Quick Hits

19 May BRICS Nations Issues a Joint Statement on Tackling Climate Change

Posted at 12:17 by Tina Zhang

The BRICS countries released a joint statement on May 13 during the virtual BRICS High-level Meeting on Climate Change, as reported by Xinhua on May 14. The meeting was chaired by Huang Runqiu, Minister of China’s Ministry of Ecology and Environment (MEE), and attended by...

19 May Tata Power Work with Hyundai Motor to Facilitate India’s EV Charging Stations

Posted at 12:00 by Tina Zhang

Tata Power [TPWR:IN], India’s largest power generation company, has signed a memorandum of understanding (MoU) with Hyundai Motor’s [005380:KS] local arm Hyundai Motor India Limited (HMIL) on May 17, as reported by the Economic Times on the same day. The MoU establishes that the two parties will...

18 May G7 to Help Indonesia, Vietnam, India, and Senegal Phase Out Coal

Posted at 18:16 by Jordy Leo

The Group of Seven (G7) will expand an initiative to help developing countries, including Indonesia, Vietnam, India, and Senegal, phase out coal, as reported by Nikkei Asia on May 16. At the COP26 global climate summit last October, the G7 launched the initiative, offering USD8.5bn...

18 May China’s Largest Academic Database CNKI Receives Antitrust Investigation

Posted at 18:08 by Jordy Leo

China’s State Administration for Market Regulation (SAMR) launched an antitrust investigation into China’s largest online academic database China National Knowledge Infrastructure (CNKI) on May 13, as reported by South China Morning Post on the same day. The probe came after China’s top research group, the...

18 May Chevron and ExxonMobil to Engage in Low-Carbon Business in Indonesia

Posted at 17:50 by Jordy Leo

US energy companies Chevron [CVX:US] and ExxonMobil [XOM:US] have separately inked agreements with Indonesia’s state-owned refiner PT Pertamina to explore business opportunities in Indonesia’s low-carbon technology development, as reported by Reuters on May 13. Chevron seeks potential business in new geothermal technology, carbon offsets through...

18 May SK Group Teams up with Bill Gates’ TerraPower for Small Nuclear Reactor

Posted at 17:36 by Jordy Leo

SK Group [034730:KS], South Korea’s second-largest conglomerate, formed a partnership with Bill Gates-backed nuclear power venture TerraPower to develop a small modular reactor (SMR) business, as reported by Korea Economic Daily on May 17. SK Group stated that it hopes to explore business opportunities brought...

17 May Ant Group Completes First ESG-Linked Loan Deal in China Tech Sector

Posted at 16:44 by Haiyan Luo

Ant Group, an affiliate of Chinese tech giant Alibaba [BABA:US], has completed a sustainability-linked loan (SLL) agreement with BNP Paribas [BNP:FP], marking the first SLL deal in China’s technology sector, as reported by Bloomberg on May 16. The loan, offered as a revolving credit line,...

17 May Japan Plans USD155bn Decarbonization Fund

Posted at 13:24 by Jordy Leo

The Japanese government plans to set up a JPY20tr (USD155bn) fund to boost investment in new power grid technology, energy-saving homes, and other technologies that can decrease the country’s carbon footprint, as reported by Nikkei Asia on May 14. Specifically, smart grids which can adjust...

17 May Hainan to Build RMB50bn Offshore Wind Power Industry Chain

Posted at 13:09 by Jordy Leo

Hainan, the southeastern province of China, has drawn up a four-year development plan (2022-2025) to form an offshore wind power industry chain worth RMB50bn (USD7.36bn) by 2025, as reported by Sina on May 14. According to the plan, by 2025, the island province will build...

17 May Japan to Trial Its First Carbon Trading Market in September

Posted at 13:03 by Jordy Leo

Japan Exchange Group (JPX) [8697:JP] and Japan’s Ministry of Economy, Trade, and Industry (METI) will establish an experimental market for carbon dioxide (CO₂) emissions trading, marking the first of its kind in Japan, as reported by Nikkei Asia on May 13. The market will be...

12 May Singapore’s Carbon Exchange to Launch Futures Trading for Carbon Offsets

Posted at 13:35 by Haiyan Luo

AirCarbon, a Singapore carbon exchange, is working with Germany’s main bourse to launch futures trading for carbon offsets, as reported by Bloomberg on May 8, 2022. The futures contracts will be traded on the European Energy Exchange beginning as early as this year. The offer...

12 May Switch Mobility Invests USD129m to Build EV Plant in India

Posted at 11:27 by Jordy Leo

Ashok Leyland's [AL:IN] electric vehicle (EV) arm Switch Mobility will invest INR10bn (USD USD129m) in a dedicated EV plant in South India, as reported by Economic Times on May 10. People familiar with the matter disclosed that the EV plant would be located in the...

12 May Hong Kong to Have First Offshore Wind Farm in 2027

Posted at 11:17 by Jordy Leo

HK Electric [2638:HK], one of Hong Kong’s two major electric generation companies, announced a plan to build a 600-hectare (1,482-acre) offshore wind farm southwest of Lamma Island, as reported by South China Morning Post on May 6. The wind farm will include 13 to 19...

11 May Australia’s Woodside Petroleum Criticized for Vague Climate Plan

Posted at 16:25 by Jordy Leo

Australia’s biggest natural gas exporter Woodside Petroleum’s [WPL:AU] has been criticized by proxy advisory firm Glass Lewis for its lagging climate strategy, as reported by Reuters on May 9. In light of this, Glass Lewis recommended that shareholders of Woodside vote against the company’s climate...

11 May China Orders Livestreaming Platforms to Stop Tipping from Minors

Posted at 16:08 by Jordy Leo

China’s regulators have set new rules on what kinds of services livestreaming platforms can offer minors, including a ban on tipping from users under 18 to protect minors’ physical and mental health, as reported by South China Morning Post on May 9. The rules were...