Top Stories

June 09, 2022


Sainsbury’s CEO pay triples as firm rejects living wage calls

UK supermarket Sainsbury’s has revealed that its chief executive, Simon Roberts, received pay worth £3.8 million in the latest financial year – nearly triple his 2021 pay and 183 times larger than a median worker at the supermarket. This comes as the company seeks to reject calls from investors including HSBC, Legal & General and Fidelity International to ensure all its store employees receive a living wage. Sainsbury’s will face a vote at its upcoming AGM pushing the company to comply with standards set by the Living Wage Foundation. It will be the first living wage shareholder resolution to be filed at a UK company amid scrutiny of big supermarkets, which are among Britain’s largest employers yet none are accredited living wage employers. (The Guardian; Evening Standard)


H&M, Lululemon back $250m fund to decarbonise fashion

Clothing brands H&M and Lululemon are among backers of a $250 million fund aiming to speed up efforts to cut carbon emission in the fashion industry’s supply chain. The fund, called the Fashion Climate Fund, orchestrated by non-profit the Apparel Impact Institute, aims to unlock a further $2 billion in funding once effective solutions have been found and upscaled. Other early backers include the H&M Foundation and the Schmidt Family Foundation. More are expected to be announced in the coming months as the fund hopes to raise $10 million from each. The fund will help finance a range of initiatives including expanding the use of renewable energy, developing next-generation materials, ditching the use of coal in manufacturing and improving energy efficiency. (Reuters)


Spain fights food waste with supermarket fines in new bill

Spain is aiming to crack down on food waste with a draft bill that will target supermarkets and restaurants. The proposed legislation would see supermarkets fined for binning leftovers and require bars and restaurants to offer take-home bags for customers. The goal of the draft bill is to reduce the figure of 1,300 tonnes of food wasted annually across the country. The legislation will now head to parliament for approval, with the aim of implementing the law by early 2023. The bill also includes measures to force supermarkets and restaurants to work with neighbourhood organisations and food banks to limit waste. Medium- and large-scale businesses involved in the food chain will have to submit plants to prevent waste, with the priority placed on donating food prior to its best-before date. (The Guardian)


Global climate coalition opens APAC office to spur funding

A group of financial institutions working to slash emissions has launched an Asia Pacific network to promote green investment. The Glasgow Financial Alliance for Net Zero (GFANZ) set in in April 2021 and made up of over 450 financial services companies, opened its first regional office in Singapore this month. GFANZ members hold about $130 trillion, or 40% of global private assets. As of 2021, only 8% of firms in Asia Pacific had some form of net-zero aim. GFANZ said it would push for more investment in low carbon and renewable energy in the Asia Pacific region, with the aim of moving it closer to net-zero emissions by 2050. The group will coordinate with Singapore’s central bank, its stock exchange and state investment firm Temasek. (Eco-Business)


Risk of delay to carbon market reforms after shock EU vote

The European Parliament has rejected a proposal to upgrade the European Union’s carbon market, an unexpected move that could delay negotiations to finish the measure. A committee of lawmakers must now try to develop a compromise following a divided Parliament. Green and Socialist lawmakers rejected the proposal because of conservative groups’ amendments that they said weakened it too much, while right-wing groups considered it too ambitious. Parliament’s rejection meant votes on two related climate policies have been postponed:  the EU’s CO2 levy on imports of goods such as steel and cement, and a fund that would use emission trading revenues to support low-income citizens have both been delayed. The rejection could also set back the timeframe for finishing the law, which the EU was racing to complete in 2022. (Reuters)

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