UK companies to be legally required to publish their gender pay gap
Under a new proposal by the UK Government, to be enshrined in law, all companies with more than 250 employees must publish their gender pay gap on their websites while new league tables, due for publication in 2018, will expose the worst offenders. In addition, around 8,000 of the country’s largest employers will have to publish the number of men and women in each pay range – to make clear where the pay gap is at its worst. Bonuses will also be included in the statistics to ensure firms cannot discriminate “via the back door”, a Government spokeswoman said. Latest figures suggest that women in the UK still earn on average 20 percent less than men. (BBC)
Corporate Reputation
HSBC faces lawsuit over laundering of Mexican drug money
Four families of Americans killed by Mexican drug cartels are suing British banking giant HSBC for allegedly contributing to their deaths by allowing the gangs to launder billions of dollars. It is a fresh setback for the bank, whose operations in Mexico have been under scrutiny by US authorities for years. The bank processed at least US$ 881 million in cash for Mexico’s Sinaloa cartel, regarded as the most powerful drug gang in the world, according to US authorities. The lawsuit describes the cartels’ activities as “terrorist acts” in a bid to argue that HSBC is liable under the US Anti-Terrorism Act, which allows survivors of terrorist acts to demand damages from organisations that provide material support to terrorists. (Guardian)
Report: 10 companies getting ahead of the climate change curve
The market is expected to attach a greater premium to companies with superior energy efficiency, carbon management, climate resilience and climate-driven products or services, according to a new report by Sustainalytics. The report showcases diverse approaches to addressing climate change, from disruptors like Tesla on energy storage to Borregaard on petrochemical alternatives to Cisco on the Internet of Things. General Electric is presented as another important leader: the company has recently acquired the assets of Alstom for US$ 9.5 billion, based in part on a favourable outlook for wind power. Kellogg’s is pushing adaptation through its supply chain, making a positive impact on food security. L’Oréal was included for the way the company has tied its brand to climate change leadership. The report also tracks the story of Allianz’s evolution from one of the world’s top fossil fuel financers to its landmark decision in 2015 to end investments in coal-heavy companies and increase investment in clean energy. (Justmeans)
Energy
Nine EU countries have already met their 2020 renewable goals
According to Eurostat, a data repository, nine European Union (EU) countries are meeting their 2020 targets for renewable energy generation ahead of schedule. Sweden, Bulgaria and Estonia, were joined last year by Lithuania. In addition, Finland, Croatia, Romania, Italy and the Czech Republic have significantly increased the number of countries that have reached their 2020 renewable goals. The EU as a whole generated 16 percent of its energy from renewables. Solar and wind are the fastest-growing sources of renewable electricity generation. This is part of the EU’s “20-20-20” strategy, which includes mandates to cut greenhouse gas emissions by 20 percent while increasing renewable energy and energy efficiency by 20 percent each by 2020. However, some of the EU’s biggest polluters continue to be far from meeting their goals. Germany, France and the U.K., which together account for 45 percent of all EU greenhouse gas emissions, are all well below their renewables goals. Of the three, only France has a more ambitious goal than the EU as a whole. (Climate Central)
Fossil fuels will reign supreme for next two decades, claims BP
BP has been accused of using its energy outlook reports as a ‘public relations exercise’ after the oil giant’s latest analysis suggests that fossil fuels would still be providing 80 percent of global energy supplies in 2035. BP charts tumbling oil prices and global renewable roll-outs through its annual Energy Outlook report. The key message seems to be that the oil and gas industry must keep on extracting new reserves to meet strong demand for energy from developing countries and a growth in the world population. “This is a story of how an oil and gas company predicts the rosy prospects of oil and gas companies. BP would like us to believe that government action on climate will fail, that clean technologies will fizzle, and that the future of energy will still be based on the carbon fuels of the past,” said Greg Muttitt of Washington-based campaign group Oil Change International. (edie)
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