According to International Labour Organization (ILO), the poor will suffer the most from the effects of global warming and “insurance schemes can play a key role in helping reduce the vulnerability of the poor to weather disasters and global warming,” says Craig Churchill, who heads the ILO Microinsurance Innovation Facility. Churchill emphasises that insurance at the larger “meso” and “macro” levels should also be covered, if not prioritised, in addition to the “micro” level. Some such insurance schemes are risky and have not worked, however, we can learn from India. With more than nine million farmers covered, India’s weather-index insurance market is one of the world’s largest. It is subsidised by the government, making insurance premiums more affordable to low-income farmers. (ILO)
Environment
Prize fund for carbon capture projects shrinks by £800m
The future of carbon capture and storage (CCS) in Europe has been thrown into doubt after £800m was wiped off the value of a prize fund for developing the technology. CCS is designed to catch CO2 from gas and coal-fired power stations before it is released into the atmosphere. The CO2 is liquefied and poured into disused oil wells, such as in the North Sea, via existing pipelines. The ‘NER300 fund’ was supposed to encourage firms across the continent to build commercially viable CCS projects in return for about €3bn (£2.4bn) but the cash was linked to the value of carbon credits, which have plunged 50% in the two years since the project was launched. Michael Liebreich, chief executive of Bloomberg New Energy Finance (BNEF), which advises governments on clean energy policy, blamed the eurozone crisis for the fall in the NER300's value. (Guardian)
Algae biofuel technologies ripe for $1.6 billion market by 2015
Private sector investments, regulatory support and strategic partnerships are driving commercial production of biofuels derived from algae. That activity will fuel compound annual growth of 43% for algae biofuels technologies, driving the market to $1.6 billion by 2015, according to new research by industrial research reporting organisation, SBI Energy. "Strategic partnerships from ExxonMobil, Chevron, BP, Dow Chemical, Desmet Ballestra and many others will drive the investment needed to successfully commercialize algae biofuels," says Shelley Carr, publisher of SBI, whilst "private investment and venture capital will also provide funding through 2015." The high yield per acre (up to 5,000 gallons of renewable oil per year on a single acre) and minimal environmental impact of algae biofuels make them one of the most viable and attractive biofuels.(Sustainable Business News)
Women’s Empowerment
Walmart reiterates commitment to women’s economic empowerment in Asia
Walmart launched its global ‘Women’s Economic Empowerment Initiative’ in 2011 with a defined goal of using the company’s global size and scale to help empower women through internal hiring practices and skills development programmes, sourcing across its global supply chain and charitable donations that aim to help lift women and their families out of poverty. “According to the United Nations Population Fund, 45% of the vast productive potential of Asian women remains untapped and the region is losing US$42 billion to US$47 billion annually because of women’s limited access to employment opportunities” says Scott Price, President and CEO, Walmart Asia. As an example, Bharti Walmart in India has developed the ‘Cashew Value Chain Initiative’ in Southern India in partnership with CARE India, with the aim of elevating women from poverty through engagement. (The CSR Digest)
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