DIRS.INFO The most relevant business & tech news

The World Bank management aims to have specific proposals to change its mission, operating model and financial capacity ready for approval by the joint World Bank and International Monetary Fund Development Committee in October, according to the document. A World Bank spokesman said that the document aimed to provide details on the scope, approach, and timetable for the evolution, with regular updates for shareholders and decisions later in the year. A U.S. Treasury spokesperson declined comment on the World Bank document. Development experts say this shift would greatly increase the amount of lending compared to the current capital structure, which only utilizes paid-in capital. "The challenges the world is facing call for a massive step up in the international community's support," the bank said in the document.

Focusing on environmental, social or governance-related issues, ESG in industry parlance, could hit returns to investors, critics said. Other states followed, with Texas accusing BlackRock and banks including Bank of America (BAC.N) of 'boycotting' fossil fuel companies in the transition to a greener economy. WHY IT MATTERSThe criticism comes at a critical time for global climate efforts. A landmark U.N. report earlier this year said time was running out to cap global warming at 1.5 degrees Celsius by 2050. With a number of investigations into finance-linked ESG activities still in train across various states, the prospect of a let-up in pressure in 2023 is slim.

NEW DELHI, Dec 27 (Reuters) - India is planning a $2 billion incentive programme for the green hydrogen industry, three sources told Reuters, in a bid to cut emissions and become a major export player in the field. The United States and the European Union have already approved incentives worth billions of dollars for green hydrogen projects. GREEN AMMONIA, TOOThe Indian government expects industry to invest 8 trillion rupees in green hydrogen and its derivative green ammonia by 2030, said the industry manager and another government official. The green hydrogen proposal is likely to be called "Strategic Intervention for Green Hydrogen Transition (SIGHT)" and will be split into 45 billion rupees for electrolyser manufacturing for five years and the 135 billion rupees for green hydrogen and green ammonia production for three years, the manager and second official said. The incentive for making green hydrogen is likely to be 50 rupees per kg for three years, they said.

Investors have for years considered Pemex a laggard as rivals worldwide moved to dramatically decrease emissions from energy production and consumption over climate change concerns. In its updated business plan for 2023 to 2027, Pemex said its environmental, social and governance (ESG) record risked hurting its financing. "Limitations from ESG financing" are posing a threat, as is the "acceleration in energy transition that is decreasing the market for Pemex's crude oil and products," the company said. Further weaknesses are "important gaps in reaching net-zero-emissions" and operational challenges, particularly in gas exploration and production. "Pemex has to make significant efforts if it intends to access financing," said Gonzalez.

[1/3] A general view of hydrogen electrolysis plant called 'REFHYNE', one of the world's first green hydrogen plants, during a launch event at Shell's Rhineland refinery in Wesseling near Cologne, Germany, July 2, 2021. REUTERS/Thilo SchmuelgenLONDON, Dec 22 (Reuters) - The green hydrogen express is gathering pace, but it may have a worrying problem with leaks. At least four studies published this year say hydrogen loses its environmental edge when it seeps into the atmosphere. The United States included billions of dollars of green hydrogen tax credits in its Inflation Reduction Act and the European Union approved 5.2 billion euros ($5.5 billion) in subsidies for green hydrogen projects in September. While potential leakages of hydrogen are not expected to be on a scale that could derail all green hydrogen plans, any seepage would erode its climate benefits, they say.

Summary Climate change has big impact on economy, inflation - AmamiyaAug survey showed strong demand for green bonds - BOJ AmamiyaBOJ's climate scheme has extended $26 bln in loansTOKYO, Nov 27 (Reuters) - Bank of Japan (BOJ) Deputy Governor Masayoshi Amamiya said on Sunday the central bank will conduct a survey annually of financial institutions and companies, seeking ways to nurture the country's growing climate finance market. An initial survey in August showed "strong demand" in Japan for "green" bonds and other environmental, social and governance (ESG) debt instruments, Amamiya said. Some respondents said they faced challenges in obtaining information and appropriate methods for assessing risks associated with climate change, he said. "Central banks can therefore contribute to achieving macroeconomic stability in the long run by supporting private-sector moves to deal with climate change." The BOJ last year rolled out a funding scheme targeting activities aimed at combating climate change, as part of efforts to align itself with a global push toward a greener society.

Australia's fourth-largest bank also said it would reduce exposure to its largest carbon-emitting customers that do not improve their emission transition plans by 2025. ANZ also disclosed that it would lower its scope 1 and 2 greenhouse gas emissions by 85% by 2025 and 90% by 2030. "Our exposure to thermal coal will continue to decline in line with our existing commitments, which includes no longer onboarding any new business customers with material thermal coal exposures, or directly financing new thermal coal mines or power plants," ANZ said. In July, Westpac (WBC.AX) unveiled plans to reduce its lending to coal, oil and gas companies by nearly a quarter by 2030 to slash emissions. read more($1 = A$1.4786)Reporting by Tejaswi Marthi and Jaskiran Singh in Bengaluru; Editing by Rashmi Aich and Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.

Companies Financial Conduct Authority FollowLONDON, Nov 22 (Reuters) - Providers of environment, social and governance (ESG) ratings on companies will be asked to apply a voluntary best practice code as a first step to regulating the sector, Britain's Financial Conduct Authority said on Tuesday. Trillions of dollars have flowed into sustainable investments globally using unregulated ESG ratings on companies as a guide for their 'green' credentials, leaving regulators worried about greenwashing or over inflated ESG claims. Britain's government is considering giving the FCA powers to directly regulate ESG ratings providers. The code will reflect recommendations from the global securities regulatory body IOSCO, and developments in Japan and the European Union, the FCA said. "A Code could also continue to apply for ESG data and ratings providers that fall outside the scope of potential future regulation," the FCA said in a statement.

The move angered foreign governments and foreign-owned carmakers who say the change will disqualify a majority of their EV fleets from North American markets. "But it should not have negative side effects on their European allies and the European economy." South Korean President Yoon Suk-yeol also spoke to Biden about the issue during a bilateral meeting at the G20 summit, according to Yoon’s office. The Treasury is working to define the rules for some $278 billion worth of tax credits on EVs, solar and wind power investments and a range of other technologies. While a number of countries have said the U.S. tax credits likely violate World Trade Organization rules, none have sought to file a formal challenge.

University power plants are much smaller than their industry counterparts and thus produce fewer overall emissions. All fossil-fuel power plants produce these emissions, which are created when these fuels are burned. These facilities include large power plants owned by public utilities as well as private plants that provide electricity and heating for big consumers such as refineries, paper mills and colleges. Reuters identified 103 university power plants run by 93 four-year institutions among the facilities tracked by the EIA. NOx ComparisonsReuters turned to a different data set to obtain NOx emission rates for university power plants: pollution tests required by state and federal regulators.

NAIROBI, Nov 8 (Reuters) - A labour court on Tuesday ordered pilots at Kenya Airways (KQNA.NR) to resume work by Wednesday, seeking to end a strike that has left thousands of passengers stranded at one of Africa's most important aviation hubs. On Tuesday, a labour and employment court judge ordered the pilots to resume their duties "unconditionally" at 6 a.m. local time (0300 GMT) on Wednesday. Kenya Airways welcomed the court's directions, and said it would comply. [1/2] Kenya Airways pilots attend a court session after the association's management was summoned for contempt of a court order declaring as illegal the ongoing strike of Kenya Airways pilots, organised by KALPA, at the Milimani Law Courts, in Nairobi, Kenya, November 8, 2022. Financial turmoil at Kenya Airways preceded the pandemic.

[1/2] Kenya Airways pilots attend a court session after the association's management was summoned for contempt of a court order declaring as illegal the ongoing strike of Kenya Airways pilots, organised by KALPA, at the Milimani Law Courts, in Nairobi, Kenya, November 8, 2022. REUTERS/Monicah MwangiNAIROBI, Nov 8 (Reuters) - The striking pilots at Kenya Airways (KQNA.NR) have been ordered to resume work by November 9, a court ruled on Tuesday, while also barring the airline from penalising the pilots. Employment and Labour Relations court Judge Anna Mwaure ordered "the Kenya Airways pilots to resume their duties as pilots by 6 a.m on 9th November unconditionally." The order comes after a letter from the CEO of Kenya Airways earlier showed its plans to cancel its bargaining and recognition agreements with its pilots union, saying their current strike is unlawful and it amounts to economic sabotage. Members of the Kenya Airline Pilots Association (KALPA) — a union that represents about 400 pilots at the carrier - went on strike on Saturday after failing to resolve a dispute over their pensions contributions and settlement of deferred pay.

☆ Kenya Airways to dump bargaining deals with pilots, letter shows
▼ + stars: | 2022-11-08 | by ( Industry Insight | Reuters Professional | Regenerative Agriculture Seen As Answer To Averting Africa'S Growing Food Crisis | ) www.reuters.com time to read: +2 min

[1/2] Kenya Airways pilots attend a court session after the association's management was summoned for contempt of a court order declaring as illegal the ongoing strike of Kenya Airways pilots, organised by KALPA, at the Milimani Law Courts, in Nairobi, Kenya, November 8, 2022. REUTERS/Monicah MwangiNAIROBI, Nov 8 (Reuters) - Kenya Airways (KQNA.NR) plans to cancel its bargaining and recognition agreements with its pilots union, saying their current strike is unlawful and it amounts to economic sabotage. Members of the Kenya Airline Pilots Association (KALPA) — a union that represents about 400 pilots at the carrier - went on strike on Saturday after failing to resolve a dispute over their pensions contributions and settlement of deferred pay. The carrier, which is one of the biggest in Africa, wants to withdraw from its collective bargaining agreement with the union, a letter by signed by its CEO Allan Kilavuka showed on Tuesday. "We hereby give notice by KQ (Kenya Airways) of its immediate withdrawal from the existing recognition agreement and the collective bargaining agreement with KALPA," the company said in the letter.

NEW YORK, Nov 6 (Reuters) - Home Depot Inc (HD.N) retail workers voted against forming a union at a location in Pennsylvania, the U.S. National Labor Relations Board (NLRB) said late on Saturday. More U.S. companies including Starbucks Corp and Amazon.com and grocer Trader Joe's Inc have seen some workers petition to form unions. Home Depot did not immediately respond to a Reuters request for a comment regarding the outcome of the voting. Home Depot Workers United sought to unionize to address concerns regarding wages, staffing and training, said Vincent Quiles, interim president of Home Depot Workers United and a receiving associate at Home Depot. The independent union in mid-October filed an unfair labor practices charge against the retailer for engaging in unlawful surveillance and interrogating workers at the Philadelphia location, according to Home Depot Workers United.

Boosting energy efficiency of older buildings is seen as a key way to help countries meet their climate goals, although the pace of change has been slow so far. "What we figured out is that most buildings (...) are running on control technology that really hasn't changed since the 60s or 70s," President of Runwise Lee Hoffman said. "On a macro level, about 45% of carbon emissions in most major cities are coming from how buildings operate. So if you want to address climate, you literally have to start with buildings," he added. European Union lawkmakers last month backed plans to save more energy, including through renovating draughty buildings.

SYDNEY, Nov 3 (Reuters) - Australia on Thursday urged its multi-billion dollar mining industry to support the government's plans for a referendum to give the country's Indigenous people a voice in parliament. The proposal to enshrine an Indigenous voice in parliament was a pledge Albanese's Labor party took to the May general election where it ended almost a decade of conservative Liberal-National coalition government. "I urge the resources sector to play a positive and energetic role in ensuring voice campaign is a success. After all, First Nations people of Australia were the first to inherit the extraordinary natural endowment this continent and the resources sector owes First Nations people so very much." A successful referendum would bring Australia in line with Canada, New Zealand and the United States in formally recognising indigenous populations.

Oct 25 (Reuters) - Apple Inc (AAPL.O) said on Tuesday it would make fresh investments to set up solar and wind projects in Europe and called on its suppliers to decarbonize operations related to the production of iPhones and other products. Apple had previously asked suppliers to commit to 100% renewable energy for Apple's production. Apple has been carbon neutral for its global corporate operations since 2020. Apple said the European investments are part of a strategy to address about 22% of its carbon footprint coming from the electricity customers use to charge their devices. In total, the planned investments will add 3,000 gigawatt hours per year of new renewable energy on the grid, Apple said.

Companies BlackRock Inc FollowOct 25 (Reuters) - BlackRock Inc (BLK.N) has raised $4.5 billion out of an overall $7.5 billion-target for a new fund to invest in infrastructure assets aimed at climate-focused projects, the world's largest asset manager said on Tuesday. BlackRock, which manages around $8 trillion in assets, said public and private pension funds, sovereign wealth funds, insurance companies and family offices had invested in the new fund, which will be called Global Infrastructure Fund IV. The asset manager said the new fund will invest in five sectors –– energy, low carbon power, transport and logistics, regulated utilities, and digital infrastructure –– to capitalize on the growing trend towards decarbonization and digitalization. Register now for FREE unlimited access to Reuters.com RegisterIts previous infrastructure fund raised $5.1 billion in 2020. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ann Maria shibu and Lavanya Ahire in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

WASHINGTON, Oct 24 (Reuters) - Over 100 U.S. environmental groups on Monday urged top U.S. climate diplomat John Kerry to support the creation of a fund that would compensate countries that have experienced economic and physical loss from climate change, a key demand of vulnerable countries at the upcoming COP27 climate summit in Egypt. The United States and European Union, the world's third-biggest emitter of greenhouse gases, are facing pressure from lower-income nations to soften their long-standing resistance to compensation for the "loss and damage" wrought by floods, rising seas and other climate change-fueled impacts. "We also think you need to examine the existing institutions and see what the what the gaps are." Egypt, host of the United Nations' climate negotiations, has appointed the environment ministers of Chile and Germany to come up with a plan for including the controversial loss and damage topic on the formal summit agenda. Register now for FREE unlimited access to Reuters.com RegisterReporting by Valerie Volcovici; Editing by Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

Companies Deutsche Bank AG FollowLONDON, Oct 21 (Reuters) - Deutsche Bank (DBKGn.DE) said on Friday it aimed to reduce the emissions tied to its upstream corporate oil and gas sector loans by 23% by 2030, as part of a series of targets to help it meet its climate commitments. By 2050, the bank said so-called financed emissions tied to the sector, including Scope 3 emissions from the use of gasoline and other refined products by end-users, would be reduced by 90%. In the power generation sector, it would target a 69% cut in so-called Scope 1 physical emissions intensity - a measure of emissions per unit of output tied to utilities' direct energy usage - by 2030 and 100% by 2050. In the autos sector, and specifically light duty vehicles, the bank said it aimed to reduce tailpipe emissions intensity by 59% by 2030, and 100% by mid-century. In the steel sector, it aims to reduce Scope 1 and 2 physical emission intensity by 33% by 2030, and 90% by 2050, it said in a statement.

LONDON, Oct 19 (Reuters) - Companies worth half of total global market capitalistion are now disclosing environmental data after a 42% year-on-year rise in the number of firms reporting, new data published on Wednesday showed. Non-profit environmental disclosure platform CDP said more than 18,700 companies -- the highest yet since CDP launched in 2000 -- and worth a combined $60.8 trillion disclosed data on climate change, deforestation and water security in 2022. The data is also crucial for climate negotiators, including at next month's United Nations climate summit, COP27, to assess progress and spot laggards. However, despite more companies disclosing environmental data, few are providing sufficient information. The United States, China, Japan, Britain and Brazil topped the list of countries for corporate disclosures in 2022, CDP said on Wednesday.

London-based PRI's network of more than 5,000 signatories including Nuveen agree to take steps like urging portfolio companies to disclose more about carbon emissions or workforce diversity. She noted Princeton University recently moved to dissociate its $38 billion endowment from fossil fuel companies. https://bit.ly/3TwDttEA spokesperson for TIAA of New York said it has taken steps including asking portfolio companies to cut emissions. "Large-scale divestments by simply selling fossil-fuel-generating investments to other companies won’t necessarily reduce carbon output," said the spokesperson. Other PRI signatories have also declined to sell off energy stocks.

Oct 18 (Reuters) - Missouri has pulled $500 million out of pension funds managed by BlackRock Inc (BLK.N), state Treasurer Scott Fitzpatrick said on Tuesday, over the asset manager's environmental, social and governance (ESG) "priority" over shareholder returns. Several Republican-led states have sought to cut business ties with BlackRock over its ESG push, with Louisiana earlier this month saying it would pull $794 million out of the company's funds. While environmentalists have protested that the world's largest asset manager does too little to press for change at fossil fuel portfolio companies, Republican politicians have accused it of boycotting energy stocks. Missouri State Employees' Retirement System had asked BlackRock to abstain from proxy voting at companies on its behalf, but the asset manager refused its demand, Fitzpatrick said. Proxy voting is done by asset management firms on behalf of shareholders.

☆ Can sustainable soya farming come fast enough to save the Cerrado?
▼ + stars: | 2022-10-18 | by ( Mark Hillsdon | Mark Hillsdon Is A Manchester-Based Freelance Writer Who Writes On Business | Sustainability For The Ethical Corporation | ) www.reuters.com time to read: +12 min

“Crop finance is a key part of soy farmers' business models and there is a huge appetite and market for green finance,” he explains. It’s a message consistent with the UK Soy Manifesto, which now covers 60% of the soy coming into the UK. Unlocking green investment means this can now happen, he adds, by supporting sustainable agriculture and protecting forests in a financially sustainable way that rewards farmers. And ultimately it is the involvement of these traders in screening out “bad soy” on which any sustainable soy scheme succeeds or fails. The Retail Soy Group’s roadmap commits members to deforestation-free soy with a cut-off-date of August 2020, but soy traders aren’t following these guidelines, says Wijeratna.

A smoke billowing from a chimney is pictured, as the UN Climate Change Conference (COP26) takes place, in Glasgow, Scotland, Britain, November 6, 2021. Just 32 of the 100 biggest private firms have set a target to reach net-zero carbon emissions, compared with 69 of the 100 largest public companies, the study showed. In high-emitting sectors such as energy, infrastructure and manufacturing, only 14% of the private firms' annual combined revenue is covered by such a target compared with 77% of revenues from listed firms in the same sector. “Private firms are falling devastatingly short on net zero compared with their publicly-listed cousins," said John Lang, project lead of the Net Zero Tracker. As listed companies increasingly face mandatory climate-related disclosures, Thomas Hale, professor at Oxford University's Blavatnik School of Government, said there was a risk private firms escaped scrutiny and gained an unfair advantage.

Search resuls for: "Mark Hillsdon"

25 mentions found