The much-awaited Companies Bill 2012, which seeks to replace the more than five-decade old regulations that govern corporates in the country, is likely to be tabled in the Council of States in India later this week. The Bill envisages a slew of changes to rules governing the functioning as well as social responsibilities of corporates. Spending towards Corporate Social Responsibility activities, more responsibility on independent directors and setting up of a National Financial Reporting Authority, are among the major features of the proposed legislation. With the new legislation, India would possibly become the first country to have Corporate Social Responsibility spending through a statutory provision. (Economic Times, India)
China leading in fight against climate change
A new report has revealed that while China remains the world's largest greenhouse gas emitter it is also taking some of the most ambitious strides to curb environmental impacts. The Australian Government's independent advisor, the Climate Commission, has today launched a report showing how global action to tackle carbon emissions progressed during the last nine months. The report shows that in 2012 China reduced the carbon intensity of its economy more than expected and almost halved the rate of growth for electricity demand. China also cemented its position as a renewable energy powerhouse, expanding solar power capacity by 75 percent, and investing more than $65bn in clean energy. (Business Green)
Corporate Reputation
ENRC accused of bribing presidents in Africa
The investigation by the Serious Fraud Office (SFO) into alleged corruption at Eurasian Natural Resources Corporation (ENRC), a FTSE-listed mining firm, will scrutinise allegations including "payments to African presidents", $35m of "misappropriated" cash and "document destruction". The claims, vehemently denied by ENRC, were made in a leaked letter from the law firm Dechert to ENRC after the firm had been dismissed from leading an internal inquiry. Last week, the SFO began a criminal investigation into allegations of fraud, bribery and corruption relating to the activities of the company or its subsidiaries in Kazakhstan and Africa. An ENRC spokesman said it is "committed to a full and transparent investigation of its procedures and conduct. (Independent, Guardian)
Climate Change
Developing nations put climate change at heart of plans
Representatives from governments in Africa and Asia have formed a network to support their efforts to factor climate change into their development plans. The Government Group Network on Climate Change Mainstreaming and Development includes members from Bangladesh, Cambodia, Ethiopia, Kenya, Mozambique and Zanzibar – and will expand to include other countries. The network has been set up to enable policymakers in countries at risk from climate change to share information and collaborate in ways that could strengthen their policies and plans by ensuring they consider how climate change could affect development. The building blocks of the framework are political will, information and awareness, and resources for programmes and projects. (Daily Times, Nigeria)
Environment
Rennovia develops bio-based nylon
Rennovia, the biotechnology company, says it has developed a process to make a bio-based nylon material that will cost 20 to 25 percent less to produce and halve greenhouse gas emissions compared to conventional petroleum-derived chemicals. The company says it has demonstrated production of hexamethylenediamine (HMD) — a key chemical used to make nylon — from renewable feedstocks. This coupled with Rennovia’s other products enables for the first time the production of 100 percent bio-based nylon. Nylon is used extensively to make a wide range of consumer goods, including shoes, apparel, carpeting and other textiles. More than 3bn pounds of HMD is currently produced per year, representing a global market of more than $4bn. (Environmental Leader)
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