South Korea’s antitrust watchdog, the Korean Fair Trade Commission (KFTC), has fined Alphabet’s [GOOG:US] Google KRW42.1bn (USD32m) for allegedly abusing its dominant position in the app market to hurt a domestic competitor, as reported by Reuters on April 11. The KFTC stated that Google had...
Hanwha Solutions [009830:KS], a South Korean energy service provider and petrochemical firm, has signed a deal with Summit Ridge Energy (SRE), the largest commercial solar company in the US, to supply 1.2 gigawatts (GW) of solar panels, as reported by the Korea Economic Daily on April 7. Under the agreement, Hanwha’s solar subsidiary, Hanwha Q...
The US Environmental Protection Agency (EPA) plans to release its most stringent new emission standards for cars and light trucks on April 12, as reported by CNN on April 8. Sources familiar with the matter indicate that the rules are intended to ensure that electric vehicles (EVs) make up 54% to 60% of all new cars sold in the US by 2030, and 64% to 67%...
On April 10, Mitsubishi Corp [8058:JP] announced that it, along with other stakeholders including the Monsoon wind power project in Laos, has obtained USD692m in wind farm funding as reported by Reuters on the same day. The financing package was obtained from various lenders including...
A Tesla [TSLA:US] owner from California has filed a class-action lawsuit against the company, claiming that it violated the privacy of its customers, as reported by Reuters on April 8. The lawsuit was filed in the US District Court for the Northern District of California, following a...
Argentina's state-owned oil company, YPF [YPF:US], has agreed to pay almost USD300m to creditors of its now-bankrupt subsidiary, Maxus Energy Corporation [MXS:US], over a historic US environmental case, as reported by Reuters on April 7. The case relates to the contamination of the Passaic River in New Jersey, for...
The European Union is preparing to negotiate a law aimed at reducing the use of super-potent greenhouse gases in fridges and air conditioners, but there is a division among countries and lawmakers regarding the speed at which these gases should be phased out, as reported...
The Net-Zero Asset Owner Alliance (NZAOA) has outlined a new guidance for members regarding their investment in the oil and gas sector, as reported by ESG Today on March 31. The guidance, named Position on the Oil and Gas Sector, underscores the Alliance’s recognition that unabated climate change poses significant economic...
German insurer Munich Re [MUV2:GR], the world’s largest reinsurer, announced that it was withdrawing from the Net-Zero Insurance Alliance (NZIA) to avoid antitrust risks, as reported by Reuters on March 31. Founded in 2021, the NZIA aims to help insurers accelerate the transition towards net-zero...
The European Commission is seeking public feedback on its upcoming proposals, which include setting an emissions-reduction goal for the next decade and deciding the role of its carbon market, as reported by Bloomberg on April 1. These proposals aim to facilitate the EU’s climate goals of reducing carbon emissions by at least 55% from 1990 levels by 2030 and achieving net zero...
Canada has announced investments of more than CAD80bn (USD59.4bn) in clean technology and energy over the next decade in its 2023 budget, as reported by ESG Today on March 31. The package offers over CAD60bn in tax credits and CAD20bn in sustainable infrastructure investments. By...
German automaker Volkswagen [VOW:GR] has vowed to boost electric car investment in China, its primary market, in response to three consecutive years of sales decline in the country, as reported by Reuters on April 1. Stefan Mecha, CEO of Volkswagen’s Chinese arm, announced the company’s plan to increase the number of...
Yara [YARIY:US], a Norwegian fertiliser maker, and Enbridge[ENB:US], a Canadian pipeline company, have announced their plan to invest up to USD2.9bn to construct a low-carbon blue ammonia production plant in Texas, as reported by Reuters on March 31. The plant will be Yara's largest, and it will be built at an...
The US and Mexico have reached an agreement to address a US labor complaint at VU Manufacturing, an auto parts plant in northern Mexico, as reported by Reuters on March 31. The deal requires the company to allow workers to freely choose their union, as...
Italian energy company Eni will participate in five carbon capture projects selected by the UK government as part of a group of initiatives worth USD25bn of government funding, as reported by Reuters on March 31. Eni's responsibility in the projects will be to transport and store carbon...
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