On 2 October 2024, the European Commission (“Commission”) made public its proposal to postpone application of the EU Deforestation Regulation (“EUDR”), by way of an amendment to the EUDR that would postpone (a) its date of entry into application from 30 December 2024 to 30 December 2025 (and till 30 June 2026 for small and micro-enterprises) and (b) benchmarking deadline to 30…
Mercedes-Benz Launches Battery Recycling Plant Producing New Vehicle-Grade Lithium, Nickel and Cobalt
Mercedes-Benz announced today the opening of a new battery recycling plant in Kuppenheim, southern Germany, creating “a genuine circular economy,” according to the company, with a 96% recovery rate, and the ability to recover key materials such as lithium, nickel and cobalt in a way which is suitable for use in new batteries for future electric vehicles. Mercedes-Benz said that…
JPMorgan Appoints NOAA Chief Scientist Sarah Kapnick as Global Head of Climate Advisory
J.P. Morgan announced today that it has hired former National Oceanic and Atmospheric Administration (NOAA) Chief Scientist Dr. Sarah Kapnick as Global Head of Climate Advisory within the firm’s Commercial and Investment Bank. According to an internal memo seen by ESG Today, the appointment comes as J.P. Morgan views decarbonization and energy transition as major trends influencing capital formation, with…
DOE Announces $900 Million Funding to Support Small Nuclear Reactor Deployment
The U.S. Department of Energy (DOE) announced that it has opened applications for funding of up to $900 million to support Gen III+ small modular reactor (SMR) technologies. According to the DOE, the new funding is aimed at spurring the deployment of advanced reactor technologies across the U.S., and encourage follow-on reactor projects, to support U.S. climate goals and meet…
EU Approves €128 Million Grant to Decarbonize SSAB Steel Production
The European Commission announced today that it has approved a €128 million Swedish state aid measure aimed at supporting a project by steel company SSAB to decarbonize its steel production. The new funding will support a project to transition from coal-based steel production to electric arc furnace production using fossil-free energy sources. The grant will be made available through the…
ESG Today: Week in Review
This week in ESG news: Google, Amazon turn to new nuclear technology to tackle data center carbon footprints; IFS, PwC launch sustainability reporting solution; BlackRock survey finds nearly all insurers have climate transition goals for investment portfolios; IBM acquires renewable energy asset performance management software provider; Fidelity launches new blue economy-focused fund; BNP Paribas AM raises over $300 million for…
Amazon Leads $500 Million Capital Raise for SMR Nuclear Technology Company X-Energy
Nuclear technology company X-Energy announced that it has raised $500 million in a Series C-1 financing round, with proceeds aimed at supporting the commercialization of the company’s small modular nuclear (SMR) reactor technology. The financing round was led by Amazon’s Climate Pledge Fund, and was announced alongside plans to use X-Energy’s reactor design to support a 320 MW project with…