Green Investment Bank's chief plans to borrow and raise debt
The chief of the UK's £3bn Green Investment Bank (GIB) is preparing to move the bank to borrowing and raising debt, in order to vastly expand its scope in bringing forward renewable energy and other environmental projects across the country. GIB currently receives money from the Treasury in order to fund green projects, but is not allowed to raise money on the capital markets, in the way normal banks do to fund their investments. However, the bank's set-up will be reviewed in March 2015 when its current funding is scheduled to run out. Shaun Kingsbury, chief executive of the GIB, said moving the bank to a more commercial basis was necessary to allow it to grow and be effective. (Guardian)
Consumers
Coca-Cola announces global commitments to help fight obesity
Coca-Cola has announced plans to help tackle obesity by displaying the calorie counts of its fizzy drinks more visibly and promoting regular exercise through a variety of programmes. The measures, which will cover more than 200 countries, are part of the strategy of the world's most valuable brand to improve its reputation among consumers amid concerns that its sugar-laden carbonated drinks are helping to fuel the global obesity epidemic. The company is also ending advertising aimed at children under 12 around the world, a measure it implemented in the UK in 2009. It has also pledged to offer low- or zero-calorie drinks in every country it operates in. (Guardian, Financial Times*)
Corporate Reputation
Delhi banks accused of money laundering
India’s banking sector was at the centre of a growing money-laundering scandal last night after Delhi ordered the suspension of staff at some of its leading lenders. At least 20 bankers from some of the country’s best-known financial institutions, including State Bank of India, the nation’s largest bank, were suspended. The swoop came after an undercover investigation showed journalists, posing as customers, being offered the opportunity to launder or deposit “black money” earned illicitly. The Ministry of Finance said that it had issued an urgent request for “a detailed report” on the allegations. According to the IndianCentral Bureau of Investigations, Indians had about $500bn of black money stashed in foreign tax havens, more than any other country in the world. (Times*)
Social Investment
Deutsche Bank launch programme to tackle youth unemployment
Deutsche Bank has launched a new UK corporate citizenship programme, ‘Born to Be’, which is committed to tackling the issue of youth unemployment. The programme is led by a new partnership with Sported, the sporting legacy foundation of the London 2012 Olympic and Paralympic Games, which combines sport with education to engage young people who are at risk of exclusion. The Bank aims to reach over 160,000 young people in the UK through ‘Born to Be’ over the next four years. The programme will also support a number of other non-profit organisations, such as The Globe Education and the Design Museum, that are working to break the cycle of youth unemployment through early intervention. (Consultant News)
Policy & Research
Zimbabwe short on climate change funds
Inadequate funding and limited resources are frustrating Zimbabwe’s efforts to develop plans to deal with the impact of climate change, says a Government progress report. The report, Strengthening the National Capacity for Climate Change, says Zimbabwe lacks the funds needed to hold a workshop to identify a National Implementing Entity, an accredited body able to receive direct financial transfers from the Adaptation Fund in Zimbabwe. The Adaptation Fund, set up under the UN Framework Convention on Climate Change (UNFCCC), is the most important source of funds to help developing countries adapt to climate change. The Government also lacks sufficient funds to devise a national strategy, review the work of its technical team on climate change or conduct advocacy work to raise awareness of climate change, the report says. (IRIN)
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