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Companies National Indigenous Australians Agency FollowSYDNEY, May 11 (Reuters) - Two key Australian Indigenous leaders opposed to a proposal to constitutionally recognise the country's Aboriginal and Torres Island people joined forces on Thursday in an effort to strengthen their campaign ahead of a referendum later this year. A YouGov poll out last month showed 83% of Indigenous Australians support the referendum, while a wider poll by the Guardian said 60% of Australians will vote for it. Any constitutional alterations in Australia require a national referendum. To succeed, a referendum requires a national majority of votes as well as a majority of votes in at least four of the six states. The conservative Liberal-National opposition coalition will oppose the national vote.
[1/3] An Air France aircraft, operated with sustainable aviation fuel (SAF) produced by TotalEnergies, is refueled before its first flight from Nice to Paris at Nice airport, France, October 1, 2021. Sustainable aviation fuel, or SAF, is typically made using biomass-based feedstocks such as soybean oil and used cooking oil. Honeywell said its process can reduce greenhouse gas emissions by 88% compared with traditional petroleum-based jet fuel. SAF is typically two to four times costlier than petroleum-based jet fuel. The United States produces around 24.7 billion gallons of petroleum-based jet fuel annually.
[1/2] The logo of battery recycler Li-Cycle Holdings Corp is displayed on their offices in Phoenix, Arizona, U.S. June 30, 2022. REUTERS/Ernest ScheyderMay 9 (Reuters) - Battery recycler Li-Cycle Holdings Corp (LICY.N) said on Tuesday it planned to develop a recycling hub in Italy along with Swiss miner and commodity trader Glencore Plc (GLEN.L) to produce battery materials including lithium. Canada-based Li-Cycle had earlier announced in March that it would be building a French battery processing facility amid rising demand for lithium due to its key role in transition towards net zero. The two companies are expected to complete a joint feasibility study for the project by mid-2024, Li-Cycle said. Once the companies make a final investment decision on the project, commissioning of the hub in Portovesme, Italy, is expected to commence in late 2026 to early 2027.
REUTERS/Sarah MeyssonnierTOKYO, May 9 (Reuters) - Two major European asset managers have jointly filed a shareholder resolution at Japanese electricity generator Electric Power Development Co Ltd (9513.T), known as J-Power, for the second consecutive year in a row. The asset managers are calling on J-Power, Japan's largest operator of coal-fired power stations, to set and disclose credible short and medium-term emissions reduction targets, aligned with the goals of the Paris Agreement. The resolution is supported by Man Group (EMG.L), the world's largest publicly traded hedge fund, ACCR said. Amundi, Man Group, and HSBC Asset Management have nearly $3 trillion in assets combined under management. J-Power will "carefully consider" proposals and disclose its board of directors' opinions "as soon as they are determined", the company said on Tuesday.
[1/2] A logo of Amundi is seen outside the company headquarters in Paris, France, February 3, 2023. Amundi (AMUN.PA) and HSBC Asset Management filed the resolution with the Australasian Centre for Corporate Responsibility (ACCR), the non-profit climate group said in a statement on Tuesday. The resolution is supported by Man Group (EMG.L), the world's largest publicly traded hedge fund, ACCR said. Amundi, Man Group, and HSBC Asset Management have nearly $3 trillion in assets combined under management. Last year, Man, Amundi and HSBC filed a similar shareholder resolution, which they say was the first climate-related proposals by an institutional investor group to a Japanese firm.
May 8 (Reuters) - Vanguard Group, the largest provider of mutual funds, has secured regulatory approval to continue to own big stakes in U.S. power utilities, overcoming Republican concerns over its environmental, social and governance (ESG) policies. Regulators had previously allowed Vanguard to exceed that antitrust limit on the basis that this would not interfere with the utilities' operations. Vanguard countered that its funds do not exert control over the decisions of the utilities. Vanguard reiterated in a statement on Monday that it leaves "management decisions to companies and policy decisions to policymakers." A representative for Indiana Attorney General Todd Rokita, one of the leaders of the group challenging the FERC extension, said he would comment in coming days.
SYDNEY, May 8 (Reuters) - Australia's 30 biggest pension funds increased their investments in key coal, oil and gas producers by 50% in 2022 despite the funds' long term commitments to net zero carbon emissions, environmental activist group Market Forces said. Superannuation or retirement funds raised their investment to more than A$34 billion ($23 billion) in companies most responsible for expanding fossil fuels, Market Forces said. Market Forces only named AustralianSuper, which it said had increased its stake in Woodside Energy Group Ltd (WDS.AX), Australia's top independent gas producer, by about 19 times in 2022. In an emailed response, AustralianSuper said it had raised its stake as gas was a key part of an "orderly energy transition" ahead. It estimated more than A$140 billion of Australians' retirement savings are invested in fossil fuel companies through the funds, which have more than 9% of members' share investments in these firms on average.
By margins of at least 3-to-1, shareholders voted against three proposals that Berkshire disclose more about its climate-related risks or greenhouse gas emissions and efforts to address them, and its efforts to promote diversity. They also voted down by a nearly 10-to-1 margin a renewed call for an independent director to replace Buffett as chairman. The proponent of the independent chair proposal said it would leave Berkshire "less identified" with Buffett's "political activities." The votes were not surprising because Buffett owns special shares that give him a nearly 32% voting stake in Berkshire, making it difficult to adopt proposals he opposes. Berkshire shareholders also reelected the company's 15-person board.
Companies Berkshire Hathaway Inc FollowOMAHA, Nebraska, May 6 (Reuters) - Berkshire Hathaway Inc (BRKa.N) shareholders on Saturday overwhelmingly rejected six proposals for environmental, social and governance changes at Warren Buffett's conglomerate, all of which the billionaire investor and his board opposed. By margins of at least 3-to-1, shareholders voted against three proposals that Berkshire disclose more about its climate-related risks or greenhouse gas emissions and efforts to address them, and its efforts to promote diversity. The proponent of the independent chair proposal said it would leave Berkshire "less identified" with Buffett's "political activities." The votes were not surprising because Buffett owns special shares that give him a nearly 32% voting stake in Berkshire, making it difficult to adopt proposals he opposes. Berkshire shareholders also reelected the company's 15-person board.
LONDON, May 6 (Reuters) - Shell (SHEL.L) shareholders should vote against a climate activist resolution seeking faster emissions cuts, proxy advisory firm Institutional Shareholder Services (ISS) said on Saturday, while acknowledging the merits of the proposal. Shell investors will vote at an annual general meeting on May 23 on a resolution filed by the Follow This activist shareholder group which asks the energy giant to align with the 2015 Paris climate deal. Shell has recommended its shareholders vote against the Follow This proposal. It said the merits of the activist resolution are "fully accepted" but if adopted it would "represent a change in strategy from the one that Shell has adopted" which is why ISS recommends a vote against it. At Shell's 2022 shareholder meeting, Follow This received 20% of votes, down from 30% the previous year.
WASHINGTON, May 5 (Reuters) - The Biden administration on Friday launched a $4 billion effort to electrify U.S. ports and cut heavy duty truck emissions as the government looks to address disproportionate impacts on nearby communities. The U.S. Environmental Protection Agency (EPA) said it was seeking input in its $3 billion Clean Ports Program to reduce pollutants at U.S. ports and its $1 billion Clean Heavy-Duty Vehicle Program to reduce vehicle emissions near ports and other truck routes. EPA wants details about the availability, market price, and performance of zero-emission trucks, zero-emission port equipment, electric charging and other infrastructure needs for zero-emission technologies. The Senate voted 50-49 last week to overturn those rules that aim to drastically cut smog- and soot-forming emissions from heavy-duty trucks but President Joe Biden has promised to veto the measure. The EPA proposed in April new sweeping cuts to medium- and heavy-duty tailpipe emissions limits.
Exxon "engaged in a disingenuous attempt" to dilute its obligations under its environmental permit for Liza One, the project that inaugurated Guyana's oil production in 2019, High Court Justice Sandil Kissoon said in the ruling. Guyana's Environmental Protection Agency and the energy ministry so far has approved five offshore oil and gas projects submitted by the group. According to Kissoon's ruling, Exxon must furnish Guyanese authorities with a liability agreement from an insurance company by June 10, or the Liza One environmental permit will be suspended. The company "engaged in a course of action made permissible only by the omissions of a derelict, pliant, and submissive Environmental Protection Agency," the judge wrote. Exxon is reviewing the court decision and evaluating next steps, a company spokesperson said.
[1/2] Florida Governor Ron DeSantis walks outside the Treasury during his visit in London, Britain April 28, 2023. The bill is one of the furthest-reaching efforts yet by U.S. Republicans against sustainable investing efforts, and a clear political message from DeSantis, a likely presidential candidate. We do not want them engaged on these ideological joyrides," said DeSantis just before he signed the bill at a webcast event. Analysts said the legislation goes further than other state anti-ESG bills, even as business groups worry the efforts pose financial risks. There are climate and weather risks that are highly relevant, especially in a state like Florida, and would be captured in our assessment of credit risk," Torgerson said.
The U.S. lawmakers want the SEC to mandate Shein to independently audit and verify "that the company does not use Uyghur forced labor as a condition of being registered to issue securities in the United States," the letter said. Sources have said Shein is eyeing an IPO in the U.S. this year. Rights groups and governments have accused China of forced labor and internment of Uyghurs, a mainly Muslim ethnic minority, in Xinjiang. They say the exception allows websites selling cheap Chinese goods to evade millions of dollars in taxes and fees, as well as regulations banning forced labor in the consumer product supply chain. "As a global company, SHEIN takes visibility across our entire supply chain seriously.
The rule also require transitioning existing fleets to zero-emission vehicles. Big rigs, local delivery and government fleets must transition to zero emission by 2035, garbage trucks and local buses by 2039, and sleeper cab tractors and specialty vehicles by 2042. American Trucking Associations Chief Executive Chris Spear criticized the decision to force motor carriers to purchase zero-emission vehicles. On Thursday, CARB adopted new locomotive regulations requiring that by 2030 only those less than 23 years old could operate in the state. The Biden administration must still approve waivers for California to implement the new regulations.
The Asia, Africa and Middle East-focused bank had previously set a 2030 target to reduce the emissions 'intensity' of loans to the sector by 30% from 2020 levels. Emissions intensity measures carbon emissions as a percentage of business activity, such as revenue. As a result, carbon emissions can increase in absolute terms even when emissions intensity goes down, because businesses can become more efficient in reducing emissions and still emit more in total when their activity goes up. Banking peers that have adopted an absolute emissions reduction target include HSBC(HSBA.L) and Citi (C.N), as well as a number of smaller banks. "Setting this absolute sector target and supporting our clients in their transition journey are critical sustainability priorities for Standard Chartered," Chief Sustainability Officer Marisa Drew said.
Companies The World Bank Group FollowApril 27 (Reuters) - The World Bank has approved a $150 million loan to support sustainable growth and climate resilience in Panama, the lender said in a statement on Thursday. The Development Policy Loan (DPL) represents the first of two operations in the Central American country, it added, which are designed to support the energy transition, socially-inclusive growth and sustain capital for resilient growth. The project is also expected to help Panama decarbonize its land transportation, protect its ocean, conserve forests and implement more energy efficient policies, it said. "This financial operation will enhance Panama's efforts in establishing the policy foundations to foster the country's sustainable economic growth, low emissions and resilience to climate change," Panama's economy and finance minister, Hector Alexander, said in the statement. Reporting by Sarah Morland; Editing by Anthony EspositoOur Standards: The Thomson Reuters Trust Principles.
Companies The World Bank Group FollowApril 27 (Reuters) - The World Bank has approved a $150 million loan to support sustainable growth and climate resilience in Panama, the lender said in a statement on Thursday. The Development Policy Loan (DPL) represents the first of two operations in the Central American country, it added, which are designed to support the energy transition, socially-inclusive growth and sustain capital for resilient growth. The project is also expected to help Panama decarbonize its land transportation, protect its ocean, conserve forests and implement more energy efficient policies, it said. "This financial operation will enhance Panama's efforts in establishing the policy foundations to foster the country's sustainable economic growth, low emissions and resilience to climate change," Panama's economy and finance minister, Hector Alexander, said in the statement. Reporting by Sarah Morland; Editing by Anthony EspositoOur Standards: The Thomson Reuters Trust Principles.
The timeline shows the challenges of quickly finding and implementing replacements for Packers Sanitation Services Inc (PSSI), which provides cleaning services at slaughterhouses. "We made the decision to terminate the agreements with PSSI," Hans Kabat, who leads Cargill's protein business in North America, told Reuters. Cargill said it notified PSSI in March that it was terminating services at a beef plant in Dodge City, Kansas, and then followed with all PSSI's sanitation contracts. One of the largest penalties stemmed from PSSI's contracts at Cargill's plant in Dodge City. Cargill, the world's largest ground beef producer, is reviewing options for cleaning plants, Kabat said.
WASHINGTON, April 25 (Reuters) - Chrysler-parent Stellantis NV (STLAM.MI) wants to cut approximately 3,500 hourly U.S. jobs and is offering voluntary exit packages, according to a United Auto Workers union letter made public Tuesday. A person briefed on the matter said the figure might be lower than the figure cited in the UAW letter. The action impacted about 1,350 workers at the Belvidere, Illinois, plant that built the Jeep Cherokee SUV and resulted in indefinite layoffs. The UAW letter said openings created by workers leaving would be filled by workers on indefinite layoff. Stellantis said in February that about 40,000 U.S. hourly workers were eligible for profit sharing.
The proposal aims to increase both demand for and supply of sustainable aviation fuels (SAF), which have net-zero CO2 emissions or low carbon emissions. The proposal sets binding targets for aviation fuel suppliers to ensure that all fuel made available to aircraft operators at EU airports contains a minimum share of SAFs from 2025, with the target increasing to 2050. In the nearer term, sustainable fuel is one of the few options to reduce air travel's carbon footprint. Airlines are set to receive around 2 billion euros in funding from the EU carbon market to help them switch to SAF. Biofuels can count towards the main SAF targets, so long as they comply with the EU's biomass sustainability criteria.
Companies European Central Bank FollowLONDON, April 24 (Reuters) - France's central bank governor François Villeroy de Galhau has pushed back against criticism of central banks' increasing involvement in the fight against climate change, calling the issue a "must have" focus. "Central banks' core mandate worldwide is price stability, and climate change already affects the level of prices and activity," Villeroy stressed. The debate about how much influence central banks can have in tackling climate issues has become increasingly divisive this year. Villeroy, however, who has long been a firm advocate of doing more, urged central banks and others to come up with better models of how climate change is likely to alter economies. It is also aiming to release short-term climate change scenarios by the end of 2024, which should show more adverse developments, incorporate tougher "shocks" and directly explore the potential impacts of climate change on inflation.
LONDON, April 24 (Reuters) - Issuing "catastrophe bonds" and setting up public-private partnerships could help plug the "insurance gap" to better cover damage from climate change, a discussion paper from the European Central Bank and European Union insurance regulators said on Monday. Only a quarter of EU climate-related catastrophe losses are insured, creating risks to the economy and financial stability from uninsured households and businesses not being able to recover quickly from extreme events like fire or flood, the paper from the ECB and EU insurance watchdog EIOPA said. Without action, the insurance gap could widen as more frequent and intense events lead to higher premiums, and impact credit supply from banks in high risk areas. Direct aggregate catastrophe losses in the EU totaled 487 billion euros ($535 billion) between 1980 and 2020, and insurer Swiss Re has estimated there were $120 billion of catastrophe losses globally last year. Actions could include incentivising people and businesses to mitigate against climate-related disasters by offering discounts on policies, the paper said.
Most new gas plants currently do not pay for emitting carbon, so the rules could make it harder for them to compete with solar and wind power. Second, the Inflation Reduction Act created tax credits making carbon capture and hydrogen more affordable and affirmed EPA's authority to regulate power plants. Existing technology can capture and store approximately 90% of carbon emissions, Lynch said. The EIA projected that this year, 54% of new generation (21GW) will be solar and 14% will be natural gas (7.5GW). Southern, which also runs the National Carbon Capture Center with the Department of Energy, said commercial deployment of carbon capture technology "is many years away" despite the cost-reduction potential of the Inflation Reduction Act.
OTTAWA, April 22 (Reuters) - A union representing some 155,000 striking Canadian public workers called on Saturday for Prime Minister Justin Trudeau to speed up negotiations over a deal for higher wages and work-from-home guarantees. "I need to see the prime minister getting involved in these negotiations and helping and assisting to move these negotiations along," Aylward said. "There is no time, nor tolerance for stalling and misinformation," the office of Treasury Board President Mona Fortier said in a statement. Tax agency workers want a pay bump of 22.5% over three years, while the Treasury Board workers are seeking a 13.5% pay rise over three years. Apart from wages, PSAC also wants the new agreement to recognize the right to work remotely.
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