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Companies The World Bank Group FollowWASHINGTON, Oct 10 (Reuters) - The World Bank said on Monday it is launching a trust fund aimed at pooling public funds to provide grants for projects to reduce carbon emissions, including decommissioning coal-fired power plants. The Scaling Climate Action by Lowering Emissions (SCALE) fund will provide grants to developing countries as they deliver pre-agreed results in reducing greenhouse gas emissions, World Bank President David Malpass said in a LinkedIn post. SCALE will be the new umbrella trust fund for the bank's results-based climate finance activities. Malpass said the World Bank was in the process of capitalizing the new fund, with the aim of launching it at the COP27 climate change conference in Egypt in November. The World Bank did not identify a projected size for the new fund.

☆ P&G faces challenge to CEO Moeller as chairman from environmentalists, investors
▼ + stars: | 2022-10-10 | by ( Jessica Dinapoli | Thomson Reuters | New York-Based Reporter Covering U.S. Consumer Products Spanning Paper Towels To Packaged Food | ) www.reuters.com time to read: +3 min

Boxes of Tide detergent, a Procter & Gamble product, sit on a shelf at a store in Alexandria, May 28, 2009. Register now for FREE unlimited access to Reuters.com RegisterThe groups request replacing Moeller with an independent chair. Norway's sovereign wealth fund also plans to vote against Moeller, according to a voting notice on its website. Institutional Shareholder Services Inc and Glass Lewis, firms that make widely-followed recommendations on voting for investors, said shareholders should support Moeller and the two directors. ISS said investors should take caution when supporting Moeller and the directors because of "ongoing concerns" regarding deforestation.

An EU official said Austria was undertaking "diplomatic outreach" to potentially interested countries. Austria, Germany, Luxembourg, Portugal and Denmark jointly called for nuclear to be excluded from the rules last November when the EU was still drafting them. Ireland and Spain had also warned Brussels against labelling investments in gas as "green". Gewessler said labelling gas, a fossil fuel, as a green energy investment had damaged the credibility of the EU rules. Environmental campaigners including Greenpeace launched separate legal challenges last month against the rules, which they said violated the EU's own climate laws.

Companies Holding Company ADMIE IPTO SA FollowATHENS, Oct 10 (Reuters) - Power generation from renewables fully covered Greece's electricity demand over a few hours last week, for the first time in the history of the country's electricity system, its independent power transmission operator IPTO said. IPTO said on Monday that renewables accounted for 100% of the power generation for at least five hours last Friday, reaching a record high of 3,106 megawatt hours at 0800 GMT. "Record of optimism for the country's transition to clean energy, weaning off fossil fuels & ensuring our energy sufficiency," Green Tank tweeted. It plans to have 25 gigawatt of installed renewable energy capacity from about 10 gigawatt now but analysts say Athens might reach that target sooner. IPTO has been investing in expanding the country's power grid to boost power capacity and facilitate the penetration of solar, wind and hydroelectric energy.

The logo of Ferrari is seen in the headquarters as CEO Benedetto Vigna unveils the company's new long term strategy, in Maranello, Italy, June 15, 2022. They cover almost 70,000 workers in Italy, two thirds of them at the former Fiat-Chrysler, which last year merged with France's PSA to create Stellantis, whose brands also include Peugeot and Jeep. Spokespeople for Stellantis and Iveco said they would not make any comment until unions have filed a formal request, in coming days or weeks. The Agnelli family's holding company Exor (EXOR.AS) is a major shareholder in carmakers Stellantis and Ferrari, truckmaker Iveco and agricultural and construction machine maker CNH Industrial. This is separate from a national contract for workers in other parts of the metal and mechanical sector.

Oil prices climbed past $100 a barrel after Russia, the world's largest exporter of crude and fuels, invaded Ukraine in February. But prices have come off their peaks by nearly 40% amid fears that an economic slowdown would weaken demand. That's the elephant in the room," Fereidun Fesharaki, founder and chairman of energy consultancy FGE, told Reuters on the sidelines of the conference, as bans on Russian oil loom. But when we get to Dec. 5, if Russian oil gets shut in, prices will be $120 or more." Such a move would add to global supplies and depress fuel prices but could support China's crude demand.

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