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Economy

Vale and Barclays named and shamed at ‘anti-Davos’ awards

Vale and Barclays have been recognised at the 2012 Public Eye Awards for their “social and ecological offences”. Alex Blackburne has a look at why the two were chosen as recipients for the undesirable gongs.

Over 25,000 people voted for Brazilian mining giant Vale at the 2012 Public Eye Awards, an awards ceremony that names and shames large corporations for their social and ecological carelessness.

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Vale and Barclays have been recognised at the 2012 Public Eye Awards for their “social and ecological offences”. Alex Blackburne has a look at why the two were chosen as recipients for the undesirable gongs.

Over 25,000 people voted for Brazilian mining giant Vale at the 2012 Public Eye Awards, an awards ceremony that names and shames large corporations for their social and ecological carelessness.

Deliberately staged to run alongside the World Economic Forum (WEF), the Public Eye Awards are to the WEF what the Razzies are to the Oscars. Though perhaps not as much of a spoof.

Instead, the awards highlight large-scale cracks in business agenda and company ethics, much to the obvious annoyance of the dubiously decorated corporations.

The Public Eye Awards is now in its eighth year, and is organised by Swiss NGO, the Berne Declaration, and Greenpeace Switzerland.

Since its inception, it has picked up the moniker the ‘anti-Davos’, in relation to its antagonistic position against the World Economic Forum.

Previous ‘winners’ include Walmart, Shell, Bridgestone, Walt Disney and the Royal Bank of Canada.

After over 88,000 total votes, of which it received nearly 30%, Vale picks up the 2012 ceremony’s People’s Award.

The corporation has a 60-year history tarnished by repeated human rights abuses, inhumane working conditions and the ruthless exploitation of nature”, notes the awards’ website.

It also comments on Vale’s building of the Belo Monte Dam in the Amazon, which it says could have “disastrous consequences for the indigenous population as well as flora and fauna”.

The awards might be seen as tongue-in-cheek because they mock up spoof videos and banners on behalf of the various nominees, but its underlying message is abundantly clear and those accused of irresponsibility are forced to respond.

The Business & Human Rights Resource Centre, an independent resource of companies’ human rights news, posted a reaction from Vale on its website.

The Brazilian corporation refutes the “serious unsubstantiated allegations” insinuated by receiving the Public Eye People’s Award.

Vale strongly objects to the misrepresentations brought against it”, it continues.

Our commitments and our investments have allowed us to be recognised as a global sustainable operator – an accomplishment made possible by the outstanding efforts of our employees and partners around the world and one we remain committed to maintaining”.

In relation to the citing of Vale’s involvement in the Belo Monte Damn project, Vale claimed it was merely a “minority shareholder”.

The irresponsibility of Barclays was also acknowledged at the ceremony, with the British bank receiving the Public Eye Global Award for its food speculation practices, after it was nominated by the World Development Movement.

As the fastest-growing food speculator in the world, Barclays drives up food prices at the expense of the poorest”, the awards’ website says.

Food speculation is the practice of betting on whether food prices will rise or fall (this video provides a great visual background), and Barclays is allegedly attempting to block any European regulation to stop it.

It also offered a response on the Business & Human Rights Resource Centre website, though its words do little to deny its malpractice with regards to food speculation.

A considerable number of studies have demonstrated that financial flows have little or no impact on commodities prices” it wrote.

The factors influencing food prices are complex and multiple, ranging from extreme weather conditions to export bans and rising supply and demand from emerging markets”.

The recognition of corporate irresponsibility at the Public Eye Awards further highlights the need for increased ethical and socially responsible agendas in large-scale businesses.

There are plenty of fast-growth companies that don’t have any moral discrepancies, and you can help them become major players by choosing to invest in them.

Ask your financial adviser how to do this, or fill in our online form and we’ll help you get connected with one.

Economy

Will Self-Driving Cars Be Better for the Environment?

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self-driving cars for green environment
Shutterstock Licensed Photo - By Zapp2Photo | https://www.shutterstock.com/g/zapp2photo

Technologists, engineers, lawmakers, and the general public have been excitedly debating about the merits of self-driving cars for the past several years, as companies like Waymo and Uber race to get the first fully autonomous vehicles on the market. Largely, the concerns have been about safety and ethics; is a self-driving car really capable of eliminating the human errors responsible for the majority of vehicular accidents? And if so, who’s responsible for programming life-or-death decisions, and who’s held liable in the event of an accident?

But while these questions continue being debated, protecting people on an individual level, it’s worth posing a different question: how will self-driving cars impact the environment?

The Big Picture

The Department of Energy attempted to answer this question in clear terms, using scientific research and existing data sets to project the short-term and long-term environmental impact that self-driving vehicles could have. Its findings? The emergence of self-driving vehicles could essentially go either way; it could reduce energy consumption in transportation by as much as 90 percent, or increase it by more than 200 percent.

That’s a margin of error so wide it might as well be a total guess, but there are too many unknown variables to form a solid conclusion. There are many ways autonomous vehicles could influence our energy consumption and environmental impact, and they could go well or poorly, depending on how they’re adopted.

Driver Reduction?

One of the big selling points of autonomous vehicles is their capacity to reduce the total number of vehicles—and human drivers—on the road. If you’re able to carpool to work in a self-driving vehicle, or rely on autonomous public transportation, you’ll spend far less time, money, and energy on your own car. The convenience and efficiency of autonomous vehicles would therefore reduce the total miles driven, and significantly reduce carbon emissions.

There’s a flip side to this argument, however. If autonomous vehicles are far more convenient and less expensive than previous means of travel, it could be an incentive for people to travel more frequently, or drive to more destinations they’d otherwise avoid. In this case, the total miles driven could actually increase with the rise of self-driving cars.

As an added consideration, the increase or decrease in drivers on the road could result in more or fewer vehicle collisions, respectively—especially in the early days of autonomous vehicle adoption, when so many human drivers are still on the road. Car accident injury cases, therefore, would become far more complicated, and the roads could be temporarily less safe.

Deadheading

Deadheading is a term used in trucking and ridesharing to refer to miles driven with an empty load. Assume for a moment that there’s a fleet of self-driving vehicles available to pick people up and carry them to their destinations. It’s a convenient service, but by necessity, these vehicles will spend at least some of their time driving without passengers, whether it’s spent waiting to pick someone up or en route to their location. The increase in miles from deadheading could nullify the potential benefits of people driving fewer total miles, or add to the damage done by their increased mileage.

Make and Model of Car

Much will also depend on the types of cars equipped to be self-driving. For example, Waymo recently launched a wave of self-driving hybrid minivans, capable of getting far better mileage than a gas-only vehicle. If the majority of self-driving cars are electric or hybrids, the environmental impact will be much lower than if they’re converted from existing vehicles. Good emissions ratings are also important here.

On the other hand, the increased demand for autonomous vehicles could put more pressure on factory production, and make older cars obsolete. In that case, the gas mileage savings could be counteracted by the increased environmental impact of factory production.

The Bottom Line

Right now, there are too many unanswered questions to make a confident determination whether self-driving vehicles will help or harm the environment. Will we start driving more, or less? How will they handle dead time? What kind of models are going to be on the road?

Engineers and the general public are in complete control of how this develops in the near future. Hopefully, we’ll be able to see all the safety benefits of having autonomous vehicles on the road, but without any of the extra environmental impact to deal with.

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Economy

New Zealand to Switch to Fully Renewable Energy by 2035

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renewable energy policy
Shutterstock Licensed Photo - By Eviart / https://www.shutterstock.com/g/adrian825

New Zealand’s prime minister-elect Jacinda Ardern is already taking steps towards reducing the country’s carbon footprint. She signed a coalition deal with NZ First in October, aiming to generate 100% of the country’s energy from renewable sources by 2035.

New Zealand is already one of the greenest countries in the world, sourcing over 80% of its energy for its 4.7 million people from renewable resources like hydroelectric, geothermal and wind. The majority of its electricity comes from hydro-power, which generated 60% of the country’s energy in 2016. Last winter, renewable generation peaked at 93%.

Now, Ardern is taking on the challenge of eliminating New Zealand’s remaining use of fossil fuels. One of the biggest obstacles will be filling in the gap left by hydropower sources during dry conditions. When lake levels drop, the country relies on gas and coal to provide energy. Eliminating fossil fuels will require finding an alternative source to avoid spikes in energy costs during droughts.

Business NZ’s executive director John Carnegie told Bloomberg he believes Ardern needs to balance her goals with affordability, stating, “It’s completely appropriate to have a focus on reducing carbon emissions, but there needs to be an open and transparent public conversation about the policies and how they are delivered.”

The coalition deal outlined a few steps towards achieving this, including investing more in solar, which currently only provides 0.1% of the country’s energy. Ardern’s plans also include switching the electricity grid to renewable energy, investing more funds into rail transport, and switching all government vehicles to green fuel within a decade.

Zero net emissions by 2050

Beyond powering the country’s electricity grid with 100% green energy, Ardern also wants to reach zero net emissions by 2050. This ambitious goal is very much in line with her focus on climate change throughout the course of her campaign. Environmental issues were one of her top priorities from the start, which increased her appeal with young voters and helped her become one of the youngest world leaders at only 37.

Reaching zero net emissions would require overcoming challenging issues like eliminating fossil fuels in vehicles. Ardern hasn’t outlined a plan for reaching this goal, but has suggested creating an independent commission to aid in the transition to a lower carbon economy.

She also set a goal of doubling the number of trees the country plants per year to 100 million, a goal she says is “absolutely achievable” using land that is marginal for farming animals.

Greenpeace New Zealand climate and energy campaigner Amanda Larsson believes that phasing out fossil fuels should be a priority for the new prime minister. She says that in order to reach zero net emissions, Ardern “must prioritize closing down coal, putting a moratorium on new fossil fuel plants, building more wind infrastructure, and opening the playing field for household and community solar.”

A worldwide shift to renewable energy

Addressing climate change is becoming more of a priority around the world and many governments are assessing how they can reduce their reliance on fossil fuels and switch to environmentally-friendly energy sources. Sustainable energy is becoming an increasingly profitable industry, giving companies more of an incentive to invest.

Ardern isn’t alone in her climate concerns, as other prominent world leaders like Justin Trudeau and Emmanuel Macron have made renewable energy a focus of their campaigns. She isn’t the first to set ambitious goals, either. Sweden and Norway share New Zealand’s goal of net zero emissions by 2045 and 2030, respectively.

Scotland already sources more than half of its electricity from renewable sources and aims to fully transition by 2020, while France announced plans in September to stop fossil fuel production by 2040. This would make it the first country to do so, and the first to end the sale of gasoline and diesel vehicles.

Many parts of the world still rely heavily on coal, but if these countries are successful in phasing out fossil fuels and transitioning to renewable resources, it could serve as a turning point. As other world leaders see that switching to sustainable energy is possible – and profitable – it could be the start of a worldwide shift towards environmentally-friendly energy.

Sources: https://www.bloomberg.com/news/articles/2017-11-06/green-dream-risks-energy-security-as-kiwis-aim-for-zero-carbon

https://www.reuters.com/article/us-france-hydrocarbons/france-plans-to-end-oil-and-gas-production-by-2040-idUSKCN1BH1AQ

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