The Environmental Impact of IFRS S2 Climate-related Disclosures and the Challenges of Plastic Recycling

Alfred Tang

Hatched by Alfred Tang

Sep 13, 2023

3 min read

0

The Environmental Impact of IFRS S2 Climate-related Disclosures and the Challenges of Plastic Recycling

Introduction:

The world is grappling with the urgent need to address climate change and the detrimental effects of plastic pollution. In this article, we will explore two distinct yet interconnected issues: the environmental impact of IFRS S2 Climate-related Disclosures and the challenges faced in the recycling of plastics. While these topics may appear unrelated at first glance, they both shed light on the pressing need for sustainable practices and highlight the complexities of mitigating environmental harm.

IFRS S2 Climate-related Disclosures:

The IFRS S2 Climate-related Disclosures play a crucial role in promoting transparency and accountability in relation to greenhouse gas emissions. These disclosures require entities to report their absolute gross greenhouse gas emissions, providing valuable data that aids in understanding the scale of environmental impact across industries. By utilizing the Greenhouse Gas Protocol categories, which disclose industry-based metrics in CO2 equivalent, organizations can identify areas for improvement and develop strategies to reduce their carbon footprint.

Additionally, IFRS S2 mandates the assessment of climate-related risks and opportunities throughout an entity's value chain. This ensures that any significant events or changes in circumstances are taken into account, allowing for a comprehensive evaluation of potential risks and opportunities. By considering the emissions resulting from the activities of parent companies, consolidated subsidiaries, investees, disaggregate associates, joint ventures, and unconsolidated subsidiaries, a more holistic picture of greenhouse gas emissions is obtained.

The Challenges of Plastic Recycling:

While IFRS S2 Climate-related Disclosures focus on greenhouse gas emissions, plastic recycling addresses the issue of plastic pollution, which has become a global environmental concern. However, recycling plastic is not without its challenges. Even when plastic is correctly sorted and sent to recycling facilities, it can still break down into microplastics. Shockingly, a single recycling facility could emit up to 6.5 million pounds of microplastics per year, with each cubic meter of wastewater containing up to 75 billion particles.

Furthermore, the current methods of testing for microplastics in recycling facilities are limited. Most facilities only test for microplastics down to 1.6 microns, but plastic particles can become even smaller. Research has shown that high levels of airborne microplastics are present inside these facilities, posing a risk to workers who may inadvertently inhale these particles. This highlights the need for improved testing methods and stricter regulations to protect the health and well-being of those involved in the recycling process.

Conclusion:

In conclusion, the IFRS S2 Climate-related Disclosures and the challenges faced in plastic recycling are two critical areas that demand our attention. To address these issues effectively, we must adopt a multi-faceted approach that combines transparency, accountability, and innovation.

Three actionable pieces of advice to promote sustainable practices and mitigate environmental harm are:

  • 1. Encourage investment in research and development: By investing in the development of advanced recycling technologies, we can enhance the efficiency and effectiveness of plastic recycling. These innovations can help reduce the generation of microplastics and improve the overall quality of recycled materials.
  • 2. Foster collaboration between industries and regulatory bodies: To achieve meaningful change, it is crucial to foster collaboration between industries, governments, and regulatory bodies. By working together, we can establish comprehensive standards and regulations that promote sustainable practices and ensure the accurate reporting of greenhouse gas emissions.
  • 3. Educate and engage the public: Raising awareness about the environmental impact of greenhouse gas emissions and plastic pollution is essential. By educating the public about the importance of recycling responsibly and making informed choices, we can empower individuals to contribute to a more sustainable future.

Incorporating these actionable advice can pave the way for a more sustainable future, marked by reduced greenhouse gas emissions and effective plastic waste management. It is through collective effort and a commitment to change that we can protect our planet for future generations.

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