Majority of Fortune 100 companies have policies on human trafficking and forced labour
Over half of all Fortune 100 companies have publicly available policies on human trafficking and nearly two-thirds have policies on forced labour, according to a study released yesterday by the American Bar Association, the McCain Institute for International Leadership at Arizona State University (ASU), and the ASU School of Politics and Global Studies. The report presents the first ever analysis of major companies’ publicly available policies on human trafficking, forced labour and the trade in conflict minerals. When the research team eliminated companies without long supply chains (such as those engaged in insurance, banking and financial services), the remaining 79 companies displayed even greater coverage, with nearly two-thirds (66 percent) having policies on human trafficking and more than three-quarters (76 percent) having policies on forced labour. “This is a milestone. The fact that a majority of the country’s leading companies have these policies and have made them publicly available is evidence that the business community has joined the fight against human trafficking,” noted Cindy McCain, co-Chair of the Arizona Governor’s Task Force on Human Trafficking. (American Bar Association)
Environment
BT calls up wind farm savings with £440m investment
British Telecom (BT) will take another step forward today in its plans to run its operations purely on renewable energy as it reveals a £440m investment in three wind farms across the UK. It will sign deals to fund construction and subsequently purchase power from wind farms in Scotland, Wales, and England, offering a total capacity of more than 100MW. Following the investment, BT’s entire Scottish operations and half of its Welsh operations will be powered by renewable energy. This time last year, BT signed a deal to buy 100 per cent renewable energy from electricity provider Npower, but the company now wants to source renewable energy directly from developers and help fund the construction of new projects. Rob Williams, BT’s head of energy supply, said the plans would boost investment in the onshore wind sector and benefit local economies. “They not only give us long-term price certainty but enable us to support local economies in which we operate.” Williams said BT reduced carbon emissions from its own operations by 25.5 per cent globally during 2013/14. (BusinessGreen)
UK to boost fracking, scrap zero-carbon homes
In her speech to the UK Parliament today, the Queen is expected to announce reforms on shale and gas fracking regulations such as allowing fracking companies to drill under peoples’ homes without their permission and watered-down standards for zero-carbon homes. Current laws of trespass require land- and home-owners to give permission for shale gas and oil drilling under their land, but the government intends to end this requirement in order to speed up fracking. The shale gas industry welcomed the change as “very timely”, arguing that it will give fracking companies the same drilling rights already held by utility companies. The speech will also see the government effectively abandon a pledge to make all new homes “zero-carbon” by 2016. The new legislation will not apply to housing built in “small” developments and companies would be allowed to buy exemptions from the new green standards. Paul King, chief executive of the UK Green Building Council, described the move as “deeply worrying”. (The Guardian)
Responsible Investment
London Stock Exchange joins UN sustainability initiative
The London Stock Exchange (LSE) has joined the UN Sustainable Stock Exchanges (SSE) initiative, which aims to encourage sustainable investment and enhance transparency on environmental, social and governance (ESG) issues. The SSE was launched by Ban Ki-moon, the UN’s secretary-general, in 2010 and the LSE will become its 10th partner exchange. The initiative is designed to provide stock exchanges with an opportunity to play a leadership role in promoting sustainable business practices. Partner exchanges make a commitment to promote improved ESG disclosure and performance among listed companies. Mark Makepeace, group director of information services at LSE, said, “London Stock Exchange Group’s approach to corporate responsibility is founded on four pillars that are closely tied with how we operate as a business: our markets, our service, our people and our community. Given our role at the heart of global financial markets, we are in a unique and privileged position to promote sustainability and corporate responsibility. Ultimately this is about supporting stable global long-term economic growth.” (Banking Business Review)
Consumers
A chic idea for China’s green-minded set
A Hong Kong-based environmental movement to clean up the textile and apparel industry, one of the world’s largest polluters, is recruiting young talent to make the concept of eco fashion more attractive to the urban middle class in China. The EcoChic Design Award has challenged aspiring designers to create fashionable clothes with minimum waste. Winners are rewarded with opportunities to work with big brands that support their environmental agenda. The focus on China highlights the role it plays in the fashion world while also helping send an environmental message to a crucial audience, whose booming economy and embrace of fashion has made China both part of the problem of textile waste and, potentially, part of the solution, the award’s organizers said. “Chinese consumers are increasingly aware of the environment,” said Wang Haizhong, professor of consumer psychology and brand management at Sun Yat-Sen University in Guangzhou. “A lot of affluent urbanites are now willing to spend more if they think it helps the earth. With recycled fashion, it’s just that they haven’t realized it’s an environmental issue.” (NYTimes)
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