The Climate Declaration, an initiative of US sustainability leadership NGO Ceres, will have its message, “tackling climate change is America’s greatest economic opportunity of the 21st century,” showcased in Times Square in New York City for the next three months. Ceres was invited by the US television network CBS to create an advertisement showcasing the Declaration and to use the prime space at a reduced rate. A video clip shows economic evidence that US action on climate change can create jobs and save energy costs, citing examples of green buildings, renewable energy technology and fuel efficient cars. Anne Kelly, the director of Ceres’ Business for Innovative Climate and Energy Policy project, said that “the process of tackling climate change creates economic opportunities that we cannot afford to miss. We’re thrilled that the hundreds of thousands of people walking through Times Square each day will see the bold truth in lights and ideally get on board.” (CSR Wire)
Friends of the Earth: UK Government must restrict fossil fuel extraction
The international NGO Friends of the Earth is calling for the UK Government to restrict the extraction of fossil fuels, based upon the proportion of the country’s resources that can be safely burned without causing catastrophic climate change. A new report, Unburnable Gas, argues that “the UK plans on producing far more than a reasonable share of the world’s burnable carbon. Shale gas is just adding to a huge unburnable carbon problem.” This follows the announcement from the Intergovernmental Panel on Climate Change (IPCC) that to keep the temperature of the planet below the agreed limit of an increase of two degrees Celsius, no more than 800 billion tonnes of carbon dioxide must be burned. The report also accuses the UK Government of threatening diplomatic co-operation by its stance on attempting to generate as much tax revenue as possible through endorsing fossil fuel extraction from the North Sea. (Blue & Green Tomorrow)
Consumers
China overhauls consumer protection laws
China has strengthened consumer rights in the first major overhaul of its Consumer Protection Law in two decades. The revisions have included increasing consumer powers, additional rules for online retailers and stronger punishments for businesses that mislead or harm consumers. This follows the crackdown by Chinese regulators on corporate wrongdoing, with global firms such as Starbucks and Samsung recently accused of taking advantage of consumers or selling faulty products. China has also announced that it will strengthen the role of the China Consumers’ Association, allowing it to represent groups of consumers in actions against retailers. The legal changes will make it easier for consumers to return goods bought online, while sellers will have bear the burden of proof in any disputes. Online retailers will also have to meet strict privacy requirements, including requesting users’ permission to use any personal data. (Reuters)
Investors are calling for businesses to close information gaps by disclosing their materiality assessment processes to further advance integrated reporting (IR). To understand the strengths and shortfalls of IR from investors’ perspectives, the International Integrated Reporting Council (IIRC) asked 14 financial capital organisations to critique 21 reports from its pilot business network and make recommendations for those preparing reports. The organisations found information gaps in 40 percent of the reports analysed, while 80 percent of investors involved in the programme said that companies should take a longer term view. The global Association of Chartered Certified Accountants has called on the IIRC to provide best practice case studies across a range of organisations and to clarify the relationship between IR and other forms of reporting such as CSR and sustainability reports. (Environmental Leader)
Employees
Number of female managing directors in London doubles
According to research from the international financial services recruitment firm Astbury Martin, the proportion of women reaching top level management positions in London’s financial services sector has doubled in the past year, with 12 percent of women now managing directors, up from six percent in 2012. 19 percent of all directors are now women, an increase from 14 percent in 2012. However the majority of female employees remain in non-client facing roles and the number of female chief executives in the UK remains low, with just three women currently running companies that are listed on the FTSE 100 Index. Mark Cameron, the chief operating officer at Astbury Marsden, said that “a higher proportion of women working in the City are now breaking through the glass-ceiling and reaching senior management positions. However, there is also the question as to why the women have a much lower overall representation in some of the higher-paid areas of financial services.” (The Independent; Financial Times*)
UK engineers to be equipped with sustainability toolkit
The UK Institution of Civil Engineers (ICE) has developed a new toolkit to help civil engineers to identify and tackle ethical issues and establish a culture of sustainability in their organisations. The engineers involved in the project said that ethical decision making will become a “fundamental driver” in the industry and “inherent in everything engineers do.” The toolkit is the result of a year-long ethics programme run by ICE and includes a framework for setting up an ethical decision-making culture within organisations. The president of ICE, Professor Barry Clarke, said that "by the very nature of our work in the built environment, we are at the front line of making decisions which shape the world. As we face up to environmental issues such as climate change, increased globalisation and societal expectations, ethical challenges will inevitably increase and it is vital that our members are well supported." (Edie)
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