Renewables given boost through Good Energy’s encouraging annual figures
Good Energy, the UK’s only 100% renewable electricity supplier, has released its preliminary results for 2012 – a year in which the firm experienced encouraging growth in revenue, gross profit and customers. Its revenue grew by 31% to £28.2m, while its gross profit increased by 10% to £9.6m. It...
175 turbines now turning at world’s largest offshore wind farm
Trade association RenewableUK has revealed that all 175 turbines at London Array, the world’s largest offshore wind farm, are now generating clean power. The 630 megawatt (MW) development, located in the Thames estuary, is a collaboration between E.ON, Dong Energy and Masdar. The project’s switch-on follows the completion of...
Annual figures from Ecology bolster case for ethical banking
Sustainable finance institution Ecology Building Society has revealed that it increased its net profits by 8% in 2012 – a figure that comes just two weeks after a study showed profits from the big five banks were nullified by past fines and mistakes. Ecology’s £459,000 surplus last year is...
Foundations collaborate to promote impact investment in Africa
Two philanthropic foundations have created an African impact investment fund, which they hope will go on to drive social and economic change across the continent. The Rockefeller Foundation and the Tony Elumelu Foundation announced the creation of the Impact Economy Innovations Fund (IEIF) at an event on Friday. Impact...
New York City could be renewables-driven by 2030
A study has said that New York City could be powered by energy from wind, solar and hydro technologies with intelligent and long-sight investment into renewables. With an estimated population of over 8 million people, the big apple is the most populous American city, well-known for its frenetic and stylish...
£10m investment needed to kickstart Swansea Bay tidal lagoon
The developer of a 250 megawatt (MW) tidal lagoon at Swansea Bay is seeking £10m in public funding to support its project, which will provide clean power to over 100,000 homes. The first of its kind in the UK, Swansea Bay could play host to one of the largest...
NGOs appeal to World Bank to stop funding fossil fuels
More than 50 NGOs from all over the world have signed a letter asking World Bank president Jim Yong Kim to take urgent action against climate change. Although it is widely acknowledged that climate change threatens the long-term future of the planet, many larger institutions have yet to take a...
Banking commission says HBOS record is a ‘manual of bad banking’
The parliamentary banking commission has criticised three ex-HBOS executives over their “colossal failure” amid the financial crisis of 2008, and called for the trio to be banned from the City indefinitely. The commission’s damning report, which serves as a rallying cry for sustainable and responsible banking, describes HBOS’ near-collapse...
FTSE 100 firms reporting less financial data since 2008 crisis
A study has revealed that the amount of financial information in FTSE 100 companies’ annual reports has declined 7% since the financial crisis in 2008 – despite calls for increased transparency from investors. Business analysis firm Metapraxis examined the annual reports to measure the quantity of financial and non-financial...
SSE fined £10.5m by regulators for mis-selling
Energy firm Scottish and Southern Energy (SSE) has been fined £10.5m by energy regulator Ofgem for deceiving its customers about the true costs of its services. Ofgem said prolonged and extensive breaches occurred over the telephone, in-store and during door-to-door sales activities. The company failed to provide truthful information...
Angry shareholders level £4bn legal action at RBS
The Royal Bank of Scotland (RBS) is being sued for £4 billion by a group of shareholders angry at the way the bank handled the 2008 financial crisis. The RBoS Shareholder Action Group today issued legal proceedings today against four former RBS employees – CEO Fred Goodwin, chairman Tom...
Hades needed one three-headed watchdog; the City needs three separate ones
The now defunct Financial Services Authority (FSA) has been replaced by three shiny new three-lettered abbreviations, after the chancellor’s reform of financial regulation took affect this week. We briefly scan over the new terrain. In legend, Cerberus guarded the gates of hell. Some would argue that was a far...
Lobby group attacks government over ‘absurd’ renewable measures
A secretive cross-industry lobby group has criticised the renewable energy policies in the energy bill, as it says these will boost consumer bills. With the energy bill going through parliamentary approval and royal assent later this year, the mysterious group, called Powerline, has started to criticise what it calls...
London Green Parties to move money to ethical banks
Green Party groups in London have decided to opt for more ethical and responsible banking options, after announcing their support for Move Your Money’s ‘switch and tell’ campaign. The movement invites people to switch from high street banks such as Barclays, HSBC and the Royal Bank of Scotland, to...
UK carbon emissions increased 4.5% in 2012
The UK’s greenhouse gas emissions increased in 2012, primarily thanks to the residential and energy sectors, statistics from the Department of Energy and Climate Change (DECC) have revealed. According to the data, released last week, total greenhouse gas levels rose 3.5% over 2011, with carbon dioxide going up by...
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