M&S first to support UNICEF Bangladesh carbon offset scheme
The UK retailer Marks & Spencer (M&S) has become the first company to sign up to UNICEF’s new carbon offset project, which aims to raise funds for 40,000 fuel efficient stoves to improve the health of vulnerable children in Bangladesh while reducing carbon emissions. According to the World Health Organisation, approximately 49,000 people, 70 percent of whom are children under five years old, die each year in Bangladesh due to the smoke generated from traditional indoor cook stoves. Indoor air pollution from solid fuel is the third largest risk factor for deaths in South Asia and the number of deaths from indoor air pollution is greater than those from malaria or tuberculosis, with women and children the most affected. The project, which is due to start in February 2014, will distribute stoves to low income families from over 2,000 villages across Bangladesh. Yoka Brandt, the deputy executive director of UNICEF said that the scheme “demonstrates how private sector partnerships can positively impact the wellbeing of children and the world that they inherit.” (Business Green; Edie)
China calling for companies to manage environmental consequences of coal industry
The Chinese Government has announced that it wants corporate leaders to manage the economic development and environmental consequences of the coal industry. China is moving to increase the clout of its state-owned coal companies as it seeks to tackle the heavily polluting industry that is currently crucial to addressing the country’s energy needs. The move is part of the Chinese Government’s aim to reduce the number of industrial accidents; China has the highest number of mining accidents worldwide, with 1,384 fatalities recorded last year. According to independent watchdogs, the safety standards in state-owned companies are more stringent than those of smaller privately held operations. However, according to industry analysts, the move will "protect state-owned enterprises as much as they protect the environment." (Wall Street Journal)
Responsible Investment
Report: Recession has led to increased interest in community investment
According to a new report by the Initiative for Responsible Investment at Harvard University, the recession has led to a renewed interest in community investment. The report, Expanding the market for community investment in the US, argues that the community investment sector has the potential to expand its reach and its range of investment products that deliver community development outcomes across the US. The study analysed four investor groups: high net-worth individuals and family offices, philanthropic endowments, institutional investors and retail investors. Interviews were conducted with institutional investors, consultants, wealth managers, fund managers, policymakers, and related stakeholders. The findings of the study identified three barriers to community investments: the different expectations of different investors, a lack of knowledge about community-orientated investment products and a shortage of community investment products that have the scale appropriate for larger institutional investors. Harvard University said that “as community development finance continues to evolve, it will be critical for both practitioners and investors to keep addressing the core challenges and opportunities that affect the ability and interest of investors to commit to this space.” (Blue & Green Tomorrow)
Employees
UK companies split over reform of rules on parental leave
Under a new law starting in April 2015, UK couples will be able to share 12 months of leave after the birth of a child. The UK Government said that the aim of the legal reform is to both help women return to the workplace and allow men to have more involvement in the care of their new child. In a concession to businesses, managers will have to agree to any proposed pattern of time off and have the right to insist that it is confined to a continuous block. Parents will only be entitled to get the same job back if they take less than six months off, with anyone who takes longer potentially getting a similar but not identical role. The British Chambers of Commerce and the UK Federation of Small Businesses both welcomed the plans and said that they were manageable for companies. However, the UK Institute of Directors said that the reforms are “a nightmare for small businesses.” (The Guardian; Financial Times*)
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