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A Reuters review of testimony, previously unreported public documents and interviews with elected leaders, lobbyists and attorneys detail mounting challenges to many pending anti-ESG bills. The tussles have financial implications for some of the largest investment firms that manage billions of dollars for state pension plans. Lauren Doroghazi, senior vice president at government relations consultant MultiState Associates, said the debates show lawmakers coming to terms with the anti-ESG bills' practical impact. Several public pension systems raised concerns about it, including the largest, the $182 billion Texas Teacher Retirement System (TRS). For instance, if federally-regulated local banks faced new national rules on an issue like climate change disclosures, banks would need special permissions from local officials to keep public business in Utah he said.

Companies Bp Plc FollowOSLO, April 22 (Reuters) - Norway's $1.4 trillion sovereign wealth fund, one of the world's largest investors, said on Saturday it will vote against a resolution calling on British oil major BP (BP.L) to adopt tougher greenhouse gas targets. The Norwegian fund, itself built on oil and gas revenue, owned 2.73% of BP's shares worth some $2.8 billion at the end of 2022. BP's board has recommended that shareholders vote against the resolution saying it was "unclear" what it wanted the company to do. Investor advisers ISS and Glass Lewis also recommended BP shareholders oppose the resolution, while Britain's Local Authority Pension Fund Forum (LAPFF) asked investors to back it. In February BP rowed back on plans to slash its 2019 oil and gas output levels by 40% by 2030, and now it envisages a 25% cut, angering climate activists.

SYDNEY, April 16 (Reuters) - Fifty climate change activists were charged with unlawful protest near Australia's biggest coal export port on Sunday after protesters climbed on a coal train. Climate activist group Rising Tide, which claimed responsibility for the protest, said arrests were made when people were "occupying the train". "Twenty of the group scaled the train and used shovels to unload coal from the laden wagons," it said in a statement. Climate change is a divisive issue in Australia, the world's top exporter of coal. The protest group posted an image on Twitter showing protesters in front and on top of a coal train.

Below are key extracts from the G7 climate, energy and environment ministers' communique, including the annex. RUSSIA"We condemn Russia's illegal, unjustifiable, and unprovoked war of aggression against Ukraine;"We stand ready to support the sustainable and resilient recovery and green reconstruction of Ukraine." "Currently $13 billion fiscal support that can be used for domestic and foreign projects is prepared across the G7 countries." PLASTIC POLLUTION"We are committed to end plastic pollution, with the ambition to reduce additional plastic pollution to zero by 2040." Reporting by Katya Golubkova; Editing by David Dolan and William MallardOur Standards: The Thomson Reuters Trust Principles.

Negotiators for the Writers Guild of America (WGA) have asked the roughly 11,500 members to give them the power to call a strike after May 1 if contract talks break down. The last WGA strike, in 2007 and 2008, lasted 100 days. Film and television work has rebounded, but movie-going remains below pre-pandemic levels, despite blockbusters such as "Avatar: The Way of Water." Residuals paid to TV writers hit an unprecedented $493.6 million in 2021. In 2017, WGA members authorized a strike but reached a deal hours before writers headed to picket lines.

"Climate change is an existential risk and a risk to investor returns," said John Galloway, who oversees the Pennsylvania firm's engagement and proxy voting at portfolio companies, in an interview by teleconference. Galloway said in practice the proposal, which won 42% support, would have required a wholesale change to Valero's business, a decision best left to the board. "A proposal that’s asking a company to make a change that’s changing its strategy is not a proposal we're likely to support," Galloway said. U.S. Republican politicians applauded the move as responsive to their efforts to counter many companies' treatment of environmental, social and governance (ESG) matters. Galloway said the decision was driven with an eye on the varied views of its largely retail client base.

NEW YORK, April 14 (Reuters) - Firms find that investors penalize their stock less for high greenhouse gas emissions if they voluntarily disclose that data, researchers at Lazard's climate center said on Friday. For energy companies the effect was more pronounced: Disclosure actually increased their P/E measure by 0.8%. "People might assume the worst if you don't disclose," said Peter Orszag, chief executive of financial advisory at Lazard. Many firms have pledged in recent years to reduce their carbon emissions, but the report found this had little observable impact on their valuations. "Investors may not interpret pledges as bearing material weight, but rather as ... bolstering public relations," the report said.

Last year, all of the record 15 shareholder proposals were rejected by investors' votes. Shareholder proposals across industries have increased since 2020, but support for them fell from 2021 to 2022, according to a PWC report. The report would detail the "impact of (Amazon's) policies, management, performance metrics, and targets," Tulipshare's proposal said. Tulipshare, which owns 13 shares or about $7,000 in Amazon stock, secured 44% of investors' votes in 2022. Amazon is recommending that shareholders reject Tulipshare's proposal, saying the company continually works to improve "safety processes, programs, and technology."

Companies Amazon.com Inc FollowNEW YORK, April 13 (Reuters) - E-retail giant Amazon (AMZN.O) is facing 18 shareholder proposals, beating its 2022 record of 15 proposals, as environmental, social and governance (ESG)-focused investors push for more changes in the company, according to Amazons' proxy statement released on Thursday. The number of shareholder proposals across industries has grown since 2020. Last year, all of the record 15 shareholder proposals were rejected by investors’ votes. Although Amazon has a record number of proposals on the ballot this year, this is not the most proposals that have been submitted by shareholders to the company. Amazon can challenge submissions with the Securities Exchange Commission or negotiate with investors to provide audits and reports outside of the annual shareholder meeting.

☆ Amazon shareholders introduce record number of proposals for second-consecutive year
▼ + stars: | 2023-04-13 | by ( Arriana Mclymore | Thomson Reuters | Arriana Mclymore Is A New York-Based Reporter Covering E-Commerce | ) www.reuters.com time to read: +2 min

Tulipshare secured 44% of investors’ votes in 2022. Amazon's board has recommended shareholders vote against each of the 18 proposals. Last year, all of the record 15 shareholder proposals were rejected by investors’ votes. Amazon did not immediately respond to requests for comment on the increase in shareholder proposals. The proposals will be voted on during Amazon's annual meeting on May 24.

WASHINGTON, April 12 (Reuters) - The Biden administration's proposal on Wednesday to sharply cut tailpipe emissions and vehicle pollutants is on a fast track as the future of U.S. auto production could become a presidential campaign issue next year. Under Trump, the EPA reversed that decision and rolled back the Obama standards, a move that would have increased U.S. oil consumption by about 500,000 barrels per day by the 2030s. Biden, a self-proclaimed "car guy," will accelerate the adoption of zero-emission vehicles, the White House said on Wednesday. The EPA rules are also crucial to meeting the administration climate goals. Biden has said he intends to be the Democratic candidate for president in 2024 but has not made a formal announcement.

TOKYO, April 10 (Reuters) - Japan's Mitsubishi Corp (8058.T) on Monday said that it and other shareholders of the Monsoon wind power project in Laos have raised $692 million in financing for the wind farm. Mitsubishi, Thai renewable energy firm BCPG Pcl, and other stakeholders secured the financing package from the Asian Development Bank, Japan International Cooperation Agency, Sumitomo Mitsui Banking Corporation and other lenders, the Japanese firm said. The project, which is set to sell power to Vietnam under a 25-year deal, will have 600 megawatts of installed capacity and should be launched in 2025. Its total costs stand at $950 million, according to Monsoon's website. Reporting by Katya Golubkova; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

BUENOS AIRES, April 7 (Reuters) - Argentina's state oil company YPF has agreed to pay nearly $300 million to the creditors of one of its now-bankrupt subsidiaries after they sued the company in relation to a historical U.S. environmental case, it said. In 2016, Maxus Energy Corporation filed for chapter 11 protection in the U.S. Bankruptcy Court in Delaware. YPF said its former subsidiary had met its obligations until then, without specifying if these were financial or environmental. Under the conciliation agreement reached this week, the Maxus Liquidation Trust agreed to drop the claims it had filed against both YPF and co-defendant Spanish oil company Repsol, the statement issued by YPF said. In turn, YPF and Repsol agreed to pay the trust $287.5 million each, without admitting any responsibility.

LONDON, April 6 (Reuters) - A group of investors with $1.1 trillion in assets under management has joined climate activist group Follow This in asking TotalEnergies (TTEF.PA) shareholders to push for more ambitious targets on emissions cuts. "These climate resolutions at Big Oil will show which investors are serious about resolving the climate crisis and which prefer to just talk about it." TotalEnergies has said its emissions will not register a big reduction by 2030 in absolute terms. In 2020, the last time TotalEnergies shareholders voted on a Follow This resolution, the activist received 17% of the votes. TotalEnergies' climate strategy was approved by about 90% of shareholder votes in 2021 and 2022.

Some senior dealmakers at China's third-largest brokerage by market value will see an even steeper cut of two-thirds to their 2022 bonuses, said one of the people. The trend has accelerated as employers cut pay and perks in response to the government's "common prosperity" rhetoric. MILDER CUTSA senior investment banker in China could earn three million to 10 million yuan ($445,000 to $1.48 million) a year in total remuneration, excluding stock incentives, industry sources have said. By way of comparison, Wall Street bonuses fell 26% last year to average $176,700, versus a record 2021, showed a report last month from New York State Comptroller Thomas DiNapoli. Besides remuneration cuts, some investment banks have asked staff to avoid displays of wealth such as by uploading photographs to social media of expensive meals or overseas trips, industry sources said.

Below are several charts setting out how ESG funds have held up so far this year. Reuters GraphicsTECH REBOUNDESG equity funds enjoyed a quarter of net inflows, even after the March withdrawals, beating non-ESG equity funds, which lost money. ESG funds have historically owned bank shares because of their relatively lower carbon emissions, Boakye said, although versus traditional funds their exposure to banks is generally lower. Across the quarter ESG bond funds managed to attract more cash than they lost. Reuters GraphicsOUTPERFORMINGThanks to the rebound in tech shares and other sectors shunned in 2022, ESG equity funds outperformed traditional funds during the quarter.

Companies Apple Inc FollowApril 5(Reuters) - Apple Inc (AAPL.O) on Wednesday said that more of its supply chain is committing to use renewable energy in producing the company's iPhones, Macs and other products. Apple said suppliers are supporting 13 gigawatts of active renewable energy projects, up from 10 gigawatts last year. Apple suppliers have made commitments to support an eventual total of 20 gigawatts of projects, up from a total of 16 gigawatts a year before, the company said. Apple on Wednesday said that 250 of its suppliers have pledged to use renewable energy for Apple production, up from 213 suppliers the year before. In China, 70 suppliers have made clean energy pledges for Apple production, up from 55 last year, the company said.

Companies BlackRock Inc FollowBOSTON, April 5 (Reuters) - New York City pension leaders will press external fund managers, including private market fund managers, on Wednesday for details on their plans to cut greenhouse gas emissions, officials said. Public, and private market managers that have faced less pressure on climate issues to date, run most of the roughly $240 billion in New York City pension fund assets. Boards overseeing the majority of that money have approved new expectations for those managers, New York City Comptroller Brad Lander said, which will be announced on Wednesday. Lander urged BlackRock Inc last fall to take stronger environmental steps such as phasing-out high emitting assets. Lander said the plans recently approved by New York City pension boards extend similar calls to other external managers, including those that manage the 25% of pension assets held in fixed income and the 25% in private markets.

MONTREAL, April 5 (Reuters) - Honeywell International (HON.O) on Wednesday will announce a first deal for its most powerful generator, which would power a European-Canadian startup's hybrid electric cargo airship. Multiple startups are working on electric or hybrid aircraft to meet aviation's long-term climate goals. Flying Whales would use four generators per airship. The French parent company Flying Whales SAS and its Quebec based subsidiary have raised 162 million euros ($177.57 million) over three financing rounds. The first flight of the LCA60T airship in France is expected in late 2025 with entry into service planned for 2027, Flying Whales said.

Prime Minister Giorgia Meloni's administration is determined to oust current CEO Francesco Starace, several sources told Reuters. OPPORTUNITYWith almost 60 Gigawatt (GW) of installed capacity, Enel is one of the world's biggest players in renewable energy. The company, which has been hit by soaring gas prices and government measures capping bills to shield consumers, saw net profit slip to 5.4 billion euros last year, from 5.6 billion euros in 2021. In November Enel unveiled its updated strategy to 2025, pledging to cut net debt by 21 billion euros via asset disposals, while at the same time investing 37 billion euros and increasing installed renewable capacity by 21 GW. You can't have an Italian only Enel, it would be such a step back," de Lamaze said.

The boosted tax credit is central to the administration’s goal of ensuring areas long dependent on fossil fuels benefit from clean energy. "Communities like coal communities have the knowledge, infrastructure, resources and know-how to play a leading role in the move to a clean energy economy," U.S. Deputy Treasury Secretary Wally Adeyemo said. The bonus credit also is available to other "energy communities" - areas that have significant employment or local tax revenues from fossil fuels and higher than average unemployment. The Treasury said it will open project applications for the first round of coal and energy communities tax credits on May 31. Those minerals are crucial to producing clean energy technologies like batteries and solar panels.

Iluka Resources/Handout viaApril 4 (Reuters) - Six projects outside China, which dominates global rare earth production, plan to extract the critical minerals from waste or byproducts. The projects will produce rare earths that are needed to fuel a green revolution of electric cars and wind turbines while trying to avert the shortages expected in coming years. Below are details of the companies and their projects, in order of output of neodymium and praseodymium (NdPr) oxide, the rare earths most in demand. ENERGY FUELS INC (UUUU.A)The main business of U.S. Energy Fuels is producing uranium, but it has moved into rare earths. VHM LTD (VHM.AX)Australia's VHM Ltd is working on the Goschen mineral sands project, which will also produce rare earths.

WASHINGTON, April 4 (Reuters) - The White House said on Tuesday it was funneling hundreds of millions of dollars to help coal communities, including $450 million for clean energy projects on current and former mining areas. "This project will help strengthen American supply chains, revitalize energy communities, and reduce reliance on competitors like China," the White House said in a statement. The government action also includes putting 11 federal agencies to work in tandem on getting new resources into energy communities like former coal mining towns, it said. The Treasury Department and Internal Revenue Service will release guidance on Tuesday that will allow developers of clean energy projects and facilities to tap into billions of dollars in boneses, in addition to existing tax credits, it said. The funding for this initiative comes from the Inflation Reduction Act and the Bipartisan Infrastructure Law, the White House said.

"From our point of view, Rostock with its overseas port and an existing ammonia terminal can become a hub for international hydrogen imports into eastern Germany," said Hans-Joachim Polk, board member for infrastructure and technology. In another cooperation, VNG is sounding out Algeria's state oil and gas producer Sonatrach with a view to possibly arranging green hydrogen imports into Rostock via Tunisian and Italian natural gas pipelines, Polk told a press briefing. As customers across Europe baulked at sky-high prices, VNG's gas sales fell 23% last year to 588 billion kilowatt hours (kWh). As well as gas sales to local utilities and industry, the group has a wide range of activities in high pressure and distribution gas pipelines, storage facilities and biogas. Reporting by Vera Eckert; Editing by Rachel More, Friederike Heine and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Companies Anglo American PLC FollowApril 4 (Reuters) - Anglo American (AAL.L) said on Tuesday it had signed a memorandum of understanding with Swedish hydrogen and steel producer H2 Green Steel to work on advancing low-carbon steelmaking processes. The miner said the agreement includes studying and trialling the use of iron ore products from its Kumba mines in South Africa and Minas-Rio mine in Brazil as feedstock for H2's direct reduced iron (DRI) production process at its Boden plant in Sweden. DRI steel production is estimated to be significantly less carbon intensive than traditional blast furnace and basic oxygen furnace integrated processes. Anglo American's shares were up 0.4% by 0715 GMT. Reporting by Muhammed Husain in Bengaluru; Editing by Subhranshu Sahu, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

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