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☆ Biden's climate law has led to 86,000 new jobs and $132 billion in investments, new report says
▼ + stars: | 2023-08-14 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

More than 270 new clean energy projects have been announced since the passage of the Inflation Reduction Act (IRA), with private investments totaling $132 billion, according to the report. These investments are expected to be accompanied by more than 86,000 jobs, including 50,000 jobs related to electric vehicles. The Inflation Reduction Act “is not only working to strengthen supply chains but also to boost domestic manufacturing and create new jobs,” Bank of America said in the report. The nearly $370 billion clean energy and climate package, which passed on a party-line vote, was the largest climate investment in US history. The law is driving the most clean energy job growth in Georgia, South Carolina, Nevada and Tennessee.

Persons: it’s, Joe Biden, Biden, ” Organizations: New, New York CNN, of America, ” Bank of America, White, Bank of America, Washington Post Locations: New York, EVs, Georgia , South Carolina , Nevada, Tennessee, Wisconsin

The extreme heat is prompting violent typhoons in Asia and flash floods in the United States. But to the pragmatist, extreme heat is the new normal. The good news: Investors are spending big on climate projects. Global warming helps make periods of extreme heat more frequent, longer and more intense, and it will continue getting worse unless humans essentially stop adding carbon dioxide to the atmosphere, scientists say. “There’s been huge, huge progress” in developing green technologies and bringing down their costs, said Bella Tonkonogy, the U.S. director of Climate Policy Initiative whose funders include the Bloomberg Foundation and the German government.

Persons: it’s, El Niño, Carl, Friedrich Schleussner, ” “, ”, DealBook, “ There’s, Bella Tonkonogy Organizations: Analytics, Global, Venture, Initiative, Biden, Bloomberg Foundation Locations: Asia, United States, Berlin, U.S

Beijing/Hong Kong CNN —US Treasury Secretary Janet Yellen urged China on Saturday to combat the “existential threat” of climate change by supporting international funds intended to help developing countries confront the crisis. On the second full day of her visit to Beijing, Yellen said the United States and China should work together to tackle global challenges despite differences over a range of issues. Yellen said China’s support for existing multilateral climate institutions like the Green Climate Fund (GCF) and the Climate Investment Funds, alongside the United States and other partners, could improve their impact. The GCF is the main climate financing mechanism of the United Nations and helps developing countries to tackle climate change. Kerry would be the third Cabinet official from the Biden administration to travel to China, after Yellen and Secretary of State Antony Blinken, who visited in June.

Persons: Janet Yellen, Yellen, —, ”, Joe Biden, Nancy Pelosi’s, China Nicholas Burns, John Kerry, Kerry, Biden, Antony Blinken Organizations: Hong Kong CNN, Climate, United Nations, Amazon Fund, US, Yellen Locations: Beijing, Hong Kong, China, United States, Taiwan

☆ Yellen urges China to support existing institutions to fight climate change
▼ + stars: | 2023-07-08 | by ( ) www.cnbc.com time to read: +3 min

The United States and China, as the world's two largest economies, must work together to combat the "existential threat" of climate change, U.S. Treasury Secretary Janet Yellen told Chinese government officials and climate experts on Saturday. "Continued U.S.-China cooperation on climate finance is critical," Yellen said in a prepared text. She said financing for such initiatives should be coordinated efficiently and effectively, adding that Beijing's support for existing multilateral climate institutions like the Green Climate Fund and the Climate Investment Funds, alongside the Washington and others, could boost their impact. China is the largest market after Europe for climate funds, surpassing the U.S. as funds in China have more than doubled since 2021 to $46.7 billion, according to research firm Morningstar. That group had in recent years developed a roadmap for sustainable finance, held workshops on carbon pricing and non-pricing policy levers, developed a transition finance framework, and made a range of recommendations on climate finance, she said.

Persons: jerry, Janet Yellen, Yellen, –, Morningstar Organizations: Bandai, Treasury, U.S, Climate Fund, Climate, Bank, Sustainable Finance Locations: Pali district, Rajasthan, United States, China, U.S, Beijing, Paris, Washington, Europe, India

The Biden administration called on China on Saturday to do more to help developing countries combat climate change, urging the world’s largest emitter of greenhouse gases to back international climate finance funds that it has so far declined to support. Treasury Secretary Janet L. Yellen delivered the message during her second day of meetings in Beijing, where she is seeking to cultivate areas of cooperation between the United States and China. Ms. Yellen said that China, like the United States, has a responsibility to be a climate finance leader. “Climate finance should be targeted efficiently and effectively,” Ms. Yellen said during a meeting with a group of Chinese and international sustainable finance experts on Saturday morning. “I believe that if China were to support existing multilateral climate institutions like the Green Climate Fund and the Climate Investment Funds alongside us and other donor governments, we could have a greater impact than we do today.”

Persons: Janet L, Yellen, ” Ms, “, ” Organizations: Biden, Climate Fund, Climate Locations: China, Beijing, United States

☆ Pro Take: Forget the SEC, International Climate Reporting Standards Could Become the Global Baseline
▼ + stars: | 2023-06-26 | by ( Rochelle Toplensky | ) www.wsj.com time to read: +8 min

New international sustainability reporting standards could fulfill their ambition in becoming the global baseline as the advantages of using a single standard worldwide may, for many companies, outweigh the disadvantages of being more demanding than the SEC’s coming climate reporting rules. On Monday, the International Sustainability Standards Board released its initial two reporting standards. PREVIEWDespite the strong demand for one standard, U.S. and European Union officials are each developing their own climate reporting regimes. It is now up to individual countries and jurisdictions to decide if and when they will adopt the ISSB standards. Sue Lloyd, vice chair of the International Sustainability Standards Board, at the launch of the inaugural sustainability standards.

Persons: Sue Lloyd, ”, Brian Moynihan, Lloyd, Um, Lysanne Gray, Eelco van der Enden, Jean, Paul Servais, Benoit Doppagne, Iosco, Unilever’s Gray, Rochelle Toplensky, Amplifications Iosco Organizations: Sustainability, Task Force, Sustainable Business, European Union, International Organization of Securities Commissions, Securities, Exchange Commission, U.S, Wall Street, Bank of America, London Stock Exchange, Asian Development Bank, Unilever, Alignment, Global, Initiative, Belgian Financial Services, Markets, FSMA, Zuma Press, Accounting, Rochelle, wsj.com Corrections, Amplifications Locations: EU, Australia, Canada, Japan, Hong Kong, Malaysia, New Zealand, Nigeria, Singapore, Glasgow, Monday’s, Egypt, Africa, Asia, U.S

☆ Biden will announce $600 million in climate investments during California trip
▼ + stars: | 2023-06-18 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, June 18 (Reuters) - President Joe Biden will visit Palo Alto, California on Monday and announce over $600 million in climate investments to help coastal communities around the country fight climate change, a White House official said on Sunday. It will also include a $67 million investment for California to modernize its electric grid to reduce the impact of extreme weather events such as wildfires. Biden signed a $430 billion bill last August that was touted as the biggest climate package in U.S. history. The president's trip to California will also see him raise campaign cash from tech and climate donors as he races to raise over a billion dollars for his re-election fight. Reporting by Nandita Bose in Washington; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Biden, Biden, Nandita Bose, Diane Craft Organizations: Palo, White, Thomson Locations: Palo Alto , California, California, Washington

In a response to Reuters questions, South Africa's national treasury said it, along with President Cyril Ramaphosa's office, had appointed a consultant that it did not name to find ways to resolve the issue. It would also allow the decommissioning of three power plants, which the government is considering delaying because of the shortages of generation capacity. Rudi Dicks, the head of project management at the South African presidency, said there was a need to "clarify as a matter of urgency" whether the international loans could be accepted. Of the $8.5 billion pledged to South Africa, $3 billion is from the Climate Investment Funds (CIF), a leading multilateral investor in developing countries. In a statement it said it remained "committed to supporting South Africa's just transition from coal to clean power".

Persons: Cyril Ramaphosa's, Rudi Dicks, Promit Mukherjee, Carien du Plessis, Olivia Kumwenda, Barbara Lewis Organizations: European Union, Reuters Graphics, Reuters, Partners, Investment Funds, Thomson Locations: JOHANNESBURG, Britain, France, Germany, United States, South Africa, Africa

[1/2] Greenpeace activists hang a banner to protest Deutsche Bank and DWS investment policies on Deutsche Bank's headquarters in Frankfurt, Germany, June 14, 2023. REUTERS/Tom SimsFRANKFURT, June 14 (Reuters) - Greenpeace activists scaled Deutsche Bank's (DBKGn.DE) headquarters in Frankfurt on Wednesday and strung up a large yellow banner to protest against the climate investment policies of the German lender and its asset management company DWS. Deutsche Bank said that sustainability and climate protection were "strategic priorities", and that it supports DWS in the development of its sustainability policies and standards. The German-language Greenpeace banner was unfurled shortly after 6 a.m. CEST (0400 GMT) and stretched across part of the glass facade on the lower section of Deutsche Bank's twin office towers. Mauricio Vargas, a Greenpeace finance expert who was standing outside Deutsche Bank's headquarters, said: "DWS's scandal is Deutsche Bank's scandal."

Persons: Tom Sims FRANKFURT, DWS, Stefan Hoops, Mauricio Vargas, Tom Sims, Rachel More, Jamie Freed, Sharon Singleton Organizations: Greenpeace, Deutsche Bank, Deutsche Bank's, REUTERS, Deutsche, Thomson Locations: Frankfurt, Germany

[1/2] Greenpeace activists hang a banner to protest Deutsche Bank and DWS investment policies on Deutsche Bank's headquarters in Frankfurt, Germany, June 14, 2023. REUTERS/Tom SimsFRANKFURT, June 14 (Reuters) - Climate activists on Wednesday targeted two of the globe's biggest banks - Deutsche Bank (DBKGn.DE) and JPMorgan (JPM.N) - for their fossil fuel investment policies with separate protests in Germany's financial capital, Frankfurt. Greenpeace activists scaled Deutsche Bank's headquarters shortly after dawn and strung up a large yellow banner to protest against the climate investment policies of the German lender and its asset management company DWS. The protests highlight the ongoing tension between climate activists and financial firms. Mauricio Vargas, a Greenpeace finance expert who was standing outside Deutsche Bank's headquarters, said: "DWS's scandal is Deutsche Bank's scandal."

Persons: Tom Sims FRANKFURT, DWS, Stefan Hoops, Mauricio Vargas, KoalaKollektiv, Chuka Umunna, Tom Sims, Rachel More, Jamie Freed, Sharon Singleton Organizations: Greenpeace, Deutsche Bank, Deutsche Bank's, REUTERS, JPMorgan, Deutsche, Thomson Locations: Frankfurt, Germany, Europe

☆ Greenpeace activists climb Deutsche Bank HQ in climate protest
▼ + stars: | 2023-06-14 | by ( ) edition.cnn.com time to read: +2 min

Greenpeace activists scaled Deutsche Bank’s headquarters in Frankfurt Wednesday and strung up a large yellow banner to protest against the climate investment policies of the German lender and its asset management company DWS. The action came a day ahead of the annual shareholder meeting of DWS, which is mostly owned by Deutsche Bank and has drawn attention from activists and regulators over allegations it misled investors about “green” investments. Deutsche Bank (DB) said sustainability and climate protection were “strategic priorities,” and that it supports DWS in the development of its sustainability policies and standards. The German-language Greenpeace banner was unfurled shortly after 6 a.m. local time (midnight ET) and stretched across part of the glass facade on the lower section of Deutsche Bank’s twin office towers. Mauricio Vargas, a Greenpeace finance expert who was standing outside Deutsche Bank’s headquarters, said: “DWS’s scandal is Deutsche Bank’s scandal.” He plans to address shareholders Thursday.

Persons: DWS, Stefan Hoops, Mauricio Vargas, “ Organizations: Greenpeace, Deutsche, Deutsche Bank, DB, Force Locations: Frankfurt

Here's the latest:ELECTRIC VEHICLE FRICTIONBiden's domestic policy is embodied in working to electrify roadways across the United States. Getting more electric vehicles on the roads is central to his climate change agenda, ensuring the vehicles are "Made in America" is part of his commitment to restore manufacturing jobs. But the IRA's consumer tax credits are tightly linked to the cars' and batteries being made in the U.S., roiling allies in Europe and Asia whose companies sell into U.S. markets. Instead, Japanese and U.S. officials struck a trade deal on electric vehicle battery minerals that expands eligibility for the $7,500 per vehicle EV tax credits in the IRA. NEW RACE FOR SUBSIDIESThe promise of corporate tax credits has renewed interest in investing in the U.S., and Europe has responded with subsidies of their own.

☆ Massive city growth and climate change are twin opportunities, says manager of $40 billion fund
▼ + stars: | 2023-05-11 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +6 min

"Investing in infrastructure, climate-related technology is the future," Wahba told CNBC in a video interview in May. The road is made of bitumen," a derivative of an oil product, Wahba told CNBC. Each stage of that process poses an infrastructure climate problem. "There are very, very attractive returns," Wahba told CNBC. Of course, some climate investments are risky.

☆ Former Facebook CTO Mike Schroepfer launches climate investment firm: 'We need business' to solve climate change
▼ + stars: | 2023-05-02 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +2 min

Former Facebook chief technical officer Mike Schroepfer is launching a climate venture capital investment firm, Gigascale Capital, on Tuesday. He told CNBC he is personally motivated to fight climate change and believes this is an inflection point in the industry. As Schroepfer started speaking with the community of climate change innovators and entrepreneurs, he was being asked how to hire, how to scale companies and how to solve technical problems. In addition to his philanthropic climate work, Schroepfer invested in more than a dozen climate startups as an angel investor, he said. That combination of growing demand, or market preparedness, and a bubbling pool of innovation, or technological preparedness, activated Schroepfer's "spidey sense," he said.

☆ Oil AGMs presage awkward investor decoupling
▼ + stars: | 2023-04-28 | by ( Yawen Chen | ) www.reuters.com time to read: +3 min

Chair Helge Lund defended a sudden reversal in February to now cut less oil and gas production by 2030. Big Oil had more than doubled its profits in 2022 as energy prices spiked after Western sanctions on Russian energy. Pension investors like the Universities Superannuation Scheme, for example, are strengthening their climate investment policies and targeting board members to drive change. The traditional oil investor base may soon start to question why companies aren’t doing much more in oil and gas, if that’s what drives profitability and market performance. The oil world’s own awkward decoupling is happening fast.

☆ VC firms create $60 billion-plus climate tech alliance with backing from the UN
▼ + stars: | 2023-04-25 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

A group of venture capital firms including Tiger Global and Union Square Ventures on Tuesday set up an alliance aimed at making private tech investing more climate-friendly. Called the Venture Climate Alliance (VCA), the coalition of more than 20 climate tech and generalist funds seeks to get the VC industry to increase its commitments to climate tech, a branch of technology devoted to finding solutions to the climate crisis. Generalist VC firms will need to make routine assessments of their carbon footprint, align their early-stage startup bets with net-zero goals. It is not the first initiative to bring climate's role in startup investing to the forefront. The alliance will fall under the Glasgow Financial Alliance for Net Zero (GFANZ), a group formed during the COP26 climate conference.

A series of upcoming challenges, from the ongoing war in Ukraine to a still-uncertain economy, could provide hurdles to Biden’s reelection. The Washington beltway event may be indicative of what’s to come for the Biden reelection campaign strategy. “Just like four years ago—I’m off to teach and Joe’s launched his (re-election) campaign! Obama held his first reelection campaign rally in May 2012, 13 months after announcing his bid for a second term. The wait for a Biden reelection rally could be just as long.

☆ Rich countries and India should cut a climate pact
▼ + stars: | 2023-04-10 | by ( Hugo Dixon | ) www.reuters.com time to read: +6 min

Emissions from the world’s most populous country are only 7% of greenhouse gases but are growing fast while those produced by rich countries have largely peaked. To do so, it will need policies that incentivise green investment, including accelerating its plans for carbon pricing. Rich countries can also help, even at a time when their budgets are stretched. India could then be much more ambitious in its transition plan and the G7 and other rich countries could mobilise funds, focussing on key bottlenecks. But if the central government comes up with a solution, rich countries could help fund it.

☆ US World Bank nominee Banga endorses lending expansion, pledges more
▼ + stars: | 2023-04-05 | by ( David Lawder | ) www.reuters.com time to read: +3 min

"That's good, we should do it," Banga said of the $5 billion lending expansion plan proposed by departing World Bank President David Malpass. But he said that to raise the trillions of dollars needed annually to reach 2030 and 2050 global emissions reduction goals, the World Bank needs to help catalyze private capital. The World Bank cannot do this alone," he said. Banga is now in the final stages of the World Bank executive board's selection process after emerging from a March nomination period as the sole candidate. He is expected to be confirmed as World Bank president by early May.

☆ EU agrees to double renewables by 2030 and UK unveils its long-awaited climate plan
▼ + stars: | 2023-03-30 | by ( Reuters Emily Blumenthal | Emily Blumenthal | ) edition.cnn.com time to read: +4 min

Two big announcements in European climate policy came Thursday. In 2021, the bloc got 22% of its energy from renewable sources, though the level varied significantly between countries. Sweden leads with a 63% renewable energy share, while in Luxembourg, Malta, the Netherlands and Ireland, renewable sources make up less than 13% of total energy use. UK climate strategyThe United Kingdom also announced its own climate strategy Thursday. It includes support for offshore wind energy, electric vehicles, green hydrogen, nuclear technology, home insulation and home heat pumps.

☆ Virgin Orbit raising $200 million from investor Matthew Brown, closing deal as soon as Thursday
▼ + stars: | 2023-03-22 | by ( Michael Sheetz | ) www.cnbc.com time to read: +3 min

Virgin Orbit is in final talks to raise funds from Texas-based investor Matthew Brown, two people familiar with the deal told CNBC, amounting to an injection of $200 million. The deal comes as Virgin Orbit scrambles to rebuild its cash coffers and avoid a potential bankruptcy filing, CNBC earlier reported. Virgin Orbit did not respond to CNBC's request for comment. Shares of Virgin Orbit surged 50% in early trading Wednesday from the stock's previous close of 44 cents a share. Virgin Orbit has been looking for new funds for several months, with majority owner Richard Branson unwilling to fund the company further.

☆ Alaska oil drilling protesters disrupt White House climate adviser appearance
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +2 min

Companies Conocophillips FollowWASHINGTON, March 20 (Reuters) - Protesters criticizing President Joseph Biden's approval of an oil drilling project in Alaska on Monday blocked an administration official from delivering a speech about U.S. climate leadership. Ali Zaidi, White House climate adviser, was unable to address the event on the "Future of U.S. A dozen protesters holding a sign saying "End Fossil Fuels" chanted: "Keep your promise, no new drilling" for several minutes, preventing Zaidi from starting his remarks. Protesters believe the Willow decision may overshadow Biden's other climate achievements. The administration has been touting climate investments stemming from its signature climate law called the Inflation Reduction Act (IRA)and its bipartisan infrastructure law.

☆ Kamala Harris Prepares to Hit the Road for Biden Despite Cracks in Her Support
▼ + stars: | 2023-03-20 | by ( Tarini Parti | ) www.wsj.com time to read: 1 min

Vice President Kamala Harris is preparing to campaign extensively when President Biden launches his much-anticipated re-election bid, despite concerns in the Democratic Party that her performance in office, criticized by some as uneven, has made her a liability. Ms. Harris plans to visit urban centers of swing states to persuade Black voters, young people and other liberal constituencies to re-elect Mr. Biden, according to people familiar with discussions about her campaign efforts. She will lead the administration’s advocacy for abortion rights, tout the administration’s climate investments and echo Mr. Biden’s pledge to protect Medicare and Social Security.

☆ Inside the fierce debate over clean hydrogen, with $100 billion in federal subsidies on the line
▼ + stars: | 2023-03-03 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +13 min

The impact of the tax credit on emissions reductions depends on how federal agencies implement it. On one side of the debate, some energy providers say that making the rules too strict could kill the clean hydrogen industry before it ever gets off the ground. CERAWeek returned in-person to Houston celebrating its 40th anniversary with the theme "Pace of Change: Energy, Climate, and Innovation." This hourly approach to energy accounting has been adopted by Google, which has been a forerunner in adopting clean energy, for example. In the long run, Garabedian says, his stance is about protecting his company, the industry's reputation, and the tax credit.

☆ U.S. EPA unveils $550 mln in environmental justice grants
▼ + stars: | 2023-02-23 | by ( Valerie Volcovici | ) www.reuters.com time to read: +2 min

The money is part of $3 billion included for environmental justice block grants authorized by Congress in the Inflation Reduction Act, the Biden administration's signature legislation that will drive investment of nearly $369 billion in clean energy and climate priorities. The scale and the vision of this investment that Congress has given us will change these communities," Robin Morris Collin, senior advisor for environmental justice at the EPA, told Reuters in an interview. It will oversee deployment of the $3 billion in environmental justice grants. "We are stepping our processes up to expand what has traditionally not been a very welcoming environment for low income and disadvantaged communities to access financial resources," Collin told Reuters. The block grant program is one of several investments the IRA made focused on environmental and climate justice.

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