CLIMATE CHANGE

COP27 summit kicks off with deal to discuss climate compensation

Delegates from nearly 200 countries have kicked off the UN COP27 summit in Egypt with an agreement to discuss compensating poor nations for mounting damage linked to global warming. The agreement sets a constructive tone for the COP27 climate summit.  For more than a decade, wealthy nations have rejected official discussions on what is referred to as ‘loss and damage’, a term used to describe rich nations paying out funds to help poor countries cope with the consequences of global warming. At COP26 negotiations, high-income nations, including the US and European Union blocked a proposal for a loss and damage financing body. However, the pressure to address the issue has mounted with global natural disasters such as recent flooding in Pakistan causing astronomical economic losses. (Reuters)

REPORTING

TNFD launches latest beta for nature-related financial disclosure

The Taskforce on Nature-related Financial Disclosures (TNFD) has issued the latest amendments to its beta framework to enhance corporate approaches to disclosing nature-related data for investors. The Taskforce claims the third iteration of its beta framework includes enhancements based on feedback from businesses, financial institutions, governments, regulatory and standard-setting bodies, civil society organisations and Indigenous Peoples and Local Communities. The beta framework proposes new disclosure recommendations related to supply chain traceability, based on quality of stakeholder interactions and data. It also improves focus on engagement with rights-holders and attempts to better align nature with climate targets. The framework will also attempt to accommodate the varying materiality and reporting preferences. Additional guidance on risk and opportunity assessment is also included, as is the usability of a unique risk and opportunity assessment. (edie)

TAX

Billionaire emissions found to be million times higher than average

A new report from NGO Oxfam highlights the significant climate toll from the investment activity of the world’s super-rich. The report analysed the emissions linked to the investment activity of 125 of the world’s richest people and found that a billionaire’s average annual emissions were roughly a million times higher than the annual emissions of a person outside of the richest 10% of the global population. The 125 individuals held a $2.5 trillion stake in 183 companies, with 14% of investments placed in polluting industries such as fossil fuel energy and carbon-intensive materials. Oxfam estimates that a wealth tax on the world's super-rich could raise $1.4tr a year for developing countries to address loss and damage caused by climate change, adapt to climate breakdown, and invest in clean energy. (Business Green)*

INEQUALITY

TUC finds the disability pay gap has widened to 17.2% in UK

The UK’s pay gap for disabled people has increased to the point that disabled people effectively work for free for the last 54 days of the year. New analysis published by union body the TUC shows that non-disabled workers earn one-sixth (17.2%) more than disabled workers, an increase from 16.5% in 2021. The TUC revealed that disabled women faced the biggest pay gap, with non-disabled men paid on average 35% more than disabled women. The research also shows that the disability gap persists for workers throughout their careers. The widest pay gap was in financial and industrial services, where the pay gap stood at 39% or £5.90 an hour, followed by agriculture, forestry and fishing (24%), with mining, quarrying, admin and support services at 18%. (Personnel Today)

ETHICAL BUSINESS

FCA threatens BNPL firms with jail time over financial promotion

The UK’s Financial Conduct Authority (FCA) has written to buy-now-pay-later (BNPL) company chiefs warning they could face up to two years in jail if they do not comply with financial promotion rules. In a letter, the FCA has warned BNPL bosses and retailers that any communication or ‘explainers’ on BNPL products constitute ‘financial promotions’ and therefore fall within its jurisdiction. The crackdown follows a warning from the regulator to firms like Clearpay, Laybuy and Klarna that promotions must be “clear, fair and not misleading”. Industry insiders have hit back at the move, claiming the watchdog has stretched the definition of financial promotion, targeting BNPL firms’ revenues. Enforcement comes after the FCA and UK Treasury have come under fire for not regulating the BNPL sector despite warnings of absent oversight. (City AM)

*Subscription required

CURRENT OPENINGS

Would you love to work in sustainability, supporting big brands in their responsible business journeys? Click here to see info on our current openings. We can't wait to hear from you