Top Stories

• Make climate risk reports mandatory for 480 FTSE firms, say investors
• EU investigates Instagram over handling of children’s data
• Solar is now ‘cheapest electricity in history’, confirms IEA
• John Lewis Partnership targets net-zero carbon by 2035
• 6 in 10 fashion giants see sustainability as ‘key priority’ amid Covid-19 

Environment 

Make climate risk reports mandatory for 480 FTSE firms, say investors

An influential group of investors, the Investment Association (IA), is urging UK regulators to make climate risk reporting mandatory for nearly 500 FTSE-listed firms. The IA, which represents 250 members with £8.5tn in assets, is calling for compulsory environmental disclosures, amid concerns that listed companies are not transparent about how climate risks are influencing the way they invest and spend. While the number of FTSE 100 companies claiming they have implemented the Task Force on Climate-related Financial Disclosures (TCFD) framework has more than doubled in the past year, just 53% published reports covering all four of the key categories – climate governance, strategy, risk management, and metrics and targets. The IA is calling on the Financial Conduct Authority to make TCFD reporting mandatory for all 480 premium-listed FTSE companies. (The Guardian) 

Digital Ethics 

EU investigates Instagram over handling of children’s data

Social media platform Instagram is being investigated by Ireland’s Data Protection Commissioner over its handling of children’s personal data. The app’s owner, Facebook, could face a large fine if Instagram is found to have broken privacy laws. The investigations stem from complaints that Instagram made contact information on business accounts publicly visible to anyone accessing the app. The regulator is investigating whether Facebook has a legal basis for processing children’s personal data and if it employs adequate protections and restrictions on Instagram for children. Separately, it is also looking at whether there was compliance with GDPR requirements in relation to Instagram’s profile and account settings. It is inquiring into whether Facebook is adequately protecting the data protection rights of children as vulnerable persons. (BBC) 

Energy 

Solar is now ‘cheapest electricity in history’, confirms IEA

The world’s best solar power schemes now offer the “cheapest electricity in history” with the technology cheaper than coal and gas in most major countries, according to the latest report from the International Energy Agency (IEA). Reflecting the impact of coronavirus and the uncertainty of global energy use over the next two decades, the report offers four “pathways” to 2040, all with a major rise in renewables. The main scenario shows 43% more solar output by 2040 than it expected in 2018, partly due to detailed new analysis showing that solar power is 20-50% cheaper than thought. Despite a rapid rise for renewables and a “structural” decline for coal, the IEA says it is too soon to declare a peak in global oil use, unless there is stronger climate action. (Eco-Business) 

Climate Change 

John Lewis Partnership targets net-zero carbon by 2035

The John Lewis Partnership has brought forward its net-zero goal from 2050, pledging to become a net-zero carbon business by 2035 as it unveiled new waste and sustainability measures. The retail group, which encompasses Waitrose and John Lewis, unveiled its plan to deliver “the go-to brands for customers who want quality, value and sustainability”. All John Lewis product categories will have a ‘buy back’ or ‘take back’ solution by 2025, while all key raw materials in own-brand products will be from sustainable or recycled sources by 2025. Waitrose has committed to sourcing only from net-zero carbon farms in the UK from 2035 and is extending its pledge to halve food waste by 2030 to its entire supply chain and aiming to help halve customers’ household food waste by 2030. (Business Green) 

Sustainable Fashion 

6 in 10 fashion giants see sustainability as ‘key priority’ amid Covid-19 

In a survey of 150 executives from the world’s biggest fashion firms, including H&M Group, Puma and Adidas, 60% named implementing sustainability measures as their top strategic priority in the wake of Covid-19. The only strategic priority cited more in the survey, conducted by the Economist Intelligence Unit on behalf of the US Cotton Trust Protocol, was improving customers’ experience. Respondents most commonly cited sourcing sustainably produced raw materials and sourcing greater quantities of recycled materials as their top sustainability priorities. However, most respondents said they are not planning to produce fewer product to be more sustainable. Additionally, 45% of respondents said their company does not track emissions across the product lifecycle and 40% don’t track how much water and energy is used to produce the raw materials they source. (Edie)