Chinese telecommunications giant Huawei has won the contract for Red Sea New City and will partner with Chinese construction and engineering company SEPCOIII on the project, as reported by the company’s official announcement on October 16. The project will install a 400 megawatt (MW) photovoltaic...
South Korea has officially scaled up climate ambition and committed to reducing carbon emissions by 40% from 2018 levels by 2030, as reported by Reuters on October 18. The new target was proposed as the country’s revised nationally determined contribution (NDC), as nations are expected...
South Korean LG Chem’s [051910:KS] battery subsidiary LG Energy Solution (LGES) and automaker Stellantis N.V. [STLA:US] inked a memorandum of understanding (MOU) to set up a joint venture (JV) in North America to produce electric vehicle (EV) batteries, as reported by the Korea Herald on October 18. Under the MOU, a...
Singapore’s Nanyang Technological University (NTU) is issuing SGD1bn (USD741m) in multicurrency bonds to support its sustainability goals, as reported by The Straits Times on October 11. The sustainability-linked bonds (SLBs) will be issued under a medium term note (MTN) program arranged by the Oversea-Chinese Banking...
The United Nations Framework Convention on Climate Change (UNFCCC), coming into force in 1994, set the first steps towards a greener economy transition. A decade after the UNFCCC’s establishment, the Kyoto Protocol became valid, attracting 192 UNFCCC signatories until now, which officially recognized six types...
The Asian Development Bank (ADB) will increase its climate financing goals by USD20bn to a new target of USD100bn for the 2019-2030 period, as reported by Reuters on October 12. The USD20bn added to the goal will be directed to developing low-carbon energy sources, climate...
Singapore’s state-owned power grid operator SP Group and France’s energy developer Electricite de France (EDF Group) [EDF:FP] signed a memorandum of understanding (MOU) on October 11 and reached a partnership on a renewable energy supply project from Indonesia to Singapore, as reported by the Straits...
Australia’s Fair Work Ombudsman (FWO) has sued the country’s largest bank Commonwealth Bank of Australia (CommBank) [CBA:AU] and its subsidiary for underpaying 7,425 workers, as reported by Australian Financial Review on October 11. FWO launched an investigation into CommBank in 2019 after the bank self-reported...
Japan’s Nissan Motor [7201:JP] on October 8 announced that the company will switch to all-electric facilities and use environmentally friendly energy sources at its global factories by 2050, as reported by Nikkei Asia on October 9. The potential environmentally friendly power in considerations includes wind,...
China’s State Administration for Market Regulation (SAMR) fined food delivery giant Meituan [3690:HK] RMB3.44bn (USD533m) for its monopolistic tactic after a six-month investigation, as reported by Caixin on October 8. The fine accounts for 3% of Meituan’s 2020 domestic revenues, which was RMB114.7bn (USD17.8bn). The...
South Korea’s President Moon Jae-in on October 7 announced a goal of building up the country into a leading hydrogen economy in the world, making clean hydrogen as its future growth driver, as reported by the Korean Economic Daily on the same day. The Asian...
Climate change has displaced over 22.5 million people, more than 800 million people lack sufficient food, and over one million animal species are facing extinction. The Intergovernmental Panel on Climate Change (IPCC), a United Nations (UN) body for assessing the science related to climate change,...
Antitrust authority Australian Competition and Consumer Commission (ACCC) pointed out that Google is dominant in the Australian advertising supply chain, which hurts the interests of publishers, advertisers, and consumers, according to ABC News on September 29. ACCC accused Google of abusing its first-party data to...
Renewable energy developer Sun Cable received approval from Indonesia to build an electricity transmission cable cross through the country’s territorial waters, as reported by Bloomberg on September 23. With a recommended route for Sun Cable, the Indonesian government also issued the subsea survey permit to...
Japanese insurance company Tokio Marine Holdings [8766:JP] will stop financing and underwriting new coal mining projects both in Japan and abroad from October, as reported by Nikkei on September 27. Last year, Japan’s three largest insurance conglomerates, namely Tokio Marine, Sompo Japan [8630:JP], and Mitsui...
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