The Interfaith Centre for Corporate Responsibility (ICCR) has announced the launch of a new initiative, the ‘Investor Alliance for Human Rights’ established to provide a collective action platform to facilitate investor advocacy on human rights and labour rights issues. This unique Alliance builds on longstanding ICCR member advocacy to amplify the global investor voice on human rights issues and promote corporate accountability. While some companies have shown leadership in integrating the UN Guiding Principles on Human Rights and Business, most are still unaware of the breadth and depth of human rights impacts attributed to their businesses. Responsible investors are seeing gaps leading to legal, reputational and financial consequences and the recent Corporate Human Rights Benchmark report has provided further evidence of the importance of assessing corporate human rights performance for a range of stakeholders. (ICCR)
Responsible Investment
Investors urged to engage with Sustainable Development Goals
Investors have been urged to support the “world’s most pressing environmental, social and economic issues” by using the Sustainable Development Goals (SDGs) as a capital allocation guide. A new report published by the Principles for Responsible Investment (PRI) and PwC has found that only 17% of PRI signatories are funnelling investment into ESG areas. The findings come as the PRI has threatens to strip members of signatory status in ‘greenwashing’ purge. According to the report, the SDGs should serve as a list of material ESG factors that should be considered as part of investor’s fiduciary duty, as “not meeting the SDGs will potentially bring macro financial risks”. Notably, the report claimed that the SDGs are not only fundamental “drivers of growth” but could also give investors a “common language” to shape sector-wide strategies and “future proof portfolios”. (edie)
Strategy
Target commits to sourcing 100% renewable power
US clothing giant Target has unveiled a new climate strategy, featuring headline commitments to source 100% renewable power, reduce carbon emissions throughout its value chain and support communities most heavily impacted by climate change. The company said it would step up investment in solar and wind power sources, and also increase “energy efficiency of heating and lighting sources in stores”, “managing refrigerant inventory, and exploring new programs”. In addition, Target promised to cut its direct Scope 1 and 2 emissions by 25% against 2015 levels by 2025 and that, “within a year”, it will have developed an emissions target for its Scope 3 supply chain emissions to meet its commitment under the ‘Science-Based Targets’ (SBT) initiative. The strategy follows a recent commitment to source 100% sustainable cotton by 2022. (Business Green)
Supply Chain
Microsoft Seattle data centre to be powered by ‘first of its kind’ fuel cell technology
A Microsoft data centre in Seattle is soon to benefit from power generated by on-site fuel cells, in what German developer Solidpower has hailed a “first of its kind” installation of the technology directly above server racks at the facility. According to the German firm, the technology will provide electricity “with the highest efficiency in the world” which, if scaled up, could save Microsoft hundreds of millions of dollars each year while reducing carbon emissions. Solidpower CEO, Alberto Ravagni, said the new venture would open up a new market for fuel cell technology to be used in the multi-billion-dollar data centre market. The technology is based on Microsoft’s Bluegen micro fuel cell generator design and is being installed directly above server racks in order to increase efficiency while replacing higher-emission diesel generators. (Business Green)
Veolia to deliver major carbon savings for University of East Anglia
The University of East Anglia, UK (UEA) is set to generate more than 80% of electricity onsite after waste management firm Veolia installed two latest generation combined heat and power (CHP) units. Installed earlier this month, the units have replaced original engines installed in 1999 and will prevent 40,000 tonnes of campus carbon emissions per year and slash emissions by 35% by 2020 against a 1990 baseline. It adds to Veolia’s CHP portfolio that supports the education and research facilities of 200,000 students across 60 university campuses. The completion concludes a three-year project to upgrade energy facilities at UEA, where new energy-efficient boilers and pumps were installed, as well as thermal stores which hold 200,000 litres of water and will capture excess heat from the CHPs. (edie)
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