Report: Investors can play a central role in achieving the Sustainable Development Goals
Institutional investors across the world are ready to engage with and contribute to the Sustainable Development Goals (SDGs), according to a new report published by ShareAction, the shareholder advocacy campaign group. The researchers surveyed 52 institutional investors with over £4 trillion in assets under management. The study found that investors with a range of mandates are already supporting the Goals, and believe that taking action in support of the Goals is consistent with their investment objectives. 62 percent of respondents believe that acting on the Goals offers opportunities for increased investment returns. While very few investors disagreed with these statements, the research indicates that awareness of the Goals among investors is not high. Efforts towards achieving SDG 8 (decent work and economic growth), SDG 9 (industry, innovation and infrastructure) and SDG 13 (climate action) were considered to have the greatest potential to meet long-term investment objectives. The identified barriers to investors are a lack of data on companies’ social and environmental impacts and the wide-ranging nature of the Goals. (ShareAction)
Policy
Germany mulls ‘mammoth’ 95 percent cut in emissions by 2050
Germany is drawing up an action plan to reduce its greenhouse gas emissions 95 percent from 1990 levels by 2050. Drawing on a public consultation launched last year, the environment ministry expects to present the proposal to cabinet before the summer recess. It is a “mammoth task with profound implications… No sector will be excluded from this transition” said Barbara Hendricks, environment minister at the second annual Berlin Energy Transition Dialogue, hosted by the foreign ministry. The long term target is at the higher end of the 80-95 percent range agreed across the EU, based on holding global temperature rise to 2oC. The focus of the conference was on expanding renewable energy, however there was no mention of the coal sector, which continues to be Germany’s main source of electricity. Nor did the federal environment agency’s official estimate that carbon dioxide emissions increased 0.7 percent last year come up. (Climate Home)
Drinks makers consider legal action against sugar tax
Soft drinks makers are considering taking legal action against the UK government over its controversial sugar tax, introduced in last week’s budget. The companies are now awaiting more details on the tax, which will come into force in 2018. The new tax will add 24p a litre to soft drinks with the highest sugar content, a cost that could be passed on to shoppers through higher prices. The soft drinks companies could sue the UK government through European courts on the basis that other types of food and drink, such as fruit juice and milkshakes, are not included. “We need to know more about the levy and how the government plans to implement it. Once this is clear to us, we’ll decide on what steps to take as a business and how best to continue the work we have done to help people consume less sugar and calories from our drinks.” said a Coca-Cola Great Britain spokesperson. (Guardian)
Technology
Dyson to invest £1 billion in battery technology thanks to profit surge
Dyson, the British company famous for its bagless vacuum cleaners and bladeless fans, is planning to ramp up investment into new longer-lasting batteries after reporting a 20 percent rise in profits thanks to a tripling of revenues in China. The company plans to invest £1 billion in battery technology over the next five years. Last year it acquired a University of Michigan spin-off that has developed a new type of battery, which promises to store twice as much energy as today’s liquid-based lithium batteries. “2016 is gearing up to be a transformational one as we launch more exciting and more intelligent proprietary technology” said chief executive Max Conze. James Dyson, the founder, added “By ramping up our investment in technology and expanding research and development we are developing machines that perform better and disrupt the status quo. We put faith in young bright minds – our average age [of engineers] is 26.” (Guardian)
Employees
Amazon should allow shareholder vote on gender pay
The Securities and Exchange Commission (SEC) has ruled that Amazon should allow a shareholder vote to proceed that calls for an October deadline for Amazon to report the pay gap differences between female and male workers, and the plans it has to close that gap. The proposal was brought by shareholder Arjuna Capital, but it was rejected by Amazon as being “so inherently vague or indefinite” it would impede implementation. Amazon sought permission from the SEC to omit the proposal, but the SEC rejected the request saying it did not agree with Amazon’s assertion of the proposal. Amazon was not the only tech company targeted by Arjuna Capital with a gender pay gap proposal. The company sent similar proposals to eight other tech companies, including eBay. Arjuna withdrew the proposal from Intel and also Apple when the companies took action to address the issue. (Fast Company)
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