Event: Net Impact Approaches Conference on Tuesday 22nd May 2018
See below for more information on a conference exploring the latest in companies measuring, valuing, and setting target for environmental and social impacts for reporting and decision-making.
Sustainable Finance
Allianz to stop selling insurance to coal companies
Allianz has pledged to stop selling policies to coal companies in an effort to cut back the use of fossil fuels. Europe’s biggest insurance company has said that it would immediately pull its coverage from single coal-fired power plants and coal mines, and that it would phase all coal risks out of its business by 2040. It also said it would stop investing in companies that do not cut their greenhouse gas emissions. The move, which will apply to Allianz’s €664 billion of investments, is an extension of its coal divestment policy that was announced in 2015. Allianz said it would lose the €50 million of premiums per year that it generates from insuring single coal-fired power plants and coal mines, but added that it makes more than twice that amount by insuring renewable energy projects. Allianz plans to develop concrete measurements to assess the success of its policy by working with the Science Based Targets Initiative, a not-for-profit group. (Financial Times*)
Policy
EU plans to massively increase spending on climate change
The European Commission has put forward its future budgetary plans, which includes spending a quarter of its entire finances on tackling climate change. Under the new proposals, covering the period between 2021 and 2027, a total of €320 billion will be spent on climate adaptation and mitigation, an increase of €114 billion. Under the current budget, €206 billion is already being spent out to 2020 on combating climate change through investments in energy efficiency, renewable energy, environmental protection, and other carbon reduction schemes. This represents 20 percent of the budget, and so the draft proposal represents an overall increase of 5 percent. The European Commission’s President, Jean-Claude Juncker, said the plan was “an important moment for our Union. The new budget is an opportunity to shape our future as a new, ambitious Union of 27 bound together by solidarity.” (Climate Action Programme)
Corporate Reputation
New York City Comptroller suggests Airbnb is crippling apartment supply
The rise of popular home-sharing site Airbnb is eating into New York’s apartment supply, contributing to surging rents across the city, according to a study released by City Comptroller Scott Stringer. The study found a significant intersection between city neighbourhoods with the most annual Airbnb listings, and those with the largest average rent hikes between 2009 and 2016. Units that would normally be available to rent to New Yorkers at market rate are instead never put up for grabs because they can rake in more money serving as quasi-hotel rooms on Airbnb, Stringer said. The investigation tried to estimate the exact impact of Airbnb’s keeping units off the market, by predicting what rents in those neighbourhoods would be if all apartments were put into the supply pool. In Greenpoint and Williamsburg, the study estimates that 18.6 percent of the 2009 – 2016 rent increase — $123 of the $659 monthly hike — is attributable to Airbnb choking the market. (New York Post)
Volkswagen former boss faces charges in US over “dieselgate”
Volkswagen’s former chief executive Martin Winterkorn – who headed the German car giant when the “dieselgate” scandal was exposed – has been charged with conspiracy and wire fraud in the US. Mr Winterkorn is the most senior person involved in the scandal to face criminal charges following revelations that the company fitted 11 million of its diesel cars with “defeat devices” allowing them to cheat pollution control tests. The former car boss was charged in a Michigan court with conspiring to defraud the US and violate the Clean Air Act. According to court papers that have since been unsealed, Mr Winterkorn was briefed months before the scandal broke on the emissions issue and how US regulators were threatening to delay certifying cars for sales in the US. Volkswagen has paid more than $20 billion in the US in fines and compensation to customers, after pleading guilty to violations, and two other executives have been sentenced to prison there. (Telegraph*)
Technology
Twitter urges all users to change passwords after glitch
Twitter has urged its more than 330 million users to change their passwords after a glitch caused some to be stored in readable text on its internal computer system rather than disguised by a process known as “hashing”. The social network disclosed the issue in a blog post and series of Tweets, saying it had resolved the problem and an internal investigation had found no indication passwords were stolen or misused by insiders. Still, it urged all users to consider changing their passwords. The blog did not say how many passwords were affected. A person familiar with the company’s response said the number was “substantial” and that they were exposed for “several months.” The disclosure comes as lawmakers and regulators around the world scrutinise the way that companies store and secure consumer data, after a string of security incidents at Equifax, Facebook and Uber. (Reuters)
Event
2018 Net Impact Approaches Conference (22.05.2018), 15 Hatfields, London
Building upon the success of the 2017 event, this conference will bring together the different communities involved in Net Impact Approaches to: share best practice, highlight key initiatives and approaches, move the topic forwards by addressing pressing issues, and facilitate collaboration with key players.
Corporate Citizenship Briefing is delighted to be supporting the conference again. We are pleased to be able to offer a 10% discount for CCB subscribers members using this link https://netimpactapproaches2018.eventbrite.com/?aff=CCB and promotional code CCBNIA18).
Sustainability leaders contributing to this event include: Schroders, UNEP WCMC, Solvay, Olam, Yorkshire Water, Interface, Novartis, Forum for the Future and more.
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