SUSTAINABLE INVESTMENT

ADB, Citi, HSBC, Prudential plan Asian coal-fired closures

Financial firms including British insurer Prudential, lenders Citi and HSBC and BlackRock Real Assets are devising plans to speed the closure of Asia's coal-fired power plants in order to lower the biggest source of carbon emissions, according to news agency Reuters. The group plans to create public-private partnerships to buy out the plants and wind them down within 15 years, far sooner than their usual life, giving workers time to retire or find new jobs and allowing countries to shift to renewable energy sources. The novel proposal, which is being driven by the Asian Development Bank, offers a potentially workable model. The group is said to be having early talks with Asian governments and multilateral banks, and aims to have a model ready for the COP26 climate conference in November. (Reuters)

CAMPAIGNS & ACTIVISM

Fresh wave of climate protests to target gas ahead of COP26

Fridays For Future and Extinction Rebellion climate protests are set to resume in coming weeks ahead of COP26. Climate activists will try to shut down gas terminals and protest fracking plans in Germany, Argentina, Ireland, Bolivia and Canada this weekend, aiming to influence the agenda ahead of November’s COP26 summit. The school strikes and city-stopping actions that pushed global warming up the political priority list before the Covid-19 pandemic are also set to resume in coming weeks. The grassroots Extinction Rebellion group has said it will launch two-weeks of actions against new fossil fuel investments in London next month. The Fridays For Future student movement has called a global school strike for September 24, which falls during the UN General Assembly where leaders will discuss their responses to climate change. (Eco-Business)

RENEWABLE ENERGY 

Diageo sets in motion plans for on-site Fife solar farm

The Walmart Foundation has provided around $750,000 to UK waste prevention charity WRAP, to kickstart a new initiative that will seek to reduce household waste in the UK and Canada. The UK-Canada partnership will see WRAP work with the National Zero Waste Council in Canada to change behaviours in relation to food waste, with pilot schemes to be introduced between March 2022 and 2023. Insights that arise from the behaviour change project will be shared with partners to inform international policy. WRAP is hoping to create new partnerships in both the UK and Canada to drive behaviour change progress. The organisation is known for encouraging businesses across the food value chain to adopt a food waste reduction roadmap. Launched in 2018, the roadmap has been supported by dozens of businesses. (Edie)

WASTE

Selfridge's pilots second-hand, rental and repair services

Retail giant Selfridges has launched a new service enabling wedding parties to rent outfits and accessories or to buy second-hand. The pilot offering will be available at the retailer’s Oxford Street store for five weeks. At the store, wedding parties will be able to browse a curated edit of pre-owned items including designer dresses, suits and vintage accessories, or contemporary pieces designed using upcycled materials, with the option to buy or rent these items. Shoppers will also be able to bring in their wedding shoes and accessories for repair services, carried out through a partnership with repair service The Restory. In related news, beauty agency SEEN has launched a recycling scheme for media professionals and beauty influencers, enabling them to recycle packaging from products such as cosmetics, fragrances and skincare. (Edie)

DIVERSITY & INCLUSION

UK businesses still falling behind on workplace diversity

In its 2021 Global Workforce Agility Report, workforce solutions provider KellyOCG publishes findings that state UK businesses are falling behind international counterparts in creating opportunities for underrepresented groups. According to the report, 52%of senior business leaders surveyed in the UK say their diversity, equity and inclusion (DE&I) strategy only “pays lip service to supporting talent from underrepresented groups and doesn't provide any helpful support in practice.” The report goes on to state only two-thirds  of UK firms say they have programmes that support progression and development of underrepresented groups, below the global average of 74%. Similarly, only 44% of UK businesses surveyed are tracking or reporting on the success of programmes that remove barriers preventing underrepresented groups from accessing the work – the lowest out of all major countries surveyed. (Yahoo Finance)