NUTRITION

Food giants investing ‘record amounts’ in plant-based protein

Major food investment initiative FAIRR has published results of its engagement with 23 large businesses, revealing a record $1.7 billion investment in alternative proteins for the first half of 2022. The initiative, supported by investors collectively managing $68 trillion of assets, revealed in its report that 35% of the 23 businesses it engaged with now have a time-bound, numerical target to increase sales of meat and dairy alternatives, up from 28% in 2021. This includes Dutch supermarket Albert Heijn which is now aiming for 60% of protein sales to be plant-based by 2030. FAIRR also stated that according to current price trends, it expects plant-based products to reach cost parity with meat and dairy alternatives in 2024 at the earliest and by 2031 at the latest. (edie)

RENEWABLE ENERGY

Ørsted & WWF team up to boost offshore wind farm biodiversity

Danish renewables giant Ørsted has agreed a five-year global partnership with conservation charity WWF to establish means of ensuring offshore wind developments help to boost marine biodiversity.  The partnership is designed to identify, develop and advocate for offshore wind development initiatives and approaches that are “not only in balance with nature, but enhance biodiversity”. WWF said the rapid expansion of offshore wind projects presented significant risks to marine biodiversity if developments were carried out in the wrong way. The partnership has also pledged to develop science-based recommendations for how governments can incorporate ocean biodiversity requirements into offshore wind development plans. The first partner project includes a joint marine ecosystem in the North Sea where new technologies for marine ecosystem management are set to be developed and monitored. (Business Green)*

CORPORATE REPUTATION

Australian regulator issues first ‘greenwashing’ fine on energy firm

Australia's corporate watchdog has fined an energy company for 'greenwashing', or exaggerated claims regarding environmentally friendly investments. It is the first penalty from a major Australian regulator on this type of misconduct. The Australian Securities and Investment Commission imposed a fine of A$53,280 on Tlou Energy over statements to the Australian Securities Exchange that the electricity it produced at its Lesedi power station would produce carbon-neutral energy from the outset of its operations. The Commission said it had “reasonable grounds” to believe these claims were false or misleading because Tlou had not undertaken any substantive modelling of the likely carbon dioxide emissions that would be generated at Lesedi. The fine follows Commission warnings that it is targeting greenwashing which involves companies claiming products or business practices are more environmentally friendly than they actually are. (Australian Financial Review)*

GENDER

Annual pay growth eroded as gender pay gap widens, says ONS

Real average weekly earnings for full-time employees in the UK fell 2.6% in the year to April 2022, while the gender pay gap widened to 8.3%, according to the Office for National Statistics (ONS). In its ‘annual survey of hours and earnings’ (ASHE), the ONS revealed that despite median weekly full-time wage increasing 5% to £640 in April 2022, real earnings were down when adjusted for inflation which in April was 7.8%. Part-time employees saw median pay rise by 6.1% in nominal terms, however, earnings fell by 1.6% when adjusted for inflation. The gender pay gap among full-time employees grew from 7.7% in April 2021 to 8.3% in April 2022. However, some progress was made among senior leadership, which saw the gender pay gap fall from 16.3% in April 2019 to 10.6%. (Personnel Today)

ENERGY

Carbon emissions from energy to peak in 2025, says IEA

Global carbon emissions from energy will peak in 2025 due to massively increased government spending on clean fuels following Russia’s invasion of Ukraine, according to the International Energy Agency (IEA). The Agency said that government spending on clean energy in response to the crisis would mark a “historic turning point” in the transition away from fossil fuels. The invasion of Ukraine has prompted a global energy crisis, with gas prices initially surging. The IEA said planned investments in green energy in response to the crisis meant that – for the first time – government policies would lead to demand for polluting fossil fuels peaking this decade. However, the IEA warned that current government policies would still lead to a global temperature rise of 2.5°C, far above the 1.5°C target of the Paris Agreement. (The Guardian)

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