2020 by  
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As people social distance and shelter in place, they may feel the walls closing in on them. Fortunately, the National Park Service has partnered with Google Arts & Culture to offer free virtual tours of five beloved parks. Of course, the online experience isn’t quite like being there, but these tours are pretty cool and may inspire dreams of post-pandemic travels . The five tours feature Kenai Fjords in Alaska , Carlsbad Caverns in New Mexico, Hawaii Volcanoes, Bryce Canyon in Utah and Dry Tortugas in Florida. Each virtual tour is led by a National Park Service ranger. The varied terrains and activities help entertain viewers. Related: How National Parks benefit the environment The tour of Kenai Fjords lets you climb down a slippery, icy crevasse in Exit Glacier — much easier done virtually than in real life. In Carlsbad Caverns, viewers get a bat’s eye view to help them learn about echolocation. Hawaii Volcanoes features a walk through a lava tube and a trip up volcanic cliffs. Florida’s Dry Tortugas National Park consists of 1% Fort Jefferson and 99% underwater. Join a ranger for a virtual dive into this diverse ecosystem, including a swim through a coral reef and an exploration of the Windjammer shipwreck. As the Bryce Canyon tour points out, two-thirds of Americans can no longer see the Milky Way from their backyards. This tour highlights Bryce Canyon’s dark skies and allows viewers to tap around to check out constellations while listening to night sounds like owls and crickets. At press time, many National Park Service units are still open with reduced services and closed visitors centers. But this may change as the coronavirus situation progresses. “The NPS is working with federal, state and local authorities, while we as a nation respond to this public health challenge,” NPS deputy director David Vela said in a press release. “Park superintendents are assessing their operations now to determine how best to protect the people and their parks going forward.” So before setting out on that big drive to camp in a park, consider sitting tight on your couch and taking a virtual tour. + National Park Service and Google Arts & Culture Images via Wikimedia Commons

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