On December 14, the National Congress of Brazil overrode most of the presidential vetoes to Federal Law No. 14.701/2023 (the “Time Limit Act”), which regulates Article 231 of the Constitution to set guidelines for the recognition, demarcation, use and management of Indigenous lands. The Time Limit Act was initially published on October 20, 2023, but most of its articles had…
LyondellBasell Signs Long-term Deals for 175 MW of Renewable Energy in U.S.
Plastics, chemicals, and refining company LyondellBasell signed two new Power Purchase Agreements (PPA) in the U.S. with providers TotalEnergies and Industrial Sun, adding 175 MW of solar power to its procured renewable energy portfolio. According to LyondellBasell, the agreement will bring the company to 89% of its goal to procure at least 50% of electricity from renewable sources by 2030….
EU, UK Announce Agreement to Delay Tariffs on Electric Vehicles
The UK government and European Council announced today an agreement to extend their current rules on electric vehicles (EVs) until the end of 2026, pushing back the application of tougher rules of origin for EVs and batteries by three years, in a move aimed at saving manufacturers and consumers billions in costs, and enabling more time to scale up European…
Iberdrola Signs €5.3 Billion Credit Line with Rates Tied to Climate, Diversity Goals
Global energy and electricity provider Iberdrola announced today that it has signed a €5.3 billion credit line, its largest ever, with conditions linked to the company’s performance towards its climate and social goals. Under the new sustainability-linked facility, signed with 33 international banks, rates on the credit line can be adjusted up or down annually based on Iberdrola’s delivery on…
Canada Invests $200 Million in Carbon Capture Startup Entropy
The Government of Canada announced a $200 million investment through the Canada Growth Fund (CGF) in Calgary-based carbon capture startup Entropy, alongside a long-term fixed-price carbon credit purchase agreement for up to one million tonnes per year, aimed at de-risking Entropy’s projects to help decarbonize emissions-intensive, hard-to-abate industries. Founded in 2020 by Calgary-based natural gas company Advantage Energy and energy-focused…
Microsoft Signs Deal to Remove up to 3 Million Tons of Carbon Through U.S. Forest Project
Microsoft and nature-based carbon removal startup Chestnut Carbon announced today a 15-year offtake agreement, with Chestnut providing Microsoft with potentially more than 3 million tons of nature based credits from its U.S.-based afforestation project. The deal includes the removal of 362,000 tons of carbon in its first phase, and up to 2.7 million tons in subsequent phases, which would mark…
EU Invests Over €2 Billion of Emissions Trading Revenue into Clean Energy Infrastructure Projects
The European Commission announced today investments of €2.2 billion in clean energy projects in lower-income member states, with the new disbursements funded by revenues from the EU Emissions Trading System (EU ETS). Allocations for the projects were made through the EU’s Modernisation Fund. Launched in 2018, with disbursements beginning in 2021, the fund was designed to support the modernization of…