Marriott International launches new European charitable giving initiative
Marriott International Inc announced today “World of Opportunity,” a new charitable giving programme for Europe, which aims to help young people from disadvantaged backgrounds reach their full potential by providing life skills and vocational opportunities. Through “World of Opportunity,” Marriott International’s more than 280 hotels across Europe will fundraise, facilitate in-kind donations and volunteer with two charitable partners, SOS Children’s Villages and The Prince’s Trust.
Nike factory to pay $1 million to Indonesian workers for overtime
A Nike factory has agreed to pay $1 million in unpaid overtime to Indonesian workers in a move that could force other suppliers of multinational companies to follow suit. Nearly 4,500 employees at one of the sportswear group’s suppliers, the PT Nikomas shoe plant will be compensated for close to 600,000 hours of overtime clocked up over the past two years. The out-of-court settlement, reached after nearly a year of negotiations, set a precedent for other workers.
Nigeria union threatens oil output shutdown
A major union threatened to stop the beating heart of Nigeria’s economy – crude oil production – as part of a nationwide strike and protests gripping Africa’s most populous nation. Nigeria is the fifth-largest oil exporter to the United States, and a shutdown would force American refineries to replace 630,000 barrels per day of crude. The threat of a strike caused jitters on global oil markets as traders worldwide worried about supply.
Green energy investment soars to £169 billion
Global investment in clean energy reached a new high of $260 billion (£169 billion) last year – despite the financial crisis and the anti-environment agenda of Republicans in the United States Congress. Data from Bloomberg New Energy Finance, which tracks clean energy investment, showed a 5% increase compared with 2010, driven largely by a surge of money going to the solar industry. Investment in solar power rose 36% last year to $136.6 billion.
IKEA increases its solar presence in United States
IKEA has announced plans to install solar energy panels on five more of its central United States locations. Pending governmental permits, installation can begin this Winter, with completion expected in Summer 2012. Implementation of these projects will extend the IKEA solar presence to nearly 85% of its United States. This investment by IKEA reinforces the company’s long-term commitment to sustainability and confidence in photovoltaic (PV) technology.
Top investment firms begin assessing their portfolios’ climate risks
Mercer has released a follow up report to it’s groundbreaking survey which found that the economic cost of climate policy could lead to a 10% increase in portfolio risk for investors within 20 years.The new report surveys 12 institutional investors on how they are implementing the findings of the 2011 survey. In addition to identifying the risks to portfolios from climate change – adaptation costs could be as high as $180 billion per year, while the increase in the cost of emissions could reach $400 billion per year globally.