Tesla Motors to “open source” patents to spur electric car development
Tesla Motors has said it will allow others to use its intellectual property in hopes of speeding up development of electric cards by all manufacturers. In a company blog, Tesla’s CEO, Elon Musk, stated that the industry would benefit from open-source sharing of technologies and that the company was founded to speed the growth of sustainable transport. The sharing move will include all of Tesla’s patents, including several hundred current ones and several thousand in the future. “It doesn’t really harm Tesla but helps the industry and I think actually it will help Tesla, mostly with respect to attracting and motivating the world’s best technical talent… We think the market’s big enough for everyone,” Musk said. Tesla will continue to file for patents in part to keep competitors from attaining them and blocking Tesla and others from using the information. However, Musk said the company would not take legal action against anyone who “in good faith wants to use our technology.” Musk also indicated that BMW is already interested in sharing certain patents, particularly on Tesla’s technology for rapidly recharging batteries. (Reuters; Wall Street Journal)
Environment
Food and biofuels likely to be hit by rising water risks to corn supplies
High water stress is jeopardising one-third of the world’s corn crop, raising food and biofuel security fears. A new report from Ceres notes that water-related risks could disrupt the $65 billion corn industry, particularly hitting the world’s six largest corn producing countries: China, Brazil, Mexico, Argentina, India and the US, which account for nearly 40% of global corn production. The report also states that risks include nutrient pollution, shifting precipitation patterns from climate change and increasing demand from cities and industries. According to the World Resources Institute (WRI), corn is a critical link between food security and the global economy, as it serves as one of the largest sources of food calories, feeds the world’s livestock and is used extensively for ethanol production. In highly water-stressed areas, more than 40% of renewable water supply is withdrawn for human use, leaving little buffer for inevitable dry years. WRI recommends that water stakeholders engage in participatory watershed development, practice conservation agriculture, and look to reduce food waste and corn demand for biofuels. (Edie)
Policy
Business Council push to cut Australian renewable energy target
The Business Council of Australia has backed calls to reduce the country’s renewable energy target. The business group stated that the government should scale back the target to a point where renewable energy will account for a “true” 20 percent of Australia’s electricity generation by 2020. The council’s 17-page submission to the government also calls for the target to cease in 2030, describing it as ”poor public policy” that is ”no longer relevant to Australia’s circumstances”. The group blames the target for contributing to higher power prices, distorting the electricity market and making it harder for companies to supply reliable service and prices. The council’s submission contrasts with last month’s submission from the Australian Industry Group, which pressured the government to retain the targets, arguing that reducing the target would not lead to a fall in power prices. (The Sydney Morning Herald)
Mega-events may get less ambitious as Brazil counts World Cup costs
Sport economists and sources inside FIFA say Brazil, the most expensive World Cup ever at an estimated cost of $11.3 billion, has shown both the limits and the risks of using large sporting events to drive infrastructure projects and try to regenerate cities. There is a growing sense among the populations of cities and nations that bigger is not always better, and a fear among organisers that events have become so political and controversial that they risk losing both corporate sponsors and countries willing to host them. As FIFA is currently facing allegations over Qatar’s bid for the2022 World Cup, sponsors took the rare decision to speak out, with Adidas saying the negative debate around FIFA “is neither good for football nor for FIFA and its partners.” The challenge is how to make such events less ambitious and less controversial without excluding developing nations who almost always need to invest heavily to get venues up to standard. Soccer’s European body, UEFA, has started taking steps, reducing the burden on any one country for its European Championship, with the 2020 tournament to be played in 13 cities across Europe. (Reuters)
Responsible Investment
Malaysian exchange to introduce FTSE4Good index
Bursa Malaysia, formerly known as the Kuala Lumpur Stock Exchange, has announced initiatives to attract investors and strengthen its position as a leading exchange in the region. Among them is the establishment of a Bursa Malaysia-centric Environmental, Social and Governance (ESG) index in partnership with FTSE Group. Under the partnership, Bursa will roll out a FTSE4Good Index series based on Bursa-listed companies across 14 sectors by the end of this year. The index will be the first index in Asia to be part of FTSE’s globally benchmarked ESG Index series and will form part of both the FTSE Bursa Malaysia and FTSE4Good index families. “The introduction of a Bursa Malaysia-focused ESG index series will provide the marketplace an enhanced advantage in Asean, especially in attracting the US$3.4 trillion socially responsible investments from around the world,” said Bursa CEO Datuk Tajuddin Atan. (The Star)
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