Top Stories

February 05, 2021


ClientEarth warns business giants' climate disclosure 'clearly inadequate'

study from environmental law firm ClientEarth warns the majority of FTSE 100 and the largest 150 firms on the FTSE 250 are not disclosing adequate climate-related data in their annual reports, with some potentially breaching UK law. The paper found over 90% of companies made no reference to climate change and related factors in their financial accounts and audit reports. Only 60% refer to climate-related risk as part of the ‘principal risks and uncertainties’ section of their annual report, and fewer than 25% reference the impact of the climate crisis on their current and future business models. While 95% of companies disclose Scope 1 and 2 emissions, and around 50% make reference to the Paris Agreement or net-zero targets,  few provide  detail. ClientEarth warns this could be corporate greenwash. (Edie)


Kirin beer company cuts brewery ties with Myanmar military over coup

Japanese drinks giant Kirin Holdings will abandon its partnership with a Myanmar brewery part-owned by military generals who overthrew the elected government and are under international sanctions for genocide. The brewer, owner of brands like XXXX, Tooheys and Little Creatures, owns a controlling stake in both Myanmar Brewery and Mandalay Brewery in partnership with Myanmar Economic Holdings Ltd (MEHL). MEHL is controlled by the country’s military and according to a UN investigation is overseen by coup leader Senior General Min Aung Hlaing. The latter has been accused by UN investigators of executing with “genocidal intent” against the ethnic minority Rohingya in Rakhine state. Advocacy groups have praised Kirin’s move, stating it sends a strong message to the Myanmar military that their coup and continued genocide will not be tolerated. (The Guardian)


TikTok will strengthen age policy enforcement in Italy after death of 10-year-old girl

Popular video sharing app TikTok will strengthen its age policy enforcement after the death of a 10-year-old girl in Italy last month was linked to a “blackout challenge” she saw on the platform, the latest in a string of child safety issues concerning TikTok last year. The app will have every user in Italy re-pass through its age verification process and input a birthday date that shows they are 13 or older to continue to use the platform, in a move to remove young children from the app. TikTok will also consider using artificial intelligence to identify children on the platform, and will allow other users to report anyone who appears to be too young to use the app. (Forbes)


Sainsbury's outlines science-based targets to slash emissions on the path to net-zero

UK supermarket Sainsbury's has unveiled science-based targets to support its pledge to become a net-zero business in 2040, ten years ahead of the UK’s 2050 deadline. The retailer has set a new ambition to reduce Scope 3 emissions by 30% by 2030, noting that the bulk of its emissions comes from Scope 3 sources. It will achieve this mainly by supporting suppliers to set their own science-based carbon reduction targets. Additionally, the retailer will continue to make progress in cutting its Scope 1 and Scope 2 emissions, particularly from its transport fleet as well as the electricity, heat and refrigerants it uses at stores and depots. The Science Based Targets initiative (SBTi) has validated Sainsbury’s’ targets in line with the Paris Agreement’s 1.5◦C warming goal. (Edie)


UN urges rich countries to update financial vows to tackle climate crisis

Rich countries must step up with financial commitments to help the developing world tackle the climate crisis before COP26, the UN’s climate chief Patricia Espinosa has said. In 2009, rich countries pledged to channel at least $100 billion a year to low-income countries, to help them cut emissions and cope with the impacts of climate change. This pledge was reiterated at the 2015 Paris Accord. Espinosa also called on countries to resolve the outstanding issues in the Paris Agreement, like how carbon markets should work, and to submit national plans setting out curbs to their emissions by 2030, which only 75 countries from the Accord have formalised so far. Major economies, including the US and China, have yet to formalise their plans. (The Guardian)


2021 Actions for Business