Sustainability of water infrastructure investments to be ensured by science-based process.
The Climate Standards Board has approved a new standard for climate-resilient water bonds, providing investors with a verifiable, science-based screening process to evaluate bond investments earmarked for financing sustainable water-based infrastructure projects.
The new standard, or ‘Water Climate Bonds Criteria’ is a key segment of the Climate Bonds Standard, and will certify water investments that have:
- Carried out climate vulnerability assessments considering past, present and future climate risks and environmental losses and;
- Created resulting adaptation and/or mitigation plans.
Water-related infrastructure needs are enormous, with the American Water Works Association (AWWA) estimating that the cost of repairing and expanding U.S. drinking water infrastructure will top USD 1tr in the next 25 years.
Projects as diverse as energy or industrial water efficiency, reuse, catchment or watershed restoration and/or large-scale water supply infrastructure development could be included.
The Criteria will provide assistance to corporate, municipal, city based and other bond issuers seeking to ensure their bond offerings for water-related infrastructure, or water systems within industrial and manufacturing processes, maximise sustainability and environmental factors.
Development has been led and supported by a Consortium convened by the Climate Bonds Initiative that includes Ceres, the Alliance for Global Water Adaptation (AGWA), CDP, and the World Resources Institute (WRI) together with a Technical Working Group (TWG) that includes additional water expertise through representation from other NGOs, industry experts and water authorities.
Co-ordinating the development of the criteria through the TWG is Lead Specialist Dr John Matthews, of the Alliance for Global Water Adaptation (AGWA), which is supported by the Stockholm International Water Institute (SIWI).
An FAQ is available here.
Phase I of the Climate Bonds Water Criteria has focussed primarily on screening grey (built) water infrastructure projects and assets.
Phase II development is now underway, beginning the process of extending the scope of the Criteria to include ecosystem-based adaptation and mitigation for investments in green (nature based) water projects and assets.
Water infrastructure is vastly underfunded and this is especially true for sustainable water infrastructure, which is critical for helping us adapt to the extremes of climate change.
Consortium Representative Statements
John Matthews – Water TWG Lead Specialist, AGWA Consortium Representative:
“The Technical Working Group’s work concentrated on the resilience and greenhouse gas impacts of water investments as expressions in concrete and stone, embedded in a matrix of economic and ecological systems. I am exceptionally proud of how the TWG tackled this issue with sophistication and an eye to practicality and implementation.”
“These goals mark an abrupt shift in how many issuers and investors have seen climate change as a distant, abstract issue, to something that influences their investment and sustainability strategy.”
Monica Freyman – Director, Investor Initiatives, Ceres Water Program:
“Water infrastructure is vastly underfunded and this is especially true for sustainable water infrastructure, which is critical for helping us adapt to the extremes of climate change- whether drought, violent downpours or flooding. Approval of the Water Climate Bonds Criteria will be extremely helpful in catalyzing credible growth in this hugely important market.”
Cate Lamb – Head of CDP Water Program:
“CDP is delighted at today’s announcement, which represents another step on the road from Paris. Delivering a low carbon, water secure future may be one of the defining challenges of the 21st Century. The Climate Bonds Water Standard represents a significant contribution to overcoming this challenge and enhancing resiliency.”
Sean Kidney – CEO Climate Bonds Initiative:
“The need for all water usage systems and infrastructure, both small and large, to be designed in anticipation of a climate impacted future is undeniable. Today’s water investments must be built upon anticipation of the changing conditions to be faced in forthcoming decades.
“The Water Criteria is a sound basis to assist investors to evaluate and assess resilience and adaptation and sustainability characteristics of water projects and infrastructure.”
Two Ancient Japanese Philosophies Are the Future of Eco-Living
Our obsession with all things new has blighted the planet. We have a waste crisis, particularly when it comes to plastic. US scientists have calculated the total amount of plastic ever made – 8.3 billion tons! Unfortunately, only 9% of this is estimated to have been recycled. And current global trends point to there being 12 billion tons of plastic waste by 2050.
However, two ancient Japanese philosophies are providing an antidote to the excesses of modern life. By emphasizing the elimination of waste and the acceptance of the old and imperfect, the concepts of Mottainai and Wabi-Sabi have positively influenced Japanese life for centuries.
They are now making their way into the consciousness of the Western mainstream, with an increasing influence in the UK and US. By encouraging us to be frugal with our possessions, (i.e. using natural materials for interior design) these concepts can be the future of eco-living.
What is Wabi-Sabi and Mottainai??
Wabi-Sabi emphasizes an acceptance of transience and imperfection. Although Wabi had the original meaning of sad and lonely, it has come to describe those that are simple, unmaterialistic and at one with nature. The term Sabi is defined as the “the bloom of time”, and has evolved into a new meaning: taking pleasure and seeing beauty in things that are old and faded.
Any flaws in objects, like cracks or marks, are cherished because they illustrate the passage of time. Wear and tear is seen as a representation of their loving use. This makes it intrinsically linked to Wabi, due to its emphasis on simplicity and rejection of materialism.
In the West, Wabi-Sabi has infiltrated many elements of daily life, from cuisine to interior design. Specialist Japanese homeware companies, like Sansho, source handmade products that embody the Wabi-Sabi philosophy. Their products, largely made from natural materials, are handcrafted by traditional Japanese artisans – meaning no two pieces are the same and no two pieces are “perfect” in size or shape.
Mottainai is a term expressing a feeling of regret concerning waste, translating roughly in English to either “what a waste!” or “Don’t waste!”. The philosophy emphasizes the intrinsic value of a resource or object, and is linked to hinto animism, the notion that all objects have a spirit, or ‘kami’. The idea that we are part of nature is a key part of Japanese psychology.
Mottainai also has origins in Buddhist philosophy. The Buddhist monastic tradition emphasizes a life of frugality, to allow us to concentrate on attaining enlightenment. It is from this move towards frugality that a link to Mottainai as a concept of waste can be made.
How have Wabi-Sabi and Mottainai promoted eco living?
Wabi-Sabi is still a prominent feature of Japanese life today, and has remained instrumental in the way people design their homes. The ideas of imperfection and frugality are hugely influential.
For example, instead of buying a brand-new kitchen table, many Japanese people instead retain a table that has been passed through the generations. Although its long use can be seen by various marks and scratches, Wabi-Sabi has taught people that they should value it because of its imperfect nature. Those scratches and marks are a story and signify the passage of time. This is a far cry from what we typically associate with the Western World.
Like Wabi Sabi, Mottainai is manifested throughout Japanese life, creating a great respect for Japanese resources. This has had a major impact on home design. For example, the Japanese prefer natural materials in their homes, such as using soil and dried grass as thermal insulation.
Their influence in the UK
The UK appears to be increasingly influenced by thes two concepts. Some new reports indicate that Wabi Sabi has been labelled as ‘the trend of 2018’. For example, Japanese ofuro baths inspired the project that won the New London Architecture’s 2017 Don’t Move, Improve award. Ofuro baths are smaller than typical baths, use less water, and are usually made out of natural materials, like hinoki wood.
Many other UK properties have also been influenced by these philosophies, such as natural Kebony wood being applied to the external cladding of a Victorian property in Hampstead; or a house in Lancaster Gate using rice paper partitions as sub-dividers. These examples embody the spirit of both philosophies. They are representative of Mottainai because of their use of natural resources to discourage waste. And they’re reflective of Wabi-Sabi because they accept imperfect materials that have not been engineered or modified.
In a world that is plagued by mass over-consumption and an incessant need for novelty, the ancient concepts of Mottainai and Wabi-Sabi provide a blueprint for living a more sustainable life. They help us to reduce consumption and put less of a strain on the planet. This refreshing mindset can help us transform the way we go about our day to day lives.
How to be More eco-Responsible in 2018
Nowadays, more and more people are talking about being more eco-responsible. There is a constant growth of information regarding the importance of being aware of ecological issues and the methods of using eco-friendly necessities on daily basis.
Have you been considering becoming more eco-responsible after the New Year? If so, here are some useful tips that could help you make the difference in the following year:
1. Energy – produce it, save it
If you’re building a house or planning to expand your living space, think before deciding on the final square footage. Maybe you don’t really need that much space. Unnecessary square footage will force you to spend more building materials, but it will also result in having to use extra heating, air-conditioning, and electricity in it.
It’s even better if you seek professional help to reduce energy consumption. An energy audit can provide you some great piece of advice on how to save on your energy bills.
While buying appliances such as a refrigerator or a dishwasher, make sure they have “Energy Star” label on, as it means they are energy-efficient.
Regarding the production of energy, you can power your home with renewable energy. The most common way is to install rooftop solar panels. They can be used for producing electricity, as well as heat for the house. If powering the whole home is a big step for you, try with solar oven then – they trap the sunlight in order to heat food! Solar air conditioning is another interesting thing to try out – instead of providing you with heat, it cools your house!
2. Don’t be just another tourist
Think about the environment, as well your own enjoyment – try not to travel too far, as most forms of transport contribute to the climate change. Choose the most environmentally friendly means of transport that you can, as well as environmentally friendly accommodation. If you can go to a destination that is being recommended as an eco-travel destination – even better! Interesting countries such as Zambia, Vietnam or Nicaragua are among these destinations that are famous for its sustainability efforts.
3. Let your beauty be also eco-friendly
We all want to look beautiful. Unfortunately, sometimes (or very often) it comes with a price. Cruelty-free cosmetics are making its way on the world market but be careful with the labels – just because it says a product hasn’t been tested on animals, it doesn’t mean that some of the product’s ingredients haven’t been tested on some poor animal.
To be sure which companies definitely stay away from the cruel testing on animals, check PETA Bunny list of cosmetic companies just to make sure which ones are truly and completely cruelty-free.
It’s also important if a brand uses toxic ingredients. Brands such as Tata Harper Skincare or Dr Bronner’s use only organic ingredients and biodegradable packaging, as well as being cruelty-free. Of course, this list is longer, so you’ll have to do some online research.
4. Know thy recycling
People often make mistakes while wanting to do something good for the environment. For example, plastic grocery bags, take-out containers, paper coffee cups and shredded paper cannot be recycled in your curb for many reasons, so don’t throw them into recycling bins. The same applies to pizza boxes, household glass, ceramics, and pottery – whether they are contaminated by grease or difficult to recycle, they just can’t go through the usual recycling process.
People usually forget to do is to rinse plastic and metal containers – they always have some residue, so be thorough. Also, bottle caps are allowed, too, so don’t separate them from the bottles. However, yard waste isn’t recyclable, so any yard waste or junk you are unsure of – just contact rubbish removal services instead of piling it up in public containers or in your own yard.
5. Fashion can be both eco-friendly and cool
Believe it or not, there are actually places where you can buy clothes that are eco-friendly, sustainable, as well as ethical. And they look cool, too! Companies like Everlane are very transparent about where their clothes are manufactured and how the price is set. PACT is another great company that uses non-GMO, organic cotton and non-toxic dyes for their clothing, while simultaneously using renewable energy factories. Soko is a company that uses natural and recycled materials in making their clothes and jewelry.
All in all
The truth is – being eco-responsible can be done in many ways. There are tons of small things we could change when it comes to our habits that would make a positive influence on the environment. The point is to start doing research on things that can be done by every person and it can start with the only thing that person has the control of – their own household.
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