Jobless young people without basic skills told to learn or lose benefits
Unemployed young people in the UK who leave school without basic English and maths will be forced to study for 16 hours a week or risk losing their benefits under new rules announced by the Chancellor, George Osborne. This is part of a package of measures aimed at reducing the one million unemployed young people currently in the UK. The ‘earn or learn’ policy will involve all 18-21 year olds without basic skills to undergo 16 hours of training a week, or risk losing their benefits. Osborne has also said that there will be tax breaks available for companies that hire under 21’s, including scrapping national insurance contributions, as well as for those that create apprenticeships and fund more training for teenagers. The director of the think tank, The Social Market Foundation, Emran Mian said that, “getting young people without qualifications to go into training is a very sensible policy that could improve people’s skills and employability.” (The Guardian)
Climate Change
World’s largest palm oil producer commits to ending deforestation practices
The world’s largest palm oil trader, Wilmar International, announced its ‘No Deforestation Policy’ in response to pressure from Greenpeace, other NGO’s and consumers. This policy aims to work closely with growers, traders, NGO’s and other industry stakeholders to protect forests, peatlands and human and community rights. There has been growing demand for clean palm oil and an end to deforestation for many years with many hoping this move by Wilmar International could transform the palm oil industry. The palm oil sector is the greatest cause of deforestation in Indonesia currently, with estimates that the country has lost over 620,000 hectares of rainforest every year between 2009 and 2011. With Wilmar International accounting for over a third of global trade in palm oil, Greenpeace believes the policy has the potential to be a landmark win for the world’s forests, however they have said that, “its success will be judged by Wilmar’s actions to implement and enforce it.” (Sustainable Brands)
Green climate fund launched by UN in South Korea
The ‘Green Climate Fund’ launched in South Korea by the UN this week, aims to raise up to $100 billion to help countries worldwide reach climate change goals and encourage the developing world to adopt sustainable technology. Three renewable energy pilot projects will be launched in developing countries, aiming to help them adapt to climate change whilst getting financial returns. The fund, described as an ‘innovation driver to combat climate change’, will start collecting contributions and become fully operational next year; currently South Korea is the only nation to pledge funds and has committed $40 million. A spokesperson from the fund said that, “the fund is on track to start its resource mobilisation next year with a rapid and substantial initial capitalisation, so that we can get money flowing to the countries which are in greatest need.” (Blue and Green Tomorrow)
Environment
Tax breaks for fracking companies in the UK confirmed
The UK Chancellor, George Osborne yesterday revealed that fracking firms would receive tax breaks in an attempt to bring employment and investment to the UK’s shale gas industry. Taxes will fall from 62 percent to 30 percent, with the chancellor claiming this could bring the UK “thousands of jobs, billions of pounds of investment, and lower energy bills.” However the drop in taxes has caused some MP’s and environmental groups to call the breaks unwarranted; fracking is a controversial process due to its links with earth tremors and the risks it poses to local water supplies. Chair of the Environmental Audit Committee, Joan Walley said that, “the Government committed itself to phasing out fossil fuel subsidies that encourage wasteful consumption and contribute to greenhouse gas emissions. The Government must set a target to reduce subsidies to harmful fossil fuels.” (The Independent)
Sustainable Investment
Three quarters of Dutch investors want sustainable investment
A new study has found that three-quarters of Dutch investors are willing to give up a portion of their pension income if it means their investments are in line with their environmental and social values. The study claimed that sustainable and responsible investment is becoming more mainstream due to the increase of consumer products which are Fair-trade certified or organic, which is transferring to investment patterns and financial decisions. Survey respondents deemed the exclusion of human rights offenders and the weapons industry to be of high importance, whilst in contrast with US and UK investors, Dutch investors cared least about investing in the alcohol industry. The report argues that institutional investors are investing huge sums on behalf of investors whilst knowing little about their social values, but that these difficulties should not be an argument against taking environmental and social preferences into account. (Blue and Green Tomorrow)
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