FOOD SECURITY

War in Ukraine will deliver major shock to global supply and cost of food

The war in Ukraine will deliver a shock to global supply and cost of food according to Yara International one of the world’s biggest fertiliser companies. Yara, which operates in more than 60 countries, buys considerable amounts of essential raw materials from Russia, where it says fertiliser prices were already high due to rising wholesale gas prices. Yara has warned that the situation could deteriorate as Russia and Ukraine are some of the biggest producers in agriculture and food globally. Russia also produces substantial amounts of nutrients, like potash and phosphate – key ingredients in fertilisers. Yara forecasts that a reduction in fertiliser use may lead to crop yield reductions of 50% culminating in a “global food crisis” of surging food prices which could be exacerbated by higher shipping rates, further sanctions and extreme weather. (BBC News)

GENDER INEQUALITY

Financial services taskforce unveils proposal to drive gender parity

It will take 30 years to reach gender parity at senior levels of the financial services industry if nothing is done to improve the current rate, according to research by the Women in Finance taskforce. The study found that the proportion of senior management who were female among the 400 signatory City institutions of the Women in Finance charter – including Aviva, BlackRock and Santander – increased by just 1% between 2018 and 2020, from 31% to 32%. It calculated that at this rate, it would take financial services another 30 years to achieve gender parity at senior levels. The taskforce has unveiled a series of proposals to address gender parity, including mandating shortlists for senior positions with 50% female representation, , removing male-biased recruitment advertising, creating diverse interview panels and mid-career returner programmes. (The Guardian)

RENEWABLE ENERGY

World leaders take action to reduce dependence on Russian energy

Prompted by the war in Ukraine, European leaders have vowed to reduce dependence on Russian gas, planning to step up moves towards energy self-sufficiency and clean power. The European Commission is due to present its updated energy strategy and is expected to stress the need to boost renewable sources. In contrast, the UK Prime Minister said the nation may choose to increase its domestic gas and oil production to reduce Russian imports, noting that it is looking at increasing North Sea output. Climate critics have opposed the idea, pointing out the move would have very little immediate effect on impending rising energy bills but a long-term impact on the climate. In the US, lawmakers are pushing President Biden to ban Russian energy imports, but it is unclear on how it plans to replace the supply, which makes up a small fraction of its imports. (Financial Times*; The Guardian; New York Times*)

DEFORESTATION

Amazon rainforest is losing its ability to recover from deforestation

The Amazon rainforest is losing its ability to recover from deforestation and parts of it approaching a “catastrophic tipping point”, according to new academic research. The study, by Exeter University, the Potsdam Institute and Munich technical University, found that more than 75% of the rainforest’s resilience to damaging events has declined consistently since the 2000s, using satellite information to track changes over 25 years to examine how vegetation had responded to fluctuating weather conditions. The study warns that large parts of the Amazon could soon experience widespread dieback, supporting other experts’ estimates that the tipping point is 10 to 20 years away. Resilience is being lost faster in parts of the Amazon nearest to human activity, with researchers pointing to this as “compelling evidence to support efforts to reverse deforestation”. (Financial Times)*

GENDER INEQUALITY

Influence of women in sustainability stifled by gender bias and barriers

A survey published by professional network group Women in Sustainability Network has found that 46% of women working in economic, environmental and social sustainability functions felt they were not heard in the office. Of the 54% who said they were heard, 55% said their ability to influence decision making was “variable”. More than 600 experienced professionals and business owners working on sustainability from 33 countries took part, with over 75% of respondents from the UK. Respondents said the most significant barriers to women influencing decision-making were gender bias and preferential treatment given to male colleagues, the impact of parenting and family duties, and a lack of interest in sustainability from senior management. Factors which made respondents feel heard in sustainability decision-making included networking and a supportive work environment. (Business Green)*

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