CLIMATE CHANGE

G7 agree on 'historic steps' to make climate reporting mandatory

G7 finance ministers agreed an historic commitment to make it mandatory for corporates to report climate impacts and investment decisions, alongside new measures to strengthen central company beneficial ownership registries to crackdown on environmental crime. The ministers also backed work by the International Financial Reporting Standards Foundation that will seek to develop a new global standard for sustainability reporting that builds on the TCFD framework, and welcomed the launch of The Taskforce on Nature-related Financial Disclosures (TNFD), which has an aim to align corporate reporting and financial spending to alleviate nature-related risks. Additionally, the G7 agreed to tax reforms for multinationals, whereby a global minimum rate of 15% tax for each country that a business operates in looks set to be introduced. (Edie)

BIODIVERSITY

New global initiative will push for greater biodiversity disclosures

A new market-led Taskforce on Nature-related Financial Disclosures (TNFD) framework has been launched to help organisations to report and translate evolving nature-related risks into financial terms, to support a shift in global financial flows away from destructive activities. The disclosure initiative is backed by heavyweight financial institutions like AXA, BNP Paribas, DBS Bank, Rabobank, First Rand, Yes Bank, and Storebrand, as well as the governments of United Kingdom, France, the Netherlands and Switzerland. The taskforce rests on the belief that financial disclosures are essential to a market-based solution to nature loss, and that better nature-related data will enable informed decision-making by financial institutions and companies. A properly functioning, informed market will price in risks appropriately and channel investments to more sustainable opportunities. (Eco-Business)

COLLABORATION 

Unilever, Google and Amazon join Environmental Defense Fund

Major businesses including Salesforce, Amazon, Netflix, Unilever and Microsoft have formed a new alliance aimed at mobilising funding for scalable climate solutions. The businesses have joined together with the Environmental Defense Fund, the UN Environment Programme, and environmental charity WWF to form the ‘Business Alliance to Scale Climate Solutions’. Its members will aim to create a central platform to move corporate investment into climate solutions from a siloed process into a collaborative and scalable movement. Members of the new alliance will seek to work collaboratively to catalyse investments into projects and solutions that can reduce emissions and remove existing atmospheric carbon across value chains. Verified methodologies will be developed to ensure investment supports social and environmental improvements. Global sustainable business organisation BSR will act as Secretariat. (Edie)

DIGITAL ETHICS

France fines Google €220million for online advertising monopoly

France’s competition watchdog has fined tech behemoth Google €220 million for abusing its market power in the online advertising industry. The French Competition Authority said Google had unfairly sent business to its own services, and discriminated against the competition. The investigation found that Google gave preferential treatment to its DFP advertising server, which allows publishers of sites and applications to sell their advertising space, and its SSP AdX listing platform, which organizes auction processes and allows publishers to sell their “impressions” or advertising inventory to advertisers. According to the regulator, Google’s rivals and publishers suffered as a result. Google has agreed to pay the fine and end some of its self-preferencing practices. (CNBC)

SUSTAINABLE AGRICULTURE

McCain pledges to use only regeneratively-farmed potatoes by 2030

The UK's largest manufacturer of frozen potato products McCain has pledged to use potatoes grown using regenerative agricultural practices across its portfolio of products worldwide by the end of the decade. Regenerative agriculture puts a greater focus on soil health and quality, promoting biodiversity and more plant cover on fields throughout the year. It also aims to use natural processes to prevent against disease and improve crop resilience in a time of climate change. McCainplans to use potatoes grown to these standards in its Superfries, Bistro fries, Potato Patties, Smiles, Tasti Taters and Homefries brands. The company aims to implement regenerative agricultural practices across 100% of its potato acreage – representing 370,000 acres worldwide – by 2030. (Business Green)