Charities used in offshore tax avoidance scam
A number of rich investors have been claiming to give to charities as a measure of avoiding paying tax – when in fact the charities have never received a penny. The investors used the charities to hide millions of pounds in the British Virgin Islands and other tax havens,...
Triodos launches two new ethical funds
Offering investments linked to stock markets for the first time, Triodos Bank has developed two new ethical funds that allow investors to select which end of the green spectrum they prefer. The first of the two – Sustainable Pioneer – is a global fund designed to support small to...
‘Too early to say’ whether fracking will reduce bills, say MPs
The controversial shale gas extraction method known as fracking could boost energy security but it is “too early to say” whether it will bring down consumer energy bills, according to a cross-party group of MPs. In its latest report, The Impact of Shale Gas on Energy Markets, the energy...
Pensions committee can go further by encouraging sustainable investment, says UKSIF
Pension schemes need to realign their focus onto long-term and responsible investment, according to the UK Sustainable Investment and Finance Association (UKSIF). Its calls come after the publication of the work and pensions committee’s latest report, Improving governance and best practice in workplace pensions. The report says a single...
Inquiry launched to ‘get to the bottom’ of UK energy subsidies
The environmental audit committee has begun an investigation into the government’s distribution of subsidies for nuclear power, fossil fuels and renewable energy. The committee will look to define exactly what a subsidy is, while also examining whether finance is spread appropriately across the different energy sources. This comes less...
Firm launches research tool for sustainable investment
A London-based business has developed a research tool to help asset managers check the sustainability and behaviour of companies in which they may be investing. FusionExperience has created the Sustainable Investment Research Portal, an instrument designed to help the industry monitor the environmental, social and governance (ESG) performance of a...
Climate campaigners plan four-day protest at gas power station
Climate campaign group No Dash for Gas has revealed that it is to stage a four-day protest at the Nottinghamshire power station that it successfully shut down for a week last October. Twenty-one activists scaled chimneys at West Burton, forcing it to close for seven days. Energy firm EDF,...
Twitter hoax wipes $200bn off Dow Jones (for five minutes)
The Wall Street Journal yesterday reported on a sudden but short-lived fall in the US stock market. This is a powerful demonstration of how fragile financial capitalism remains. The WSJ wrote, “A tweet purportedly from the Associated Press just before 1:08pm reported two explosions in the White House and that...
Co-op Bank faces uncertain future as deal to buy Lloyds branches collapses
It was lauded as “the biggest shake-up in high street banking in a generation”, but today the Co-operative Bank has revealed that it is pulling out of a deal to buy 632 branches owned by Lloyds Banking Group. The Co-op had initially revealed its intentions to take on the...
Climate advisers say UK imports are causing CO2 to rise
The Committee on Climate Change (CCC) has warned the government about a 10% increase in the UK’s imported carbon emissions and urged it to switch to low-carbon technologies. The government’s official climate advisers said that despite the fact the UK’s domestic footprint had improved – emissions have decreased by...
Shortlist unveiled for prestigious renewables awards
The Renewable Energy Association (REA) has revealed the shortlisted companies and individuals that will vie for accolades at the eighth annual British Renewable Energy Awards in June. The REA – the trade body for the renewables industry – recently conducted a confidence survey among its members, with 96% saying...
Devon set to get 4.8MW solar development
After securing planning permission in 2012 for what will be the UK’s largest solar project to date, clean energy firm TGC Renewables has been given the go-ahead for a 4.8 megawatt (MW) development in Devon. Some 20,680 solar panels will be installed on 12 hectares of land near Totnes,...
Ethical fund challenges stock’s involvement in tobacco sector
Fund manager Australian Ethical has urged one of its stocks – recycling giant Tomra – to move away from tobacco, after it bought a company that manufactures specialist sorting machines for the industry. Tomra is a Norwegian company that produces “sensor-based solutions for optimal resource productivity”, with a focus...
Majority of Britons want to see guidelines to end irresponsible banking
Eighty-six per cent of people think there should be a compulsory code of conduct for bankers, similar to the guidelines that doctors and lawyers must adhere to. In a survey conducted by consumer group Which?, 85% said this code of conduct should be underpinned by law. The research comes...
Church of England investing bodies set out policy for sustainable executive rewards
The Church of England’s three national investing bodies, which manage some £8 billion in assets, have published an updated policy that seeks to reward top-level executives based on their sustainability credentials over the longer term. The policy, by the Church Commissioners for England, the Church of England Pensions Board...
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