WASTE

Tesco brings target to halve food waste forward to 2025

UK supermarket Tesco has accelerated its plans for halving food waste in operations, bringing the commitment’s deadline forward from 2030 to 2025. Tesco first set the target five years ago, in alignment with target 12 – responsible consumption and production – of the UN SDGs. By the end of the 2021/22 financial year, the supermarket had delivered a 45% reduction in operational food waste against its 2016/17 baseline year. Tesco has reduced its operational food waste through partnerships with FareShare and OLIO to divert surplus food to communities. Tesco also recently linked executive pay to the delivery of the accelerated target, following linking a quarter of executive directors’ ‘Performance Share Plan’ awards to progress on other key environmental and social targets, including those on emissions and on gender and ethnicity representation. (edie)

CIRCULAR ECONOMY

Google launches circular economy accelerator for start-ups

Technology company Google has announced a new scheme to support start-ups and non-profits working to create tech-based circular economy solutions. Google opened its new accelerator, called ‘Google for Startup: Circular Economy’ to applications from the US and the Asia-Pacific region. The accelerator will provide start-ups and non-profits with training, mentoring and technical support from Google’s engineers and other experts as they work to scale solutions that reduce waste. Organisations working in the food, fashion, built environment and materials science sectors are being invited to apply to the accelerator. They will need to be working on projects that reduce material use in the first instance, through innovative design or reuse solutions, or by developing recycling or composting innovations. (edie)

SUPPLY CHAIN

Nestle pledges $1 billion towards coffee sustainability pledge

Global food & beverage company Nestle will spend more than $1 billion by 2030 on efforts to source coffee sustainably, more than double its previous pledge. The move provides more evidence of how major consumer goods businesses are making changes to decades-old operational systems due to climate change concerns. Studies have shown that by 2050 roughly half the land currently used to grow coffee, especially the high-quality arabica variety, could be unproductive thanks to rising temperatures, drought and disease. Nestle, which has already pledged to source all its coffee sustainably by 2025, said it is aiming for 20% of its coffee to be grown using “regenerative” agricultural practices by 2025. This includes planting cover crops to protect soil, using organic fertilisers and increasing the use of agroforestry and intercropping to preserve biodiversity. (Reuters)

SUSTAINABLE INVESTMENT

Bank of America to invest $100m in minority-owned banks

Financial services company Bank of America has announced plans to deposit an additional $100 million into banks that focus on minority communities. The programme doubles Bank of America's earlier pledge to deposit $100 million in minority depository institutions (MDIs) that are mostly owned by minority individuals. The second-biggest US lender has expanded its racial equality initiatives in recent years, making $42.5 million in equity investments in 22 MDIs and Community Development Financial Institutions, and taking equity stakes of less than 5% of each lender. The deposits will range from $1 million to $10 million and will enable lenders to expand their capacity to make loans for housing or businesses. Bank of America’s chief administrative officer said the support will enable MDIs to provide banking services, create jobs and help businesses. (Reuters)

GIG ECONOMY

Bolt to face court battle over drivers’ employment rights

Ride-hailing app Bolt is set to face a class action lawsuit calling for it to class its drivers as workers rather than self-employed contractors. Law firm Leigh Day filed a claim against Bolt on behalf of more than 1,600 of its drivers calling on Bolt to give its drivers holiday pay and pay them minimum wage. The lawsuit comes after the UK’s Supreme Court ruled against ride-hailing firm Uber in 2021, stating the app must class its drivers as employees, and give them the same benefits as staff. Leigh Day will argue that on the back of the Uber ruling, Bolt’s drivers should also be classed as workers and given various benefits. Bolt said, “the Supreme Court ruling related to Uber’s operating model in 2016 which is different to our own”. (City AM)

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