Europe will miss its key 2030 climate goal by 21 years unless urgent action is taken, warns a new study, as giveaway app Olio raises £31 million to tackle food waste. Meanwhile, oil giant Shell announces plans to install 50,000 electric vehicle (EV) charging points across the UK, Liontrust launches a new sustainable multi-asset fund, and ethical investing app tickr rebrands as CIRCA5000 amid three-figure growth in its customer base. It’s the Good With Money weekly news brief.
Europe set to miss 2030 climate goal by 21 years
Europe will miss a key climate target for cutting greenhouse gas emissions by 21 years at the current pace, a new study warns.
Unless drastic change is made, Europe will not reach its 2030 target for a 55 per cent reduction in greenhouse gases until 2051, according to the report by Enel Foundation and the European House-Ambrosetti.
In July, Brussels unveiled a raft of ambitious measures in its ‘Fit for 55’ package aimed at putting the European Union on track to meet the 2030 goal of reducing emissions by 55 per cent from 1990 levels.
The new study says further investments of around 3.6 trillion euros (£3.08 trillion) are needed across the bloc to reach 2030 goals.
It comes as more than 200 health journals across the globe are making a joint call for world leaders to take emergency action on climate change in a bid to protect public health.
Giveaway app Olio raises £31m to tackle food waste
A UK-based app that encourage people to give away unwanted food has raised £31 million from investors.
The start-up has signed up deals with Tesco and Booker, which pay Olio to collect food near the end of its shelf life to give it away for free.
Olio claims to have saved 17 million portions of food, which users of its app can collect in their community. It has 30,000 volunteers who help collect and give away food safely.
Big businesses increasingly wanted to work with Olio to help cut down on throwing away food. Globally, food waste accounts for up to 10 per cent of carbon emissions.
Shell to vastly expand UK’s EV charging network
Oil giant Shell plans to install 50,000 on-street electric vehicle (EV) charging points in the UK over the next four years.
The move would provide a third of the network needed to hit national climate change targets.
Earlier this year, the energy company acquired ubitricity, a leading supplier of local authorities’ on-street EV power points, with a network of 3,600 chargers in lamp posts or bollards.
The scarcity of on-street charging in urban areas has been seen as a big obstacle in the government’s drive to phase out fossil fuel vehicles in favour of electric cars. The sale of new petrol and diesel cars will be banned from 2030 in the UK.
Liontrust launches sustainable multi-asset fund
Ethical investing specialist Liontrust is to launch a sustainable multi-asset fund.
The Liontrust GF Sustainable Future Multi-Asset Global Fund will invest in global firms that are helping to create a cleaner, safer and healthier society for the future and aim to generate attractive returns for investors.
It will be managed by head of sustainable investment Peter Michaelis, alongside Simon Clements. The managers will invest 40 to 60 per cent of the fund in equities, 20 to 50 per cent in bonds and up to 20 per cent in cash.
The new fund is available on investment platforms or through your independent financial advisor.
It comes after Liontrust pulled out of its ESG Investment Trust due to low demand.
Planet-focussed app tickr rebrands as CIRCA5000
Ethical investing app tickr has rebranded amid triple-digit growth in its customer base.
Now known as CIRCA5000, the company has also launched a crowdfunding campaign to give its customers the opportunity to own part of the company alongside “top industry investors”.
Tom McGillycuddy, co-founder of CIRCA5000, said: “We think that investing itself has the power to shape the very future of humanity. We know that it’s possible to grow wealth over time and enrich the planet and its people.”
CIRCA5000, a certified BCorp, allows people to put their money into companies across the themes of Planet, People, or a mix of the two. It only offers investments in globally-listed companies that are making positive social and environmental change.