Palm oil giant IOI Group regains sustainability certification
IOI Group, a leading palm oil producer, has had its certificate for sustainable palm oil reinstated by the Roundtable for Sustainable Palm Oil (RSPO). The Malaysia-based company lost its accreditation in March 2016 after having failed to meet the certificate’s environmental standards, including the failure to protect peat areas and forest. This decision led a number of multinationals, such as Unilever and Mars, to remove IOI Group from their lists of approved suppliers. RSPO have now stated that the body is “satisfied” with improvements made by IOI Group to meet industry sustainability standards and will reinstate the certification subject to an independent ground inspection. IOI Group’s suspension will be re-established if the inspection “finds significant failures in the implementation of IOI’s commitments to RSPO”. (The Guardian)
Policy
Paris Agreement nears critical threshold for 2016 adoption, analysis finds
Research from the Marshall Islands government has found that fifty-eight countries, cumulatively representing nearly 54% of global emissions, have now ratified the Paris Agreement or have pledged to do so before the end of 2016. Only 22 countries, of which the Marshall Islands were the first, have officially completed their domestic ratification process. Whilst these nations only account for just over 1% of global emissions, major polluting countries, such as Brazil, China and the US, are now planning to ratify the Agreement by the end of the year. The Paris Agreement is set to come into force once 55 countries representing at least 55% of global emissions have officially submitted their instruments of ratification. This means, according to the Marshall Islands – which faces major threats from sea-level rise – that the Paris Agreement is likely to enter force this year. (Business Green)
UK businesses seek long-term climate and energy plan from new government department
An assessment carried out by consultancy Inenco has revealed the desire of UK businesses across a range of sectors for an energy policy plan from the newly established Department for Business, Energy and Industrial Strategy (BEIS). The survey showed that of the fifty large industrial and commercial businesses involved, 80% said the creation of a long-term energy policy framework should be the main immediate priority of the department following the demise of the Department of Energy and Climate Change in July. Adding to this, the survey found strong support for BEIS to focus on outlining policies on climate change and renewable energy. According to Inenco, a common sentiment expressed by survey respondents was that investors “must have confidence in the security of their investments and a clear indication of the future direction”. (Business Green)
Employees
Asset managers reveal gender split
A number of asset management companies, including BlackRock, Franklin Templeton and Capital Group, have published their diversity statistics for the first time. This follows growing concerns that women are under-represented in senior roles across the industry. The results show that although women account for nearly half the workforce of these companies, they often represent just 25% of senior executives. Helena Morrissey, chairwoman of the Investment Association, the trade body for asset managers, said that the decision to make diversity statistics public was a “breakthrough” that demonstrates a “new and real commitment to solve the current lack of diversity in all its dimensions”. In June nearly thirty investment companies and industry organisations signed up to the Diversity Project, a campaign aiming to ensure diversity in all roles across the industry, which is chaired by Morrissey. (Financial Times*)
Environment
Greenpeace sounds alarm over China’s long-distance fishing fleet
China’s long-distance fishing industry has expanded to more than 10 times the size of America’s and its growth is depleting fisheries and creating conflicts, according to a Greenpeacereport. From 2012 to 2014, the number of Chinese vessels involved in “distant water fishing” grew from 1,830 to 2,460. In March, Argentina sank a Chinese boat it claimed was fishing illegally in its waters. Indonesia, South Africa and the Philippines have all had recent run-ins with Chinese fishing fleets. The Chinese government is directly driving this growth by subsidising fuel costs and other expenses, the report says. China’s fishing subsidies “need to be reformed in order to promote healthy development and an industry which can sustain healthy oceans,” said Li Shuo, a global policy adviser at Greenpeace East Asia and an author of the report. (Guardian)
Image source: Fishing Fleet by William Murphy / CC BY-SA 2.0
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