Britain has registered the biggest increase in the EU’s gender pay gap in 2015, according to new European Commission figures, with a jump from 19.7% in 2014 to 20.8% in 2015. The increase is the steepest among Europe’s main economies and outstrips the EU’s average pay gap of 16.3%. This figure makes Britain the second worst country for female pay inequality among Europe’s biggest economies. According to the EU figures, the lower pay received by women compared to men is the equivalent of not being remunerated after early November. From April next year all UK companies, charities and government departments with more than 250 employees must publish data on hourly wages and bonus payments on a public website. The study also found that only 6% of chief executives in the EU are women. (Financial Times)*
Corporate Reputation
Banks accused of ‘reckless’ support for tar sands pipelines
Several leading banks including Barclays and JPMorgan Chase have been accused of failing to adequately address significant social, environmental, reputational, and financial risks associated with their support for planned tar sands pipelines, according to a new report by Greenpeace and Oil Change International. The report argues that the three projects – Kinder Morgan’s Trans Mountain Expansion, TransCanada’s Keystone XL, and Enbridge’s Line 3 expansion – could also be financially undermined by new climate policies and clean technologies while revealing incompatible with some banks’ sustainability strategies. Charlie Kronick, Greenpeace UK Senior Programme Advisor, has urged investors to “challenge the banks that are claiming commitment to a low carbon future while lending to projects that will make the low carbon transition impossible”. Earlier this month, BNP Paribasannounced it will no longer work with companies that are primarily related to tar sands and shale. (Business Green)
Energy
Report: UK firms risk £2.8m a year through lack of energy resilience
British businesses could be risking 17% of their annual revenue by failing to adopt an energy resilience strategy that ensures a reliable source of energy, according to a new report by Centrica Business Solutions. This equates to £2.8 million each year in damages and lost opportunity for the typical medium-sized business. Based on a survey of more than 300 businesses across the UK and Ireland, the research found that more than half (52%) predicted they will experience energy-related failure in the next year, but less than one-fifth (18%) said they have a formal energy resilience strategy in place. Almost 9 in 10 (88%) said it was important for their business to be energy resilient. According to the study, the benefits of having a resilience strategy are tangible with businesses 13% more likely to have a good brand reputation and 34% more likely to have strong financial performance. (edie)
Tax
Proposed bill to introduce carbon tax in Singapore open for public consultation
The Singapore Government has launched a second round of public consultation on the draft Carbon Pricing Bill, which sets out a framework for implementing the carbon tax, including the measurement, reporting and verification requirements. The carbon tax will be applied “upstream” on large direct emitters responsible for 25,000 or more tonnes of greenhouse gases annually, and is expected to affect between 30 and 40 emitters operating in Singapore. Under the draft bill, the tax rate could range between S$10 and S$20 per tonne of greenhouse gas emissions from 2019 and there will be associated penalties for non-compliance, such as fraudulent reporting in the verifiable emissions report, late payment of tax or tax evasion. The plan is part of a suite of measures to help Singapore meet its commitments under the Paris climate change agreement. (Channel Asia)
Technology & Innovation
Report: Digitizing leftover garment data could unlock billions for clothing industry
Companies operating in the apparel industry could be missing out on new opportunities for growth by not digitizing data on leftovers from garment factories, according to a new report by Reverse Resources. The findings show that textile and clothes suppliers are spilling an average 25% of resources during fabric and garment production, and sometimes up to 47% , due to the systemic conflict of business interests and lack of transparency between stakeholders across the global supply chain. According to Reverse Resources, digitization and the application of circular design principles could bridge this gap by creating incentives factories to share comprehensive data about leftover textiles and garments. The report suggests that approaches such as remanufacturing could provide a viable business model that lowers the costs of reintegrating leftover materials into the production cycle. (Sustainable Brands)
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