Starbucks to close all US stores for one-day racial bias training
Starbucks plans to shut more than 8,000 of its US stores on the afternoon of the 29th May 2018 to conduct racial-bias education for its employees, as the company grapples with the backlash over the arrest of two black men at one of its Philadelphia stores. The move comes as Starbucks, which has prided itself as a champion of progressive values, has been slammed by activists for failing to respond adequately to the incident – in which a barista called the police after two black men sat at a table without ordering resulting in the two men being arrested for trespassing. Starbucks said the training would be provided to nearly 175,000 employees across the US and is aimed at preventing discrimination in its stores, the programme will also be part of the training process for all new hires. Starbucks said that the training programme would “address implicit bias, promote conscious inclusion, prevent discrimination and ensure everyone inside a Starbucks store feels safe and welcome”. (Financial Times*)
Climate Change
UK to become first developed economy to examine Paris Agreement commitments
The UK is to become the first major developed economy to commit to examining how it will meet the terms of the Paris Agreement and review its long-term target to cut carbon emissions. Clean Growth Minister Claire Perry said, at the Commonwealth Heads of Government Meeting, that following the publication of a global scientific review of the impacts of, and action needed to keep to, a 1.5°C rise in Autumn 2018, the UK’s climate advisers will be asked to review the country’s 2050 target. The Committee on Climate Change will then provide advice on the potential for the UK to tighten its reduction targets as part of global efforts to curb rising temperatures. The committee recently suggested that the UK would have to meet the net-zero target by 2045-2050 to do its bit to ensure global temperature rises do not exceed 1.5°C. (Independent)
Corporate Reputation
BP’s low carbon plan dismissed by environmentalists as “greenwash”
Environmental leaders have dismissed BP’s new low-carbon strategy as “greenwash” and a lightweight response to climate change and the energy market’s rapid switch to renewables. In announcing their new strategy BP claimed that there would be no increase in its carbon footprint over the next seven years because it will cut emissions from its oil and gas rigs, and offset the rest – achieving a saving of 3.5 million tonnes of carbon dioxide equivalent by 2025, equal to about 7 percent of its current operational emissions. The company, however, continues to have no target for its biggest contribution to global warming, the burning of oil and gas. Tom Burke, the chairman of environmental thinktank E3G and a former BP adviser, said: “Who cares about operational emissions? The problem is they have nothing to say on their product. This is a 20th century response to a 21st century problem.” (Guardian)
China’s Sina Weibo reverses ban on LGBT content after outcry from users
Sina Weibo, the Chinese equivalent of Twitter, has reversed a short-lived ban on LGBT-related content following an outcry from the country’s internet users. Weibo had previously announced that it would remove LGBT-related content from its site to comply with the country’s cybersecurity laws and to create a “clear and harmonious environment”. The move was part of the company’s three-month “detoxification” effort to remove posts that are pornographic, violent or refer to homosexuality. The move drew the ire of Weibo’s almost 400 million users, many of whom held an online protest using the hashtag #IAmGay, which was posted over 500,000 times and viewed more than 530 million times. Weibo said in a statement that the ban would no longer target LGBT-related content — but not before the social media site deleted the #IAmGay hashtag and shut down popular pro-LGBT rights accounts. The hashtag however remained active, with social media users switching up the Chinese characters they used to spell the phrase. (ABC News – Australia)
Sustainable Finance
Accounting for Sustainability Project launches guide to encourage integration of sustainability into strategy
The Prince’s Accounting for Sustainability Project, founded by Prince Charles to drive greater adoption of sustainable decision-making, has launched a new guide to help finance teams navigate the complexities associated with integrating sustainability into strategic planning, budgeting and forecasting. Situating the need to do so in relation to missed opportunities that arise when organisations fail to respond effectively to social and environmental trends, with these opportunities spanning improving decision making and risk management, enhancement of stakeholder engagement and the alignment of business performance with long term value drivers. The guide assists finance teams in navigating these challenges and potential opportunities by providing tools, practical examples and guidance relating to the integration of sustainability and suggests that project participants found clear business benefits from following the guidance given. (A4S)
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