World on track for six degrees of warming without drastic carbon cuts
Current rates of decarbonisation are well short of the five percent a year needed to avoid the worst effects of climate change, analysts from PwC have warned. New research by the consultancy, has found that an unprecedented 5.1 percent annual cut in global emissions per unit of GDP is needed through to 2050 if the world is to avoid “at least six degrees of warming” by the end of the century. Such deep reductions in carbon intensity would be over six times greater than the 0.8 percent average annual cuts achieved since 2000. The report also confirms that greatest rises in greenhouse gas emissions came from the emerging E7 economies of China, India, Brazil, Mexico, Russia, Indonesia and Turkey, whose cumulative 7.4 per cent annual increase in emissions swamped record levels of reductions in the UK, France, and Germany. (Business Green)
Nuclear, wind and wave power chiefs in joint appeal on green energy
The leaders of Britain's nuclear, wind and tidal industries today issued an unprecedented joint appeal to ministers not to abandon their commitment to combat climate change. With the Government badly split over green energy, the heads of organisations representing more than 1,000 nuclear and renewables companies have written to David Cameron, George Osborne and Ed Davey calling on them to agree a legally binding decarbonisation target for electricity generation. The letter marks the first time that Britain's nuclear and renewables industries have made common cause together. Significantly, the joint approach has won the backing of the environmental group Greenpeace – despite its long-standing opposition to nuclear power. (Independent, Business Green)
Power plant takes green route
One of Britain’s biggest coal plants is preparing to move away from burning coal in the next few years. Eggborough Power Station in North Yorkshire, which generates about four percent of the country’s electricity, has drawn up plans for a full conversion to burning biomass material such as wood pellets. The move will cost hundreds of millions of pounds and will transform Eggborough into the country’s leading renewable power plant by 2015. It is understood that more than 1,000 jobs will be created by the overhaul. Ten days ago Drax, Britain’s biggest power plant at 4,000MW, announced a £700 million plan to convert half its boilers from coal to biomass. (Times*)
U.S. business contributes more than $38m to Hurricane Sandy efforts
In response to the devastating impact of Hurricane Sandy, the U.S. Chamber of Commerce’s Business Civic Leadership Center (BCLC) reported today that businesses have pledged more than $38m towards relief efforts. The business donations represent cash, in-kind products or services, and employee and customer matching campaigns. Twenty five companies so far have pledged $1m or more in resources. The companies include Abbott, BNY Mellon, Coca-Cola Company, Disney, FedEx, General Motors and HSBC. (CSR Wire)
Corporate Reputation
Apple paid only two percent corporation tax outside U.S.
Apple paid less than two percent corporation tax on its profits outside the U.S., its filing with US regulators has shown. The company paid $713m (£445m) in the year to 29 September on foreign pre-tax profits of $36.8bn, a rate of 1.9 percent. It is the latest company to be identified as paying low rates of overseas tax, following Starbucks, Facebook and Google in recent weeks. Apple channels much of its business in Europe through a subsidiary in the Republic of Ireland, which has lower corporation tax than Britain. Although even Ireland charges 12.5 percent, compared with Britain's 24 percent. ‘Legal’ tax avoidance strategies such as this are currently under intense scrutiny, as a number of large companies are being questioned by the UK’s HMRC. (BBC)
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