Report: EU carbon prices could hit €40 over next five years
European Union (EU) carbon prices could more than double to €40 per tonne between 2019 and 2023, spurring the transition away from coal power across the bloc. That is according to a new report from think-tank Carbon Tracker, which claims that carbon prices are set to rise even faster than previously anticipated, rendering the majority of the EU’s coal and lignite power plants unprofitable. Reforms to the EU Emissions Trading System (ETS) cap-and-trade approach have already seen the price of carbon increase more than threefold from €4.38 per tonne in May 2017 to €18.28 in August 2018. By the end of the year, the price is expected to reach €25. Carbon Tracker’s latest analysis, published today (21 August), predicts that carbon prices will average between €35 and €40 per tonne over the next five years. (Edie, Bloomberg)
Supply Chain/ Corporate Reputation
Abbott included on 2018 Fortune Change the World list
On August 20th Fortune magazine announced its “Change the World” list, recognizing companies that are delivering shared value by making an important social or environmental impact through their core business strategy and operations. Fortune included Abbott on the list of leading companies, highlighting work to help dairy farmers through a nutrition supply chain initiative. Working in partnership with India supplier Prabhat Dairy and TechnoServe, a non-profit organization focused on business solutions to poverty, Abbott reached 1,500 smallholder dairy farmers, providing them with the training and resources needed to increase their incomes, while providing the high-quality milk that Abbott’s nutrition business needs. Participating farmers have nearly doubled their production, and the milk had higher levels of protein, vitamins, minerals and fat — all key measures of high-quality milk. As a result, the farmers’ income is more than double that of nonparticipants, while their costs have remained the same. (3BLMedia)
Energy
Oil and gas CEO is set to build Ghana’s largest solar farm
Salma Okonkwo, the head of the UBI Group, a multi-million-dollar oil and gas company, is building Ghana’s largest solar farm. It is due to open in March 2019, supplying 100 megawatts of energy. The 48-year-old entrepreneur Salma Okonkwo is one of the few women heading an oil and gas company. Her UBI Group is the first indigenous, fully integrated downstream petroleum company in Ghana and the West African sub-region. She is now expanding her reach across Ghana’s energy industry by building what could be one of Africa’s largest solar power farms, calling it Blue Power Energy. According to the company’s website, Blue Power Energy is an energy service company specialising in renewable energy. It is geared to Ghana and sub-Saharan Africa’s economic growth through providing electricity by developing a large-scale solar photovoltaic farm to power more than 60% of Ghana’s land area. (ThisIsAfrica)
Policy
British public supports urgent action and litigation on climate change – poll reveals
The British public wants urgent action on climate change, and strongly supports holding fossil fuel companies and the UK government accountable for the negative effects of climate change, a ground-breaking new survey reveals. Undertaken by YouGov and commissioned by environment lawyers ClientEarth, the survey aimed to capture British public sentiment towards who should pay for climate change, fossil fuel investments in personal finance and what the future of Britain’s energy should look like. More than eight in ten believe that fossil fuel companies who knew about climate change early on and continue to lobby against taking action should be responsible in some way for the costs of major weather events (83%). After a record heatwave in UK and northern Europe, public sentiment was that the UK government must do more to help prepare for and adapt to climate change (62%). (ClientEarth)
Waste
Aldi ditches black plastic trays in bid to boost recycling rates
Aldi is phasing out hard-to-recycle black plastic trays from its fruit and vegetables ranges, as part of its promise to ensure all its packaging is recyclable, reusable or compostable by 2025. Announcing the move yesterday, the budget supermarket said all black plastic trays will be replaced by clear plastic across six fresh produce ranges, saving 265 tonnes of plastic from heading to landfill every year. Black plastic is widely used for food trays but is generally sent to landfill in the UK rather than being recycled because the pigment that produces the dark colour means the material cannot be sorted by the machines on standard recycling sorting lines. Aldi said that from this month its fresh tomatoes, broccoli, babycorn, and asparagus will all now be packaged in clear plastic. (BusinessGreen)
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