One of Norway’s biggest insurers and pension funds, the €60 billion Storebrand, announced this month that 13 coal companies and six oil companies with exposures to oil sands would be excluded from the firm’s investment portfolio, to reduce Storebrand’s exposure and secure long-term, stable returns. "There is too much risk in fossil fuel in the long run – at some point that is going to affect the valuation of the companies," said Storebrand's head of sustainable investments, Christine Tørklep Meisingset. "We're a long-term investor – we have to be there in 30, 40 or 50 years time to provide pensions, which is one of the reasons we have been working in the sustainable investment space." (Guardian Sustainable Business)
Corporate Reputation
GSK executive unable to leave China amid corruptions probe
The finance chief of the UK multinational company GlaxoSmithKline (GSK) is unable to leave China as local authorities investigate allegations of economic corruption in China’s $350 billion healthcare industry. “This could be the Government killing the chicken to scare the monkeys, using the GSK case to send a signal to pharmaceutical companies to say ‘maybe it is time to stop these type of practices,’” said Yanzhong Huang, senior fellow for global health at the Council of Foreign Relations in the US. Huang also stated that “this case just represents the tip of the iceberg.” (Bloomberg)
Environment
EPEAT adds mobile phones to green registry
The US company UL Environment, in partnership with US organisation the Green Electronics Council (GEC), has teamed up to add a mobile device category to the Electronic Product Environmental Tool (EPEAT) global registry for greener electronics. The organisations state that they will work with manufacturers, environmental groups and purchasers to align the UL 110 sustainability standard for mobile phones with GEC’s requirement for EPEAT. After approval, the updated standard is expected to debut in early 2014. The South Korean multinational LG Electronics, and Samsung, the first manufacturer to certify to the UL 110 standard, say that EPEAT registration for mobile phones will better help environmentally conscious customers identify green devices. EPEAT was the subject of some controversy last year when technology giant Apple announced that it planned to leave the standard, only to reverse the decision days later. (Environmental Leader)
Technology and Innovation
Softbank and Bloom Energy team up in Japanese fuel cell venture
The Japanese company Softbank Corporation, the country’s third largest mobile phone company, has formed a joint venture with the US startup Bloom Energy Corporation, to distribute Bloom Energy’s fuel cell technology in Japan, the companies have announced today. Softbank and Bloom Energy will each contribute $10 million to the Bloom Energy Japan Ltd venture, in which they will share equal ownership. Bloom’s units generate electricity from gas without burning the fuel, a more efficient process that produces fewer carbon emissions, according to Bloom’s website. Using fuel cell units also reduces the risk of blackouts, such as those that occurred in Japan after the March 2011 Fukushima accident, as they are not dependent on centralized power plants. (Eco-Business)
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