Budgeting for disaster: UK’s economic priorities must change, says WWF
The UK’s 2015 budget must be its first truly green budget if it is to transition towards a sustainable low-carbon economy, says a new report from WWF-UK. The report highlights five areas of policy action that the Chancellor of the Exchequer George Osborne must prioritise in his final budget, due on 18 March. It calls for Osborne to promote sustainability in the financial system by requiring mandatory sustainability reporting, ending fossil fuel subsidies and giving the Green Investment Bank more scope by allowing it to borrow from the private sector and establishing a Green ISA, with the money being used to fund green infrastructure. WWF-UK chief executive David Nussbaum said: “The UK is missing out on opportunities: WWF’s report shows that we could improve the resilience of our economy, build new markets and create many new jobs if we embrace a sustainable approach to our economy.” (Edie)
Circular Economy
Dow pilot program shows plastic waste can be turned into fuel
The Dow Chemical Company has completed a pilot program aimed at showing how certain difficult to recycle plastics, such as juice pouches, candy wrappers and plastic dinnerware, can be converted into synthetic crude oil for fuel. As part of the Energy Bag Pilot Program, Dow partnered with the Flexible Packaging Association, Republic Services, Agilyx, Reynolds Consumer Products and the city of Citrus Heights, California to drive a collection program meant to divert non-recycled plastics from landfills. Using patented thermal pyrolysis technology Agilyx converted the previously non-recycled plastics into high-value synthetic crude oil. The crude oil can be further refined and made into gasoline, diesel fuel, jet fuel, fuel oil, lubricants or back into plastic. Dow says the results of the pilot show the potential for positive, long-term environmental results, including less landfill trash, more local energy resources and less fossil fuel energy dependence. (Sustainable Brands)
Corporate Reputation
UK watchdog clamps down on payday lenders
The UK’s payday lenders must be more transparent about their charges, according to new rules designed to clamp down on the industry and lower costs for millions of consumers. The rules have been introduced following a 20-month inquiry by the Competition and Markets Authority (CMA), which concluded that a lack of price competition between lenders had driven costs higher for borrowers. Under new rules, lenders will have to list their deals on at least one price comparison website and provide customers with a summary of the total cost of their loans. The watchdog’s decision follows the price cap introduced in January by the Financial Conduct Authority to ensure that borrowers are never forced to repay more than double the amount of their original loan. In response to the news, controversial payday lender Wonga has announced that it will cut 325 jobs, representing a third of its workforce. (The Guardian)
International Development
Cambodia leader says work on mega-dam will not start until at least 2018
Construction of a massive dam in south-western Cambodia will not start until at least 2018, Prime Minister Hun Sen said today in an apparent effort to stop heavy opposition to the project which has focused criticism on him. The project, one of several dams being built by Chinese companies in Cambodia, sparked strong disapproval from the political opposition and environmental groups. Environmental groups say the dam would destroy the natural habitat across a vast expanse of one of Southeast Asia’s last great wilderness areas, which contains some of Cambodia’s most profuse wildlife. Sen’s comments came a day after Spanish activist Alex Gonzalez-Davidson, who had campaigned against the dam, was deported for overstaying his visa. Gonzalez-Davidson was a co-founder of non-governmental group called Mother Nature, which vocally opposed construction of the hydropower dam in southwestern Cambodia’s Koh Kong province. (The Tribune)
Climate Change
EU wants Paris climate deal to cut carbon emissions 60% by 2050
The world’s states should commit to a legally binding emissions cut of 60% by 2050, with five-yearly reviews, in a Paris Protocol to replace the Kyoto agreement at a climate summit later this year, according to a leaked EU document. But environmentalists have questioned the integrity of the headline 60% figure, and a strategy which is seen as overly-tilted towards the US. They noted that the 60% CO2 cut would be measured against 2010 levels, and was thus the same as the bloc’s previous aspiration of a 50% cut measured against 1990 levels – reflecting a 2007 IPCC report seen as outdated. “The communication is absolutely not in line with the two degrees target and is a missed opportunity after the latest IPCC report clearly stated that there is a cumulative carbon budget,” said Green MEP Bas Eickhout. However, environmentalists welcomed the EU’s attempt to keep emissions cuts as a legally binding deal. (The Guardian)
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