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Sustainability Outlook Headlines

Sterling and Wilson partners with Enel X to enter Electric Mobility segment in India

Sterling and Wilson Pvt Ltd (SWPL), a Shapoorji Pallonji group company and India’s leading engineering, procurement, and construction (EPC) company, today announced that it has entered the Electric Mobility segment in India. SWPL has signed a 50-50 joint venture (JV) with Enel X, a subsidiary of Enel Group, known for its innovative products and digital energy solutions, to launch and create world-class electric charging infrastructure in the Indian sub-continent. The JV intends to give a boost to the fast-... Read more..

Source: Sterling and Wilson

India will create a level playing field if EU, USA impose carbon tariff

India will take steps to become competitive and create a level playing field for Indian manufacturers and exporters if the EU and the US impose carbon-based tariff on imports, said India‘s Commerce Secretary Anup Wadhawan. “ If something evolves in a certain way we will do whatever is necessary to maintain our competitiveness and to create a level playing field. The game can be played both ways. We will do what it takes to be competitive and create a level playing field for our manufacturers and exporters,”... Read more..

Source: Business Line

Tata Group makes compliance to ESG standards top priority

Tata Sons has sent a directive to heads of all group companies to urgently put together a dossier on how each company meets the environment, social and corporate governance (ESG) norms, people familiar with the matter said. Being ESG compliant is expected to raise the ratings of Tata group investment opportunities globally while potentially lowering its borrowing costs, they said. This month all individual company bosses are supposed to submit a presentation on the same, they said. The Covid-19 pandemic and... Read more..

Source: The Economic Times

Sustainable Development for Coal Sector: Promoting Renewable – Moving towards net zero carbon

Government has put major thrust on sustainable development in coal mining and is taking multi-pronged action on both environmental & social fronts. Ministry of Coal has moved forward with a comprehensive Sustainable Development Plan andhas initiated its speedy implementation.Primary focus is on making immediate social impact through Out of Box (OoB) measures besides regular environmental monitoring and mitigation during mining operation. These OoB measures include use of surplus Mine Water for irrigation... Read more..

Source: PIB

Invesco Mutual Fund launches Invesco India ESG Equity Fund

Climate change, burgeoning pollution, resource’s scarcity, inequality, among others are some of the defining issues of our time, and we are at a turning point which could change the future. The companies are increasingly focusing on ESG initiatives as businesses face a new set of challenges in today’s socially conscious economy. With risks emanating from environment, social and governance (ESG) factors increasing; it is important to assess where the company faces risk on account of ESG parameters as ignoring... Read more..

Source: Invesco Mutual Fund

Italy Joins Growing Sovereign Sustainable Finance Market With New Green Bond Framework

Italy’s Ministry of Economy and Finance (MEF) announced the publication of a new Green Bond Framework (BTP Green), enabling the issue of green bonds by the country. According to the MEF, the publication of the framework is aimed at illustrating Italy’s environmental strategy, and outlines the core mechanisms of green bond issues, including eligible use of proceeds, and monitoring the environmental impact of expenditures. Eligible categories for expenditure under the new framework include Renewable electricity... Read more..

Source: ESG Today

Mitsubishi pulls out of Vinh Tan 3 coal project in Vietnam -sources

Mitsubishi Corp has decided to pull out of the Vinh Tan 3 power plant in Vietnam, two sources familiar with the company’s thinking on the matter told Reuters, as it shifts away from carbon intensive businesses in the face of climate change. Mitsubishi’s move to exit the estimated $2 billion project shows how willing Japanese companies and financiers are to drop their once-strong support for coal amid pressure from shareholders and activists. Japan’s big banks regularly topped lending league tables for coal... Read more..

Source: REUTERS

We are Diversifying Our Energy Basket with More Non Fossil Fuels: RK Singh

The Minister of State (IC) for Power and New & Renewable Energy RK Singh said that we are diversifying our energy basket with more non fossil fuels such as hydro, solar, wind, bio energy. He mentioned that these sources of power are clean and cost effective. He reinstated the commitments of India to Paris Climate Agreement, and added that our per capita income is one third of world average despite that we are only major economy whose actions are on track to preventing the global temperature from rising... Read more..

Source: energetica India

Now, discoms must clear dues to purchase power

In a move that could push the already beleaguered power distribution companies into more trouble, the Centre has brought changes to the Electricity Act to suspend discoms from buying power if they fail to clear dues to generation companies beyond six months. The Centre has also brought in a clause in the Act to impose penalties on the discoms for late payment of dues. The Centre on Monday issued a notification by... Read more..

Source: Economic Times

China vows five-year plan dedicated to climate, but growth, security concerns weigh

China has promised to dedicate its new “five-year plan” to tackling climate change, but concerns about economic growth and energy security are expected to temper the country’s green ambitions. Vice premier Han Zheng said in October that the 2021-2025 plan, due to be delivered to parliament in March, would be “dedicated to addressing climate change” and “focus on the country’s new vision” to bring emissions to a peak before 2030 and achieve “carbon neutrality” by 2060. But experts said Beijing is still likely... Read more..

Source: REUTERS

Chandigarh: UT plans to extend solar plant installation deadline by 6 to 9 months

The UT administration plans to extend solar plant installation deadline, ending on March 31, by six to nine months. Sources said,

“The administration is contemplating extending the deadline till September-end or December-end. The final decision will be taken by UT administrator VP Singh Badnore.” The last deadline had ended on March 31, 2020. As lockdown was is in force, the UT had decided not to impose any... Read more..

Source: Economic Times

Petrochemical giant Dow braces for 'high impact' from climate change: Executive

DOW Inc is adjusting its carbon footprint and product slate to adapt to climate change and tap evolving consumption trends tied to the global energy transition, a senior executive said this week. Dow has pledged to become carbon neutral by 2050 by boosting the use of renewable energy, such as wind power in the southern United States, and by improving energy efficiency at its petrochemical plants, Dow's Asia Pacific president Jon Penrice told Reuters on Wednesday. It is also developing products that help... Read more..

Source: The Business Times

OneConnect and SGX Partner to Launch an ESG Reporting Platform

Technology-as-a-service platform and PingAn Group associate OneConnect Financial Technology and Singapore Exchange (SGX) announced today an agreement to collaborate and build an ESG platform aimed at facilitating and simplifying the ESG disclosure processes of companies listed on SGX.

Ms Tan Bin Ru, CEO (SEA), OneConnect Financial Technology, said:

... Read more..

Source: ESG Today

Power Min reduces discom penalties to 5 per cent over SBI lending rate

The government has lowered the late payment fee chargeable by power and transmission developers from distribution companies by linking it to State Bank of India's lending rate against the current 18 per cent. The Electricity (Late Payment Surcharge) Rules 2021 exclude existing power plants and transmission systems whose tariffs have been determined through competitive bidding. The rules bar electricity distribution companies with any outstanding bills after seven months from due date from procuring power from... Read more..

Source: Economic Times

ReNew Power, India’s Leading Renewable Energy Company, to Publicly List through Business Combination withRMG Acquisition Corporation II in $8 Billion Transaction

  • ReNew Power, India’s leading renewable energy company, has entered into a definitive business combination agreement with RMG Acquisition Corporation II (“RMG II”); upon closing, the combined entity is expected to be listed on the NASDAQ under the new ticker symbol “RNW”
  • Pro forma consolidated & fully diluted enterprise value of approximately $8 billion; transaction expected to close in the second quarter of 2021, subject to customary closing conditions.
  • Total anticipated proceeds of $1.2 billion, comprised of $855 million, upsized, fully-committed private... Read more..
    Source: ReNew Power

SHV, NIIF look to buy stake in Fourth Partner Energy

Netherlands’ SHV Energy and India’s quasi-sovereign wealth fund National Investment and Infrastructure Fund (NIIF) are separately looking to buy a stake in Hyderabad-based Fourth Partner Energy (4PEL) for about $150 million, two people aware of the development said. Fourth Partner Energy focuses on the commercial and industrial (C&I) segment and has an operational portfolio of 400MW. It is building solar parks in Uttar Pradesh, Maharashtra and Tamil Nadu. Mint reported on 29 September 2020 about the... Read more..

Source: livemint

Walmart’s Flipkart to deploy over 25,000 electric vehicles in India by 2030

India’s Flipkart said on Wednesday it will deploy more than 25,000 electric vehicles in its supply chain by 2030 as the Walmart-owned e-commerce giant looks to achieve a 100% transition to electric mobility in the next 10 years. The Bangalore-headquartered firm said it has partnered with leading EV makers including Hero Electric, Mahindra Electric and Piaggio to build vehicles for its first and last-mile delivery fleets across the country. The announcement comes a day after rival Amazon said it had partnered... Read more..

Source: Tech Crunch

India an achiever in solar power growth among 80 member countries: ISA

The International Solar Alliance (ISA) has ranked India as an "Achiever" among its 80 member countries along with Brazil, Saudi Arabia and the United Arab Emirates (UAE) in its latest Ease of Doing Solar (EoDS) report. Achiever countries are those with most favourable technical and commercial conditions for solar and perceived as most attractive for investments in solar. The report groups the countries in four segments -- Achiever, Influencer, Progressive and Potential. "Owing to strong potential, robust... Read more..

Source: Economic Times

GRI and B Lab Partner to Enable Alignment of ESG Reporting, and Impact Management

Enabling companies to connect the GRI Standards and B Impact Assessment

Two of the leading global enablers for environmental, social and governance impact management and disclosure have joined forces to help organizations get more out of their reporting and assessment tools. This collaboration allows companies to optimize their contribution to a more sustainable future. The GRI Standards are the world’s most... Read more..

Source: GRI

S&P Global Platts and Viridios Capital to add transparency to Voluntary Carbon Credit Markets

S&P Global Platts ("Platts"), the leading independent provider of information and benchmark prices for the commodities and energy markets, today announced that it has signed a Memorandum of Understanding with Viridios Capital to launch a series of Artificial Intelligence ("AI”) driven carbon indices to enhance transparency into the complex voluntary carbon credits and co-benefit markets. Jonty Rushforth, head of price group, S&P Global Platts said: "The complex voluntary carbon markets are evolving at... Read more..

Source: S&P Global

CIBC Joins PCAF, Committing to Measuring and Reporting GHG Impact of Loans and Investments

Canadian bank CIBC announced today that it has joined the Partnership for Carbon Accounting Financials (PCAF), a global partnership of financial institutions with a mission to develop and implement a harmonized approach to assess and disclose the greenhouse gas (GHG) emissions associated with their loans and investments.

Kikelomo Lawal, Executive Vice-President and Chief Legal Officer, CIBC, said: ... Read more..

Source: ESGToday

Important to ensure that no parallel tracks for climate negotiations are created brushing aside the fundamentally agreed principles: India at UNSC

Representing India at the United Nations Security Council Open Debate on "Addressing climate-related risks to international peace and security", Union Environment Minister, Shri Prakash Javadekar, stressed that the idea of climate action should not be to move the climate ambition goal post to 2050 and it is important for countries to fulfill their pre-2020 commitments. Shri Javadekar said that the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement negotiated under the... Read more..

Source: PIB

Government of India & AIIB sign agreement for $304 million to improve reliability, capacity and security of the power transmission network in the state of Assam

The Government of India and the Asian Infrastructure Investment Bank (AIIB) today signed a loan agreement for a $304 million Assam Intra-State Transmission System Enhancement Project to improve reliability, capacity and security of the power transmission network in the State of Assam. The project aims to strengthen Assam’s electricity transmission system by constructing 10 transmission substations and laying transmission lines with the associated infrastructure; upgrading 15 existing substations, transmission... Read more..

Source: PIB

Consumers, employees being ignored in finalising Electricity (Amendment) Bill 2021: AIPEF

The All India Power Engineers Federation (AIPEF) on Tuesday said consumers as well as employees are being ignored in finalising the Electricity (Amendment) Bill 2021, and demanded that the draft bill should be put in public domain for feedback. "The consumers and power sector employees and engineers are being ignored in finalising the draft Electricity (Amendment) Bill 2021," AIPEF spokesperson V K Gupta said. AIPEF demanded that the bill be put on the power ministry website and the comments of all... Read more..

Source: Economic Times

Total sells part of wind and solar portfolios to French banks

French energy group Total has agreed to sell off stakes in some wind and solar farms to Credit Agricole Assurances and Banque des Territoires, which Total said would boost its cash flow and return on equity. The oil and gas major has been making a big push into renewable energy, aiming to reach 100 Gigawatts (GW) in gross installed capacity by 2030, from 7GW at the end of 2020, and is is changing its name to TotalEnergies to reflect its shake-up. It has said it aims to sells off stakes in some projects as a... Read more..

Source: Financial Posts