REPORTING

WEF confirms 100 businesses to report on efforts to benefit society

The World Economic Forum has confirmed over 100 businesses have voiced support for its ‘Stakeholder Capitalism Metrics’ initiative, which encourages businesses to report in a unified manner on efforts to realise societal purpose beyond profit-making. Businesses committed to adopting the metrics since the start of 2021 include Enel, Ericsson, Hyundai Motor Group, Swiss Re and Standard Chartered. They join the likes of Unilever, Siemens, Nestle, Dow, PayPal, Mastercard and Salesforce. The initiative includes 21 core metrics and a further 34 expanded metrics and disclosures, spanning four themes: governance, planet, people and prosperity. Disclosures include reporting on materiality assessments; board gender composition ; support for under-represented groups; entire absolute emissions footprint; climate risk across the value chain; water footprint and risk exposure; diversity and inclusion; and equal pay, among others. (edie)

BIODIVERSITY

Philanthropies pledge record $5bn for nature and community protection

Bezos Earth Fund, Nia Tero, Bloomberg Philanthropies and Wyss Foundation are among nine philanthropic organisations behind a record private funding announcement for nature. The organisations have collectively pledged to provide $5 billion over the next 10 years for projects that advance progress towards the '30 by 30' nature protection goal, in a donation that has been touted as the largest-ever private funding commitment for biodiversity. The ’30 by 30’ goal consists of protecting 30% of land and ocean by 2030, by strengthening and expanding protected areas and supporting Indigenous stewardship of traditional territories. The other supporting organisations are Rob and Melani Walton Foundation, the Gordon and Betty Moore Foundation, Arcadia, Re:Wild, and Rainforest Trust. Conservation NGO WWF has praised the funding as a “game changer that will help safeguard humanity.” (Business Green)

CORPORATE REPUTATION 

UK watchdog to launch crackdown on ads falsely making green claims

Airline ads that encourage taking too many flights and carmakers that show SUVs tearing up the countryside are set to fall foul of a crackdown on marketing that encourages environmentally irresponsible behaviour. The Advertising Standards Authority (ASA) is to launch a series of inquiries into the environmental advertising claims and practices across a range of sectors – starting with energy, heating and transport – in a drive to support global efforts to reduce carbon emissions and battle the climate crisis. Next spring the watchdog will expand its investigation into the accuracy of green claims made by companies around waste, such as products being biodegradable, recyclable or a “plastic alternative”. Later in 2022 the spotlight will turn to meat and food sustainability advertising, including beef products, a hugely carbon intensive industry. (The Guardian)

CLIMATE CHANGE

Centrica, Nestle, Swatch among most exposed to physical climate risks

European energy firms Centrica and Galp, food group Nestle and watchmaker Swatch are among 50 companies worldwide that are highly exposed to physical climate risks, according to the Institutional Investors Group On Climate Change (IIGCC). The IIGCC, which has $10 trillion in assets, said the companies, which are involved in energy and mining, food, pharmaceuticals or technology manufacturing or transport and utilities, are more exposed to issues such as flooding than other companies in their sector and region. In a letter to the companies, the investors asked them to identify and respond to events like flooding, droughts and extreme heat. The IIGCC also published a set of expectations for all companies on building resilience to physical climate change risks, including scenario testing and reporting against a set of risk metrics. (Reuters)

COLLABORATION

US doubles climate finance to $11bn to support developing nations

At the UN General Assembly (UNGA) this week, US President Joe Biden announced a doubling of the country’s commitment to overseas climate aid to more than $11 billion annually by 2024, following pressure from green groups and other nations in the build-up to COP26. The finance will go to developing countries to help them to cut greenhouse gas emissions and cope with the impacts of extreme weather. Developing countries and campaigners welcomed the offer of increased climate finance, however, warned that rich countries needed to do more. They highlighted that a longstanding promise of receiving $100 billion a year from 2020 has not yet been fulfilled, with the climate finance gap still being far from closed. (edie; The Guardian)

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