DIRS.INFO The most relevant business & tech news

☆ Why oil majors Shell and BP are combining solar energy and agricultural production
▼ + stars: | 2023-11-14 | by ( Katie Brigham | ) www.cnbc.com time to read: +6 min

Stoffels owns this land, but leases it to Lightsource BP, a major solar energy developer that's 50% owned by British oil major BP. An emerging industry called agrivoltaics combines solar energy production with agricultural activities such as sheep grazing, beekeeping and crop growing. Today, the U.S. has about five gigawatts of agrivoltaic projects, encompassing more than 35,000 acres across over 30 different states. Shell is also involved in the space through its 44% stake in solar developer Silicon Ranch. While most solar developers opt to lease land, Silicon Ranch buys it outright, often purchasing degraded farmland that's no longer in production.

Persons: Amanda Stoffels, munch, Stoffels, Lightsource, Jordan Macknick, Macknick, Lee, Tom Koranek, Becca Jones, Albertus, Katie Brigham Lightsource, Reagan Farr, Farr, Exxon haven't Organizations: Elm, BP, Lightsource, Lead, National Renewable Energy Laboratory, U.S, U.S . Department, Energy's Solar Energy Technologies Office, Shell, Silicon Ranch, Ranch, Power, Chevron, Exxon Locations: Dallas , Texas, United States, Elm, Ellis County , Texas, Lightsource, U.S, Briar, Navarro County , Texas, agrivoltaics

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.

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.

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.

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.

Rio Tinto, the majority shareholder in ERA which owns and operates the Ranger mine site, has been under pressure to fund the cleanup costs. Rehabilitation costs are estimated at A$1.6 billion to A$2.2 billion, ERA said in a statement. ERA shares declined 9.8% to A$0.185, their lowest since June 2022, while the benchmark index (.AXJO) was marginally higher. ERA will also use the proceeds to partly repay a A$100 million loan from Rio Tinto. (This story has been corrected to state that Rio Tinto is majority shareholder of the mine's owner and operator, not the mine's operator, in paragraph 2, and to state that the target of the protests was the mine and the Jabiluka project, not Rio Tinto, in paragraph 7)Reporting by Harish Sridharan in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

April 4 (Reuters) - The Biden administration on Tuesday will release final guidance on how clean energy companies can secure additional tax credits when investing in U.S. communities economically tied to fossil fuels like oil and coal. The boosted tax credit is central to the administration’s goal of ensuring areas long dependent on fossil fuels benefit from clean energy. It also helped secure West Virginia Democrat Joe Manchin's essential support for the bill. "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. Those minerals are crucial to producing clean energy technologies like batteries and solar panels.

Europe and the U.S. are scrambling to wean themselves off rare earths from China, which account for 90% of global refined output. Australia's RMIT University estimates there are 16.2 million tonnes of unexploited rare earths in 325 mineral sands deposits worldwide, while the U.S. Idaho National Laboratory said 100,000 tonnes of rare earths each year end up in waste from producing phosphoric acid alone. That, Adamas says, is equivalent to some 8% of expected demand for the two rare earths, vital for making permanent magnets to power EV and wind turbine motors. Reuters GraphicsReuters GraphicsQUICKER THAN NEW MINESRecovering rare earths from waste is much quicker than setting up new projects from scratch. The company will extract phosphorus for fertiliser, fluorine and gypsum in addition to rare earths.

Several major finance companies also voluntarily reported ethnicity pay data for the period. The majority of major finance firms nonetheless made progress in narrowly closing their gender pay gaps, according to their disclosures. ETHNICITY PAY GAPSHalf of the 20 finance firms reviewed reported varying detail on ethnicity pay gaps, with some including insurer Phoenix doing so for the first time. Where pay gaps were further broken down by ethnicity, they showed the largest pay disparities were between Black and white employees. All the employers said in their pay gap reports they were taking steps to improve diversity, particularly at senior levels.

April 3 (Reuters) - Membership in the United Auto Workers union rose 3% in 2022 to 383,000 as it works to organize workers in battery plants and other electric vehicle components. Fain said last week the union was ready to go to war against "employers who refuse to give our members their fair share." Membership in the Detroit-based union rose from 372,000 in 2021 but is still down from 397,000 at the end of 2020. North American operations for the Detroit Three automakers are under pressure as they pour billions into electric vehicles and battery production. In 2019, UAW workers at GM went on strike for 40 days before a new contract was ratified, costing the automaker $3 billion.

The United States, the bank's largest shareholder, has been pressing the World Bank for months to take bolder action to increase funding to help developing countries address climate change, future pandemics and other global challenges. The World Bank provided $100 billion from 2020-2022 for global public goods, but estimates that developing countries and the private sector would need to spend far more - $2.4 trillion a year - to address such needs. Karim El Aynaoui, executive president of Moroccan think tank the Policy Center for the New South, said reforms of the World Bank and other multilateral development banks were long overdue and changes were needed to give greater voice to African countries and other developing nations. "The world has changed since the inception of the World Bank and the International Monetary Fund. U.S. officials are also working closely with other MDBs to advance reforms, including the Inter-American Development Bank, which adopted closely aligned measures at its annual meeting, including a push for more private capital.

Companies Cummins Inc FollowApril 3 (Reuters) - Cummins Inc (CMI.N) said on Monday it would invest more than $1 billion across its U.S. engine manufacturing network to upgrade some facilities to support new clean energy technologies. Cummins said the investment would go towards its facilities in Indiana, North Carolina and New York, to upgrade its clean energy technology including fuel-agnostic engine platforms that would run on low-carbon fuels like natural gas, diesel and eventually hydrogen. The Columbus, Indiana-based company, known for its diesel and natural gas engines, has accelerated its push towards clean energy solutions to sell to its industrial and commercial transportation customers, as the trucking industry is expected to face tougher greenhouse emissions regulations this year. The $1 billion announced is in addition to the investment of $1.5 billion that the engine maker announced last month. Reporting by Kannaki Deka in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

LONDON, April 3 (Reuters) - BP (BP.L) shareholders should vote against its annual report and remuneration policy and support the "Follow This" climate activist resolution at BP's shareholders' meeting, Britain's Local Authority Pension Fund Forum (LAPFF) has recommended in a report seen by Reuters. In February BP rowed back on plans to slash oil and gas output and emissions and will not offer shareholders a vote on its climate strategy as it did last year when they backed it. LAPFF in a report to its members said it was "disappointed with the slackening of 2030 aims for emissions reduction". "LAPFF is further disappointed that there is not a company resolution on transition planning this year, especially given the material changes since the last one." They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

After missing a target to install 175 GW in renewable energy capacity by 2022, India is now trying to boost non-fossil capacity - solar and wind energy, nuclear and hydro power, and bio-power - to 500 GW by 2030. Its renewable energy capacity, excluding big hydro and nuclear power, exceeds 122 GW, while non-fossil capacity currently stands at more than 175 GW, according to government data as of February 28. Coal currently accounts for over half of India's 412.2 GW power generation capacity. Out of the targeted 50 GW in new green energy tenders every year, 10 GW will be for installation on wind turbines, according to the memo. Solar currently makes up over half of India's renewable energy capacity, while wind energy accounts for nearly a third.

Meanwhile, Republicans, many from energy-producing states, have raised a growing chorus of challenges on ESG. This can be a problem for fund participants who do not share ESG goals, the Republicans wrote. Asset managers have argued that such memberships align with their fiduciary obligations, and some are giving clients more control over proxy votes. "Asset managers voting for the exclusion of one of their competitors has clear antitrust implications," the letter states. The resolutions were filed by activist shareholder group As You Sow, which the Republicans suggested had targeted Vanguard over its withdrawal.

Search resuls for: "agrivoltaics"

25 mentions found