US investors ploughing billions into palm oil, claims report
Some of the US’ leading institutional investors, including pension funds, are ploughing billions of dollars into the palm oil industry through opaque financial arrangements, a new report claims. Large investment firms are lagging behind commitments made by consumer brands such as Nestlé, Unilever and McDonald’s by failing to identify whether they are investing in palm oil, the Friends of the Earth US report states. According to the report, BlackRock, the Vanguard Group, JPMorgan and Fidelity Investments have almost $13 billion in holdings in palm oil between them. The NGO claims that pension funds CalPERS and TIAA-CREF also have investments of more than $100 million each in palm oil activity. Many investors hold palm oil assets through index funds, masking much of the money flowing to land clearing in Indonesia, Malaysia and parts of Africa. (Guardian)
Policy
MPs push for certainty on post-Brexit environmental laws
Mary Creagh, chair of the UK’s Environmental Audit Committee (EAC), has written to the new Brexit secretary David Davis, urging him to reassure businesses that the government plans to “as a minimum” preserve environmental protections provided by EU law. The letter said businesses and investors in the £46.2 billion low-carbon and renewable energy sector will now be looking for stability. The EAC expresses concerns the government may deprioritise air pollution as an issue, pointing to its failure to address it before being forced to by court action based on EU air quality law. The letter also asks for clarification on the government’s approach to ongoing negotiations on EU policies such as the Circular Economy Package, and detail on how transnational co-operation on environmental issues such as climate change will be maintained post-Brexit. (Business Green)
India child labour bill amendments criticised by UN
India has come under criticism from the UN children’s agency Unicef after its parliament approved several controversial amendments to the country’s child labour bill. The new bill prohibits children under the age of 14 from working – but makes an exception for “family businesses”, including extended family. The government says the law will help poor families earn a living and give children a chance to acquire skills. The new bill, which is awaiting assent from President, will expand the ban on child labour to all sectors, as opposed to “hazardous” sectors only. However, activists say that the exemption that allows children to work for family businesses after school hours and during holidays clears the way for children to be employed in industries like diamond cutting, scavenging, brick kilns, slaughterhouses or as domestic help. (BBC)
Strategy
Ice bucket challenge funds ALS breakthrough
The ice bucket challenge was a phenomenon in the summer of 2014 in which people dunked a bucket of iced water over their heads in order to solicit donations to the ALS Association. Although it was dismissed by some as “slacktivism”, the campaign raised more than $100 million in a 30-day period, and was able to fully fund a number of research projects. One of these was Project MinE, whose researchers have announced that they have identified a new gene associated with ALS, which experts say could lead to new treatment possibilities. “It’s very exciting because it shows everyone who contributed to the ice bucket challenge that their donation had an impact on the research,” said Brian Frederick, executive vice-president of communications and development at the ALS Association. (Guardian)
Energy
European offshore wind investment hits €14 billion in 2016
The European offshore wind industry has enjoyed a record six months of investment, according to new figures released by trade body WindEurope. In the first six months of this year, Europe’s offshore wind projects attracted €14 billion of investment, financing a total of 3.7GW of new clean energy capacity. The UK led, with projects worth €10.4 billion amounting to roughly three-quarters of all European investment. However, the report also revealed installations fell by 78 per cent compared to the same period last year. While installation rates are expected to pick up next year, Giles Dickson, chief executive of WindEurope called on governments to set clearer deployment goals and offer long-term visibility on tender volumes and timetables. (Business Green)
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