World Bank to spend 28 percent of investments on climate change projects
The World Bank has made a “fundamental shift” in its role of alleviating global poverty, by refocusing its financing efforts towards tackling climate change. The world’s biggest provider of public finance to developing countries said it would spend 28 percent of its investments directly on climate change projects, and that all of its future spending would take account of global warming. At least $16 billion a year, from across the World Bank Group will be directed to climate change projects. The group will also aim to mobilise $13 billion in extra funding from the private sector within four years. By 2020, these efforts should amount to about $29 billion a year. “Following the Paris climate agreement… we are moving urgently to help countries make major transitions to increase sources of renewable energy, decrease high-carbon energy sources, develop green transport systems and build sustainable, liveable cities for growing urban populations” said Jim Yong Kim, president of the World Bank Group. (The Guardian)
Inclusive Business
USAID joins Nespresso and TechnoServe to support South Sudan’s coffee farmers
The US Agency for International Development (USAID) has announced it will invest $3.18 million to strengthen efforts to rebuild the coffee industry in South Sudan and improve coffee farmer livelihoods. The agency is partnering with Nespresso and TechnoServe, a non-profit development organisation, in this joint effort. Since 2011, Nespresso and TechnoServe have worked directly with local farmers to revive high-quality coffee production in South Sudan, while developing commercial channels to enable its sale and export. To date, more than 700 farmers have been integrated into the Nespresso AAA Sustainable Quality Program, which provides support, training and technical assistance to improve sustainability and productivity. Nespresso has already invested over $1.5 million in the project. “We’re encouraged to see a company like Nespresso investing in long-term growth in South Sudan and look forward to working together to expand economic growth and opportunity in the country,” said USAID Assistant Administrator for Africa Linda Etim. (USAID)
Corporate Reputation
Co-op Group boss asks for pay cut after job gets easier
The head of the UK’s Co-op Group has asked for a 60 percent cut to his total pay package because the job has become easier. His base salary will fall from £1,250,000 to £750,000, and he will also see cuts in incentive payments. Chief executive Richard Pennycook says the business is now back “in calmer waters” and the reduction reflects the revised demands of the current job. He said the pay cut was “by no means the main news”, which was the Co-op’s recovery. For that, he credited his 70,000 colleagues’ “dedication”. In 2013, the Co-op was rocked by the discovery of a £1.5bn hole in the Co-op Bank’s finances. Pennycook was finance director of the group, but took over as chief executive in 2014 when the former boss, Euan Sutherland, resigned after 10 months in the job. (BBC)
Employees
San Francisco first US city to require businesses to offer new parents paid leave
San Francisco has become the first city in the US to require businesses with at least 20 workers to offer new parents fully paid six weeks leave. The measure comes as momentum grows nationwide for workplace policies that better support families, pushed by both workers’ rights activists and Silicon Valley juggernauts. Some companies already go further than the new requirement. Twitter, for example, this week became the latest company in a string of high-profile firms, including Netflix and Spotify, to expand its paid-leave policy, offering new parents up to 20 weeks off. Under federal law, most American employers must offer at least 12 weeks of leave. None of it, however, has to be paid. Researchers say the law may strengthen women’s ties to the workforce after they return from leave. Small-business owners, however, say the mandate will hurt their bottom lines. “They just have fewer resources to absorb the costs,” said Dee Dee Workman, vice president of public policy at the San Francisco Chamber of Commerce. (The Washington Post)
Waste
Report: Reducing food waste would mitigate climate change
Reducing food waste around the world would help curb emissions of planet-warming gases, lessening some of the impacts of climate change such as more extreme weather and rising seas, according to a new study from the Potsdam Institute for Climate Impact Research. Up to 14 percent of emissions from agriculture in 2050 could be avoided by managing food use and better distribution. “Agriculture is a major driver of climate change, accounting for more than 20 percent of overall global greenhouse gas emissions in 2010,” said co-author Prajal Pradhan. “Avoiding food loss and waste would therefore avoid unnecessary greenhouse gas emissions and help mitigate climate change.” Between 30 and 40 percent of food produced around the world is never eaten, because it is spoiled after harvest and during transportation, or thrown away by shops and consumers. The potential for food waste curbs to reduce emissions should be given more attention, according to Jürgen Kropp, another co-author. “It is not a strategy of governments at the moment,” he added. (Guardian)
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