New EU law to help investors pick good corporate citizens
European politicians have ruled that thousands of firms must reveal their performance as corporate citizens, assisting investors in looking for companies with good environmental, social and governance track records. Until now, the release of such information has been patchy. The new legislation will compel around 6,000 mostly listed firms across the European Union to provide details on how they tackle issues such as bribery and human rights. “We’re very, very pleased with the outcome; we think it will make a big difference,” said Steve Waygood, chief responsible investment officer at Aviva Investors, the fund management arm of the UK insurance group. The legislation, which still needs to be approved by EU member states, will require companies to disclose information on environmental, social, employee, human rights, and corruption and bribery matters in their annual reports and will make cross country company comparisons much easier and standardised. (Reuters)
Supply Chain
British Airways gives green light to use waste for jet fuel
British airline British Airways (BA) has announced that it will start producing jet fuel made from waste destined for landfill in order to reduce its carbon emissions. BA is partnering with US bioenergy firm Solena Fuels to create the world’s first facility in Essex to produce sustainable aviation fuel. According to BA, the sustainable jet fuel “produced each year will be enough to power our flights from London City Airport twice over with carbon savings the equivalent of taking 150,000 cars off the road”. BA has made a long-term commitment to purchase all 50,000 tonnes a year of the jet fuel produced as part of the ‘GreenSky’ project. One thousand construction workers will be hired to build the facility which is due to be completed in 2017, creating up to 150 permanent jobs at the Thames Enterprise Park. BA parent company International Airlines Group chief executive Willie Walsh said: “We are always striving to reduce our impact on climate change and this first-of-its-kind project marks a significant step for the aviation industry. The construction of the GreenSky London fuel facility at Thames Enterprise Park will lay the foundations for British Airways to reduce its carbon emissions significantly.” (Edie)
New toolkit helps US businesses cut food waste
An alliance of US food manufacturers, retailers and foodservice operators has announced the release of a toolkit aimed at helping businesses in the food sector reduce the amount of food waste sent to landfill. The Best Practices and Emerging Solutions Toolkit focuses on strategies food manufacturers, retailers and foodservice operators can employ to keep food out of landfills, and to reduce food waste at the source. Produced by the Food Waste Reduction Alliance (FWRA), a cross-sector industry initiative, the toolkit hopes to help reduce the approximately 80 billion pounds of food waste discarded annually in US landfills. “The sad truth is that while food is going to waste, 37 million Americans struggle to put enough food on the table to feed their families. The safe, edible food that is diverted from the waste stream to food banks through model practices showcased in the toolkit make a positive social impact on communities across the country by providing sustenance to those in need,” shared Karen Hanner, director of manufacturing product sourcing at Feeding America, and a key contributor to the toolkit. (Sustainable Brands)
Environment
EU moves to sustainable fisheries
Every 10 years, the EU updates its Common Fisheries Policy, and for the first time this year it has voted for serious reforms of fishing practices. The updates include a legally binding commitment to fish at sustainable levels and annual quotas to be set based on scientific evidence to rebuild fish stocks and end over-fishing. A regional approach to managing fisheries will be introduced, rather than the centralized one-size-fits-all approach that has previously prevailed. “Sustainable fishing means above all practical measures to eliminate overfishing and control fleet capacity while allowing fishermen to live from their work,” says EU rapporteur Alain Cadec. “Our reformed fisheries policy is putting European fisheries on a sustainable footing once and for all,” says Maria Damanaki, European Commissioner for Maritime Affairs and Fisheries. “To get there will mean radical changes for our fishermen and the whole sector, which needs our financial support. (Sustainable Business)
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