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Sustainability Outlook Headlines

SEC Announces Enforcement Task Force Focused on Climate and ESG Issues

Washington D.C., March 4, 2021 — The Securities and Exchange Commission today announced the creation of a Climate and ESG Task Force in the Division of Enforcement. The task force will be led by Kelly L. Gibson, the Acting Deputy Director of Enforcement, who will oversee a Division-wide effort, with 22 members drawn from the SEC’s headquarters, regional offices, and Enforcement specialized units. Consistent with increasing investor focus and reliance on climate and ESG-related disclosure and investment, the Climate and ESG Task Force will develop initiatives to proactively identify ESG-... Read more..

Source: SEC Gov

Goldman Sachs to Align Financing Activities with 2050 Net Zero Pathway

Just over a year ago, we developed a framework to put climate transition and inclusive growth at the forefront of our work with clients. And to demonstrate the depth of our commitment, we announced that we would target $750 billion in financing, investing, and advisory activity to nine areas focused on these two priorities by 2030.

We took this step because we saw that climate transition and inclusive growth were increasingly central issues for markets and economies.

And now that we are one year in, I thought it was appropriate to update you on where we are. In the past... Read more..

Source: Goldmansachs

Three free LPG cylinders likely again for Ujjawala subscribers

New Delhi: Government may examine a proposal to extend provision of free LPG cylinders for Ujjwala scheme beneficiaries for three months again in FY22 to provide relief to over 83 million BPL households from rising price of the cooking gas.

The 14.2-kg cylinder's price has risen by over Rs 125 per cylinder since January in the wake of a global price hike. This has taken up the price of a LPG cylinder to Rs 819 from Rs 694 in January. In fact since May last year the price of cooking gas has risen by Rs 237.50 in Delhi.

Sources said that with Covid pandemic still affecting... Read more..

Source: Economic Times

Space-starved Singapore builds floating solar farms in climate fight

SINGAPORE: Thousands of panels glinting in the sun stretch into the sea off Singapore, part of the land-scarce city-state’s push to build floating solar farms to cut greenhouse gas emissions.

It may be one of the world’s smallest countries, but the prosperous financial hub is among the biggest per capita carbon dioxide emitters in Asia.

And while authorities have been pushing to change that, renewable energy is a challenge in a country with no rivers for hydro-electricity and where the wind is not strong enough to power turbines.

So the tropical country turned to... Read more..

Source: DAWN

International coalition set up to help India achieve renewable energy goals, says US

Washington: A top Biden Administration official Friday said the US has put together a coalition of several countries to help India achieve its ambitious target of producing about 450 gigawatts of renewable power by 2030, costing around USD600 billion.

John Kerry, the special presidential envoy for climate, said the US has set up a consortium of several countries eager to help India with funds and knowhow to achieve this ambitious goal.

Kerry made this remark to former Energy Secretary Ernest Moniz during a virtual Fireside Chat at IHS CERAWeek, the world’s premier energy... Read more..

Source: The Print

India Grid Trust inks largest transmission deal with Sterlite Power

India Grid Trust, India's first power infrastructure investment trust (InvIT), on Saturday signed a share purchase agreement to acquire NER-II Transmission Limited from Sterlite Power as part of the Framework Agreement.
The indicative value of the acquisition is ₹4,625 crore and would boost IndiGrid's AUM (asset under management) by 34 per cent to over ₹20,000 crore ($2.8 billion).
Post completion, the platform's asset portfolio would consist of 13 power transmission projects, with a total network of 38 power transmission lines and 11 substations extending over 7,570 circuit... Read more..

Source: Business Insider

Free power to farmers, subsidised power to the industry will continue: Punjab CM

Chandigarh (Punjab) [India], March 5 (ANI): Punjab Chief Minister Captain Amarinder Singh on Friday announced that free power to farmers and subsidised power to the industry will continue in the state in his government.
According to a press statement, he mentioned that benefits such as free power to farmers and subsidised power to the industry will continue, as will the 200 free units of power to Scheduled Castes (SC), Below Poverty Line (BPL), Backward Castes (BC) households, and freedom fighters in the state as his government was totally committed to the welfare of all sections of... Read more..

Source: The Daily Guardian

Husk Power Systems plans to raise USD 110M in equity and debt this year

Husk Power Systems is a Bihar-based mini-power plants company that designs and provides end-to-end renewable energy solutions. Recently, the start-up has announced to have been planning to raise USD 110 million in the form of equity and debt funding this year in 2021.

The Indian operator of energy mini-grids that serve in Africa, Asia and India is planning to raise USD 60 million in debt and USD 50 million in equity in 2021. The reason behind this mix and match is to ensure the continued growth of the company’s CAGR which stands for Compounded Annual Growth rate of 100%.

... Read more..

Source: Tech Story

Transmission capacity up 53% in past four years: Uttar Pradesh CM

LUCKNOW: Chief minister Yogi Adityanath said selfreliance in the power sector is important for making UP ‘atmanirbhar’ and in the last four years the government has succeeded in increasing transmission capacity by 53% to 25,000 MW.

The CM inaugurated two sub-stations of 220 KV and nine sub-stations of 132 KV constructed at a cost of Rs 1,347.91 crore virtually on Saturday. Yogi also laid the foundation of 10 sub-stations of 220 KV and six sub-stations of 132 KV to be constructed for Rs1,347.91 crore.

“The power infrastructure we had inherited was in shambles. However, in... Read more..

Source: Economic Times

India - Sweden Virtual Summit: Sweden decides to join the International Solar Alliance (ISA)

Prime Minister Shri Narendra Modi and Prime Minister of the King-dom of Sweden H.E. Stefan Löfven today held a Virtual Summit where they discussed bilateral issues and other regional and multilateral issues of mutual interest.

Prime Minister Modi expressed solidarity with the people of Sweden in the wake of the violent attack on 3rd March and prayed for early recov-ery of the injured.

The Prime Minister fondly recalled his 2018 visit to Sweden for the first India-Nordic Summit, and the India visit of Their Majesties the King and Queen of Sweden in December, 2019.

... Read more..

Source: PIB

UK Budget Includes At Least £15 Billion Green Sovereign Bonds, Plans for “Green Curve”

The UK took a significant step closer to joining the growing ranks of sovereign green bonds issuers with the announcement in the new budget of a commitment of at least £15 billion of green gilt issuance in this financial year.

The green gilt announcement follows a commitment made last year by Chancellor of the Exchequer Rishi Sunak that the UK will issue its first green bond, with proceeds used to help enable the UK meet its 2050 net zero target and other environmental objectives. According to the new budget delivered by Sunak, a Green Gilt Framework will be published in June,... Read more..

Source: Esg Today

Sustainability-focused investment partnership selects food tech company Benson Hill as first investment for Climate Solutions Fund

ST. LOUIS, MO – March 4, 2021 – Benson Hill, a food tech company unlocking the natural genetic diversity of plants with its cutting-edge food innovation engine to create healthier, great-tasting and sustainable food and ingredient options, has been chosen as the first investment of a three-year, $125 million co-investment partnership to advance climate solutions, formed by Caisse de dépôt et placement du Québec (CDPQ) and S2G Ventures (S2G).

Through the co-investment partnership, CDPQ, a global investment group, and S2G, a leading multi-stage investment firm, are investing behind... Read more..

Source: Bensoh Hill

Magenta Power installs street lamp-integrated EV chargers at HPCL fuel stations

New Delhi: Magenta Power, a Mumbai-based microgrid power solutions provider, on Wednesday said it has installed its first set of street lamp-integrated electric vehicle (EV) chargers at Hindustan Petroleum Corporation’s (HPCL) fuel stations in Mumbai and Delhi.

It added that the ‘ChargeGrid Flare’ street lamp-integrated chargers are located at HPCL’s at Bandra-Kurla Complex outlet in Mumbai and at Niti Marg in Delhi.

“This class of EV charging points are first in India to incorporate within energy-efficient street lamp columns, which will encourage EV adoption for flexible... Read more..

Source: Economic Times

Clean Energy and Total Sign Joint Venture to Develop Carbon-Negative Fuel and Infrastructure

Clean Energy and Total Sign Joint Venture to Develop Carbon-Negative Fuel and Infrastructure
Up to $400 Million of Equity Including Credit Support Available for Upstream Renewable Natural Gas Projects and Downstream Fueling

NEWPORT BEACH, Calif. – March 4, 2021 – Clean Energy Fuels Corp. (Nasdaq: CLNE) and its largest shareholder, Total SE, today announced a 50/50 joint venture to develop carbon-negative renewable natural gas (RNG) production facilities in the United States, as well as credit support to build additional downstream RNG fueling infrastructure. The initial firm... Read more..

Source: Clean Energy Fuels

Kellogg Company to Achieve Over 50% Renewable Electricity Globally by the End of 2022 - one of the largest battery storage facilities in the world

BATTLE CREEK, Mich., March 3, 2021 /PRNewswire/ -- Kellogg announced today that the company will achieve over 50% renewable energy to address the electricity needs of its owned manufacturing globally by the end of 2022. The company signed a long-term wind energy virtual power purchase agreement (VPPA) in North America with Enel Green Power for approximately 360 gigawatt hours (GWh) of wind electricity annually, which is equal to 50% of the volume of electricity used across Kellogg's North American manufacturing facilities.

Kellogg's VPPA portion of the renewable energy generated by... Read more..

Source: News Room

Cashify Raises $15 Mn From Olympus Capital Asia’s Sustainability Platform

Cashify, an online platform to sell used electronic gadgets for instant cash, has raised $15 Mn from New York-based Olympus Capital Asia, a middle-market private equity firm. Olympus has made the investment through Asia Environmental Partners (AEP), its clean energy and sustainability platform.

Founded in 2015 by Amit Sethi, Mandeep Manocha and Nakul Kumar, Cashify also sells its own brand of refurbished smartphones under the brand ‘Phonepro’. The company plans to use the proceeds from this investment to further expand its footprint in India.

“We are looking forward to... Read more..

Source: BUZZ

Nokia today announced that it will reduce emissions by 50% across both its own operations and products in use by 2030

Nokia announces it will halve emissions from 2019 to 2030

The Science Based Targets initiative (SBTi) has signed off Nokia’s new targets which fulfil its commitment to align with limiting the global temperature rise to 1.5°C. The previous targets were in line with a 2°C rise
Emissions will be reduced in both Nokia products in use with customers as well as Nokia’s own operations
4 March 2021

Espoo, Finland – Nokia today announced that it will reduce emissions by 50% across both its own operations and products in use by 2030. The company’s new Science Based... Read more..

Source: Globe News Wire

WBCSD launches new Pathfinder to enable Scope 3 emissions transparency and accelerate decarbonization

Geneva, 4 March 2021: Today, the World Business Council for Sustainable Development (WBCSD) launched the Value Chain Carbon Transparency Pathfinder—a new initiative dedicated to enabling widescale exchange of primary, carbon emissions data.

WBCSD invites businesses, standard setting bodies and other decarbonization experts to join a growing business network working to develop a unique, ambitious model to decarbonize industry through data transparency, as set out in the Pathfinder’s Mission paper.

To reach net zero emissions before 2050, we need all business to measure,... Read more..

Source: WBCSD

Entire rail network to be fully electrified by Dec 2023; entire rail network to run on renewable energy by 2030: Piyush Goyal

Piyush Goyal, Union Minister for Railways, Commerce & Industry and Consumer Affairs, Food & Public Distribution, Govt of India today said that the government is working to ensure that the entire rail network will be fully electrified by December 2023 and the entire rail network will run on renewable energy by 2030. Addressing the virtual session 'Investment Opportunities in Andhra Pradesh', during the Maritime India Summit 2021, organized by the Ministry of Ports, Shipping and Waterways, jointly with FICCI, Goyal said that India has had a glorious maritime history and are on the... Read more..

Source: Business Standard

M&G joins Powering Past Coal Alliance; plans to phase out coal

M&G plc (M&G) is today joining the Powering Past Coal Alliance (PPCA) and announcing it wants to end investment in thermal coal by 2030 for developed countries and 2040 for emerging markets.

M&G’s coal phase out plan is a key step towards achieving its goal of net zero carbon emissions across its investment portfolios by 2050 at the latest, and helping to restrict global warming to 1.5 degrees in line with the Paris Agreement on climate change.

As stewards of long term capital, actively managing the savings of millions of people around the world, M&G will... Read more..

Source: Mandgplc

FedEx Commits to Carbon-Neutral Operations by 2040

MEMPHIS, Tenn., March 3, 2021 – FedEx Corp. (NYSE: FDX), home of the world’s largest cargo airline, announced today an ambitious goal to achieve carbon–neutral operations globally by 2040.

To help reach this goal, FedEx is designating more than $2 billion of initial investment in three key areas: vehicle electrification, sustainable energy, and carbon sequestration.

This includes a pledge of $100 million to Yale University to help establish the Yale Center for Natural Carbon Capture, accelerating research into methods of carbon sequestration at scale, with an initial... Read more..

Source: News Room

IEA chief backs India on coal, says no exit without financial support

NEW DELHI: Lending his weight to India's stand on coal as an energy source, International Energy Agency (IEA) chief Fatih Birol on Wednesday said it won't be fair to ask developing nations to stop using coal without giving international financial assistance to make up for the economic challenge from such a move.

Developing nations like India depend on coal for 60 per cent of their energy, and coal and associated sectors are major employment generators, he said at the Energy Horizons Leadership Dialogue organised by Council on Energy, Environment and Water (CEEW).

Endorsing... Read more..

Source: Economic Times

Secretary-General urges countries to end ‘deadly addiction’ to coal

Addressing members of the Powering Past Coal Alliance, the UN chief stressed that keeping temperature rise to 1.5 degrees Celsius above pre-industrial levels is achievable over this decade.

“Once upon a time, coal brought cheap electricity to entire regions and vital jobs to communities. Those days are gone”, he said in a video message.

“Phasing out coal from the electricity sector is the single most important step to get in line with the 1.5 degree goal.”

Ending a ‘deadly addiction’
Mr. Guterres underlined action in three areas to end what he called “the... Read more..

Source: News UN

Tata Power to provide Green Power in Jharkhand to Tata Steel Limited

Tata Power, India’s largest integrated power company, announced that TP Saurya Limited, the wholly owned subsidiary of The Tata Power Company Limited, has signed a Power Purchase Agreement with Tata Steel Limited (TSL) to develop a 15 MW solar project at Jamshedpur, Jharkhand.

The energy will be supplied to TSL under a Power Purchase Agreement (PPA) valid for a period of 25 years from scheduled commercial operation date. The project is required to be commissioned within 6 months from the date of execution of the PPA.

The Plant is expected to generate an average of 32 MUs of... Read more..

Source: Tata Power

Tata Power DDL rolls out live peer-to-peer solar energy trading project

Tata Power Delhi Distribution and Australian tech firm Power Ledger on Wednesday announced the launch of the first live peer-to-peer solar energy trading project in Delhi.

Tata Power DDL and Power Ledger in collaboration with India Smart Grid Forum (ISGF) have rolled out live peer-to-peer (P2P) solar energy trading, a first-of-its-kind pilot project in Delhi, astatement said.

Tata Power Delhi Distribution (TPDDL), a joint venture between Tata Power and the government of NCT of Delhi, is a power distribution utility serving a population of 7 million in Delhi.

This... Read more..

Source: Economic Times