Ten major companies to back new climate disclosure guidelines
Ten major companies have announced they will report detailed information on the risks climate change posed to their business models within the next three years, based on the new guidelines by the Financial Stability Board’sTask Force on Climate-Related Financial Disclosures (TCFD). The 10 firms include Marks & Spencer, Iberdrola,Philips Lighting, Aviva, Royal DSM, Enagás, Ferrovial, Sopra Steria Group, Wipro Ltd, and WPP. They will start publicly releasing information on how their businesses will cope with the physical impacts of climate change, such as disruption to weather patterns, but also on how vulnerable they are to climate-related financial disruption and market shocks, including the risks of ‘stranded assets’ for fossil fuel reliant industries. Since the TCFD guidelines’ release, 11 major banks have announced plans to put the new international climate risk disclosure guidelines into practice. (Business Green)
New assurance guidance launched for human rights reporting
International advisory firm Mazars and business and human rights non-profit Shift have announced the launch of new Assurance Guidance on human rights. The guidance, which supports the 2015 UN Guiding Principles Reporting Framework, aims to help internal auditors to assure companies’ human rights performance, and support external assurance providers who oversee companies’ human rights reporting. Richard Karmel, Head of Human Rights Services at Mazars, said pressing demands for companies to address human rights risks have made “internal audit and external audit assurance functions more important than ever”. Caroline Rees, president of Shift, added that implementing “appropriate” and “effective procedures” was the “only real defence” that companies could have to manage their corporate reputation and continuity. (UNGP Reporting)
Climate Week NYC
Report: Existing business pledges keep US on track with Paris goals
The action of US states, cities and businesses could “significantly mitigate” the impact of the US decision to withdraw from the Paris Agreement, according to new research released by the New Climate Institute and The Climate Group. The study – launched to coincide with start of Climate Week NYC – covers 342 quantified climate pledges by individual actors, including 262 companies headquartered in the US, based on CDP data. It found that, if fully implemented, US greenhouse gas emissions would fall by up to 14% below 2005 levels by 2025. Businesses had the steepest targets, aiming for a 25% reduction in the next 10 years. Although the report covers only 44% of total US emissions, co-author Dr Niklas Höhne said there were reasons to believe that the calculated impact was “underestimated”, as “much more action is happening that is not yet recorded or formulated in a quantified way”. (edie)
Major firms join EV100 initiative to boost electric vehicles
During Climate Week NYC, international nonprofit The Climate Group has announced the launch of a new business campaign designed to fast-track the uptake of electric vehicles (EVs) and infrastructure. ‘EV100’ will use companies’ collective global buying power and influence on employees and customers to build demand and cut costs. Members will commit to transition their diesel and petrol vehicle fleets to EVs and/or install electric battery charging infrastructure by 2030. Deutsche PostDHL Group, Heathrow Airport, HP, IKEA and Unilever are among the first companies to join the EV100, sending a “powerful signal” that the transition to 100% EVs will be faster than expected, according to Nigel Topping, CEO of the We Mean Business coalition. (Sustainable Brands)
Corporate Reputation
Food brands ‘cheat’ eastern European shoppers with inferior products
Multinational food and drink companies have “cheated and misled” shoppers in eastern Europe by selling them inferior versions of well-known brands, according to Věra Jourová, the EU Commission’s most senior official responsible for justice and consumers. Coca-Cola, Lidl, Pepsi and Birds Eye have been highlighted in comparative studies which revealed that some products contained, for example, more sugar than those sold in western European markets. Companies have insisted that the nature of the local demand explained these differences. The Commission president, Jean-Claude Juncker, has signalled that Brussels was ready to act by legally and financially empowering national consumer bodies to investigate and prosecute those who engage in “dual food” practices. (Guardian)
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