WATER

Ofwat urged to make water firms prioritise environmental protection

The UK’s water regulation authority Ofwat has been told it must do more to make the water industry in England and Wales protect the environment. In a policy statement, the UK government has set out a series of priorities for the regulator to pursue for the next five years with water companies significantly reducing the frequency and volume of sewage discharges from storm overflows. The statement calls on Ofwat to challenge water companies on delivering a resilient and sustainable water supply. In 2020, water companies released raw sewage via storm overflows into rivers more than 400,000 times over a total of 3.1 million hours. Conservation group the Rivers Trust has accused Ofwat of having a short-term cost-oriented focus that has led to long-term environmental neglect. (The Guardian)

WASTE

Waitrose and Lidl top list of eco-friendly UK supermarkets

Consumer choice organisation Which? has found that Waitrose and Lidl are the most sustainable supermarkets according to its research. The study ranked supermarkets according to policies on plastic and food waste, and GHG emissions. Lidl performed above its rivals on GHG emissions but fell short on food waste. Waitrose has strong policies on plastic and food waste compared to its competitors and scored reasonably for GHG emissions. Co-op performed most strongly on plastic waste, while Iceland performed badly as it was unable to report on how much of its own-brand plastic is recyclable and also lost points as a frozen food specialist, with significant GHG emissions. Marks & Spencer was found to use more plastic compared to others and was unable to provide data for food waste. (The Guardian)

ENERGY

Energy prices in UK soar as gas industry sees record profits

UK energy regulator Ofgem has announced another energy price cap increase which will see homes face prices rises of 54% to above £1,900. In response, the Treasury announced a £150 Council Tax discount for 80% of homes and a £12 billion package to underwrite loans to energy suppliers who will be required to provide a rebate on domestic energy bills. However, the decision has received much criticism with households to be required to pay the loan back in instalments over 5 years. The Treasury rejected a motion to implement a windfall tax on the oil and gas industry. This comes despite historic quarterly profits for the industry, including Shell whose profits nearly quadrupled from $4.85 billion in 2020 to $19.3 billion in 2021.(edie; The Guardian)

SUSTAINABLE INVESTMENT

Green bond markets tops $500bn for first time in 2021

Investor-focused not-for-profit Climate Bonds Initiative has published new data revealing that the sustainable debt market topped $1.2 trillion in 2021. The analysis confirmed that the green bond market continued to accelerate, topping half a trillion dollars for the first time with $517.4 billion in issuances. Simultaneously, the market for social and sustainability-linked bonds and transition labels grew around 50% annually to $656.5 billion in 2021. The results fuel hopes that the green bonds market could reach $1 trillion in 2022, with estimates that the market will reach $5 trillion a year by 2025. The report highlights the breadth of the green bond market, with 21 sovereign green bonds issued last year, including the UK’s first £10 billion green gilt. (Business Green)*

DEFORESTATION

Deforestation in Brazilian Amazon hits January record

Deforestation in the Brazilian Amazon set a new record for January just three weeks into the year, setting a worrying sign of the surging destruction of the world's biggest rainforest. Brazil’s national space research institute INPE said nearly 360 square kilometres of forest cover was destroyed in the Brazilian Amazon in January alone, signalling the greatest amount of deforestation for January since the institute launched its DETER satellite monitoring programme in 2015. Comparatively, deforestation for January 2021 was 82 square kilometres, less than one-fourth the figure for the first 21 days of January. The loss of forest cover is the third straight increase under incumbent President Bolsonaro, whose leadership has opened protected rainforest to agribusiness and mining. (France24)

*Subscription required

CURRENT OPENINGS

Would you love to work in sustainability, supporting big brands in their responsible business journeys? Click here to see info on our current openings. We can't wait to hear from you