Paris climate deal set to be signed by record number of states
A Paris deal to slow climate change is set to be signed by more than 165 countries at the United Nations today. The UN expects some 60 heads of state and government at the signing ceremony. Many states still need a parliamentary vote to formally approve the agreement. It will only enter into force when ratified by at least 55 nations representing 55% of man-made greenhouse gas emissions. Some experts predict the 55% thresholds can be reached this year. The UN said 13 countries, mostly small islands developing states, are due to ratify the deal. China and the US, the world’s top emitters accounting together for 38% of emissions, are due to sign, along with Russia and India, who round out the top four. Many developing nations are pushing to ensure the climate deal comes into force this year, to lock in the US if a Republican opponent of the pact is elected president in November. (Guardian)
Carbon pricing campaign stepped up ahead of climate deal ceremony
A group of world leaders and international banks urged more countries to launch schemes that put a price on carbon dioxide (CO2) emissions. 40 nations and more than 23 cities, states and regions already have a price on CO2 emissions covering about 12 per cent of global emissions. But the group called on world leaders to increase coverage to 25 per cent of global emissions in the next four years and 50 per cent within the next decade. “To deliver on the promises of the historic Paris climate agreement, a price on carbon pollution will be essential to help cut emissions and drive investments into innovation and cleaner technologies,” said World Bank Group President Jim Yong Kim. The role of carbon pricing in efforts to curb rising emissions causing global warming gained prominence last year after several multinational companies, including major Oil and Gas companies, said it is needed to spur investment in low-carbon energy. (Eco-business)
Corporate Reputation
Mitsubishi Motors scandal widens
The emissions scandal surrounding Mitsubishi Motors has widened as the company’s president Tetsuro Aikawa said there may have been more car models that incorrectly measured fuel efficiency data than initially thought. So far, at least 600,000 Japanese vehicles have been affected in four models: Mitsubishi’s ek Wagon and eK Space, as well as Nissan’s Dayz and Dayz Roox, which Mitsubishi produces for Nissan. Moreover US safety authorities have asked the company for more information and Japanese authorities raided one of Mitsubishi’s offices on Thursdayminister, Keiichi Ishii, has raised the possibility of buying back the cars in question, as Volkswagen has agreed to do in the US. The scandal has wiped about 40% off Mitsubishi’s market value, amounting to losses of $3.2billion over three days. The shares fell nearly 14% today, following declines of 20% on Thursday, when they were suspended, and 15% on Wednesday. (BBC , Guardian)
Employees
Bike couriers on legal fight over workers’ rights
Four bicycle couriers are taking their companies to a tribunal demanding employed workers’ rights, including paid holidays and the minimum wage. If successful, the case could have significant impacts for self-employed workers in the UK and beyond. The couriers are considered self-employed contractors despite working for one firm for about 50 hours a week. The working day of a London courier involves weaving through the city’s crowded and congested streets covering 60 to 70 miles, to be normally paid between £2 and £3 per delivery, depending on distance. One of the couriers said, “They tell me what to do, when to do it and how to do it…I am monitored, have to have company ID with me at all times, and can’t take work from other companies.” The couriers are taking Excel, City Sprint, AddisonLee and eCourier, to an employment tribunal with the support of the Independent Workers Union of Great Britain. The union’s president, Jason Moyer-Lee, said: “Employers are taking advantage of the power imbalance and forcing the couriers to accept a job with zero employment rights. The couriers should be like all other workers.” The courier companies say the tribunal claims are unfounded. (BBC)
Tax
Apple should pay more tax, says co-founder Wozniak
Apple co-founder Steve Wozniak has said he doesn’t like the idea that the company does not pay tax at the same rate he does personally. Apple, Google and Amazon have been criticised for not paying enough in tax and the firm is currently the subject of a European Commission tax inquiry. Apple channels much of its business in Europe through a subsidiary in Ireland, where the corporation tax rate 12.5%, compared to the UK’s 20%. In the US it’s 35%, but three years ago the company admitted two of its Irish subsidiaries pay a rate of 2%. It has built up offshore cash reserves of around $200bn – beyond the reach of US tax officials. Tax avoidance has been brought back into focus by the recent Panama Papers revelations. (BBC)
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