Oil firms 'failure', Coca-Cola hits water goal, GSK tops Change the World list and GM turns bottles into coats
Oil firms ‘fail to report on climate change risks’
Two major UK oil companies, SOCO International and Cairn Energy, are failing to disclose details of climate change risks to stakeholders, according to the international environmental law firm ClientEarth.
ClientEarth argues the two oil and gas exploration and development companies did not include material climate-related issues in their strategic reports, leaving investors in the dark as to the true risks of climate change to their business.
“This information is vital for investors. Without it they simply cannot make a fully informed investment decision,” says Alice Garton, a lawyer from ClientEarth.
The lack of disclosure prompted the environmental law firm to issue an alert to the UK Financial Reporting Council, which oversees companies’ reporting compliance, urging it to examine reporting activities by SOCO and Cairn.
Both companies have denied the allegations and maintain their disclosures are fully law abiding.
Coca-Cola first Fortune 500 company to replenish water
The Coca-Cola Company has become the first Fortune 500 company to fully replenish the water it uses in its products around the world.
The world’s largest soft drinks supplier announced at World Water Week in Stockholm that through 248 community partnership projects in 71 countries, it now returns the same volume of water back to nature and communities as it uses in its drinks ranges every year.
Coca-Cola and its bottling partners have managed to achieve their 2020 water replenishment goal five years early, and results from water use specialists LimnoTech and consultancy Deloitte found that last year the drinks giant returned 115% of the water used to produce its products, equivalent to around 192 billion litres.
Coca-Cola’s achievement covers the water used in its manufacturing processes but it does not include the water the company uses to grow agricultural ingredients added to their drinks.
GSK tops Fortune’s ‘Change the World’ list
GlaxoSmithKline is the top company in the world for tackling major global problems, according to Fortune magazine’s ‘Change the World’ index. The UK pharmaceutical company was cited for its drug pricing strategy and local reinvestment programmes in the developing world. Desalination company IDE Technologies was ranked second, and General Electric, which has invested £13bn in clean tech R&D through its Ecomagination strategy, was ranked third.
“Each year at this time, we set out to identify 50 companies across the globe that are tackling major societal problems — reducing damage to the environment, strengthening communities, serving the underserved and significantly improving lives as a function of their business model — and whose good works contribute to their bottom lines,” says Clifton Leaf, deputy editor of Fortune.
Fortune says smaller “on the cusp” companies to watch in the years ahead include UK home-decor company West Elm, US recycling firm TerraCycle, and Swedish retailer H&M for its circular economy efforts.
GM recycles plastic bottles into warm coats for the homeless
General Motors is recycling plastic bottles from a community in Michigan into coats for those in need.
The American vehicle manufacturer is adding 2 million water bottles from Flint, Michigan, residents to its water bottle recycling initiative "Do Your Part". The additional bottles supplement an estimated 1.2 million bottles collected from GM facilities across Detroit.
The plastic is washed, flaked and turned into fleece to make three products: Chevrolet Equinox V-6 engine covers, air filters for 10 GM plants and insulation used in coats for the homeless.
Each coat, which also transforms into a sleeping bag, contains the equivalent of 31 plastic bottles.