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Half the Global 500 facing water stress, says CDP

BusinessGreen: More than half the world's largest listed companies are affected by water stress, but many are failing to set targets to improve water stewardship, a new Carbon Disclosure Project (CDP) survey has found. In a report published yesterday in partnership with Deloitte, CDP reveals 53 per cent of the 185 Global 500 companies participating in the poll have experienced water-related challenges, including scarcity, flooding, rising compliance costs, regulatory uncertainty and poor water quality in the...

KMPG: Businesses failing to tackle water risks

BusinessGreen: None of the world's largest 250 companies report on the water footprint of their entire supply chain, despite the fact that the majority of them have started to look at how water risks could impact their operations. Those the stark findings of a new report from consultancy KPMG, which aims to understand how businesses are preparing to tackle the growing risks presented by water scarcity. Published yesterday, the report assesses the corporate responsibility (CR) reports of the largest companies...

Food prices to rise after wet summer hits harvests

BusinessGreen: Food prices look set to rise after the second wettest summer on record damaged harvests in England and Wales. Wheat yields are down over 14 per cent on the five-year average, hitting the lowest levels since the 1980s, according to a new survey from the National Farming Union (NFU). Food prices were already on the rise following the worst drought in 50 years in the US and a heatwave in Russia. Over the past 12 months the global price of wheat has soared around 30 per cent, while overall global...

Climate change costs already top $1tr – and are set to spiral

BusinessGreen: Inaction on climate change already costs the world economy 1.6 per cent of global GDP - approximately $1tr a year - and cost are likely to double to 3.6 per cent of GDP by 2030 if governments and businesses fail to take urgent action, an NGO has warned. Madrid-based DARA yesterday released a report commissioned by 20 governments that attempts to calculate the economic damage that will be caused through to 2030 by escalating temperatures, rising sea levels and carbon-related pollution. Entitled...

United States: Shale gas fracking gets legal thumbs up for Delaware river basin

BusinessGreen: A US district judge has thrown out a case seeking to halt shale gas exploration in New York State's Delaware River Basin. Yesterday's ruling saw the court side with the Environmental Protection Agency (EPA) and other US agencies who had said it was unnecessary to conduct a full environmental review of the controversial hydraulic fracturing technique, also known as fracking. Shale gas is one of the reasons US natural gas prices have dropped significantly, but environmental campaigners argue...

House approves GOP bill to revoke environmental standards

BusinessGreen: Green groups have decried a bill approved by the House of Representatives on Friday to remove swathes of regulation on the coal industry as putting "all Americans at risk from dangerous air pollution". In its last piece of business before breaking ahead of the November Presidential election, the GOP-sponsored Stop the War on Coal Act was approved in a 233-175 vote, even attracting support from 19 Democrats. The package of five bills would overturn regulations Republicans say are harming the...

UK shale gas could create 4,200 jobs a year, say engineers

BusinessGreen: Developing the UK's shale gas reserves could create thousands of skilled jobs, but is not a "silver bullet" to solve the country's energy problems, the Institution of Mechanical Engineers (IMechE) said yesterday. A position paper (PDF) circulated to parliamentarians outlined its support for the controversial energy source, alongside a mixed portfolio of generation technologies. But it adds a successful industry requires a clear strategy from government, development of a strong regulatory environment,...

Cameron slips behind with homework for ‘greenest government ever’

BusinessGreen: As the Prime Minister returns from summer recess to start the new Parliamentary term, businesses have issued a new "report card" slamming progress on his much-heralded ambition to lead "the greenest government ever". The UK Green Building Council issued its assessment earlier this week, scoring Cameron and his cabinet against ten policies, such as the Green Deal, zero carbon new buildings and the planning system. Based on a school grading system, Cameron received an E minus for the zero carbon...

Chile hails groundbreaking deep geothermal well

BusinessGreen: Plans to build the first fully operational deep geothermal well in South America have taken a major step forward after developer GeoGlobal Energy (GGE) finished a test drilling programme in Chile. GGE Chile, a subsidiary of Maryland-based GGE, confirmed this week that it has successfully completed an exploratory drilling program on the northwestern flank of the Tolhuaca mountain in southern Chile. The company said it had demonstrated that the production and injection wells are capable of supporting...

UN urges countries to adopt national drought policies

BusinessGreen: Nations across the world have been told to adopt drought management policies as a matter of urgency as estimates of the cost to insurers of this year's dry summer in the US skyrockets. The ripple effects of America's worst drought in more than half a century on world food markets shows the vulnerability of an interconnected world to a hazard expected to increase in the future, UN agencies including the World Meteorological Organization (WMO) and the UN Convention to Combat Desertification (UNCCD)...