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Businesses aim to get green travel policies on track

Businesses aim to get green travel policies on track

New survey reveals four out of five SMEs intend to take steps to encourage employees to embrace lower carbon travel options.

Over 80 per cent of UK small and medium-sized enterprises (SMEs) intend to increase their support for lower carbon business travel through corporate travel policies and budgets for 2024.

That is the headline finding from a new survey of over 500 decision makers at businesses with fewer than 250 employees commissioned by Trainline Partner Solutions, the B2B arm of Trainline.

The survey found nine in 10 UK SMEs expect to boost travel expenditure this year, while 92 per cent expect to see levels of business travel increase.

However, at the same time 83 per cent intend to strengthen their travel policy and/or financial support to make it easier for employees to opt for lower carbon travel modes in 2024. Specifically, 48 per cent are planning to use rail more to help reduce their emissions from business travel.

The survey also found 52 per cent of respondents have already set targets for reducing their emissions from business travel – and of those SMEs that have no such goals, two-thirds think it is likely their company will set a target this year.

“Businesses are telling us they expect to both travel and spend more this year as business travel continues to rebound post-Covid,” said Andrew Cruttenden, general manager at Trainline Partner Solutions. “We’re seeing a clear signal that sustainability considerations are a growing factor in setting travel policies and budgets, and rail is a great way to reduce the carbon emissions for travel versus flying and driving. Carriers and travel partners must ensure they can meet this growing demand by innovating and investing in the right tech that helps make rail a simple and seamless option for business travellers.”

Most businesses have slashed travel-related emissions in recent years, after the covid pandemic triggered widespread use of video conferencing platforms. However, business travels are expected to continue to recover this year, prompting calls for businesses and policymakers to incentivise wider use of lower emission forms of travel.

For example, the Climate Perks campaign has called on companies to offer employees extra days off if they use rail for their holidays, while green groups have repeatedly called for businesses to eschew the use of short haul flights wherever rail offers a viable alternative.

However, efforts to encourage wider use of rail have been hampered by the relatively high cost of rail compared to flights, with a Greenpeace analysis last month pointing to how popular rail routes across Europe over the festive period were on average 3.4 times more expensive than equivalent flights.

As such, campaigners are continuing to call on governments to introduce new policies and taxes to curb the availability of short haul flights and tackle the price differential between rail journeys and flights.

 

 


 

 

Source  –   BusinessGreen

Singapore introduces framework for sovereign green bonds ahead of inaugural issuance

Singapore introduces framework for sovereign green bonds ahead of inaugural issuance

Singapore on Thursday (Jun 9) published the governance framework for sovereign green bonds, ahead of the first such issuance expected in the next few months.

This comes as Singapore moves to develop the green finance market and make green finance a driving force for sustainability.

The Singapore Green Bond Framework sets out guidelines for public sector green bond issuances under the Significant Infrastructure Government Loan Act 2021 (SINGA), said the Ministry of Finance (MOF) and the Monetary Authority of Singapore (MAS) in a media release.

It covers the Government’s intended use of green bond proceeds, governance structure to evaluate and select eligible projects, operational approach to manage green bond proceeds, and commitment to post-issuance allocation and impact reporting.

In addition to providing the foundation for green bonds issued by the Government, the framework will also serve as a reference for statutory boards that issue their own green bonds.

The key principles considered in the development of the framework were alignment with internationally recognised market principles and standards; stringent governance and oversight of project selection and allocation of proceeds; and technical screening to evaluate and identify green projects, MOF and MAS said.

 

 

Eligible expenditures

At Budget 2022, Finance Minister Lawrence Wong announced that the Government would issue S$35 billion of green bonds by 2030 to fund public sector green infrastructure projects.

Proceeds from these bonds, which will be issued under the new framework, will be used to finance costs associated with the Singapore Green Plan 2030, MOF and MAS said.

In turn, the eligible green projects are expected to facilitate the transition to a low-carbon economy in Singapore and contribute to the climate-related and environmental goals set out by the Singapore Government.

The categories of “eligible green expenditures” are:

  • Renewable energy
  • Energy efficiency
  • Green building
  • Clean transportation
  • Sustainable water and wastewater management
  • Pollution prevention, control and circular economy
  • Climate change adaptation
  • Biodiversity conservation and sustainable management of natural resources and land use

 


 

Source CNA