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We are in the era of impact investing and big pledges as companies step up to tackle the environmental and social issues of our time. General Motors has vowed to be carbon neutral by 2040, Apple is investing $100 million in its Racial Equity and Justice Initiative, and Target plans for 100 per cent of its owned-brand products to be designed for...
When assessing what businesses can do to be socially responsible, their actions are ultimately minimal. This is true even if corporate leadership is committed to a mission of improving the world. Two constraints limit potential results: return on capital and corporate capabilities. As such, the real social value of business remains in providing...
Target plans to make 100 per cent of its private label products environmentally sustainable by designing items that are more durable, and eliminate waste and encourage reuse by 2040. The retailer also plans to have 100% of the plastic packaging for its brands recyclable, compostable or reusable by 2025. Target also says it is responding to...
In a letter to the Securities and Exchange Commission (SEC), seven US big tech companies have urged it to regularly disclose climate change-related matters to their shareholders. The group, including Alphabet, Amazon, Autodesk, eBay, Facebook, Intel, and Salesforce, also said that collectively 21 gigawatts of clean energy was purchased with the...
Former European Central Bank President Jean-Claude Trichet will head an advisory group on establishing a global board for sustainability-related company disclosures. The new International Sustainability Standards Board (ISSB), due to be unveiled ahead of this November’s COP26 UN climate change conference in Glasgow, will...
The Bank of England has announced it will examine the risks rising temperatures and sea levels could pose for the UK's big banks and insurers. It will put 19 firms through stress tests involving three climate scenarios projected over the next 30 years. The scenarios will be based on average temperature increases and changes in weather patterns....
ExxonMobil is being challenged on climate by an upstart investment group. The investor, Engine No. 1, has a US$50 million stake in Exxon Mobil, making it a niche player in the US$253 billion company. Yet, it has rallied enough institutional support to do what decades of environmental and shareholder activism never could: put ExxonMobil...
National Australia Bank (NAB) has agreed to help finance the world's largest coal export terminal and has linked loans to a new set of social and environmental goals. NAB has stepped in to pull together "sustainability linked" loans to the value of $565 million, with the bank's group executive David Gall saying, this sort of "behaviour-based...
Aldi has announced a new sustainability plan to send zero waste to landfill by 2025. The discount supermarket will investigate closing the loop, such as sending broken pallets to be chipped into garden mulch and then sold as a ‘Special Buy.’ But first, Aldi will focus on food waste, with a goal to send zero food waste to landfill by 2023. Under...
More than half of Australian companies plan to scale back environmental initiatives to weather the financial harm caused by the COVID pandemic, according to new research from Deloitte. However, Sukhbir Sandhy, Associate Professor in Sustainability and Ethics at the University of South Australia, argues “rather than abandoning environmental...