Climate solutions provider Watershed announced the launch of “Cornerstone,” a new initiative in partnership with Stanford University’s Stanford Sustainable Solutions Lab, aimed at maintaining and expanding access to key datasets used by companies to measure Scope 3 value chain emissions. Under the new initiative, Cornerstone will act as the hub for open access to the US Environmentally-Extended Input-Output model (USEEIO),…
Australia-based iron ore mining company Fortescue announced that it has secured a RMB 142. Billion (USD$2 billion) Renminbi denominated (RMB) Syndicated Term Loan Facility, with proceeds to be used to support its decarbonization efforts, as well as for general corporate purposes. The RMB Syndicated Term Loan of its kind by an Australian corporate. In a statement announcing the loan, Fortescue…
EU banking supervisor The European Banking Authority (EBA) announced the publication of a no action letter, recommending that regulators not prioritize the enforcement of new ESG Pillar 3 disclosure requirements for banks, as it awaits clarity on the outcome of the European Commission’s Omnibus initiative to simplify sustainability reporting and compliance obligations. The no action letter follows the publication by…
This week in ESG news: U.S. court greenlights multi-state climate antitrust suit against BlackRock, Vanguard, State Street; UK’s FCA to simplify ESG reporting for asset managers, insurers; SHEIN fined for greenwashing; Florida launches investigation into CDP, SBTi; BBVA sees surge in sustainable finance activity; UBS leaves the Net Zero Banking Alliance; Amazon buys low carbon cement; Meta uses wood in…
Advanced materials company Lyten announced an agreement to buy most of the key assets of bankrupt EV battery company Northvolt, with plans to restart operations and to continue the expansion of battery manufacturing capacity, citing opportunities beyond electric vehicles, including providing energy solutions for data centers. The agreement, which follows previous Northvolt asset acquisitions by Lyten, include the Northvolt Ett…
Grid-scale energy storage solutions provider Energy Vault announced that it has entered into an agreement for a $300 million preferred equity investment, aimed at funding the launch of Asset Vault, a new subsidiary that will build, own and operate energy storage assets across global markets. According to Energy Vault, the investment will be provided by a leading multi-billion-dollar infrastructure fund,…
UK pension scheme Nest announced the appointment of BTG Pactual Timberland Investment Group (BTG Pactual TIG) to implement a strategy providing its members with exposure to sustainably managed timberland across key geographies in the Americas. As part of the agreement, Nest has committed an initial $750 million to BTG Pactual TIG. The new appointment follows a procurement process for fund…
UK-based international banking group Standard Chartered announced today a new agreement with the government of the Brazilian State of Acre, with the bank acting as a seller of forest protection-based carbon credits on behalf of the state over the next five years. Under the terms of the new agreement, Standard Chartered will act as the exclusive seller of the credits…
Swiss banking and financial services group UBS announced today that it has decided to withdraw from the Net-Zero Banking Alliance (NZBA), becoming the first major European bank outside of the UK to exit the UN-backed coalition dedicated to advancing global net zero goals through their financing activities. UBS’ announcement marks a new blow to the NZBA, accelerating the departure of…