INEQUALITY

Make UK employers report ethnicity pay gap, MPs tell ministers

Cross-party MPs have published a report under the House of Commons Women and Equalities Committee, urging the UK government to introduce mandatory reporting on employee salary data to address the pay gap between staff of different ethnicities. The report says there is no excuse for failing to tackle racial inequality in UK workplaces, arguing that large companies should be required by law to publish salaries following a framework already in place for gender. The group said this action represents the “first step” in addressing pay disparities, citing research showing efforts to address racial inequality could boost the economy by £24 billion annually. A Department for Business, Energy and Industrial Strategy (BEIS) consultation on mandatory pay gap reporting ended in January 2019, but the government is yet to publish any proposals. (The Guardian)

CONSUMERS

Youth in developing nations more “green conscious” than peers

According to research published by global investment bank Credit Suisse, young consumers in emerging economies are more likely to switch to green products. The survey found that Gen Z and millennials in India, China, South Africa, Mexico and Brazil say they are worried about the state of the environment, while young consumers in the US, France and Germany are less concerned. The survey of more than 10,000 people aged 16-40 taken in five emerging and five developed nations, found that 63% of young consumers say they are unconvinced by corporate sustainability claims. Credit Suisse’s research also challenges the assumption that green goods are exclusive items for developed nations, with young consumers in emerging economies more likely to spend money on solar panels, home insulation, plant-based food and electric vehicles. (Eco-Business) 

SUSTAINABLE INVESTMENT

Four in every €10 of European fund assets now marketed as 'sustainable'

A report from financial services company Morningstar has found that assets in European funds marketed as sustainable have hit €4 trillion, totalling almost 40% of all assets managed in EU-domiciled funds. This represents an increase from about €2 trillion in April last year, shortly after the EU’s Sustainable Finance Disclosure Regulation (SFDR) rules were introduced. The report suggests this trend is a sign of soaring demand for sustainable products with investors putting more money into products that emphasise ESG goals. The report also says that managers are reclassifying more of their existing products as sustainability-aligned. However, Morningstar also cautions that “loose definitions” of the SFDR have enabled some funds to classify themselves as sustainable without making changes to their portfolio. (Reuters)

SUSTAINABLE AGRICULTURE

USDA to spend $1 billion to promote climate-friendly agriculture

The US Department of Agriculture (USDA) will invest $1 billion in pilot projects that promote farming, ranching and forestry practices that cut greenhouse gas (GHG) emissions or capture and store carbon. The programme, known under the Partnerships for Climate-Smart Commodities, will raise funds from the USDA’s Commodity Credit Corporation, which is endowed with $30 billion annually to help stabilise agricultural prices and farm incomes. Qualified projects could include initiatives that cut or capture methane emissions on dairy farms or programmes which expand the use of farming practices that soak up more climate-warming carbon and store it in the soil. Funding will be awarded to qualified public and private entities with grants ranging from $5 million to $100 million. (Reuters)

FOOD SECURITY 

Rising cost of living leaves 4.7m Britons struggling to feed themselves

The number of people in the UK experiencing food insecurity was one-fifth higher in January than six months previously, according to a survey conducted by the Food Foundation. The published data shows that 4.7 million adults in the UK had experienced food insecurity in January 2022, equivalent to 8.8% of the population, which is 20.5% higher than in July 2021, when the survey reported 3.9 million adults had experienced food insecurity. The findings come as Ofgem announced a 54% rise in energy bills and the Bank of England increases interest rates to 0.5%. Campaigners also warn that inflation could reach 7.25% in April further threatening to limit people’s spending power as planned National Insurance contribution increases come into play. (Financial Times)*

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