World leaders at Davos hope to tackle world inequality
As the World Economic Forum (WEF) in Davos begins today, focus is on a report by Oxfam stating that the world’s 85 richest people are as wealthy as the poorest half of the world. The WEF warned that severe income disparity represents one of the most prevalent risks to the global economy, with the issue at the forefront of the global forum this year. Oxfam’s Working for the Few report warns that the fight against poverty cannot be won until wealth inequality has been tackled. The report claims that economic inequality can also exacerbate other social problems such as gender inequality, something that Davos itself is struggling with, with the number of female delegates dropping to 15 percent this year. Winnie Byanyima, Executive Director at Oxfam said that, “widening inequality is creating a vicious circle where wealth and power are increasingly concentrated in the hands of a few, leaving the rest of us to fight over crumbs from the top table.” (Guardian, CBS News)
Community Investment
Give and Gain campaign extends to international reach
Volunteering initiative ‘Give and Gain Day’ is extending its international reach with four new partnerships in Honduras, Panama, India and Kenya. Now in its sixth year, the annual Business in the Community (BITC) campaign will this year see its 100,000th participant volunteer in their community. Sponsored by Lloyds Banking Group, Society and Waitrose and in association with BT and ITV, Give & Gain Day 2014 is dedicated to getting employees out of the office, store or factory to volunteer in their local communities. Last year in the UK, almost 300 companies sent out over 12,000 volunteers, helping 600 community organizations. In total, the value of time donated by volunteers was £1.3 million. Stephen Howard, chief executive of BITC said that, “Give and Gain Day is an opportunity for businesses, community organisations and schools to celebrate what can be achieved through the power of volunteers. Employee volunteering is a win-win, the experience builds skills and motivates employees, whilst helping meet community needs.” (Ethical Performance)
Environment
‘Burnt out’ EU likely to curb climate goals
Binding national targets on renewable energy are expected to be dropped from new EU proposals following lobbying to have the 2030 target watered down. Several countries have argued that the mandatory targets would drive up energy bills. As part of the EU’s energy and climate strategy, emissions of greenhouse gases were to be cut by 20%, energy efficiency was to be improved by a similar amount and one fifth of all energy had to come from renewable resources by 2020. The binding renewables target has been embraced by countries like Germany, where a decision in 2011 to abandon nuclear power meant a focus on wind and solar. However other countries, including the UK and Poland, have argued strongly that the mandatory target approach was too restrictive, and was preventing them from cutting emissions in the most financially efficient way. Environmental groups said the proposals lacked ambition and were the acts of a “burnt out” European Commission. (BBC)
Japan launches rollout of smart meters
As part of its recent submission to the United Nations explaining how it will cut carbon emissions, Japan proposes to install smart metres on every commercial, industrial and residential building by the early 2020s, as well as rolling out fuel cells to 5 million homes. Toshiba will launch and install 27 million meters to customers of Tepco, Japan’s largest utility company. These efforts are aimed at reducing power consumption to compensate for closure of the country’s nuclear reactors. However, some observers are sceptical, claiming that customers stop paying attention to the information provided by the meters. Professor Keith Tovey said that, “unless households and power companies can communicate seamlessly on how to manage energy use and design tariffs that reduce peak demand from fossil-fuel dependent energy grids, smart metres will only provide a very small contribution to cutting carbon emissions.” (Eco-Business)
Employees
New app helps employees combat bribery
Following the news that corruption still tops the list of FTSE 350 company concerns, the Institute of Business Ethics (IBE) has developed an app to help employees make the right decision in tricky situations. The ‘Say No Toolkit’ is a decision-making tool that can be used either as an App or via a website. It provides employees with immediate practical help in making the right decision across a variety of situations, such as when to accept a gift, when not to offer hospitality, what to say to avoid a facilitation payment and what to do if faced with a conflict of interest. IBE’s director, Philippa Foster Back CBE OBE, said that, “any one, at any level, in any organisation, can be offered a bribe. The Say No Toolkit supports staff by giving them clear and easily accessible guidance about what can or cannot be accepted. Not only will the App provide an adequate procedure to combat bribery, it could also help to minimise the risks of corruption taking place.” (Ethical Performance)
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