Singapore trails behind in sustainability reporting
Singapore is far behind its neighbours when it comes to sustainability reporting, despite a two-fold increase in the number of mainboard-listed companies communicating their sustainability efforts. A report, ‘Accountability for a Sustainable Future’, published by the National University of Singapore‘s business school and Singapore Compact for Corporate Social Responsibility says that out of 537 listed companies only 160 have communicated sustainability in four areas of their business – governance, economic, environmental and social. It also discovered that only 19 companies use the Singapore Exchange (SGX) Guide to Sustainability Reporting – an internationally recognised framework. Furthermore, only eight companies sought external assurance for their reporting. Business leaders have pointed to a lack of buy-in from top management. Graham Owens, Singapore Institute of Directors‘ head of professional development and research believes companies need to identify and understand the sustainiblity issues which are part of their business strategy. “And if sustainable issues are not on the table, businesses will be missing out on opportunities such as new products or partnerships”, he said. (Business Times)
Technology & Innovation
Start-up plans to tackle illegal deforestation in the Amazon with old smartphones
Old smartphones turned into solar devices to detect illegal activities in the Amazon are the innovative response proposed by a San Francisco-based start-up Rainforest Connection. The technology firm has teamed up with conservation charities and indigenous communities to protect the Amazon from illegal logging. The company will collect old smartphones and turn them into solar powered mobile devices that are then installed hidden in the forest and are able to detect chainsaws or trucks in protected areas. Phones will then alert rangers to prevent the crime from happening, using the valuable help of local indigenous communities, trained as forest officials to stop deforestation. The campaign has been backed by the Zoological Society of London (ZSL), “we think this could be a critical new tool for protecting large areas of rainforest”, said ZSL’s Chris Ransom. (Blue & Green Tomorrow)
Smart maps help UPS meet carbon goal three years early
United Parcel Service Inc. (UPS) has achieved a 2016 goal of reducing global carbon dioxide emissions by 10 percent three years early. The world’s largest package-delivery company has set a new reduction target of 20 percent by 2020, with plans to use more alternative-fuel vehicles and expand its ORION route optimisation software in the US. ORION was used on about 10,000 routes last year and may be deployed on almost half of its 55,000 routes by the end of 2014. It optimises routes by combining map data and time-sensitive package information, reducing both distance travelled and time taken on deliveries. A reduction of one mile for every driver a day saves the company as much as $50 million annually, in addition to lowering greenhouse gas emissions. For the second straight year, the company in 2013 delivered more packages while also reducing its emissions 1.5 percent from a year earlier. (Bloomberg)
Campaigns
General Mills joins BICEP coalition
Business for Innovative Climate & Energy Policy (BICEP) announced today that one of the world’s largest and most storied food companies, General Mills, has joined the its coalition to advocate for innovative climate and clean energy policies. The Ceres project consists of 31 leading companies representing a broad spectrum of business sectors, from Starbucks and Nike to eBay and Jones Lang LaSalle. BICEP members have been vocal proponents of renewable energy, greener transportation, and stricter pollution controls on power plants. General Mills’ sustainability platform includes goals for sustainably sourcing its top key ingredients by 2020 and for reducing its energy use and greenhouse gas emissions. By joining BICEP, General Mills has committed to expanding its global sustainability efforts by working with businesses and policymakers to enact meaningful energy and climate policies. Ken Powell, General Mills Chairman and CEO said: “BICEP will be a key partner for us as we advocate for large scale progress on this issue”. Mindy Lubber, Ceres President, welcomed the addition of the company, saying, “We are certain General Mills will be an effective advocate for strong climate and energy policies”. (Ceres)
Corporate Reputation
British Gas clashes with Ofgem, predicting a fall in energy bills
Britain’s largest domestic energy supplier, Centrica, has clashed with Ofgem over the regulator’s claim that the industry was likely to double its profits over the next 12 months. The owner of British Gas said its household supply arm had recorded a 26 percent slump in profits in the first half of 2014 and there was no chance of a turnaround over the next year. Nick Luff, Centrica’s financial director, said: “We have 25 independent analysts following the company… there isn’t a single one who is forecasting that profit margins will double or anything like that”. Household bills at British Gas are predicted to be about £90 lower this year than in 2013, thanks to mild weather and a freeze on energy prices, said the company. Luff, who will leave later this year, said Ofgem had been wrong in the past and noted that Centrica’s forecast was based on actual consumption whereas Ofgem used a “theoretical model”. (Guardian)
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