Major palm oil producers accused of destroying Indonesia’s forests are moving production to the forests of the Congo Basin, according to a study by the Rainforest Foundation UK. The ‘Seeds of Destruction’ report, said that there was “a real and growing risk that some of the serious, negative environmental and social impacts resulting from the rapid expansion of palm oil production in Indonesia and Malaysia…could be repeated in the Congo Basin.” The report shows that some of the major palm oil producers in Southeast Asia, such as Goodhope, Wilmar and FELDA are turning their attention to the Congo Basin region, because of lower land and labour costs and preferential access to the European Union market. (Jakarta Globe)
New report highlights cost of food waste
A new report by the National Resources Defence Council (NRDC) in the U.S. has highlighted the environmental impact of food waste in the country. The study shows that transporting food costs ten percent of the total U.S. energy budget, whilst food production uses 50 percent of U.S. land and takes 80 percent of freshwater consumed in the U.S. What is more, 40 percent of food in the U.S. today goes uneaten; the equivalent of throwing out $165bn each year. Private sector companies, such as Darden, the world’s largest full-service restaurant company, are starting to address these challenges through schemes to donate surplus food to food banks on a nationwide scale. (Triple Pundit)
Banking & Finance
Banking fines to fund Armed Forces charities
The British Chancellor, George Osborne, has announced that a further £1.3m will be given to causes and charities supporting the Armed Forces community. This money comes from fines levied on banks for attempting to manipulate the London Interbank Offered Rate (Libor) benchmark. The funding from the fines will benefit charities such as the Soldiers, Sailors, Airmen and Families Association (SSAFA), the Felix Fund and Tickets for Troops. (Gov.co.uk)
Social Innovation
Initiative to find innovative solutions to help young people
The ‘Tech for Good Challenge’, which combines investment with mentoring to turn early-stage ventures into successful social enterprises has been launched in London. It aims to uncover innovative start-ups that use digital technology to create a positive impact on the life chances of young people. This initiative is a partnership between Big Issue Invest and the Nominet Trust with support from five corporate partners: Bank of America Merrill Lynch, LDC, MITIE, Salesforce Foundation and Unity Trust Bank. These partners will provide investment and mentoring to fast track the development of the successful early-stage ventures. (Big Issue Invest)
Supply Chain
Whitbread calls for new approach to food supply
The chief executive of Whitbread, the owner of the Beefeater and Brewers Fayre restaurant chains, has called for a shake-up of the food supply chain in the wake of the horse meat scandal. Andy Harrison said that a much stronger regulatory framework across the industry was needed, one that encompassed the “European-wide” nature of the issue. "At the moment, we have a complete patchwork of certification involving the European Commission, Defra, the Food Standards Agency down to local authorities and trading standards,” Mr Harrison said. (Independent)
COMMENTS