WASTE

Private sector ‘faces $100bn risk from plastic pollution this decade’

Corporations are set to face snowballing legal claims over plastic pollution this decade, with costs in the US alone likely to exceed $20 billion by 2030, warns a new report published by the Minderoo Foundation – one of Australia’s largest philanthropic foundations. The report additionally warns that the social cost of plastic pollution is set to increase dramatically. It finds an improving body of scientific research looking into how plastic enters the food chain and affects human and animal health to quantify social costs. It argues these social costs are more commonly being used in compensation claims against actors in the plastics industry. It concludes that between 2022 and 2030, the social costs and corporate liabilities related to plastic pollution are likely to exceed $100 billion. (edie)

SUSTAINABLE INVESTMENT

BoE attaches climate conditions to energy market finance scheme

Energy companies looking to take advantage of the Bank of England's latest support package will have to meet climate conditions, the central bank and Treasury has announced. The new ‘Energy Markets Financing Scheme’ (EMFS) will provide government-backed guarantees to energy generators, shippers or suppliers facing financial trouble in the wake of gas prices. The Bank of England confirmed that to be eligible for funding, companies must disclose whether they have a net-zero transition plan, and if so, deliver it to the Treasury within six months of the drawdown of funds, or before termination of the guarantee. Within the same timeframe, firms must also deliver “proportionate climate-related financial information” aligned with the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD). (Business Green)*

FASHION

eBay UK launches circular fashion fund with British Fashion Council

E-commerce platform eBay UK and the British Fashion Council (BFC) have launched a new ‘Circular Fashion Innovator’s Fund’. It guarantees a total of £100,000 in funding and additional mentorship for six small businesses specialising in circular fashion solutions. The Fund aims to commercialise circular fashion technology and services with a particular focus on areas such as customer experience, circular inventory & services, and social commerce. eBay is the biggest online resale marketplace for second-hand fashion in the UK. Environmental charity Hubbub said it will support in an advisory role, drawing on its experience in delivering high-profile grant funds. Each winner will get a £15,000 grant and take part in a six-week mentoring programme featuring one-on-one sessions with business leaders. (Fashion Network)

ENERGY

South Korea’s Kepco to offload coal & gas assets after $12bn loss

South Korea’s biggest electricity distribution company is looking to sell its existing coal and gas assets overseas, following an unprecedented $12 billion loss in the first half of 2022. Korea Electric Power Corporation (Kepco)’s earnings have been on the downward trend in the past six years due to high coal and liquified natural gas (LNG) prices. As fossil fuels continue to dominate its generation mix and petrol costs are not passed through to customers, high and volatile gas prices have been the major culprit behind Kepco’s deteriorating earnings. One of the assets the firm plans to sell is a 200-megawatt coal plant in the Philippines. The Institute for Energy Economics and Financial Analysis said its coal-related asset selling prices are “questionable” as they are “soon-to-be stranded assets”. (Eco-Business)

HEALTH

Over a million people in the US ration insulin because of high costs

An estimated 1.3 million adults with diabetes in the US rationed their insulin supply in 2021 to save money, according to the results of a national survey. Insulin rationing increases the risk of diabetes-related complications like organ damage, blindness and even death. In the US, drug manufacturers charge nearly $100 on average for a standard unit of insulin compared with $12 in Canada or $7.52 in the UK. Depending on their health insurance, some people in the US pay little, while others front the full cost. In 2021, a survey of 982 people found 16.5% said they took less insulin than needed or delayed buying it to save money. People without health insurance had the highest rates of insulin rationing with nearly 30% limiting insulin use. (New Scientist)*

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