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☆ UK's Hunt to detail plans to steer pensions into growth investment
▼ + stars: | 2023-07-08 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 9 (Reuters) - British finance minister Jeremy Hunt will spell out on Monday long-awaited plans to encourage pension funds and other asset managers to invest in high-growth sectors, the Treasury said on Sunday. But the pensions industry has said it opposes mandatory investment quotas. Financial services lobby group TheCityUK said government policy should aim for pension funds to invest in growth and in turn deliver higher returns. "On average, Australian and Canadian pension funds currently provide better performance. Hunt was also expected to reiterate that bringing down high inflation remained his priority, saying there could be "no sustainable growth without first eliminating the inflation that deters investment and erodes consumer confidence".

Persons: Jeremy Hunt, Hunt, TheCityUK, Muvija, William Schomberg, Helen Popper Our Organizations: Treasury, Reuters, Financial Times, Thomson Locations: British, London's

☆ America’s Green Skills Gap Raises Concerns About Energy Transition
▼ + stars: | 2023-07-06 | by ( Dieter Holger | ) www.wsj.com time to read: +7 min

But recent data shows strong growth in demand for green skills exacerbating an already tight market where demand outstrips supply. The online professional network defines green skills as those that make economic activities more environmentally sustainable, such as carbon accounting, hydrogen engineering and battery manufacturing. It considers green jobs to be ones which include climate action objectives such as removing pollution and preserving natural resources. Likewise, more than 114,000 U.S. clean energy jobs were created in 2022, according to last week’s annual employment report from the U.S. Department of Energy. As of 2023, nearly 11% of U.S. transport workers, such as employees of carmakers, have green skills, according to LinkedIn.

Persons: ”, Sue Duke, Kenneth Gillingham, ” Gillingham, Tim Gruber, Gillingham, Sara Smiley Smith, Steven Cohen, Cohen, Todd Anderson, Rochelle Toplensky, Dieter Holger Organizations: U.S, LinkedIn, Wall Street, U.S . Department of Energy, Political Economy Research, University of Massachusetts Amherst, American Clean Power Association, Sustainable Business, Yale School of, Workers, Nobles, Environment, Yale, Columbia, Science, Sustainability Management, The Wall, dieter.holger Locations: U.S, Reading, Minn, Woodbine , Georgia

July 5 (Reuters) - Stellantis-LG Energy Solution (LGES) (STLAM.MI) will resume construction of an electric-vehicle battery plant in Canada after the federal government and province of Ontario increased subsidies for the C$5 billion ($3.7 billion) project. The companies said on Wednesday battery production at the plant in the city of Windsor in Ontario was now set to begin in 2024, creating some 2,500 new jobs and targeting annual production capacity over 45 gigawatt hours. Stellantis and LGES first announced their battery plant investment in March last year, but tensions emerged a few months later in August when the U.S. passed the IRA, which includes a massive package of clean-tech incentives for companies. In April, Canada agreed to provide up to C$13 billion in manufacturing tax credits and a C$700 million grant to lure German automaker Volkswagen AG to build its North American battery plant in the country. It was the biggest single investment ever in Canada's EV supply chain.

Persons: Stellantis, LGES, North America Mark Stewart, Francois, Philippe Champagne, Chrystia Freeland, Steve Scherer, Ismail Shakil, Costas Pitas, Caitlin Webber, Eric Beech, Sonali Paul Organizations: LG Energy, Canada, IRA, Federal, Provincial, North America, Industry, Volkswagen AG, Thomson Locations: Canada, Ontario, Windsor, Detroit, United States, U.S, Ottawa

☆ EU aspirant Montenegro must adjust its growth strategy, says World Bank
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

SARAJEVO, June 26 (Reuters) - Unless EU aspirant Montenegro adopts a new economic growth strategy that would boost productivity and human capital, its incomes will not converge with average EU levels in the next 40 years, the World Bank warned on Tuesday. The bank said that stagnant productivity growth was caused by market inefficiencies in the service sector which represents over 70% of GDP, and that Montenegro needed to remove regulatory barriers for firms to enter markets and grow. Most companies lack innovation and invest little in green technology which is needed to sustain tourism growth and develop Montenegro's comparative advantage in clean energy. In addition, Montenegro must tackle its income inequality which shrinks the pool of future skilled workers and entrepreneurs and limits its labour productivity growth potential, the bank said. "By implementing these reforms, Montenegro can expect a thriving private sector, significant job opportunities and ultimately improved wages and benefits for all its citizens," said Christopher Sheldon, World Bank Country Manager for Bosnia and Montenegro.

Persons: Christopher Sheldon, Daria Sito, Christina Fincher Organizations: World Bank, European Union, Thomson Locations: SARAJEVO, Montenegro, Bosnia

☆ Part of the secret to Austin's thriving clean-tech startup scene: mentorship
▼ + stars: | 2023-06-13 | by ( Tim Paradis | ) www.businessinsider.com time to read: +6 min

Austin, Texas, is home to a number of clean-tech startups. Austin's clean-tech scene isn't only composed of household names. But why do so many clean tech companies call Austin home? That's poised to help clean-tech companies, according to recruiters, venture capitalists, and those who have shifted to working for green companies. Taylor, who's lived in Austin for 38 years, has been part of the Austin startup scene since 1991.

Persons: —, Rebecca Taylor, Taylor, Austin, HolonIQ, Teague Egan, Larry Fink, Egan, Elon Musk, There's, who's, It's Organizations: Service, Austin Technology, ATI, University of Texas, Motors, EV, Blackrock, Giga, Southwest Festival, Computing, Dell, Apple, Microsoft Locations: Austin, Texas, Washington, Tesla, California, Giga Texas, Round, Taylor

☆ Bank of England's Mann sees case for UK carbon tax
▼ + stars: | 2023-06-11 | by ( David Milliken | ) www.reuters.com time to read: +2 min

LONDON, June 12 (Reuters) - Britain and other rich nations should consider a carbon tax as the most efficient way to reduce greenhouse gas emissions, Bank of England policymaker Catherine Mann said on Monday. Instead, Mann focused on whether policies introduced during the COVID-19 pandemic and last year's surge in energy prices were likely to hamper or boost Britain's weak long-run growth. "As wholesale energy prices level off, now is the time to put in place a longer-term strategy for both greater use of market mechanisms and revenue redistribution," she added. The Bank of England has raised rates 12 times since December 2021, increasing its benchmark interest rate to 4.5% from 0.1%, and financial markets expect rates to hit 5.5% by November. Mann has been a keen supporter of interest rate rises to tackle inflation which peaked at 11.1% last year.

Persons: Bank of England policymaker Catherine Mann, Mann, David Milliken, Andy Bruce Organizations: Bank of England, Committee, Britain's, Labour Party, Thomson Locations: Britain, Russia, Ukraine

☆ Canada, Quebec to provide about C$300 mln for GM-POSCO battery materials facility
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +1 min

[1/3] The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File PhotoOTTAWA, May 29 (Reuters) - Canada's federal government and the Quebec province will each provide about C$150 million ($112 million) for a General Motors-POSCO Chemical (GM.N)(005490.KS) battery materials facility that is expected create about 200 jobs in the country, the Canadian industry ministry said on Monday. The U.S. carmaker and South Korea's POSCO outlined their plan last year to build the facility in Becancour, Quebec, to produce cathode active material (CAM) for electric vehicle (EV) batteries. CAM includes components like processed nickel, lithium and other materials that make up about 40% of the cost of a battery, the industry ministry said in a statement. "This investment in GM-POSCO's new facility in Becancour will help further position Quebec as a key hub in Canada's growing EV supply chain," Industry Minister Francois-Philippe Champagne said.

[1/4] Twitter, X Corp., and Tesla CEO Elon Musk poses with French President Emmanuel Macron prior to their talks, Monday, May 15, 2023 at the Elysee Palace in Paris, France. Some 200 business leaders attending the event in Versailles close to Paris have so far made commitments to invest a combined 13 billion euros ($14 billion), the most since Macron first held the summit in 2018, his office said. Musk, who also lunched with Finance Minister Bruno Le Maire, said he was confident Tesla would make "significant investments" in France in the future, without giving a timetable. "No announcement today but I am very impressed with President Macron and the French government and how welcoming they are," he told reporters. Morgan Stanley plans to increase headcount in France by 200 by 2025, bringing total staff in the country to 500.

PARIS, May 14 (Reuters) - France is poised to win record foreign investment pledges when President Emmanuel Macron receives global business leaders, including Tesla's Elon Musk, on Monday at the annual Choose France summit in Versailles. Executives attending the event in Versailles close to Paris have so far made commitments to invest a combined 13 billion euros ($14 billion), the most since Macron first held the summit in 2018. Billionaire entrepreneur Elon Musk, the CEO of Tesla (TSLA.O), met Macron at his official residence the Elysee Palace. France previously tried to convince Musk to build a European gigafactory in the country, but he chose Germany, his only European gigafactory so far. PALATIAL BACKDROPOver the last five years, Macron has invited top CEOs to the opulent Versailles Palace to try to secure billions in foreign investments.

☆ Stellantis, LGES implementing 'contingency plans' for battery plant in Canada
▼ + stars: | 2023-05-13 | by ( Ismail Shakil | ) www.reuters.com time to read: +3 min

[1/2] A Stellantis sign is seen outside the company's headquarters in Auburn Hills, Michigan, U.S., June 10, 2021. REUTERS/Rebecca Cook/File PhotoOTTAWA, May 12 (Reuters) - Automaker Stellantis (STLAM.MI) and South Korea's LG Energy Solution (373220.KS) (LGES) are implementing "contingency plans" related to a more-than C$5 billion ($3.7 billion) battery plant investment in Canada because the federal government has not delivered on its promises, a Stellantis spokesperson said on Friday. "As of today, the Canadian Government has not delivered on what was agreed to, therefore Stellantis and LG Energy Solution will immediately begin implementing their contingency plans," Stellantis said in a brief emailed statement, without elaborating. LGES and Stellantis announced the investment last year to establish a large-scale, domestic, electric vehicle battery manufacturing facility in Canada. Canada's deal with Volkswagen for a battery gigafactory, announced this year, is the biggest single investment ever in the country's electric-vehicle supply chain.

☆ Companies Flock to Biden’s Climate Tax Breaks, Driving Up Cost
▼ + stars: | 2023-05-03 | by ( Jim Tankersley | Brad Plumer | ) www.nytimes.com time to read: +1 min

President Biden’s signature climate law appears to be encouraging more investment in American manufacturing than initially expected, powering what’s expected to be a surge in new factory jobs and domestic clean energy technologies, according to independent forecasters. If the boom in new battery factories, wind and solar farms, electric vehicle plants and other investments is sustained, the law could prove even more effective than administration officials had hoped at reducing the fossil fuel emissions that are dangerously heating the planet. But all that new economic activity centered around green technology is also driving up costs for taxpayers, who are subsidizing the investments. When Democrats passed the Inflation Reduction Act last August, the Congressional Budget Office estimated that the law’s climate and clean energy tax credits would cost roughly $391 billion between 2022 and 2031. But the budget office’s updated score, based on estimates from the Joint Committee on Taxation, found that the clean energy tax breaks would cost at least $180 billion more than originally forecast over that time period.

☆ German $13 bln heat pump sale dents EU green hopes
▼ + stars: | 2023-04-26 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +4 min

For 106-year-old German heat pump maker Viessmann it looks like an odd move, given its technology is in demand and at the forefront of the energy transition race. Heat pumps may not be the most obvious sector to lead a revival in transatlantic cross-border M&A, down 31% so far this year. The European heat pump market rose by over a third last year, with a record 3 million units sold in 2022 after government support and soaring fossil fuel prices boosted uptake of the technology, according to the European Heat Pump Association. European Union policymakers are betting on heat pumps to reduce CO2 emissions and cut dependence on imported fossil fuels. Germany’s heat pump market grew 53% in 2022, Germany’s heat pump association BWP reported in January.

☆ How US and allies can find common ground on China
▼ + stars: | 2023-04-17 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

That said, the U.S. and its allies have many common values and interests with regards to China. Reuters GraphicsJapan, Australia and other Asian countries also need American support to counter the challenge from a more assertive China. The G7 finance ministers last week took a step to address this concern. But it is unclear how much headway the G7 will make as China has already invested heavily in many poorer countries. It is not just the group’s finance ministers who are seeking to coordinate their approach.

☆ Energy stocks push TSX higher, Dollarama climbs
▼ + stars: | 2023-03-29 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

SummarySummary Companies Enbridge gains on rating upgradeDollarama climbs on quarterly sales beatTSX up 0.8%March 29 (Reuters) - Canada's main stock index extended gains on Wednesday, helped by energy stocks, while discount store chain Dollarama advanced after posting quarterly revenue above estimates. Dollarama Inc (DOL.TO) rose 1.2% and hit a two-month high after the discount store chain also reported a surge in same-store sales. The consumer discretionary sector index (.GSPTTCD), housing the stock, added 0.9%. Archibald added that renewable names like Northland Power (NPI.TO) and Ballard Power Systems (BLDP.TO) would stand to benefit from the credits provided to encourage more investment in green technology. Northland Power (NPI.TO) was down 0.2%, while Ballard Power Systems (BLDP.TO) surged 2.6%.

[1/2] Britain's King Charles and Queen Camilla leave after their visit to the Bolton Town Hall, in Bolton, Britain January 20, 2023. Steinmeier, said it was an important "European gesture" that Charles had chosen France and Germany for his first state visit, even before his coronation in May. Steinmeier said he had extended an invitation to Charles, who has traveled to Germany more than 40 times, at the funeral of his mother last September. However, any warmer relations with Europe brought about by the visit could cool quickly if other post-Brexit issues flare up. Macron has suggested Charles' visit to France could be rescheduled for the summer.

☆ How Biden's climate plan could steal business from Europe
▼ + stars: | 2023-03-20 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

U.S. President Joe Biden has a plan to boost clean energy in the United States, but European politicians worry it could drive companies and investment away from Europe. The U.S. Inflation Reduction Act has promised $369 billion – an unprecedented amount – on climate and energy policies, including, among many other things, tax credits for consumers getting new electric vehicles. "The Inflation Reduction Act represents a historic investment in clean energy and green technology. We urge other countries to follow the United States' lead and pass their own versions of this legislation," the spokesperson said. CNBC heads to Sweden to find out how these trade tensions are making businesses reconsider their investment plans.

☆ EU and US green arms race misses bigger picture
▼ + stars: | 2023-03-16 | by ( Rebecca Christie | ) www.reuters.com time to read: +6 min

BRUSSELS, March 16 (Reuters Breakingviews) - The European Union’s pushback on aggressive U.S. green production incentives is taking shape. In pushing back against Washington’s green industrial aid, Europe has a case for deploying trade and state-aid means in the short term to support its green industries. An expensive green arms race with its allies would be the wrong road to go down. The European Union on March 9 announced that it would loosen state aid rules up until 2025 to give member states more scope on green technology subsidies. Other responses to the 2022 U.S. Inflation Reduction Act, which includes $369 billion in green technology subsidies, are in the works.

☆ Middle East pivot to Asia is strategic this time
▼ + stars: | 2023-03-14 | by ( Una Galani | ) www.reuters.com time to read: +6 min

Xi Jinping has brokered a deal the United States would have found hard to secure, despite its traditional military influence in the Middle East. The Middle East has trained its financial sights on Asia before. At current rates of growth, emerging Asia will become the top trade partner for the Gulf countries by 2028, per Asia House, surpassing advanced economies. As U.S.-China relations continue to sour, the Asian financial centre is looking to the Middle East to find new foreign companies to trade in the territory. Delegations from the two Middle East countries held talks in Beijing between March 6 and 10, the statement added.

SummarySummary Companies Move comes shortly after Scout plant announcementPlant in Canada can also qualify for IRA subsidiesBASF also picked Canada for EV battery materials plantWOLFSBURG, Germany, March 13 (Reuters) - Volkswagen (VOWG_p.DE) chose Canada to build its first battery cell plant outside Europe, granting its cars access to both Canadian and U.S. subsidies as it works to localise electric vehicle production chain in the region. Canada, home to a large mining sector for minerals including lithium, nickel and cobalt, is trying to woo companies involved in all levels of the EV supply chain via a multi-billion-dollar green technology fund as the world seeks to cut carbon emissions. The Canadian federal innovation minister, Francois-Philippe Champagne, called the VW battery plant a "home run for Canada" and said it was "the largest single investment in the auto sector in the history of Canada", without giving details. "I think all the big manufacturers understand that if you need to green the supply chain, Canada is the place to do that," said Champagne. Chemicals giant BASF (BASFn.DE) a year ago also secured land in Canada for a planned battery materials facility to better serve electric vehicle markets in the U.S. and Mexico.

SummarySummary Companies Move comes shortly after Scout plant announcementPlant in Canada can also qualify for IRA subsidiesBASF also picked Canada for EV battery materials plantWOLFSBURG, March 13 (Reuters) - Volkswagen (VOWG_p.DE) chose Canada to build its first battery cell plant outside Europe, granting its cars access to both Canadian and U.S. subsidies as it works to localise electric vehicle production chain in the region. He said Volkswagen would be making "the largest single investment in the auto sector in the history of Canada" but did not give details. The plant will be based in the city of St. Thomas, around 195 km (120 miles) northeast of Detroit. "I think all the big manufacturers understand that if you need to green the supply chain, Canada is the place to do that," said Champagne. Chemicals giant BASF (BASFn.DE) a year ago also secured land in Canada for a planned battery materials facility to better serve electric vehicle markets in the U.S. and Mexico.

☆ Volkswagen to build first North American battery cell plant in Canada
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

WOLFSBURG, March 13 (Reuters) - Volkswagen (VOWG_p.DE) said on Monday it will build its first North American battery cell plant in Canada, granting its cars access to both Canadian and U.S. subsidies as it works to localise its electric vehicle production chain in the region. VW's Monday's announcement did not specify the size of the investment or the capacity of the new plant, but board member Thomas Schmall said in August the company was targeting 20 gigawatt hours of capacity at its first North American site. Volkswagen has long said it is working towards setting up regional supply chains in Europe, North America and China for EV production in light of high transport and logistic costs, supply chain risks and geopolitical tensions. It announced last week its Scout brand would build a $2 billion manufacturing plant near Columbia, South Carolina for trucks and SUVs, with production to start in 2026. Reporting by Victoria Waldersee and Jan Schwartz, Editing by Angus MacSwan, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Fears of European industry exodus to U.S. may be overdone
▼ + stars: | 2023-03-03 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +6 min

However, the risks are offset not only by the substantial existing European incentives, but also other factors - such as proximity to European consumers - that many companies cite as critical in their decisions. Think tank Bruegel says EU support is already on a par with, or even larger than, IRA money. Moreover, well over half of the IRA support is for renewable energy production, with local content requirements playing a very limited role. Some executives say rather than providing more subsidies, Europe needs to simply improve the way they are given. The United States is not a panacea for European firms, not least due to questions about what approach the next U.S. administration might take.

☆ Germany's Scholz says want to deepen relations with India, meets Modi
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Adnan AbidiNEW DELHI/BERLIN, Feb 25 (Reuters) - German Chancellor Olaf Scholz said on Saturday said he wanted to deepen his nation's relationship with India ahead of his meeting with Prime Minister Narendra Modi in New Delhi. "India and Germany have very good relations and want to deepen them. That will be the topic of our talks and, importantly, peace in the world," Scholz said on Twitter. India has also sharply raised its purchases of oil from Russia, its biggest supplier of defence hardware, although prices have fallen. Scholz is travelling with a business delegation in a hope of growing that number, with a focus on investment in green technology.

☆ Biden's IRA is the U.S. playing 'catch-up' after Trump, UK minister says
▼ + stars: | 2023-02-24 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

The U.K.'s Finance Minister Jeremy Hunt has said that the U.S. President Joe Biden's Inflation Reduction Act is a bid to play 'catch up' on clean energy investment. "We have to recognize that the United States is coming to this from behind," told CNBC's Tanvir Gill at the G-20 meeting in Bengaluru, India. Trump was highly vocal in his denial of climate change during his time in office, frequently rejecting warnings from climate scientists and famously withdrawing the U.S. from the Paris Climate Agreement within his first months in the job. "We will make sure that the U.K. continues to be a very attractive place for all clean energy investments, but we'll do it in a different way, our own way," he said. "We are very proud of the progress we have made, and we will continue to blaze a trail," he added.

While the Biden administration push, described by economists as an industrial policy, has opened opportunities for some companies, significant hurdles remain. The 2022 CHIPS and Science Act provides $52.7 billion in federal subsidies for semiconductor production and research. Industrial policy still has critics. Scott Lincicome, director of general economics at the libertarian Cato Institute, said industrial policy tends to crumble into failed projects and cost overruns. "There's all sorts of more market-oriented reforms that could achieve the type of objectives our political class wants, without the unintended consequences of industrial policy," he said.

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