UNEP to Companies: Raise the bar on sustainability reporting
According to a new report from the United Nations Environment Programme (UNEP), corporate sustainability reporting needs to improve in order to align company-level sustainability performance with the broader systems-level ambitions of the 2030 Agenda for Sustainable Development and COP21. While 95 percent of the 108 companies researched in the report disclose their greenhouse gas (GHG) emissions, only an 8 percent set GHG emissions reduction goals in the context of the science-based target of limiting global warming to 2⁰C – the central goal of COP21. The report identifies the emergence of “Collaborative Reporting” with upstream suppliers and downstream stakeholders to transform sustainability reporting from the current one-way, “broadcast” format to a more multi-directional, dynamic, ongoing exchange across the entire value chain. (Sustainable Brands)
Tax
McDonald’s faces European tax probe
The European Commission has opened an investigation into McDonald’s tax affairs in Luxembourg. The European Commission says the deals allowed the US fast food chain to avoid paying taxes in both Luxembourg and the US on royalties from Europe and Russia. It follows similar investigations into tax deals made by US coffee shop Starbucks and online retailer Amazon with some authorities in Europe. The Commission said two tax rulings given by the Luxembourg authorities in 2009 had allowed McDonald’s to pay no corporation tax in Luxembourg since then, despite recording large profits (over €250 million in 2013). Commissioner Margrethe Vestager, in charge of EU competition policy, said: “The purpose of double-taxation treaties between countries is to avoid double taxation – not to justify double non-taxation.” McDonald’s said that it: ” complies with all tax laws and rules in Europe and pays a significant amount of corporate income tax. In fact, from 2010-14, the McDonald’s companies paid more than $2.1 billion just in corporate taxes in the European Union, with an average tax rate of almost 27 percent.” (BBC)
Climate Change
Fossil fuel companies could face fines for causing climate change, warns Hermes
Fossil fuel firms one day could face fines for failing to admit they were causing climate change, Saker Nusseibeh, the chief executive of Hermes Investment Management has warned. Nusseibeh said the recent decision by the New York State Attorney General to launch an investigation against Exxon Mobil over its alleged failure to disclose the potential impacts of climate change on its balance sheet to investors, could mark a sign of things to come for the oil industry. “Humanity moves by consensus over time,” Nusseibeh said on the sidelines of the Paris climate change talks. He said it would be irresponsible for Hermes to ignore climate risks, because it needs to consider the long term impact of its decisions for the pension holders that it works for. “It is a double insult to people to use their money to invest in a way that makes the environment worse in 30 years’ time, so that when they retire they retire in a Gotham City,” he said. (Business Green)
Report reveals America’s most vulnerable states are not prepared for climate change
The report States Risk, conducted by research group Climate Central in collaboration with consulting firm ICF International, is the first national analysis of state-level preparedness for climate-driven threats. States were scored on an A through F grading scale and assessed on their individual preparedness relative to other states across five distinct climate-related threats: extreme heat, drought, wildfires, inland flooding and coastal flooding. The most at-risk states include California and Florida (which face all five threats), as well as Texas (which faces four of the threats). More than half of all states assessed have taken no action to plan for future climate-related inland flooding risks or taken action to address them. The report lays out major issues that states must address on a policy level. Impoverished populations are the most vulnerable to the impact of climate change, which exacerbates hunger and availability of water, transportation and resources during times of extreme heat. (Triple Pundit)
Technology & Innovation
Google and FAO partnership creates technology to help countries tackle climate change
Google Maps and FAO have agreed to work closely together to make geospatial tracking and mapping products more accessible, with the aim of providing technological assistance to countries tackling climate change and experts developing forest and land-use policies. The three-year partnership between Google Maps and FAO is designed to foster innovation and expertise and sharply broaden access to easy-to-use digital tools. ‘For FAO, this is not just a partnership. This is a strategic alliance,’ said FAO Director-General José Graziano da Silva. Rebecca Moore, Director, Google Earth, Earth Engine & Earth Outreach said: “The FAO Collect Earth application brilliantly builds on top of Google Earth and Earth Engine to provide a simple but powerful global and national forest carbon monitoring tool… We look forward to further strengthening this partnership in support of global climate action and sustainable development.” (Environmental Xprt)
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