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[1/2] Honda CEO Toshihiro Mibe speaks in this handout picture taken in Marysville, Ohio, U.S., March 1, 2023. HONDA/Handout via REUTERSMARYSVILLE, Ohio, March 3 (Reuters) - Honda Motor Co (7267.T) is moving rapidly to catch up with electric-vehicle competitors in global markets, but the company's top executive said combustion engines could last through 2040 and beyond. Regarding the Japanese automaker's accelerating transition to EVs, Chief Executive Toshihiro Mibe said, “I’ve been in the engine development business for more than 30 years, so personally it’s a little threatening. Before then, Honda in 2024 will get two new electric SUVs, the Honda Prologue and the Acura ZDX, from GM’s Spring Hills factory in Tennessee. Reporting by Paul Lienert in Marysville, Ohio Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Mercedes-Benz begins building battery recycling factory in southern Germany
▼ + stars: | 2023-03-03 | by ( Industry Insight | Reuters Professional | Green Is The New Black As Fashion Sector Fast-Forwards On Sustainability Trend | ) www.reuters.com time to read: +1 min

Companies Mercedes Benz Group AG FollowFRANKFURT, March 3 (Reuters) - Mercedes-Benz (MBGn.DE) laid the foundation stone for a sustainable battery recycling factory in Kuppenheim, southern Germany on Friday. The pilot plant will have an annual capacity of 2500 tonnes and will contribute to the production of more than 50,000 battery modules for new electric Mercedes-Benz vehicles. Subject to talks with the public sector, the pilot factory will be completed a few months later. The Kuppenheim plant already runs a CO2-neutral operation with solar and green electricity. "We are sending an important signal of innovative strength in Baden-Württemberg and Germany for sustainable electromobility," said Jörg Burzer, management board member of Mercedes-Benz in production and supply chain management.

Several climate scenarios suggest that to limit global temperature rises to 1.5 degrees Celsius above the pre-industrial average, the world needs to be investing $4 in renewable energy for every $1 invested in fossil fuels by 2030. In 2021, bank financing for energy supply totalled $1.9 trillion, just over $1 trillion of which went to fossil fuels and $842 billion to low carbon energy projects and companies, according to the report. The bank financing ratio, of 81 cents to $1, was below the global energy supply investment ratio of 90 cents to $1. Individual banks' financing ratios varied. The report's findings differ from another study published by environmental groups last month which said the share of bank financing going to renewables had stagnated.

In February 2022, the business-led FTSE Women Leaders Review set FTSE350 companies a 40% target for women on boards and in leadership teams by 2025, up from a previous target of 33%. The new goal was given official backing by the Financial Conduct Authority, which regulates listed companies, in April 2022, with the watchdog also including broader diversity targets. In contrast to countries such as Belgium and France, Britain does not have a mandatory quota system for women on boards at listed companies, making the progress more remarkable, the report said. Just over a decade ago, 152 of the FTSE 350 Boards had no women on them. Now there are women on every board and the vast majority of companies have three or more, it added.

[1/3] Starbucks workers attend a rally as they go on a one-day strike outside a store in Buffalo, New York, U.S., November 17, 2022. Employees at more than 280 out of its roughly 9,000 company operated U.S. locations have voted to join a labor union since 2021. The National Labor Relations Board (NLRB) has accused Starbucks of unlawful anti-union tactics at stores across the country, including allegedly firing pro-union workers. ISS concluded that "there seem to be credible reasons that may lend support to various accusations" raised by Workers United, the NLRB and Starbucks. Starbucks also said it "commenced efforts to conduct a human rights impact assessment" including labor rights, and that it expects to make the results available to shareholders.

☆ Majority of global asset managers still not investing responsibly, ShareAction says
▼ + stars: | 2023-02-26 | by ( Industry Insight | Reuters Professional | Energy Crisis Spurs Drive To Address 'Blind Spot' Of Leaky Buildings | ) www.reuters.com time to read: +2 min

LONDON, Feb 26 (Reuters) - Global asset managers controlling trillions of dollars are failing to invest in a way that will protect climate, biodiversity and people, despite efforts by the industry to promote its sustainable finance credentials, the corporate responsibility group ShareAction said on Sunday. Yet, two-thirds of 77 asset managers surveyed, which control $60 trillion of assets, had "serious gaps in their responsible investment policies and practices," the group found based on an analysis of their policies. "As managers of tens of trillions of dollars ... their decisions have a vast impact all over the world. ShareAction assessed managers on several hundred indicators, including their holdings of fossil fuel investments; whether they have set shorter-term emissions reductions targets and how they integrate biodiversity policies into decision-making. ShareAction also found the portion of managers performing significantly worse than their peers has fallen from 51% in 2020 to 35% in 2023.

☆ Majority of global asset managers still not investing responsibly - ShareAction
▼ + stars: | 2023-02-26 | by ( Industry Insight | Reuters Professional | Energy Crisis Spurs Drive To Address 'Blind Spot' Of Leaky Buildings | ) www.reuters.com time to read: +2 min

WASHINGTON, Feb 23 (Reuters) - More than 20 companies in the burgeoning carbon removal industry on Thursday launched a coalition that will lobby the U.S. government for new policies to help commercialize the nascent technology, which has received a flood of private investment in recent years. For years, technologies such as direct air capture, which extracts carbon emissions from the ambient air, had been seen as fringe ideas. Under those bills, the U.S. government has committed to spend more than $580 billion to support the development of carbon dioxide removal technologies through grants, technical support and tax credits for start-up companies and investors. The two main types of carbon dioxide removal involve chemical processes like direct air capture or enhance existing natural processes that remove carbon from the atmosphere such as planting trees. Giana Amador, founder of carbon removal NGO Carbon 180, will head up the CRA.

FCA officials said the sector will begin adapting ahead of the rules, as it did with similar rules in the European Union. They rejected concern among lawmakers the new regime would create "bubbles" as money flocked to the fewer funds that qualify as sustainable. Lawmakers on the committee examining the FCA's proposals put Cummings on the defensive over his criticism that too many funds will be excluded. Kate Levick, associate director of sustainable finance at think tank E3G, told the hearing the FCA's plan "would remove the significant amount of greenwashing currently in the market". ($1 = 0.8290 pounds)Reporting by Tommy Reggiori Wilkes and Huw Jones; Editing by Mark Potter and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

[1/2] Builders work at the construction site of an energy-saving building, making apartments more energy-efficient under the government's "superbonus" incentives, in Rome Italy, February 1, 2023. Banks have said there are more tax credits in circulation than they can deduct from their own tax bills. "We want to persuade the banks and other players to take all the stranded credits," Meloni said at the weekend, defending her decision to suddenly end further payments via tax credits. The move was triggered by an EU decision to include the tax credits in deficit calculations, potentially blowing budget plans dramatically off course. "If we had left the superbonus as it is, we would have had no money left in the budget for anything else," Meloni said.

CHICAGO, Feb 21 (Reuters) - United Airlines (UAL.O) launched on Tuesday a more than $100 million investment fund to support start-ups focused on the research and production of sustainable aviation fuel (SAF). The Chicago-based carrier along with inaugural partners such as Air Canada (AC.TO), Boeing (BA.N), General Electric (GE.N) JPMorgan Chase (JPM.N) and Honeywell (HON.O) have invested in the United Airlines Ventures Sustainable Flight Fund, it said. United said the fund was open to investment by companies across industries and would prioritize investment in new technology and "proven" producers. United's Chief Sustainability Officer Lauren Riley said the investment fund was aimed at scaling up the supply of SAF. However, as of last December, the total volume of SAF used in its operations remained less than 0.1% of its total aviation fuel usage.

LONDON, Feb 20 (Reuters) - The British government on Monday launched its new energy efficiency taskforce and named NatWest (NWG.L) boss Alison Rose as its co-chair to reduce the country's energy consumption and cut household bills. The taskforce will devise a plan to reduce total UK energy demand by 15% by 2030 compared to 2021 levels across domestic and commercial buildings and industrial processes, the government said in a statement. Hunt is due to attend a summit on Tuesday with chief executive officers, founders and leaders from the country's green companies, the government added. The taskforce also includes Department for Energy Security and Net Zero Minister Lord Martin Callanan as co-chair. "Improving energy efficiency will not only drive a lower carbon environment, but also deliver greater economic security," said Rose who is the chief executive officer of state-owned lender NatWest.

Companies Barclays PLC FollowLONDON, Feb 15 (Reuters) - Barclays (BARC.L) on Wednesday said it was tightening lending criteria for coal power and would stop financing oil sands exploration and production, but did not announce new restrictions on oil and gas lending as some rivals have. Announcing results for 2022, Barclays said it will stop financing all oil tar sands companies, as well as new oil sands pipelines, whereas previously it had said it would work with those firms undertaking efforts to reduce their emissions. Barclays also set its first emission-cutting target for the automotive manufacturing industry, with a pledge to reduce emissions intensity by between 40% and 64% by 2030 against a 2022 baseline. The bank said it was on track to meet its 2030 targets with reductions in financed emissions for industries including energy, power and steel. Reporting by Tommy Reggiori Wilkes; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

LONDON, Feb 10 (Reuters) - European banks risk jeopardising the path to net-zero carbon emissions and the growth of renewable energy unless they stop directly financing new oil and gas fields this year, investors managing assets worth more than $1.5 trillion said on Friday. ShareAction said the five banks and Britain's HSBC (HSBA.L) rank as the largest European financiers of the top oil and gas companies expanding production between 2016 and 2021. However, HSBC said in December that it would stop directly financing new oil and gas fields, joining other banks restricting asset financing, the NGO noted. The spokesperson pointed to the French bank's targets to reduce exposure to oil and gas production by 2025. The International Energy Agency said in 2021 that to reach net-zero emissions by mid-century, no investment into new oil, gas and coal supply projects was needed.

SummarySummary Companies ClientEarth files novel UK case to hold directors accountableUK, Swedish, Danish, Belgian and French funds support lawsuitClaim alleges Shell board mismanaging climate risk, breaches lawLONDON, Feb 9 (Reuters) - A group of European institutional investors is backing a novel London lawsuit against energy giant Shell's (SHEL.L) board over alleged climate mismanagement in a case that could have far-reaching implications for how companies tackle emissions. Shell rejected the allegations, saying its climate targets were ambitious and on track and that its directors complied with their legal duties and acted in the company's best interests. "ClientEarth's attempt ... to overturn the board's policy as approved by our shareholders has no merit," a spokesperson said. London CIV said its Shell stake was a "primary hotspot of risk and exposure within our portfolio". The case comes two years after Shell was ordered to slash carbon emissions in a landmark Dutch climate case.

Feb 8 (Reuters) - Shares of solar-tracking business Nextracker Inc soared 26% in their U.S. market debut on Thursday, suggesting that the IPO market was showing signs of emerging from a prolonged freeze. "It's yet another sign that the 2023 IPO market is thawing. So it's a breath of fresh air," said Matthew Kennedy, senior IPO market strategist at Renaissance Capital. Nextracker raised $638 million from 26.6 million shares in its IPO on Wednesday, higher than its original plan of $534.9 million. Founded in 2013 by Chief Executive Officer Dan Shugar, Nextracker provides solar tracker and software solutions for solar power plants.

LIC and EPFO have combined assets under management of 50 trillion rupees ($604.87 billion). The power and finance ministries, the LIC, PFC and REC did not reply to emails seeking comment. A third government official said the finance ministry was looking at steps to push climate financing. "The investment committee of LIC will have the flexibility to tweak their investments accordingly," Singh said. The power ministry has asked the three power financiers to extend foreign currency loans to Indian borrowers for payment to overseas vendors in order to save hedging costs.

"The good news is that renewables and nuclear power are growing quickly enough to meet almost all this additional appetite, suggesting we are close to a tipping point for power sector emissions," IEA director Faith Birol said. The share of wind and solar in the power generation mix is seen rising to 35% in 2025 from 29% in 2022. The largest gains in renewable power expected in the Asia Pacific region, with an 11.6% yearly average growth rate, followed by Europe with a 9.4% yearly growth rate, and the Americas, with a 5% growth rate average per year. The IEA's forecast for renewable growth globally from 2022 to 2025Asia also dominates demand growth, with more than 70% expected from China, India and south-east Asia, although trends in China are uncertain, the report said. Production from gas-fired power plants in Europe is forecast to fall, but significant growth in gas-fired production in the Middle East is likely to limit the decrease, the report said.

France, which relies on its aging nuclear fleet to generate electricity, is leading a campaign to count hydrogen made using nuclear power -- known as "red" hydrogen -- in the EU's new renewable energy targets, which currently focus on green hydrogen made using electricity from renewable sources. After much foot-dragging, French President Emmanuel Macron agreed to the hydrogen pipeline between Barcelona and Marseille in October, a deal formalised at a summit with Spanish counterpart Pedro Sanchez in Barcelona in January. In Madrid, officials say the row is a "misunderstanding" and they are willing to be flexible on red hydrogen in other legislation such as the gas market directive, but not in the renewables bill. "Red hydrogen cannot be renewable because nuclear is not an energy that can be considered as such. France wants this to include its red hydrogen but it must first be designated as renewable.

The most contentious reforms for those in Poland's ruling camp concern the judicial system. To become law, the bill needs to be signed by President Andrzej Duda. "We will now continue to follow the next steps in the legislative process," Didier Reynders, EU Commissioner for Justice, said on Twitter. Relaxing rules on wind farm investment is also among the milestones Poland has to pass to unlock the EU funds. The amendment will slash potential onshore wind investments by 60-70%, effectively discouraging them, according to the Polish Wind Energy Association which groups some 150 investors.

LONDON, Feb 8 (Reuters) - Fewer than one in 200 companies who submit climate change-related data to a leading environmental disclosure platform have credible climate transition plans, the nonprofit platform CDP said on Wednesday in its latest review of corporate submissions. Of 18,600 companies which provided CDP with data only 81 - or 0.4% - disclosed information against 21 key indicators that CDP includes in a questionnaire and which it says represents a credible plan. CDP's key indicators include everything from whether the company board has oversight of a climate plan to financial planning. "The need for companies to develop a credible climate transition plan is not an additional element but an essential part of any future planning," Amir Sokolowski, global director, climate, at CDP said in a statement. The platform worked on its analysis with the UK Transition Plan Taskforce, which is developing mandatory standards for listed companies and financial firms to ensure plans are comparable.

☆ Switzerland's solar dam: Sun and snow the perfect mix for green energy drive
▼ + stars: | 2023-02-07 | by ( Industry Insight | Reuters Professional | Europe Turns Up Heat Under Chemicals Industry To Clean Up Its Climate Act | ) www.reuters.com time to read: +2 min

The dam's almost 5000 solar panels produce 3,3 million kilowatt hours of energy per year, enough to supply around 700 houses. REUTERS/Arnd Wiegmann 1 2 3 4 5"The reflection from the snow also helps," Schranz said, "and solar panels like the cold and have a higher yield in cooler temperatures". Switzerland's government is also making it easier for solar energy to become more prevalent. The country's drive towards more green means of energy production is tied to its decision to phase out nuclear power. “Alpine solar plants can also make an important contribution here,” she said.

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