Top Stories

• BNP Paribas says it will stop funding for tobacco industry
• Ikea begins work on ‘most sustainable’ UK store
• Global car manufacturing giants launch sustainable raw materials drive
• Consumer Goods Forum launches local group to tackle sustainability challenges in Japan
• WRAP releases date label guidance to drive down UK food waste

The Independent Research in Responsible Investment survey (IRRI 2017)

Responsible Investment

BNP Paribas says it will stop funding for tobacco industry

BNP Paribas has announced it will cease investments related to tobacco companies and “progressively disengage” from relationships with tobacco clients. The bank previously worked on deals for clients including British American Tobacco, Imperial Brands and Philip Morris. The move follows a recent decision by the UN Global Compact to exclude tobacco firms from its initiative for a responsible economy. It also comes as a number of institutions are shunning sectors they consider unethical or socially irresponsible, including insurer Axa which last year decided to divest and stop investing in the tobacco industry and the Bank of New Zealand which said it would stop investing in weapons, nuclear energy and tobacco companies. Last month BNP Paribas also said it would cease funding shale and oil sand projects as part of its initiative to tackle climate change. (Bloomberg)

Strategy

Ikea begins work on ‘most sustainable’ UK store

Global furniture retailer Ikea has started construction on a £100 million new store in London which will include an array of sustainable features, including solar panels, rainwater harvesting, renewable construction materials and greywater treatment. Several in-store solutions will also aim to help customers live more sustainably such as a furniture take-back scheme and a 80 square metre space to encourage customers to reuse and recycle their own products. Ikea claims that the store, which it hopes will gain BREEAM ‘Excellent’ accreditation and is due to open in winter 2018, will be the most sustainable store in the UK. Ikea will also spend around £2 million in the local area including on sustainable transport solutions, with customers able to use cycle spaces and electric vehicle (EV) charging points free of charge. (edie)

Supply Chain

Global car manufacturing giants launch sustainable raw materials drive

A group of the world’s leading car companies, including BMW, Volkswagen and Ford, has revealed plans to set up a Raw Materials Observatory with the aim to identify and address environmental, human, and labour rights issues associated with the sourcing of raw materials. On average, an automobile is made up of 47% steel, 8% iron, 8% plastic, 7% aluminium, with other materials such as glass, platinum, palladium, silica, rubber, copper and rhodium making up the remaining 30%. However car companies often have no direct contractual relations with suppliers. It follows work by the industry group Drive Sustainability, set up in 2012, to develop and monitor compliance with common sustainability principles and to organise capacity building actions. The group also includes Daimler, Honda, Jaguar Land Rover, Scania, Toyota Motor Europe, Volvo Cars, and Volvo Group. (Business Green)

Consumer Goods Forum launches local group to tackle sustainability challenges in Japan

As part of its ongoing regionalisation strategy, the Consumer Goods Forum (CGF) has created a Japan Sustainability Local Group in order to help local and multinational CGF members in Japan share knowledge and best practices on sustainability challenges facing the consumer goods industry. The Group will develop action plans for solving regional sustainability challenges and aims to inspire collective action across CGF’s Japanese membership and engage with relevant external stakeholders. CFG members under the challenges raised by issues such as climate change and protecting workers’ rights, but the specifics of these issues can differ from region to region. Founding members of the Japan Sustainability Local Group include Ajinomoto, Kirin Holdings, Lawson, Fuji Oil, LOTTE, Mitsubishi, Suntory Beverage & Food and Shiseido. (Sustainable Brands)

Waste

WRAP releases date label guidance to drive down UK food waste

As part of its efforts to tackle food waste, WRAP has published new labelling guidance for the choice and application of date labels and storage advice. Geared towards food manufacturers, retailers and brands, the guidance aims to become the industry standard. It brings together recommendations that ensure food is safe and adheres to legal requirements, with best practice information to ensure it is stored and used within time. As part of the new standard, WRAP, the UK Food Standard Agency and Department for Environment, Food and Rural Affairs (Defra) have called for the reinstating of visual cues, such as the freezing Snowflake logo and the addition of a new Little Blue Fridge icon for food which should be kept chilled, or would benefit from refrigeration. (Sustainable Brands)

Image Source: Tobacco by George Hodan at PublicDomainPictures. CC 0.