Marking Earth Day

22 April 2013

The business community and society at large are facing enormous pressures, all of them produced or influenced by human activity. Moreover, these pressures are bringing about permanent changes to the world we live in, and at a speed that far outstrips our ability to see them individually.  They are as follows:

10 Mega-forces

  • Over-population. Population growth and increased production and consumption are two of the most important factors, and nobody wants to discuss the matter or deal with it. In 1900 there were 1.6 billion inhabitants on the planet and in 1950, there were 2.5 billion; the year 2000 saw the figure rise to 6.5 billion, and the forecast for 2050 is 9 billion inhabitants.
  • Wealth.  The global middle classes (defined by the OECD as people with an available income of between 10 and 100 dollars per capita/day) will grow by an estimated 150% between 2010 and 2030.
  • Urban population. In 2009, for the first time ever, the population located in cities will exceed the population in rural areas, and in 2050 an estimated 75% of the world’s inhabitants will live in urban zones.  The resulting cities will require major infrastructure improvements, including construction, water and sanitation, electricity, waste, transport, public health, public safety and security and internet/mobile phone connectivity.
  • Energy for fuel.  Fossil fuel markets are likely to become more volatile and unpredictable as global energy demand escalates; there will be shifts in geographical trends in consumption; supply and production will face uncertainty and more and more regulatory changes will be introduced to combat climate change.
  • Climate change. This is likely to be the global mega-force that will hit all the others most directly. The economic losses stemming from the negative effects of climate change already come to more than 1% of world GDP.
  • Water shortage. According to estimates, by 2030 global water demand will outstrip supply by 40%. Businesses are likely to face water shortage, lower water quality, price volatility and corporate reputation challenges.
  • A shortage of raw materials. As industrialization in developing economies gathers pace, global demand for raw materials will increase drastically.
  • Food security. In the coming decades, the global food-production system will be subject to increasing pressure from mega-forces: e.g. population growth, water shortage and deforestation. In addition, food prices are expected to rise by up to 70% and 90% by 2030.
  • Debilitated ecosystems.   The diversity and wealth of ecosystems are vital for both humankind and all life forms on the planet.  Their deterioration could lead to lower levels of carbon absorption, and is likely to diminish the effectiveness of their benefits for humanity.

 

Juan Ramon Silva, ACCIONA’s Chief Sustainability Officer

Today is World Water Day 2013. How will you celebrate it?

22 March 2013
ACCIONA supports World Water Day 2013

ACCIONA supports World Water Day 2013

March 22nd is World Water Day (designated as such by the UN General Assembly 19 years ago), and here at ACCIONA we’d like to take this opportunity to share the responsibility of taking on the challenge of treating and managing water in a sustainable manner and coming up with solutions for industry and individuals alike.

This year, for the third year running, we’ll be holding “An encounter with ACCIONA”, an online event on Facebook in which you can express your comments and queries on water treatment (desalination, purification, drinking water production, etc). It is scheduled for Friday 22nd, from 12 noon to 1pm CETClick here for access.

ACCIONA supports World Water Day 2013

ACCIONA supports World Water Day 2013

We’ve also drawn up this infographic on water  and the things that ACCIONA does to help make water shortage a thing of the past, namely developing, building and operating water treatment and desalination plants, and managing the Integrated Water Cycle. All of this has made us a world leader in water treatment services.

How will you celebrate it?

We’d like to remind you that tomorrow is WWF’s Earth Hour and you’re all invited to turn off the lights tonight between 8.30pm and 9.30pm CET.

Among the World’s Top 25 of the Social Media Sustainability Index

4 March 2013

ACCIONA ranks among the ” SMI-Wizness Social Media Sustainability Index” Top 25 companies. The index is compiled by the firm of consultants SMI-Wizness and comprises the companies with best practices in social media communication.

With a score of 77/100 points, 23rd-placed ACCIONA has improved its position considerably on the first SMI-Wizness Social Media Sustainability Index, when it came in at 59th place. ACCIONA is the third-ranked company and one of the leaders in the “New Emerging Channels” category.

According to this report, the social media sites that are used most for conveying sustainability values are Twitter (@acciona_EN) and Facebook (official page). Among the Top 100 companies:

  • 70 have a sustainability blog (similar to this one)
  • 15 have a Pinterest account (go to the ACCIONA Sustainability pin board)

The report takes a close look at the companies that appear in global indices such as the Dow Jones Sustainability Index, FTSE4Good and Newsweek’s Green Brands Survey, and how their positioning and commitment to sustainability are conveyed across social media.

One of the Company’s most noteworthy recent communication actions is the video of the Sustainability Master Plan which drew considerable attention following its dissemination across the corporate channels and their subsequent virality.

Sustainability Master Plan (Video)

8 February 2013

This video reflects through global data, what are the resources of this world to the demands of the population and the Sustainable practices oriented to meet this challenges, as proposed by ACCIONA through its Sustainability Master Plan.

Sustainable investment & divestment I

5 February 2013

2012 can be described as a good year if we bear in mind the growing appetite by investors to take into account Environmental, Social and Governance factors, when it comes to making investment decisions, despite (or maybe due to) the ongoing economic and market turmoil. Last year also saw the publication of a considerable number of reports on this kind if investment and, along with signs that the processes used to analyze these criteria are becoming standardized and that standards are converging, they point to a sector that is maturing.

According to the latest GSIA (Global Sustainable Investment Alliance) report on sustainable investment in seven regions of the world, asset managers everywhere are talking social, environmental and governance factors into consideration in their choice and management of investments, affecting more than 10 trillion euro’s worth of assets (US$ 13.6 trillion). This figure covers more than 21% of the total assets managed in the regions that fall within the reports’ scope, and comes as conclusive proof that sustainable investment has reached a worldwide scale. The lion’s share of the investment and management of sustainable assets (65%) are located in Europe, and 96% of these types of assets are concentrated in Europe, USA and Canada (Latin America is not included in this study).

To understand the nature of this investment trend we need to look beyond the overall figures. The report shows that the three most usual sustainable investment strategies are as follows: the “Exclusion” method (accounting for US$ 8.3 trillion in assets), involves excluding from investment portfolios specific investments or categories, such as companies, sectors or countries; the “Integration” strategy, which accounts for US$6.2 trillion worth of assets, and includes, explicitly, environmental, social and governance (ESG) risks and opportunities in the traditional financial analysis; and finally, “Engagement and voting on Sustainability matters”, which accounts for US$4.7 trillion worth of assets.

These three strategies are followed by “Norms-based screening” (US$3.0 trillion); this involves selecting assets according to their adherence to and compliance with internationals standards and norms, e.g. the UN Global Compact, and is the most common approach in Europe. Selection of the “Best-in-class”, accounting for US$1.0 trillion worth of assets, assesses the best companies in a given sector, their performance and their efforts and improvements based on ESG criteria.  This list ends with “Sustainability Themed” investments or assets linked to the development of sustainability, and “Impact investments”, made by companies, funds or organizations with the intention of generating a social or environmental impact as well as financial returns. These latter strategies account for US$83bn y US$89bn respectively.

Allia, a UK social investment organization, has just launched the first Social Impact Bond.  The Future for Children Bond is the first retail bond of this class, and is aimed at improving living conditions for teenagers at risk of social exclusion in the United Kingdom.

These figures are corroborated by other study published at the end of 2012, and in which

Eurosif underscores the fact that two thirds of these investment funds have grown by 35% since 2009.

According to the latest study on Sustainable Investment, “Sustainable Investing: Establishing Long-Term Value and Performance”, published by Deutsche Bank, companies that score highly in terms of Corporate Social Responsibility (CSR) and sustainability have cheaper access to capital and represent less risk for investors.

ACCIONA’s efforts where sustainability is concerned are being recognized by socially responsible investors. The company is a component of a number of sustainability indexes, such as the Dow Jones Sustainability Index, FTSE4Good, MSCI ESG Indices, STOXX Sustainability and the CPLI (Carbon Performance Leadership Index) Europe 300.

So we can safely say that the practices in and commitments to sustainability affect value, and that outstanding sustainability credentials are an ever-increasing important competitive advantage. Similarly, poor, controversial or negative sustainability credentials can lead to divestment by institutional or other investors and harm the companies affected. In a later post, we’ll be taking a look at a trend known as “Sustainable Divestment”.

The steady rise of Corporate Volunteering in Spain

24 January 2013

More and more companies are embracing Corporate Volunteering as part of their social strategy. Despite the current economic downturn and the absence of a specific strategic and legal framework in the EU, two studies, one by  the Observatorio de Voluntariado Corporativo,[Corporate Volunteering Observatory]  and another by Red de Voluntariado Corporativo Voluntare, [‘Voluntare’ Corporate Volunteering Network] detected a rise in the number of companies with Corporate Volunteering programs. According to Voluntare, 77% of the companies that were looked at in the study run a Corporate Volunteering program and 70% of these expect the number of programs to rise. These figures seem to indicate that as social needs have increased, so too has the spirit of solidarity.

Companies themselves are quick to acknowledge that Corporate Volunteering programs (regardless of their main activity) hold a number of clear benefits; first and foremost greater employee satisfaction and motivation, followed by employee engagement with the company’s CSR strategy. Improved community relations and enhanced corporate values come in at third and fourth place.

In 2012, four hundred ACCIONA Corporate Volunteers took part in activities in a variety of fields, such as education, help for the differently-abled, community support and providing access to basic domestic PV solar electricity systems.

At the same time, ESADE business school’s study on Corporate Volunteering models in Spain detected a lack of means for assessing the impact of programs. Despite the adverse economic situation, Corporate Volunteering has grown considerably over the past two years. However, improved metrics are required to gauge the impact of Corporate Volunteering, to accurately identify its advantages and to continue to foster this type of activity.

Corporate Volunteering is a tool that has arisen in response to employees’ concerns regarding the needs of society in general and socially vulnerable groupings. Now, more than ever, is the right time to give it a boost. ACCIONA is already doing so, and it would be a good thing to set our sights on increasing the percentage of companies that engage in Corporate Volunteering in 2013, a year that promises to be a tough one for many people.

6th Major Truth on Climate Change: Global warming, a dramatic reality

27 August 2012

In previous articles we stated that forecasts point to an increase in median temperatures of up to 5ºC more before the end of this century. The increase in climate change brought about by global warming does not, strictly speaking, lend itself to forecasts; the bad thing is that, up until now, all the forecasts have been rendered inaccurate by the sheer speed and intensity of events and their impact—in short, by reality.

James Hansen’s latest paper on Perception of Climate Change, published last month by PNAS (Proceedings of the National Academy of Sciences) and mentioned in The Economist, states that the “climate dice” (a term used to describe the chance of unusually warm or cool seasons) has shifted towards unusually warm spells over the past thirty years. Thanks to global warming, another new category has emerged: “extremely high summertime temperatures”. This “extreme heat”, which during the base period (1951-1980) covered much less than 1% of the Earth’s surface, now covers about 10% of the land area. The seasonal temperature deviations have shifted unmistakably towards high temperatures and the range of anomalies has increased.

What does “global warming” really mean? As well as temperature increases, it means alterations in the frequency and intensity of extreme weather  phenomena, with 2011 beating all existing records in the USA: annual losses caused by these phenomena have gone from a few billion US dollars in 1980 to more than 200 billion dollars today, according to the IPCC Special Report on Managing the Risks of Extreme Events. Other phenomena related to global warming such as the rise in sea levels, changes in the frequency and intensity of heavy precipitation and wind events, the increase of cyclones, the fall in farm productivity, the increasing scarcity of potable water or the loss of biodiversity, are just a few of the global phenomena that will cause significant regional impacts.

Let’s focus further on a particularly sensitive issue: water. One of the immediate impacts expected is the growing scarcity of drinking water: in the Mediterraneanregion and Africa and Southern Africa, increased drought levels and the subsequent drop in surface runoff (by more than 30%), and in large areas of China, India (the Himalayas alone are home to more than 50,000 glaciers that feed into 10 major rivers that are vital to the water supply in Asia—the Amu Darya, the Indus, the Ganges, the Brahmaputra, the Irrawaddy, the Salween, the Mekong, the Yangtze, the Hu nag He and the Tarim—on which 1.3 billion people depend for their water supply, and the Andes, as a result of glacier ice melting in the mountains which provide seasonal water for a number of rivers.

“Water is going to run out longer before oil does” warned Nestlé Chairman Peter Brabeck-Letmathe, in the last OECD forum held last May.

Regarding water-related phenomena, drought and flooding and their effects on food are major issues. Two forecasts based on cutting-edge predictive models paint a somber picture unless changes are made urgently:

Researcher Aiguo Dai uses a predictive model that analyzes changes in the worldwide aridity over the period 1923-2010 and concludes that these changes point towards severe and prolonged periods of drought for the next 30-90 years as a result of lower rainfall precipitations and increasing evaporation.

Between 100 and 200 million people a year fell prey to flooding, drought and other water-related disasters; nearly two-thirds of these disasters are caused by flooding. The OECD’s Environmental Outlook 2050 calculates that the number or people at risk of suffering the consequences of flooding will rise from today’s figure of 1.2 billion to approximately 1.6 billion in 2050—that’s nearly 20% of the planet’s population! The economic value of the assets at risk will come to 45 trillion dollars in 2050, a figure 340% higher than in 2010.

Speaking on food prices crisis and volatility, in a recent Financial Times article, the Head of Investments at GMO, Jeremy Grantham, warned that the impact of current climate change effects on drought and flooding are being seriously underestimated.

We are already faced with one of the consequences: the food price volatility. The US corn crisis, brought on by the worst drought seen in the USA since the 1950’s, is directly related to global warming. Moreover, as Stanford’s Noah Diffenbaugh states in a recent study published in Nature Climate Change, it shows that US corn price volatility is far more sensitive to the immediate effects of climate change than to energy policies (such as production quotas for bio-fuels).

The evidence on the dramatic effects of global warming are more and numerous and serious by the day, and their consequences represent a futile waste of human life, and lead to the deterioration of vast eco-systems which, in turn speeds up global warming. We are witnessing the destruction of a part of our historic and cultural essence,  greater volatility of basic food prices (wheat, corn, rice) and the ever-diminishing security of their supply due to protectionist measures in the countries where they are produced (Russia in2010, India in 2011).

Science has made it clear that the causes of global warming are, by and large, human-made, the term: Anthropocene, is already in use to name the era we are now entering. Global overpopulation and the Western world excessive consumption lifestyle are to blame, as its increasing demand for energy is satisfied by producing fossil fuels whose large-scale combustion is highly polluting, as is  the case of coal, oil and, to a lesser extent, gas; main CO2 producers and responsible for heating the planet.

In coming articles we’ll take a close look at the technologies currently available and the most pressing changes needed for managing the global warming challenge

5th Truth about Climate Change: Global Warming is accelerating more than it looks like

25 July 2012

In our last post about the 4th Climate Change truth we defined the anthropocentric causes of Global Warming; in this one we will offer you some facts that will aloud you to understand how climate change is accelerating and why, if nothing is done, temperature could reach an incremental 5ºC by the end of this century and how, this increase in global warming will produce relevant impacts on our planet.

The measurements of increasing CO2 concentrations in the atmosphere show that, if we keep our production and consumption as usual, we will trespass the 450ppm CO2 concentration by 2040. Hawaii’s Mauna Loa observatory, one of the world references in CO2 measurement, registered a concentration as high as 396,78ppm in May2012. The highest ever known in 800.000 years.

The global warming observed between 1960 and 2009 shows that average land surface temperature is already between 1ºC and 2ºC above average in big zones of Canada and Russia. But more worrisome is the Artic area, where land surface temperature has being increase between 4ºC and 4.1ºC. Nobody seems surprised by the fact that the Arctic Ocean is now navigable in summer.

Human activity is accelerating its pressure over Earth system , as reflected by the GEO5, UNEP report; we are reaching thresholds that once surpassed could “generate abrupt and may be irreversible changes in the functions that support life in this planet”; the first cause is increase in population, by 2030 we will be more than 8000 millions, a 20% increase.  The second cause is consumption; purchasing power of middle classes will increase by 172% in the next 18 years. The third cause is our inefficient use and irresponsible waste of our Planet resources, human ecological footprint will increase in 33% and we will have lost 55% more of the Amazon forests. This phenomenon will rocket the net generation of electricity by 84%. 65% of the actual energy mix is based in coal and oil; thus, CO2 emissions from energy production will increase in 20% in the next 20 years.

What we will see, if urgent measures are not put in place, will be an acceleration of the already fast changes in Climate that has taken place in the last 30 years. Media is starting to register each day more frequently this symptoms:

Unabated Global Warming to Accelerate Melting of Greenland Ice Sheet:   Scientists from the Potsdam Institute for Climate Impact Research (PIK) and the Universidad Complutense de Madrid warned in their report that the vast Greenland ice sheet could have been thinning at an alarming faster rate and reversing that trend may prove difficult.

The World Meteorological Organization’s (WMO) Annual Statement on the Status of the Global Climate confirms 2011 as 11th warmest on record. Climate change accelerated in 2001-2010, according to preliminary assessment. WMO said that 2011 was the 11th warmest since records began in 1850.

U.S. Sees Hottest 12 Months And Hottest Half Year On Record: National Oceanic and Atmospheric Administration (NOAA) Calls It A One In 1.6 Million Event. During the second half of June led to at least 170 all-time high temperature records broken or tied. The result is one of the worst droughts ever seen in the US.

Pace of Global Warming Accelerating Dramatically in US  A new report published by Climate CentralThe Heat is On, shows that the pace of global warming in the US has accelerated dramatically in the past 40 years.

Just a few days ago, the  Financial Times, non-suspicious for environmental alarmism, published a brief article on: Freak weather linked to global warming. The issue is that it is really uncommon to see articles that link extreme weather events to global warming in the media. Let’s hope for a regain of trust in scientific evidence.

Our next post, coming soon: Sixth truth about Climate Change. It will give you a brief overview about the dramatic effects of global warming.

ACCIONA’S Sustainability Master Plan 2015 as one of the Company’s business drivers

20 July 2012

The renewables, infrastructure and water company links its objectives directly to its activities and turns them into lines of action for building capabilities and competencies for sustainable development.

ACCIONA has structured its Sustainability Master Plan 2015 (SMP 2015) around nine new lines of action, with a focus linked directly to its activities. The Company has drawn up its road map as a plan aimed at generating distinctive competitive advantage that will make ACCIONA a leader in sustainable development in each of its areas of activity, mainly renewable energies, infrastructure and water. It is an approach that involves the entire organization, as well as ACCIONA’s suppliers.

The new SMP 2015 goes further towards approaching sustainability as a differentiating factor not only in management but also when it comes to drawing up ACCIONA’s offering; it also sets objectives that are linked directly to business activity. This area will gradually contribute more to drawing up tenders and bids.

Where innovation is concerned, SMP 2015 envisages 500 million euro’s worth of investment for the period 2010-2015 with the consolidation of the Technological Observatory; the latter detects, prioritizes and channels the critical information for the implementation of new technologies, while maximizing the leveraging of operational innovation with a savings target of at least 15 million euros.

Stepping up its efforts to ensure respect for the environment, the SMP specifies a number of quantitative commitments, e.g. a 15% reduction in the Carbon Intensity Index (mtCO2/sales), or improve environmental efficiency in the Energy Consumption Rate (TJ/sales) by 15% and in water consumption/sales by 7%.

In terms of responsibility towards society, the SMP 2015 undertakes an ambitious commitment related directly to the Company’s business: to implement a special methodology designed to evaluate the social impact of all of ACCIONA’s international projects.

The Plan also extends the scope of the Fundación Microenergía [MicroEnergy Foundation]—dedicated to providing renewable energy to isolated rural communities—which adds a new country to its list, while the Sustainability Workshop revamps its content and reaches out to new audiences.

The SMP also goes furtherin taking care of the Company’s people. Executive and Senior Management variable remuneration will be linked partly (on a percentage basis) to sustainability targets.

The Plan also sets out to strengthen the entire organization’s commitment to sustainability by providing continuous online training based on the Sustainability Workshop.

The Value Circle has been extended to make sustainability requirements of ACCIONA’s suppliers. This broader scope will be supported by specific online training programs and a catalog of products and services procurement which will be presented shortly.

In the sphere of good governance, the recent renewal of ACCIONA’s Code of Conduct has been supplemented by a set of Ethical Principles for Suppliers.

As regards Stakeholder Engagement, ACCIONA carries out regular consultations and now also takes a specific approach focused on the growing sector of socially responsible investors such as the initiative UNPRI.

ACCIONA continues its leadership in sustainability by taking an active part in the most highly acknowledged organizations. This year, the Company helped to prepare the ‘Rio+20 summit, Changing Pace,  as a member of the WBCSD Steering Committee. It also sat on the Caring for Climate Steering Committee, and participated in the Global Compact LEAD’s ‘SE4All’ (Sustainable Energy for All) working group.

 

Rio+20: Reasons for hope

18 July 2012

The recent UN Conference on Sustainable Development (aka ‘Rio+20’) ended in disappointment. Possibly, the initial expectations were too high; maybe the scale of the event itself, the self-proclaimed “Earth Summit”, bringing together more heads of state and government leaders than any other global meeting (not to mention a long and varied list of companies and organizations), holds the promise of exceptional outcomes, leading, quite reasonably, to frustration when those outcomes fail to appear.

ACCIONA kept very close tabs on the Summit and was at the event to take part in a number of forums, and we believe that it is not too optimistic to say that Rio+20 came up with positive results; they may not be as ambitious as many of us had expected, but at least they make it clear that, 20 years after the milestone event in Rio in 1992, humankind continues to advance inexorably towards a sustainable development model offering a seamless blend of economic growth, social progress and environmental balance.

1. Twenty years is a long time. Unlike the well-known and eponymous tango, it is clear that over the past twenty years we have come a long way in raising awareness on a global scale of the need for sustainable development for the future. The difference between the “Environment and Development” slogan for the 1192 Rio event and the “Sustainable Development” one for Rio+20 is not just about semantics; it is clear that we now take a far broader view of a model of sustainable development which encompasses many aspects of life, such as human rights, universal access to water and energy, biodiversity, climate change and using the green economy to eradicate poverty. The Rio-92 conclusions included 27 articles; the Rio+20 outcome document “The world we want” has 283, which highlights the fact that there is a genuine, and growing, concern and that sustainable development has shifted from a marginal to a central issue on the international agenda.

2. From Romanticism to Pragmatism. The twenty years separating both Earth Summits have enabled us to see the enormous difficulties involved in taking this reality to the amiable swell of well-intentioned Romanticism that impregnated the movement in its early days. When the challenge facing us is no less than to take good care of the planet for the generations to come, it’s easy to understand that hash reality has taken the place of the naivety that crisscrossed the initial thoughts on the subject. Today we know that it is impossible to promote sustainable development taking a Romantic approach and that it calls for a sizeable dose of pragmatism. Our rhythms—political, business or societal—are not necessarily in synch with the planet’s. So, there’s a specific and pressing need to reconcile short-term objectives and the medium-long view which will enable us to act not only on the basis of business results and electoral outcomes, but also with our sights set on the needs of the not too distant future. Harsh though it may seem, this is something we must learn from the lessons of Rio+20 if we are to carry on the process in years to come.

3. Talk is not always a waste of time. The lack of binding commitments is the accusation most-frequently leveled at Rio+20, and quite rightly too. Some observers have even gone to the trouble of counting and comparing the number of times that the expressions “we encourage” (50) and “we will” (5) appear across the 53 pages that make up the summit’s outcome document.
The truth is that, to mention just one of the summit’s more controversial issues, it is very disappointing to see that while the International Energy Agency (IAE) insists repeatedly on the need to do away with subsidies for fossil fuels in an effort to put a brake on climate change, the Rio+20 outcome document limits itself to a simple declaration on its willingness to reaffirm the commitments to this issue undertaken by a number of countries and inviting others do follow suit. Incidentally, some of those subsidies were as high as 409,000 million US dollars in 2010, six times more than the incentives for renewable energies.

Accordingly, press headlines poked at the summit, calling it “a talking shop” (REM), and described the outcome document as 283 pages of “bluff” (The Guardian). However, it is important to understand that there is a lot of diplomacy involved in international summits, and that they call for considerable skill when it comes to meshing opinions and reaching a final consensus, however insubstantial it may seem. But that doesn’t make them a waste of time. Without a doubt mandatory commitments would have made Rio+20 a better summit. But discussing these issues at a global level can never be considered a sterile exercise; the ideas expressed in these events help to serve as a guide and make up the bedrock of future actions, possibly less ambitious though certainly more practical, at other levels of decision-making (national, regional or local).

4. There is life beyond politicians. It’s true that s Barak Obama, Angela Merkel and David Cameron were not among the 88 premiers and heads of state gathered in Rio+20, and that the summit’s level of political representation was negatively skewed as a result. On the other hand, though, there was a strong and very visible presence of business and civil society, which was both encouraging and promising. Although worldwide political consensus is important—and, sadly, it takes a long time to get there—it is no less important to see that sustainability is capable of attracting considerable human and economic capital, a powerful energy which we need to harness in our quest for real formulas for cooperation between the different players involved and to call for greater and more effective political agreement.

5. And don’t forget the small print. Despite being short on major political commitments, Rio+20 has delivered the goods in other aspects in the way of second-tier commitments and agreements which should not be looked down upon. A case in point: it is worth highlighting the important progress made on incorporating sustainability into corporate reporting. Britain’s vice-premier Nick Clegg announced that his country would require UK-listed companies to report not only on financials but also on social and environment indicators; ACCIONA has been doing this for many years with its Triple Bottom Line (economic and financial, social en environment).These measures are in line with the move towards stepping up corporate transparency and leads to a more exhaustive evaluation of companies by highlighting the externalities related to their activities and the latter’s effects on their social and environmental surroundings.

In short, now we’ve got over the Earth Summit’s initial disappointments, we all (governments, business and social organizations) need to learn from the lessons stemming from the summit and make a concerted effort to understand that despite the urgency to solve short term problems, however serious they are, we cannot take our eyes off the essential task of ensuring a sustainable future for one and all. Rio+40 will have a lot to say.

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