Engagement is “cosmetic at best” and managers are failing to follow through on tackling fossil fuel firms in AGM voting, Reclaim Finance says. Asset owners must hold asset managers more accountable for their failure to engage meaningfully with fossil fuel firms, said NGO Reclaim Finance, in an assessment of climate votes at 2023 AGMs. In the report, Reclaim Finance assessed…
ING to Phase Out Financing for Oil & Gas Exploration and Production by 2040
Amsterdam-based global bank ING announced today that it will phase out financing of upstream oil and gas activities, ending its lending for oil and gas exploration and production, by 2040, while setting a new target to triple financing for renewable power generation by 2025. According to ING, the new commitments are aimed at building on the progress made at the…
Octopus Energy Raises $800 Million to Accelerate Clean Energy Buildout
UK-based clean energy provider Octopus Energy Group announced has announced that it has received $800 million additional investment from its existing shareholders, aimed at accelerating the company’s clean energy growth. Launched in 2016, Octopus Energy Group is now made up of 10 businesses across 18 countries, serving over 7 million customers. The new investment values the company at nearly $8…
Meta Signs Deal for 330MW of Renewable Energy in Illinois and Arkansas
Utility-scale solar developer and battery storage company Adapture Renewables, announced today that it has signed three Environmental Attributes Purchase Agreements (EAPAs) with Meta to procure 330MW of renewable energy from three solar projects under development in Illinois and Arkansas. Meta is one of the largest corporate buyers of renewable energy, and the company achieved its goal to meet 100% of…
Amazon, Holcim to Test Mercedes-Benz Hydrogen Powered Fuel Cell Trucks
Global truck manufacturer Daimler Truck has announced that it is building a first customer-trial fleet of Mercedes-Benz GenH2 Trucks powered by hydrogen fuel cells. Amazon, Air Products, INEOS, Holcim and Wiedmann & Winz will take part in first customer trials to gain initial experience in CO2-free long-distance transport with the fuel-cell trucks. The planned launch of customer trials follows a…
Mizuho Launches Framework to Support Green Projects in High Risk Carbon Transition Sectors
Tokyo-based banking and financial services company Mizuho announced a series of climate-focused initiatives, including introducing a new framework aimed at more actively supporting green projects for clients in high-risk areas in carbon-related sectors, and expanding its interim financed emissions reduction targets to the automotive and maritime transport sectors. The new green project framework, forming part of Mizuho’s response policy for…
BlackRock Sued by Tennessee for “Deceiving Consumers” about ESG Investing
Tennessee Attorney General Jonathan Skrmetti announced the launch of a new lawsuit against investment giant BlackRock, alleging that the misrepresented the extent to which it uses ESG considerations in its investment strategies, including in those that do not have a stated sustainability focus. The complaint states that BlackRock is “deceiving consumers about the company’s extensive commitment to fulfilling ESG aims.”…
UK to Launch a Carbon Tax on Imports by 2027
The UK government announced that it will introduce a carbon border adjustment mechanism (CBAM) by 2027, establishing a carbon tax on imported goods targeted at a series of key emissions-intensive industries, aimed at equalizing the carbon price paid by UK producers with those outside the UK, and avoiding “carbon leakage,” or shifting of production of carbon-intensive goods to jurisdictions with…