SUSTAINABLE INVESTMENT

UK’s biggest private pension fund to shift £5bn from polluters

The UK’s biggest private pension fund will shift £5 billion of its investment in equities to an index avoiding the worst polluters, resulting in a 30% reduction in the carbon emissions associated with its shareholdings. The Universities Superannuation Scheme (USS) which manages the pensions of UK academics, will introduce a climate “tilt” to its assets, shifting it to companies that are making efforts to cut emissions. USS owns assets worth £82 billion on behalf of 470,000 members from 330 UK higher education institutions, of which 40% is held in equities. The £5 billion stake will move to Legal & General Investment Management, which will invest it according to a climate transition index. A spokesperson said more of the portfolio was expected to be moved to climate-aware indices in the future. (The Guardian)

RENEWABLE ENERGY

China builds 26 gigawatts of offshore wind capacity in 2021

China has installed 26 gigawatts worth of offshore wind in 2021, according to China’s National Energy Administration. It now accounts for around half of the world’s total capacity and equates to more than what the entire world has produced over the past five years. Meanwhile, the UK currently has an estimated 10 gigawatts of offshore wind capacity. The UK government has unveiled plans to invest a total of £31.6 million in 11 new projects, which will focus on floating wind technology. These developments will receive an additional £30 million cash investment from private industry. The UK government said that the investment in floating turbines would expand energy capacity and enable the technology to be located in the “windiest parts” of the country’s coastline. (City A.M.; CNBC)

FOOD SECURITY

China to allow gene-edited crops in push for food security

China’s Ministry of Agriculture and Rural Affairs has published trial rules for the approval of gene-edited plants, paving the way for faster improvements to crops as it seeks to bolster its food security. Gene-editing – altering a plant’s genes to improve its performance – is viewed by some scientists as less risky than genetically modifying them, which involves transferring a foreign gene. Gene-editing technology’s precision makes it faster than conventional breeding or genetic modification and lowers the cost. The draft rules stipulate that once gene-edited plants have completed pilot trials, a production certificate can be applied for, skipping the lengthy field trials required for the approval of a GM plant, reducing China’s reliance on overseas plant breeding and seed imports. (Reuters)

STRATEGY

Compass Group bans air-freighted fruit to cut emissions

The UK’s largest food services company, Compass Group UK & Ireland, has banned the use of air freight for fresh fruit and vegetables as part of its plan to reach net-zero emissions by 2030. Compass Group UK & Ireland created a dedicated sustainability team within its procurement division, Foodbuy, to accelerate emissions baselining work and reduction initiatives. Foodbuy claims that banning air freight for fruit and vegetable produce, the company’s second biggest buying category, will be a significant move towards reducing its emissions across all scopes. Compass-owned Levy UK and Ireland made headlines last year when it banned air-freighted produce from the menu at COP26. Foodbuy has also transitioned to free-range eggs this year and is phasing out use of seafood receiving lowest rated grades by the Marine Conservation Society. (edie)

DEFORESTATION

Plan for most popular US forest prompt logging concerns

A US federal blueprint for the long-term future of the country’s most popular national forest has proposed cutting down further trees and reducing protections for old-growth areas and critical carbon sinks. Critics claim logging could quadruple in North Carolina’s National Forest with more than half of the public land – half a million acres – exposed under the blueprint. The new logging zones contain more than 12,000 acres of existing old-growth forests. Critics have said that the government’s proposal to cut down public forests jeopardises Biden’s COP26 pledge to halt forest destruction and begin restoration by 2030. However, the Forest Service has hit back at criticisms, calling the logging claims “alarmist and irresponsible”, stating that the blueprint is intended to restore native forest ecosystems scientifically proven to be resilient to climate change. (The Independent)

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