Markets working to support sustainable development

In the News: August 10th 2015

10 Aug 2015

Here you will find a round-up of all the latest news and events in market governance from around the world

Extractive Industries

  • The Nigerian branch of the Extractive Industries Transparency Initiative (NEITI) has revealed that 160 million barrels of oil, worth around USD$13.7 billion, were lost as a result of theft between 2009 and 2012. In their latest report, the NEITI also criticised the use of fossil fuel subsidies in Nigeria, arguing for a gradual phase out. 
  • The UN Development Program (UNDP) is undertaking analysis over whether revenues from extractive industries in developing countries can help alleviate gender gaps. This comes after research showing that women in countries highly dependent on mining and minerals are less equal than men – in employment, managerial positions, and political representation. The UNDP argues that countries should attempt to allocate revenues to education and health programs. To read more about the debate on use of resource revenues in developing countries see here
  • How Greenland uses its mineral and mining resources is the focus of a report by researcher Emma Wilson. She argues that Greenland should 'take a deep breath' and attempt to diversify its economy while using mining and mineral resources in a sustainable and ethical way. Greg Valerio of Fair Jewellery Action concurs, arguing that opportunities exist for Greenland to establish a premium ethical gemstone industry.
  • See this video which details the establishment of the first of three Fairtrade mines in Tanzania.

Nalunaq gold mine in Greenland. Source: Wikipedia

Fisheries

  • The Marine Stewardship Council (MSC) has come under fire from the International Pole & Line Foundation (IPNLF) over the MSC certification given to the Echebastar fishing company. It relate to the company's supply of two Indian Ocean fish type: skipjack yellowfin and bigeye tuna. The IPNLF argue the assessment process was flawed with minimal critical advice being accepted by MSC. Furthermore they argue the Echebastar fleets under EU jurisdiction were operating without regards for the conservation goals of Indian Ocean coastal states, and that data was poor on shark mortalities and other by-catch. For more info, see here.

Fairtrade

  • Child labour in cocoa production is increasing in West Africa, according to new research. The report by Tulane University showed that 2.26 million children across Cote d'Ivoire and Ghana were working in cocoa, a 21% increase since 2008/9. Moreover, 2.03 million were engaged in hazardous work (defined as using sharp tools or chemicals, carry heavy loads, long working hours, or night work). Fairtrade commented on report, detailing their work with producer organisations including pilots of community-based approaches to addressing child labour. For more info, see here.

Cocoa farmer in Ghana. Source: Wikipedia

Climate finance

  • The existing pledges made to climate finance, including the newly created Green Climate Fund have come under criticism from renowned economist Jeffrey Sachs. Sachs argued that the USD$100 billion a year commitment by 2020 was too modest to support climate action in developing countries. He claimed that if carbon taxes were imposed on heavily carbon-emitting countries then the 100 billion a year commitment would be more than surpassed. 
  • President Obama unveiled a major US Clean Power Plan which will cut emissions by GHG emissions from the electricity sector by 32 per cent by 2030. A form of carbon pricing was outlined with a clean energy incentive program being established from 2020, which will dispense credits generated from renewable energy. States will be able to trade the credits, thereby creating a market for renewable energy.