Nestlé criticised over bottling operations in California
Activists are petitioning the California Water Resources Control Board to shut down global food and beverage company Nestlé’s water bottling operations in the state. More than 135,000 people have signed a petition, which comes as Governor Jerry Brown issued the first ever state-wide mandatory water reductions with California in its fourth year of drought. A Nestlé spokesperson said the company’s 2014 water use in California was about equal to the annual average watering needs of two golf courses in the state, and therefore “would not make a big difference in the amount of water being used”, adding that the company is doing its part to conserve water. Activist group Courage Campaign says Nestlé extracts water from at least a dozen natural springs in California. It says one such bottling plant is located on a Native American reservation “in one of California’s most drought-stricken areas that is exempt from oversight by local water agencies.” (Environmental Leader)
Investors divesting from holdings in coal, oil and gas earned an average return of 1.2 percent more a year over last five years, data from the MSCI stock market index reveals. MSCI, which runs global indices used by more than 6,000 pension and hedge funds, found that investors who divested from fossil fuel companies would have earned an average return of 13 percent a year since 2010, compared to the 11.8 percent a year return earned by conventional investors. In total, a portfolio of shares with fossil fuel companies included has grown in value by 62.2 percent since 2010, but this compares to the 69.9 percent growth of a fund without fossil fuel investments. One reason why funds without fossil fuel companies have outperformed is that the fall in the oil price has driven down the share price of companies such as BP and Shell. The data challenges the widespread belief among asset managers that divestment hurts the financial performance of investment funds. (The Guardian)
Community Investment
Wells Fargo launches $10 million initiative to support cleantech startups
US bank Wells Fargo has announced its selection of four clean technology startups for the Wells Fargo Innovation Incubator (IN2), a five-year, US $10 million programme to foster leading-edge environmental technologies. The programme is funded by the Wells Fargo Foundation and co-administered by the US Department of Energy’s National Renewable Energy Laboratory (NREL). The selected companies are: Energy Storage Systems, a battery developer, LiquidCool Solutions, an electronics cooling technology developer, SmarterShade, a smart glass developer and WattStick Systems, an electricity metering technology developer. The four selected companies are eligible for up to US $250,000 each in cash and in-kind technical consultation and services to support the further development of their projects. The startups will receive research and testing support at NREL’s world-class research facility in Golden, Colorado, as well as coaching and mentorship from Wells Fargo’s vast network of financial and technical experts. (Sustainable Brands)
Tax
India freezes Greenpeace bank accounts over ‘tax violation’
India has frozen the national bank accounts of environmental group Greenpeace, accusing it of violating the country’s tax laws and working against its economic interests. India accused Greenpeace of “stalling development projects” by protesting against large infrastructure plans and not fully declaring the amount of foreign funds it brings into the country. It has suspended all its bank accounts for six months and threatened to permanently cancel the registration which allows it to operate in the country. Greenpeace India rejected the restrictions as “clear attempts to silence criticism and dissent”. It said it complies with the law governing foreign contributions. The government and Greenpeace have been locked in confrontation for several months over a number of large projects. Last month, the NGO claimed a victory when the government recommended the Mahan forests in Madhya Pradesh not be auctioned for coal mining. (BBC News)
Environment
Permafrost carbon release to have similar impact as deforestation
Research from the US Geological Survey has revealed that as Arctic permafrost soils thaw, the greenhouse gases stored are likely to be released gradually and over a prolonged period of time, producing a similar affect to tropical deforestation. Permafrost soils contain twice as much carbon as is currently in the atmosphere. As climate change has an impact and permafrost thaws, the release of carbon dioxide and methane into the atmosphere increases. Temperatures in high-latitude regions of the Earth, where permafrost occurs, have risen 0.6 Celsius each decade during the last thirty years – twice as fast as the global average. Two decades ago scientists thought that as the permafrost thawed it would create a ‘carbon bomb’ and accelerate climate change. The latest study suggests the release will be more gradual, and the rate of release through 2100 is likely to be of the same order as the current rate of tropical deforestation in terms of its effects on the carbon cycle. (Blue and Green Tomorrow)
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