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Search resuls for: "Jim Skea"


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LONDON, March 31 (Reuters) - A member of a United Nations-backed coalition of insurance firms and pension funds seeking to tackle climate change told Reuters it was considering quitting after disagreements about curbing investment in the oil and gas sector split the group. The row is the latest in a string of policy splits among major climate coalitions of financial firms. AkademikerPension wanted the position paper to state that NZAOA members should only invest in public equities or corporate bonds when the companies involved are no longer investing in exploration for new oil and gas. German insurer Munich Re (MUVGn.DE) said earlier on Friday it was withdrawing from another alliance of insurers focused on reducing carbon emissions to avoid antitrust risks. "I think it's going to be extremely difficult for a plaintiff, even a government enforcer, to prevail on an antitrust theory of harm," said Mitnick.
[1/2] The logo of Spanish energy, construction and services conglomerate Acciona, is projected on a wall during company's annual shareholder meeting in Alcobendas, outside Madrid, May 10, 2016. REUTERS/Sergio Perez/File PhotoMarch 31 (Reuters) - Spanish engineering firm Acciona (ANA.MC) and Germany's Nordex (NDXG.DE) said on Friday they teamed up to develop green hydrogen projects within the next 10 years in the United States, Latin America and Africa. Acciona owns a 41% stake in Nordex and its energy unit Acciona Energias (ANE.MC) will also participate in the joint venture. The joint company will not operate in Spain and Portugal, where Acciona Energias has an alliance with Plug Power (PLUG.O). Green hydrogen is seen as a potential solution to decarbonising heavy transport including commercial shipping.
The EU's current 2030 target is for a 32% renewable energy share. The EU got 22% of its energy from renewable sources in 2021, but the level varied significantly between countries. Sweden leads the 27 EU countries with its 63% renewable energy share, while in Luxembourg, Malta, the Netherlands and Ireland, renewable sources make up less than 13% of total energy use. EU countries will have to raise to 29% the share of renewables in energy used by the transport sector. The deal must be approved by the EU Parliament and EU countries to become law, normally a formality.
Companies Vanguard Group Inc FollowMarch 29 (Reuters) - New Zealand's financial markets regulator issued a warning to U.S. fund giant Vanguard Group on Wednesday for failing to disclose details within the required time over infringement notices filed against it in Australia for alleged greenwashing. These funds were also offered to New Zealand investors via a mutual recognition scheme but Vanguard missed the deadline by nearly two months to notify the Financial Markets Authority (FMA) about the action by ASIC, Australia's securities regulator, it said. "Vanguard Australia regrets our oversight in failing to comply with our notification obligations to the Financial Markets Authority of New Zealand," a spokesperson said in an emailed response. Vanguard failed to identify its obligations and did not have adequate processes in place to ensure that it filed the required notice within the required period, FMA said in a statement. Vanguard's breach, if not addressed, could harm the integrity of an agreement between Australia and New Zealand over market offerings, it added.
Common criticisms related to the accuracy and transparency of the data and ratings, as well as a company's ability to correct errors, the report said. The ERM report said companies' dissatisfaction with the accuracy of ratings was based largely on their experience of finding errors in raters' analysis of company supplied data, undermining their trust in the overall rating. Almost a third of the 104 companies surveyed said they had a "low" to "very low" confidence that the ESG ratings accurately reflected their ESG performance. But they are driven to secure ratings by investor demand, with 95% of companies saying this was a factor for them engaging with ESG raters. Investors, too, are spending large amounts on ESG data and ratings, with costs ranging between $175,000 and $360,000, the ERM said, although many reported having only "moderate confidence" in the accuracy and utility of these ratings.
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