BP has failed in its attempt to win a court order blocking what the UK oil and gas group describes as “absurd” compensation payments on “fictitious” claims for business losses following the 2010 Deepwater Horizon disaster. At the court in New Orleans where the case over the spill is being heard, Judge Carl Barbier reiterated a decision he has made twice already this year, rejecting BP’s arguments over the methods used to calculate compensation payments. BP has warned that a decision against it could cost it billions of dollars. (Financial Times*)
Supply chain
Unilever sources over 1/3 of agricultural raw materials sustainably
Unilever says it is sourcing 36 percent of its agricultural raw materials sustainably, putting it closer to its target of 100 percent by 2020. The global consumer goods and food company has exceeded the interim milestone of 30 percent it set itself in 2010 when launching its Sustainable Living Plan, which sets a goal for the company to halve its environmental footprint while doubling its size. Marc Engel, Chief Procurement Officer said: “Climate change, water scarcity, unsustainable farming practices, and rising populations all threaten agricultural supplies and food security… However, sustainable sourcing is not only about managing business risks, it also presents an opportunity for growth, allowing brands to stand out in the marketplace.” (Environmental Leader; Unilever)
Environment
Insurers ‘should reward’ flood proofing
The chairman of the UK Environment Agency has criticised insurers for their “peculiar” reluctance to help ease the growing threat of flood damage to thousands of homes and businesses. Lord Smith of Finsbury said that the industry should offer cheaper premiums to people who made an effort to flood-proof their homes. He added that instead of simply restoring flooded properties to their previous state, insurers could help minimise future water damage if they spent as little as one percent more on changes such as raising the height of electrical sockets and covering air bricks. Lord Smith said he had first raised the idea of linking premium rates to flood-proofing with the Association of British Insurers, at least three years ago, but it was met with disapproval. (Financial Times*)
Policy & Research
Climate change to worsen hunger problem in Nigeria
West African policy makers should prepare for future challenges from climate change as they address the pressing needs of broad-based economic growth and tackle hunger issues, the International Food Policy Institute (IFPRI) has said. Based on their recently published book, West African Agriculture and Climate Change’, the IFPRI expressed worries that although maize, millet, rice, and sorghum are the major cereal crops in Nigeria and the West Africa region, the yields from these crops are very low compared to the world average and even other regions in Africa. They further stated that impacts from a changing climate will challenge production systems already under pressure to produce more to feed a growing population. (This Day)
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