Banks should disclose lending to companies with carbon-related risks, says TCFD report
Banks should disclose lending to companies with carbon-related risks, according to recommendations in a new report by the Task Force on Climate-related Financial Disclosures. The TCFD report – part of a G20 initiative led by governor of the Bank of England Mark Carney and former mayor of New York City Michael Bloomberg – outlines how companies should disclose climate-related information in their financial filings, with the aim of allowing economies to properly value climate-related risks. It recommends companies disclose all of their direct and indirect greenhouse gas emissions, and describe the risks and opportunities caused by climate change under a range of potential scenarios. More than 100 businesses with over $2 trillion of combined annual revenue have publicly committed to adopting the voluntary recommendations. The recommendations were intended to be adopted by all companies, however extra guidance was given to the financial sector. Over the next year, the TCFD will work to monitor and assist companies implementing their recommendations. (Guardian)
Inclusive Business
UK film industry ‘needs more diversity’
The UK film industry needs more diversity to prevent a skills shortage, says a report by The British Film Institute (BFI). The report says the industry has a “pandemic lack of inclusion”, finding that the UK’s film workforce includes 12% of people from less advantaged socio-economic backgrounds, and that five per cent have a disability. It also found that on average, women earn £3,000 less than men. Compiled by the Work Foundation for the BFI, the research estimates there will be 30,000 job opportunities coming up in the UK’s film business over the next five years, which the BFI says is worth £4.3bn to the economy. Ms Broccoli, who chairs the UK Film Skills Task Force, said: “We live in a diverse society and it is vital both culturally and commercially that our industry reflects this in front of and behind the camera.” (BBC)
Environment
Aquaculture is main driver of mangrove losses
Expanding aquaculture, such as shrimp farming and fishing, in South East Asia over the last two decades has been the main driver of mangrove loss in the world, according to a study published this month. The study, conducted by a team of scientists at Global Mangrove Watch (GMW), mapped the distribution and changes of mangrove ecosystems in the world from 1996 to 2010 using satellite imagery. The team analysed 1,168 mangrove areas across the globe and found 38 per cent of mangrove areas observed affected by human activity. South East Asia was the worst affected region with half of its mangrove areas suffering degradation. Mangroves are maritime trees or shrubs that form dense masses of roots and foliage that naturally protect coastal ecosystems against storms and sea-level rise. Cecep Kusmana, expert on mangrove ecology at Bogor Agricultural University, West Java says there is cause to be optimistic as growing awareness around the issue means that governments, international NGOs, and coastal people are now working together to rehabilitate mangroves. (Eco-Business)
Royal Mail delivers carbon reduction goal four years early
The UK’s largest delivery company Royal Mail, has surpassed a 20% carbon reduction target four years early, and will strive to maintain carbon intensity levels over the next few years as business demands evolve. Outlined in the company’s latest sustainability report, Royal Mail reduced carbon emissions by 4.7% last year, creating a 25% reduction against a 2004- 05 baseline. Initially, a 2021 deadline was in place to reach a 20% reduction across Scope 1, 2 and 3 emissions. Despite the company already surpassing this target, will keep the current 20% reduction target as it is anticipating an increase in parcel volume, and therefore a greater demand on fuel consumption and heavy truck uses. Around 66% of Royal Mail’s carbon emissions come from transportation and the 48,000 vehicles in its UK fleet. The company is currently developing a carbon efficiency target for its fleet and trials of electric vehicles have also been implemented. (Edie*)
Energy
Fast food chain Leon to switch to 100% solar power
Healthy fast food chain LEON has switched to sourcing 100 per cent solar power over the summer months, as part of its supply deal with Opus Energy. The company made the switch last week to coincide with the summer solstice. The deal sees the firm move from its usual sourcing of a mix of renewable power to a 100 per cent solar deal, which sees the power it uses matched by power from 1,000 solar projects around the country. The UK has set a series of solar and renewable power output records in recent weeks with renewables generation peaking at 19.3GW earlier this month thanks to a combination of strong winds and warm weather. LEON said the switch to solar power would also help promote its new summer menu and was in keeping with its commitment to natural and healthy food. (Business Green)
COMMENTS