Author: Jordy Leo

16 Feb US Treasury to Provide USD4bn Tax Credits for Advanced Energy Projects

Posted at 14:36 by Jordy Leo

The US Department of the Treasury announced it will open applications on May 31 for USD4bn worth of new tax credits for advanced energy manufacturing and decarbonization projects, as reported by Reuters on February 13. The program will provide a 30% tax credit for a...

15 Feb French Regulator Calls for Stricter Standards for Sustainable Funds

Posted at 19:27 by Jordy Leo

The French Financial Markets Authority (AMF) has called on the European Union (EU) to tighten rules on labeling sustainable investment funds to prevent greenwashing, as reported by Reuters on February 13. Under the EU’s Sustainable Finance Disclosure Regulation (SFDR) effective from January 2023, sustainable funds that “promote...

15 Feb Exxon Mobile Curtails Funding for Algae Biofuel Research

Posted at 19:21 by Jordy Leo

Exxon Mobil [XOM:US] is quietly switching its focus from developing algae biofuel to other green initiatives, after bragging about its efforts to produce environmentally friendly fuels from algae for over a decade, as reported by Bloomberg on February 10. Exxon has slashed its funding for...

15 Feb Brazil Consults Mexico, Chile, and Germany on Establishing Green Bond Framework

Posted at 19:06 by Jordy Leo

Brazil’s Finance Ministry revealed that the country is in talks with Mexico, Germany, Colombia, and Chile about setting up a framework to issue environmental, social, and governance (ESG) bonds, as reported by Reuters on February 10. The four states consulted by Brazil have all issued...

15 Feb EU to Allow Targeted, Temporary Support for Net-Zero Industry

Posted at 18:54 by Jordy Leo

European Union (EU) leaders have agreed to allow “targeted, temporary, and proportionate" support to ensure Europe's future as a manufacturing hub for green tech products and to counter competition from the US and China, as reported by Reuters on February 10. Specifically, the European Commission...

09 Feb Activision Blizzard Fined USD35M for Violating Whistleblower Protection and Investor Disclosure Rules

Posted at 11:07 by Jordy Leo

Video game development and publishing company Activision Blizzard [ATVI:US] agreed to pay USD35m to settle charges of failing to have systems in place to properly handle disclosures of employee complaints and violating whistleblower protection rules, according to the US Securities and Exchange Commission (SEC) website,...

09 Feb BP Reiterates Equal Spendings on Fossil Fuels, Energy Transition by 2030

Posted at 11:00 by Jordy Leo

British energy giant BP [BP:LN] announced an overhauled budget plan to invest USD8bn more in oil and gas businesses by 2030, while reiterating its pledge to equally divide its spending by 2030 between its oil and gas and energy transition businesses, as reported by Reuters...

09 Feb GLS Bank Quits Net-Zero Banking Alliance as Members Keep Funding Fossil Fuels

Posted at 10:55 by Jordy Leo

Germany’s GLS Bank [UIGLSAB:GR] has quit the world’s largest climate-finance alliance, Net-Zero Banking Alliance (NZBA), in protest at the continued investments in fossil fuels by some group members from the US, as reported by Bloomberg on February 6. According to GLS, it noted that some...

08 Feb LG Corp to Spend USD2.7bn on Decarbonization by 2030

Posted at 10:20 by Jordy Leo

South Korea's No. 4 conglomerate LG Corp [003550:KS] issued a plan to invest KRW3.4tr (USD2.7bn) by 2030 in decarbonization, a move to push forward its 2050 net-zero emission target, as reported by Korea Economic Daily on February 5. The fund will be used to develop...

08 Feb German Economy Minister Advocates Green Tech Cooperation with the US

Posted at 10:06 by Jordy Leo

Germany's Economy Minister Robert Habeck has called for cooperation in green investments between Europe and the US ahead of meetings in Washington next week with U.S. Treasury Secretary Janet Yellen and other officials, as reported by Reuters on February 5. At the planned meeting, Habeck...

02 Feb UK to Scrutinize Greenwashing on Food, Drink, and Toiletry Labels

Posted at 11:13 by Jordy Leo

UK’s Competition and Markets Authority (CMA) will investigate the green claims made by companies marketing food and drink, cleaning products, toiletries, and personal care items, as reported by ESG Today on January 31. The CMA will examine practices including the use of vague and broad...

02 Feb India Asks Utilities to Keep Coal-Fired Plants Running Until 2030

Posted at 11:08 by Jordy Leo

India has asked utilities to not retire coal-fired power plants till 2030 due to a surge in electricity demand, as reported by Reuters on January 30. On January 20, the Central Electricity Authority (CEA) issued a notice to officials in the federal power ministry, advising...

02 Feb UK to Enhance Supervision of ESG Reporting in Company Audits

Posted at 10:58 by Jordy Leo

UK’s accounting regulator, the Financial Reporting Council (FRC), will monitor whether auditors are making spot checks on their compliance with environmental, social, and governance (ESG) reporting requirements in company audits, as reported by Reuters on January 30. On the same day, the FRC updated its...

01 Feb Brazilian State-Run Oil Company Petrobras to Lead Brazil’s Energy Shift

Posted at 13:42 by Jordy Leo

Brazilian state-owned petroleum firm Petrobras will drive the country’s transition to renewable energy, as its new CEO, Jean Paul Prates, stated in a video to employees, as reported by Reuters on January 27. One day earlier, Prates was appointed as CEO by Brazil’s new president...

01 Feb CATL Spends USD3.5bn on New Battery Recycling Base in Guangdong

Posted at 13:35 by Jordy Leo

Chinese battery giant Contemporary Amperex Technology (CATL) [300750:CH] will invest up to RMB23.8bn (USD3.5bn) in an integrated new material industry production base to recover waste batteries and make lithium materials, as reported by Caixin on January 30. Guangdong Bangpu Recycling Technology Co Ltd, a subsidiary...