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Blackstone Invests $3Bn in Invenergy (Ind. Report)
Blackstone, Invenergy, CDPQ
Date: 2022-01-10
Blackstone Inc. is reporting funds managed by Blackstone Infrastructure Partners have entered into a definitive agreement with the Canadian province of Quebec's giant ($389.7 billion CAD) pension fund Caisse de depot et placement du Quebec (CDPQ) and Invenergy for a roughly $3 billion equity investment in Invenergy Renewables Holdings LLC.

The investment will help accelerate Invenergy's renewables development activities. CDPQ and Invenergy management remain majority owners of the company and Invenergy will continue as managing member.

Invenergy Renewables is a major renewable energy developer with over 175 projects totaling nearly 25,000 MW developed across four continents, focused on partnerships with utilities, financial institutions and commercial and industrial customers. The company is building both the largest wind and solar projects in the United States, that combined will deliver nearly 3 GW of clean energy by 2023.

Since 2019, Blackstone has committed nearly $13 billion in investments that it believes are consistent with the broader energy transition. Additionally in 2020, Blackstone announced a plan to reduce carbon emissions by 15 pct in aggregate within the first three years of ownership across all new investments where Blackstone has control over energy usage, according to the company. (Source: Blackstone, PR, 9 Jan., 2021) Contact: Invenergy LLC, Ryan Van Portfliet, Renewable Energy Development, Michael Mulcahey, Business Development Manager, (312) 224-1400, www.invenergy.com; Blackstone Inc, www.blackstone.com; CDPQ, www.cdpq.com

More Low-Carbon Energy News Balckstone,  CDPQ,  Invenergy,  Renewable Energy,  


National Grid Makes CDP Climate Change 'A' List (Ind. Report)
National Grid, CDP
Date: 2021-12-10
London-headquartered National Grid reports has been recognized for tackling climate change leadership in corporate sustainability by the global environmental non-profit CDP (Carbon Disclosure Project. National Grid was recognized for its actions to cut emissions, mitigate climate risks and develop a low-carbon economy, based on the data it reported through CDP's 2021 climate change questionnaire.

In 2020, National Grid pledged to reduce its Scope3 greenhouse gas emissions (GHG) emissions by 37.5 pct by 2034 and to reduce Scope 1 and 2 GHG by 80 pct by 2030, rising to 90 pct by 2040 and to net-zero by 2050 from a 1990 baseline.

CDP's annual environmental disclosure and scoring process is widely recognized as the gold standard of corporate environmental transparency. In 2021, over 590 investors with over $110 trillion in assets and 200 major purchasers with $5.5 trillion in procurement spend requested companies to disclose data on environmental impacts, risks and opportunities through CDP's platform. A record-breaking 13,000 companies responded.

Download the full list of companies that made this year's CDP A List , along with other publicly available company scores HERE . (Source: National Grid, Website PR, 6 Dec., 2021) Contact: National Grid, Duncan Burt, Chief Sustainability Officer, +44 (0)20 7004 3000, www.nationalgrid.com ; CDP, Paul Simpson, CEO,

More Low-Carbon Energy News National Grid,  CDP,  Climate Change,  Carbon Emissions,  


Neste Scores CDP Climate Change Leadership Level (Ind. Report)
Neste, CDP
Date: 2021-12-08
Helsinki-headquartered biofuels producer Neste Oy is reporting receipt of its fifth consecutive annual Leadership level and A- score for its climate action by the non-profit CDP (fka Carbon Disclosure Project). Neste also received good results in CDP's Forests and Water Security assessments, based on the company's climate-related sustainability performance in 2020.

In the results released by CDP on 7 December 2021, Neste is one of a few Nordic companies in the climate leadership level and among the best European companies achieving good results from the committed work on supply chain transparency and land-based metrics in the forest assessments, according to the release.

CDP's Forests assessment analyzes companies' ability to manage and measure forest-related risks and opportunities, transparency and their commitment to actively restore forests and ecosystems. Neste transparently discloses its forest footprint as part of the CDP program. All the palm oil Neste uses has been fully traceable to the plantation level since 2007 and 100 pct certified since 2013. Over the past decade, palm oil's share in Neste's annual renewable raw material inputs has decreased significantly. In the first year-half of 2021, palm oil represented approximately 7 pct of renewable raw material inputs globally. Neste plans to reduce the share of palm oil to 0 pct of its global renewable raw material inputs by the end of 2023, according to Neste. (Source: Neste Oy, PR, 7 Dec., 2021) Contact: Neste Corp.,, Minna Aila, Senior VP, Sustainability and Corporate Affairs, +358 50 458 5076, www.neste.com; CDP, Lance Pierce, Pres. North America, (212) 378 2086, info.northamerica@cdp.net, www.cdp.net

More Low-Carbon Energy News Neste,  Carbon Disclosure Project,  CDP,  Climate Change,  Palm Oil,  


International Paper's Carbon Targets SBTi Approved (Ind. Report)
International Paper, SBTi
Date: 2021-12-06
Memphis, Tenn.-based International Paper is reporting its greenhouse gas reduction targets have been approved by Science Based Targets initiative (SBTi) as consistent with levels required to meet the goals of the Paris Agreement. The targets covering greenhouse gas emissions from International Paper's operations (scopes 1 and 2) are consistent with reductions required to keep warming to well-below 2 degrees C. Additionally, International Paper's target for the emissions from its value chain (scope 3) meet the SBTi's criteria for ambitious value chain goals, meaning they are in line with current best practice.

The company has committed to achieving the following goals by 2030:

  • Healthy & Abundant Forests -- Lead forest stewardship efforts globally;

  • Sustainable Operations -- Improve our climate impact and advance water stewardship;

  • Renewable Solutions -- Accelerate the transition to a low-carbon economy through innovative fiber-based products;

  • Each goal includes one to three specific, measurable targets -- enabling the company to commitments to reduce greenhouse gas emissions by 35 pct from 2019 levels, to reduce water usage by 25 pct and to create innovative products that are 100 pct reusable, recyclable or compostable.

    SBTi helps companies establish science-based targets to reduce greenhouse gas emissions and transform business operations to fit the future low-carbon economy. Targets adopted by companies to reduce greenhouse gas (GHG) emissions are considered to be "science based" if they are in line with what the latest climate science says is necessary to meet the goals of the Paris Agreement -- to limit global warming to well below 2 degrees C above pre-industrial levels and pursue efforts to limit warming to 1.5 degrees C. SBTi is a collaboration between CDP, United Nations Global Compact, World Resources Institute , World Wide Fund for Nature , and one of the We Mean Business Coalition commitments. (Source: International Paper, PR, Dec., 2021) Contact: International Paper, www.internationalpaper.com; SBTi, www.sciencebasedtargets.org

    More Low-Carbon Energy News International Paper,  SBTi,  Carbon Emissions,  Paris Climate Agreement,  


  • Paytech Nexi Commits to Net-Zero Emissions by 2040 (Int'l.)
    Paytech Nexi, SBTi
    Date: 2021-10-13
    Nexi, the European Paytech firm, has reportedly obtained approval for its CO2 emissions reduction targets for Nexi in Italy by the Science Based Target initiative (SBTi) -- the global network born from the collaboration between WRI, CDP, WWF and the United Nations Global Compact -- and has committed to reduce absolute scope 1 and 2 GHG emissions in Italy by 42 pct by 2030, starting from the 2020 baseline. Nexi has also pledge that 78 pct of its suppliers in Italy will have Science Based Targets (SBTi) by 2025. To that end, Nexi will implement:
  • the replacement of natural gas with alternative low-carbon heating solutions in offices;

  • the purchase of 100 pct renewable electricity, including for owned and outsourced data centers;

  • the renewal of the company fleet through the introduction of hybrid cars;and

  • the direct involvement of the main Point of Sales and ATM terminals suppliers to align them with SBTi's target setting framework. (Source: Paytech Nexi, PR, CrowdFund Insider, 10 Oct., 2021) Contact: Nexi, Paolo Bertoluzzo, Group CEO, www.nexi.it

    More Low-Carbon Energy News Net-Zero Emissions,  Emissions Reduction,  SBTi,  


  • LyondellBasell Aiming for Net-Zero Emissions by 2050 (Int'l.)
    LyondellBasell
    Date: 2021-10-01
    Rotterdam-headquartered chemicals and refining giant LyondellBasell has announced a strategy to achieve an absolute 30 pct reduction of scope 1 and scope 2 emissions by 2030 and to achieve net-zero emissions from global operations by 2050. In 2019, LyondellBasell announced an initial GHG emissions reduction target of 15 pct per ton of product produced by 2030 (relative to 2015 levels), and to raise the 15 pct target at a later date.

    To that end, the company has developed an achievable pathway to an absolute reduction in scope 1 and scope 2 GHG emissions by 30 pct (relative to 2020 levels). This approach includes: enhanced energy management and low emission steam; flare minimization; use of lower-emitting fuels; process electrification and furnace upgrades; and sourcing at least 50 pct of electricity from renewable sources. The company is also actively embedding emissions reduction efforts into certain business processes including long-range planning and risk management, and identifying collaboration opportunities across multiple sectors to accelerate the scale up and deployment of breakthrough technologies.

    The company notes it is committed to transparency by reporting our climate risk as well as our progress in reducing GHG emissions annually in the CDP climate change questionnaire and according to the Taskforce on Climate-Related Financial Disclosure (TCFD). (Source: LyondellBasell, PR, Sept., 2021) Contact: LyondellBasell, www.lyondellbasell.com

    More Low-Carbon Energy News LyondellBasell,  Carbon Emissions,  Net-Zero Emissions,  


    Canadian Pacific Railway Releases Climate Strategy (Ind. Report)
    Canadian Pacific Railway , Science Based Targets
    Date: 2021-07-26
    Calgary, Alberta-headquartered Canadian Pacific Railway Ltd. has published its first comprehensive Climate Strategy outlining the railroad giant's plan to drive innovative climate action and a measured response to emerging climate-related risks impacting the rail sector. The Climate Strategy outlines CP's objectives: establishing a clear understanding of climate-related risk and opportunities ; reducing the 140 year-old company's carbon footprint; adapting operations to the physical risks of climate change; integrating climate factors across the business and engaging with stakeholders on climate action.

    To guide implementation of the Climate Strategy, CP has established two science-based emissions reduction targets that address 100 pct of CP's Scope 1 and Scope 2 emissions, and more than half of Scope 3 emissions. CP commits to reducing Scope 1, 2 and 3 GHG emissions intensity of its locomotives -- the company's largest source of emissions -- by in excess of 38 pct by 2030. CP also commits to reducing absolute Scope 1 and Scope 2 GHG emissions from non-locomotive operations by in excess of 27 pct t by 2030. These targets are based on the most current methodology available to the transportation sector through the Science-Based Targets initiative (SBTi).

    CP has already taken significant steps to reduce GHG emissions, including installing a large solar farm at its Calgary corporate campus capable of generating more power than consumed annually by the main headquarters building. CP has also initiated a pioneering hydrogen locomotive program, and is currently building a hydrogen-powered locomotive using fuel cells and batteries to power the locomotives' electric traction motors. This initiative is important to generate critical industry knowledge and experience that will inform future development while supporting CP's emissions reduction targets.

    CP participates in leading sustainability disclosure frameworks including CDP, Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-Related Financial Disclosures (TCFD). Aligned with these frameworks, CP will continue to disclose annual emissions, management practices and ongoing energy efficiency initiatives, and commencing in 2022 will report to its shareholders on its progress on the Climate Strategy.

    In other railroad emissions and climate news, Norfolk, Virginia-based railroad Norfolk Southern Corp. has announced its science-based target to achieve a 42 pct reduction in scope 1 and 2 greenhouse gas emissions intensity by 2034 from a 2019 base year.

    Norfolk Southern's emissions reduction target has been approved by the Science Based Targets initiative (SBTi) and aligns with the goals of the Paris Agreement on climate change. Validation from the SBTi -- a joint initiative of CDP, UN Global Compact, the World Resources Institute, and World Wide Fund for Nature -- confirms the company's target is consistent with reductions required to keep warming to well-below 2 degrees C above pre-industrial levels. (Source: Canadian Pacific Railway, PR, 26 July, 2021) Contact: CP, Keith Creel, Pres., CEO, 888-333-6370, www.cpr.ca

    More Low-Carbon Energy News Science Based Targets,  Climate Change,  Carbon Emissions,  CP Rail,  


    Am. Airlines Commits to SMTi to Cut GHG Emissions (Ind. Report)
    American Airlines
    Date: 2021-07-19
    Dallas-headquartered American Airlines reports it is committed to set a science-based target for reducing greenhouse gas (GHG) emissions to net-zero emissions by 2050, and align its path with the global imperative of limiting temperature rise to well below 2 degree Celsius, and bring additional accountability to its approach to addressing climate change.

    American is the first airline in North America to begin the validation process with the Science Based Targets initiative (SBTi), a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). In doing so, American is committing to develop a 2035 emissions reduction target that will be reviewed by the SBTi to confirm its consistency with the latest climate science.

    By committing to SBTi, the air carrier becomes a signatory to the Business Ambition for 1.5 degrees C campaign and joins the UN-backed Race To Zero to rally support for a zero-carbon economy from businesses, cities, investors and other non-state actors. (Source: American Airlines, PR, AJOT, 16 July, 2021)Contact: American Airlines, www.headquarterscontacts.com/american-airlines; Science Based Targets, www.sciencebasedtargets.org

    More Low-Carbon Energy News Science Based Targets initiative ,  Carbon Emissions,  GHG,  


    LG Innotek Reports Efficiency Upgrades, Emissions Cuts (Int’l.)
    LG Group,Carbon Disclosure Project
    Date: 2021-07-12
    Seoul, South Korea-based materials and components manufacturer and an affiliate of the LG Group, LG Innotek reports it reduced greenhouse gas emissions by 11 pct in 2020 from 2019 levels. The total reduction amount is about 45,000 tons (tCO2eq, carbon dioxide equivalent) -- equivalent to the amount of greenhouse gas absorbed by 3.9 million trees in one year. The emission cutbacks were announced in the company's 2020-2021 LG Innotek Sustainability Report.

    In achieving the cutback, LG Innotek proactively performed green management activities with the goal of 'zero environmental impact including introducing renewable energy and expanding the application of high-efficiency production facilities to reduce greenhouse gas emissions. LG Innotek also cut its consumption of water resources by 7 pct from the previous year through expanding investment in recycling and water management facilities, according to the report. LG Innotek has an A- rating from the Carbon Disclosure Project (CDP) on climate change for two consecutive years in 2019 and 2020 and on water security for four consecutive years between 2017 and 2020. (Source: LG Innoteck, PR, 12 July, 2021) Contact: LG Innotech, www.lginnotek.com; Carbon Disclosure Project

    More Low-Carbon Energy News LG Group news,  Carbon Emissions news,  Carbon Disclosure Project news,  


    Africa Renewable Energy Fund II Secures Funding (Int'l.)
    African Development Bank
    Date: 2021-06-21
    In Uganda, the Africa Renewable Energy Fund II reports it has reached €125 million, following a joint investment of €17.5 million from he Sustainable Energy Fund for Africa and the Climate Technology Fund through the African Development Ba's CDP, the Netherlands Development Finance Company (FMO) and SwedFund.

    The Fund is a 10-year closed-ended renewable energy Private Equity Fund with a €300 million ($358 million) target capitalization. The Fund, which is managed by Berkeley Energy, invests in early-stage renewable energy projects. (Source: African Development Bank, 18 June, 2021) Contact: African Dev. Bank, Dr. Kevin Kariuki, VP for Power, Energy, Climate and Green Growth, www.afdb.org; Berkeley Energy, www.berkeley-energy.com

    More Low-Carbon Energy News African Development Bank news,  Africa Renewable Energy news,  


    Major Business Support for Biden Administration's Climate Action Plan (Opinions, Editorials & Aside)
    We Mean Business Cooalition
    Date: 2021-04-16
    On Tuesday, in an open letter organized by the We Mean Business coalition to President Biden, 310 businesses and investors with a footprint in the U.S. signed their support for the Biden administration's commitment to climate action and for setting a federal climate target to reduce emissions.

    An excerpt from the letter states, "To restore the standing of the U.S. as a global leader, we need to address the climate crisis at the pace and scale it demands. Specifically, the U.S. must adopt an emissions reduction target that will place the country on a credible pathway to reach net-zero emissions by 2050. We, therefore, call on you to adopt the ambitious and attainable target of cutting GHG emissions by at least 50 pct below 2005 levels by 2030."

    The letter demonstrates the U.S. business and investor communities' strong support for a highly ambitious 2030 emissions reduction target, or Nationally Determined Contribution (NDC) pursuant to the Paris Agreement, in pursuit of reaching net-zero emissions by 2050. Latest climate modeling shows that at least halving emissions by 2030 is achievable, and provides strong economic benefits. The Biden administration is expected to announce its NDC prior to the Leaders Summit on Climate.

    Business signatories of the letter collectively represent over $3 trillion in annual revenue and employ nearly 6 million U.S. workers across all 50 states. They range in size from small- and medium-sized enterprises (SMEs) to large multinational corporations, and represent a number of industries. Investor signatories collectively represent more than $1 trillion in assets under management and include CalSTRS, the New York State Comptroller, the New York City Comptroller and the California State Controller's Office, among others.

    "The U.S. business community is committed to doing its part to reduce emissions because it is good for the economy and helps us build back better. Companies want to work with the Biden administration toward a better future for all," said Maria Mendiluce, CEO of the We Mean Business coalition. "I applaud businesses and investors for raising their voices in support of at least halving U.S. emissions by 2030. This is what the climate crisis requires, and will strengthen the country's competitiveness and create more good jobs"

    "A strong national emissions reduction target is just what we need to catalyze a net-zero emissions future and build back a more equitable and inclusive economy," said Anne Kelly, vice president of government relations at Ceres. "Businesses of all sizes recognize that reducing emissions is vital to keeping the U.S. competitive, and protecting the health and well-being of people and the planet. By setting a strong target, the Biden administration can ensure the U.S. is ready to return to its role as a global climate leader and spur further action from the private sector."

    We Mean Business is a global coalition of nonprofit organizations working with the world's most influential businesses to take action on climate change. The coalition brings together seven organizations: BSR, CDP, Ceres, The B Team, The Climate Group, The Prince of Wales's Corporate Leaders Group and the World Business Council for Sustainable Development. Together we catalyze business action to drive policy ambition and accelerate the transition to a zero-carbon economy.

    Business signatories to the letter include Apple; Ben & Jerry's Homemade, Inc.; BT Americas; Boston Consulting Group; Burton; Coca-Cola; Danone North America; DSM North America; Edison International; Facebook; GAP Inc.; General Electric; Google; H&M; Hewlett Packard Enterprise; HP Inc.; IKEA Retail U.S.; Johnson & Johnson; Kellogg Company; LafargeHolcim; Levi Strauss & Co.; Lyft, Inc.; MARS; Mastercard; McDonald's Corporation; Microsoft; National Grid; New Belgium Brewing; Nestle; Nike; Novozymes North America; Orsted North America; Ralph Lauren Corp.; Schneider Electric; Siemens; Solvay; Starbucks; Tiffany & Co; Unilever; Verizon; VF Corporation; and Walmart, among others. (Source: We Mean Business Coalition, PR, Apr., 2021) Contact: We Mean Business Coalition, Maria Mendiluce, CEO, Kristen King, 904-608-1745, kristen@wemeanbusinesscoalition.org, www.wemeanbusinesscoalition.org

    More Low-Carbon Energy News Climate Change,  


    CIBC Joins Partnership for Carbon Accounting Financials (Ind. Report)
    CIBC
    Date: 2021-02-26
    Following up on our 16 Dec, 2020 coverage, in Toronto, the Canadian Imperial Bank of Commerce (CIBC) reports it has joined the Partnership for Carbon Accounting Financials (PCAF), an initiative led by the financial industry to develop a harmonized global standard to measure and disclose the greenhouse gas emissions (GHG) of loans and investments. Using jointly developed GHG accounting methodologies will help the bank align its targets with the Paris Climate Agreement, according to the bank release.

    In 2019, CIBC committed $150 billion in support of environmental and sustainable finance activities by 2027 and has to date achieved 28 pct of this goal. The bank also issued the climate-related disclosure report Building a Sustainable Future aligned with the Task Force on Climate-Related Financial Disclosures.

    In 2020, CIBC issued a $500 million(US), five-year green bond to help finance new and existing green projects, assets, and businesses that mitigate the risks and effects of climate change. These include renewable energy, green buildings, clean transportation, natural resource conservation, biodiversity conservation, energy efficiency, and pollution prevention and control. Also in 2020, CIBC ranked among the top-tier of global banks for climate change action by the Carbon Disclosure Project (CDP).

    CIBC, which recently became the first Canadian bank to join RMI's Center for Climate-Aligned Finance, has more than 10 million personal banking, business, public sector and institutional clients and $768.545 billion (Cdn) in total assets. (Source: CIBC, Website News, Feb., 2021) Contact: CIBC, Nima Ranawana, 647-456-4556, nima.ranawana@cibc.com, www.cibc.com; Partnership for Carbon Accounting, www.carbonaccountingfinancials.com

    More Low-Carbon Energy News CIBC,  Carbon Emissions ,  Partnership for Carbon Accounting,  


    ENVIVA Targets Net-Zero Operations by 2030 (Ind. Report)
    Enviva Biomass, Finite Carbon
    Date: 2021-02-17
    Bethesda, Maryland-headquartered ENVIVA, a leading global renewable energy company specializing in sustainable wood bioenergy, has announced its goal of achieving net-zero greenhouse gas (GHG) emissions from its operations by 2030.

    This commitment to climate action reinforces ENVIVA's core purpose to displace coal, grow more trees, and fight climate change. It sets forth an ambitious plan for eliminating GHG emissions from its operations in keeping with international climate goals, including the Paris Agreement's goal to limit global temperature rise to 1.5 degree C. To that end, ENVIVA will:

  • Reduce, eliminate or offset all of its direct emissions. Enviva will immediately work to minimize the emissions from fossil fuels used directly in its operations -- its Scope 1 emissions.

  • Source 100 pct renewable energy by 2030with an interim target of at least 50 pct by 2025.

  • Drive innovative improvements in its supply chain and proactively engage with partners and other key stakeholders to adopt clean-energy solutions.

  • Transparently report progress. Enviva will track and publish its progress in reducing its emissions annually and intends to disclose climate-relevant data and risks through CDP (formerly the Carbon Disclosure Project) by the end of 2022.

    ENVIVA's sustainably sourced wood is used to manufacture wood pellets as a drop-in alternative to fossil fuels. ENVIVA exports its sustainable wood pellets primarily to the U.K., Europe, the Caribbean and Japan, enabling its customers to reduce their carbon emissions by more than 85 pct on a lifecycle basis, helping them reach their greenhouse gas emissions reduction targets with renewable energy, according to the ENVIVA release. (Source: ENVIVA, PR, 17 Feb., 2021) Contact: ENVIVA Partners, LP, (301) 657-5560, www.envivabiomass.com; Carbon Disclosure Project, CDP, Lance Pierce, Pres. North America, (212) 378 2086, info.northamerica@cdp.net, www.cdp.net

    More Low-Carbon Energy News Carbon Disclosure Project,  ENVIVA,  Enviva,  Net-Zero Emissions,  Wood Pellet,  Woody Biomass,  


  • SSEN Distribution Commits to Net-Zero Emissions (Int'l. Report)
    SSE,Scottish and Southern Electricity
    Date: 2021-02-03
    In the UK, London-headquartered utility Scottish and Southern Electricity Networks (SSEN) Distribution reports it is the first UK Distribution Network Operator to set science-based carbon emissions reduction targets.

    Responsible for developing the electricity distribution networks vital to achieve net-zero carbon emissions, SSEN Distribution has signed a commitment letter to set science-based reduction targets for its own operations, which will see the network operator strive to cut emissions further and faster.

    A science-based target is a target for greenhouse gas emissions reductions that is set based on the level of reduction that science says is required to prevent the worst impacts of climate change in line with the Paris Agreement -- to limit global warming to well-below 2 degree C above pre-industrial levels and pursue efforts to limit warming to 1.5 degree C. The Science Based Targets initiative (SBTi) is a collaboration between CDP, the United Nations Global Compact, World Resources Institute and the World Wild Fund for Nature. (Source: SSE plc, Website, Jan., 2021) Contact: SSE, Shirley Robertson, ED2 Sustainability Strategy Lead, www.sse.com; Science Based Targets, www.sciencebasedtargets.org

    More Low-Carbon Energy News Science Based Targets,  Scottish and Southern Electricity ,  SSE,  Net-Zero,  Carbon Emissions,  


    CIBC Ranked Among Top Banks for Climate Change Action (Int'l.)
    CIBC, CDP
    Date: 2020-12-16
    In Toronto, the Canadian Imperial Bank of Commerce (CIBC) reports receipt of a score of A- from the CDP (fka the Carbon Disclosure Project). Improving from a B rating in 2019, this score demonstrates CIBC's progress in environmental performance and reporting. The score also places CIBC among the highest ranking Canadian financial institutions and the top-tier of global banks. As part of CIBC's commitment to support environmental sustainability initiatives, the bank's actions include:
  • In 2020, increased its GHG emissions intensity target for operations to 20 pct over eight years (using 2018 as a baseline).

  • In 2020, issued a USD $500 million, five-year green bond to help finance new and existing green projects, assets, and businesses that mitigate the risks and effects of climate change. These include renewable energy, green buildings, clean transportation, natural resource conservation, biodiversity conservation, energy efficiency, and pollution prevention and control.

  • In 2019, announced a target of mobilizing $150 billion in environmental and sustainable finance activities by 2027.

  • In 2019, issued the climate-related disclosure report Building a Sustainable Future aligned with the Task Force on Climate-Related Financial Disclosures.

  • In 2019, set new targets to source 100 pct of its electricity from renewable sources and become carbon neutral by 2024.

    Toronto-headquartered CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients and $768.545 billion (Cdn) in total assets. (Source: CIBC, PR, 14 Dec., 2020) Contact: CIBC, www.cibc.com/en/about-cibc/corporate-responsibility/environment.html; CDP, Lance Pierce, Pres. North America, (212) 378 2086, info.northamerica@cdp.net, www.cdp.net

    More Low-Carbon Energy News Carbon Disclosure Project,  CIBC,  CDP,  Climate Change,  


  • Boralex Takes Control of 3 Quebec Wind Farms (Ind. Report, M&A)
    Boralex
    Date: 2020-11-20
    Montreal-headquartered Boralex Inc. is reporting an agreement to acquire the full 49 pct equity stake held by the Province of Quebec Pension Fund -- Caisse de depot et placement du Quebec (CDPQ) -- in 3 wind farms totaling 296 MW in Quebec, already 51 pct owned by Boralex.

    The 3 wind farms, located in the Avignon RCM in Gaspesie and the Appalaches RCM in eastern Quebec, are equipped with Enercon turbines and have long-term PPAs with Hydro-Quebec Distribution, expiring between 2032 and 2033 with a weighted average remaining contract duration of nearly 12.5 years.

    As part of the acquisition, Boralex will pay $121.5 million cash to CDPQ on closing, which may be supplemented by a conditional consideration of up to $4 million subject to the settlement of certain future conditions that need to be met. The closing is expected to take place at the end of November 2020, subject to standard closing conditions. With this transaction, Boralex's installed capacity will be 2,212 MW. (Source: Boralex Inc., Website, PR, 19 Nov., 2020) Contact: Boralex, Patrick Lemaire, Pres., CEO, (514) 985-1353, www.boralex.com; CDPQ, 514 847-5493, www.cdpq.com

    More Low-Carbon Energy News Boralex,  Wind,  CDPQ,  


    O2 Power, Ayana After Azure Power Global Solar Assets (Int'l. M&A)
    O2 Power, Ayana Renewable Power
    Date: 2020-09-28
    India's O2 Power and Ayana Renewable Power have reportedly emerged as the front-runners to acquire Azure Power Global's 305 MW rooftop solar assets valued at in a potential deal valued at roughly $200 million. The deal is reportedly backed by International Finance Corporation (IFC) and Canadian pension fund Caisse de depot et placement du Quebec (CDPQ).

    O2 Power is a $500-million renewable energy platform with an 800 MW solar portfolio in Andhra Pradesh and Rajasthan, according to the company website. (Source: O2 Power, Mint, 27 Sept., 2020) Contact: Azure Power, Ranjit Gupta, CEO, +91-11-4940-9854, pr@azurepower.com, www.azurepower.com; O2 Power, info@O2power.in, www.O2power.in; Ayana Renewable Power, +9180-48511001, www.ayanapower.com

    More Low-Carbon Energy News O2 Power,  Ayana,  Azure Power,  Solar,  


    Hannon Armstrong Joins Partnership for Carbon Accounting Financials (Ind. Report)
    Hannon Armstrong,Partnership for Carbon Accounting Financials
    Date: 2020-09-25
    Annapolis, Maryland-headquartered climate change solutions investor Hannon Armstrong Sustainable Infrastructure Capital, Inc. reports it has joined the Partnership for Carbon Accounting Financials (PCAF), a global industry-led network of more than 70 financial institutions working to establish a common carbon accounting framework. facilitate a consistent and transparent approach to assess and disclose greenhouse gas (GHG) emissions associated with loans and investments in the financial services industry.

    Launched in 2019, PCAF will offer a consistent approach to portfolio carbon accounting that provides financial institutions the information required to inform actions and strategy, set climate targets, assess climate transition risks, and disclose progress. This approach feeds into the work of other climate disclosure guidelines and reporting initiatives, such as the Task Force on Climate-related Financial Disclosures (TCFD), Science Based Targets initiative (SBTi), and CDP, according to the release.

    As of December 31, 2019, Hannon Armstrong's investments have avoided 3.2 million metric tpy of CO2e. . The company is the first U.S. public company solely dedicated to investments in climate change solutions, providing capital to leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $6 billion in managed assets as of June 30, 2020. Hannon Armstrong's core purpose is to make climate-positive investments with superior risk-adjusted returns (Source: Hannon Armstrong, Website, PR, Sept., 2020) Contact: Partnership for Carbon Accounting Financials, www.carbonaccountingfinancials.com; Hannon Armstrong, Jeffrey W. Eckel, CEO, . (410) 571-6189, investors@hannonarmstrong.com, www.hannonarmstrong.com

    More Low-Carbon Energy News Hannon Armstrong,  Partnership for Carbon Accounting Financials,  Carbon Market,  Carbon Emission,  


    KKR, Actis Pursuing Indian Solar Assets (Int'l. M&A)
    KKR,Actis,Caisse de depot et placement du Quebec,Azure Power
    Date: 2020-07-07
    Private equity investors KKR and London-based Actis are reportedly in talks to acquire a solar portfolio of 435 MW from Canadian province of Quebec's pension fund Caisse de depot et placement du Quebec (CDPQ) -- backed Azure Power Global Ltd., at an expected cost of roughly $200-250 million.

    CDPQ holds a 50.9 pct stake in Azure Power which has a pan-India portfolio of more than 7 GW.

    Actis is a global emerging markets investment firm focused on the private equity, energy, infrastructure, and real estate asset classes. It has a growing portfolio of investments across Asia, Africa, and Latin America and US$12 billion in assets under management. (Source: CDPQ, livemint, July, 2020) Contact: KKR, www.kkr.com; Actis. www.actis.is; Azure Power, www.azurepower.com; CDPQ, 514 847-5493, www.cdpq.com

    More Low-Carbon Energy News Caisse de depot et placement du Quebec ,  Solar,  Azure Power ,  


    Eni, CDP Equity Waste-to-Fuel JV EU Approved (Int'l. Report)
    Eni SpA ,CDP Equity
    Date: 2020-05-19
    The European Commission (EC) reports it has given to nod to Rome-headquartered oil and gas company Eni SpA and domestic investment fund CDP Equity SpA for the formation of CircularIT, a waste-to-energy joint venture that would construct municipal waste-water reuse and biofuel plants.

    Under the terms, CDP Equity will own 51 pct of the new entity, and Eni Rewind, a subsidiary of the energy company, will hold the remaining 49 pct. (Source: EC, CDP Equity, May, 20200 Contact: CDP Equity, www.en.cdpequity.it; Eni SpA, www.eni.com

    More Low-Carbon Energy News Eni SpA,  Waste-to-Energy ,  CDP Equity,  


    Azure Power Raises $75Mn from Quebec Pension Fund (Int'l Report)
    Azure Power
    Date: 2019-12-20
    New Delhi-based independent Indian solar power producer Azure Power Global Limited is reporting closure of its previously announced $75 million (US) private placement.

    The total was raised from Canadian pension fund Caisse de depot et placement du Quebec (CDPQ) through sale of 6,493,506 equity shares at $11.55 per share. CDPQ's equity interest in Azure Power now stands at 49.4 pct. Azure Power has a pan-India portfolio of more than 3 GW. (Source: Azure Power, PV Mag., 17 Dec., 2019) Contact: Azure Power, Ranjit Gupta, CEO, +91-11-4940-9854, pr@azurepower.com, www.azurepower.com

    More Low-Carbon Energy News Azure Power,  Solar,  


    Cargill Expands, Confirms Climate Change Commitments (Ind. Report)
    Cargill
    Date: 2019-12-04
    Minneapolis-headquartered agriculture industry giant Cargill reports it has adopted a Scope 3 target of reducing greenhouse gas emissions in its global supply chains by 30 pct per ton of product by 2030.

    To that end, Cargill is focused on targeted supply chain interventions, programming and policy solutions benefiting farmers, customers and the broader food system including: accelerating sustainable progress in beef, advancing soil health, reducing carbon for sustainable shipping and Protecting forests in partnership with farmers . Cargill has also reinforced its intent to prioritize climate change concerns through pledging to the CEO Climate Statement, signing on to the We Are Still In coalition to continue supporting the Paris Climate Accord and convening at this week's UN Climate Change Conference COP25 in Madrid.

    The commitment to reduce greenhouse gas emissions (GHG) from its global supply chain by 30 pct per ton of product by 2030, in combination with the previously announced operational goal to reduce absolute emissions by 10 pct , has been approved by the Science Based Target initiative (SBTi), a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). (Source: Cargill, PR, 3 Dec., 2019) Contact: Cargill, David MacLennan, CEO, Frank van Lierde, Exec. VP, www.cargill.com

    More Low-Carbon Energy News COP25,  Cargill,  Carbon Emissions,  Climate Change,  


    JinkoSolar Joins the RE100 and EP100 Green Initiatives (Int'l.)
    JinkoSolar
    Date: 2019-09-27
    Shanghai-headquartered Solar module manufacturer JinkoSolar Holding Co., Ltd. reports it has committed to the RE100 and EP100 initiatives which are led by the international not-for-profit Climate Group.

    The RE100 initiative and its partner companies are committed to 100 pct renewable power and a low carbon economy. Accordingly, JinkoSolar will power all of its solar plants and global operations with 100 pct renewable power by 2025. By 2030, the Company will deploy an energy management system across its operations and improve its energy productivity by 30 pct when compared to 2016. JinkoSolar has also signed up for the EP100 Cooling Challenge to increase the energy efficiency of its cooling operations. (Source: JinkoSolar Holding Co., Ltd., PR, 25 Sept., 2019) Contact: Climate Group's global EP100 initiative, www. theclimategroup.org/EP100; Jinko Solar Holding Co. Ltd., Ripple Zhang, +86 21-5183 3105 pr@jinkosolar.com, www.jinkosolar.com; CDP, RE100, www.RE100.org

    More Low-Carbon Energy News JinkoSolar,  Renewable Energy,  


    ArcelorMittal Lauded for Carbon Innovations (Int'l Report)
    ArcelorMittal
    Date: 2019-08-02
    Belgium-based iron ore, metallurgical coal and steel maker ArcelorMittal reports Carbon Disclosure Project (CDP) has ranked ArcelorMittal first in low-carbon innovations, transition opportunities, data transparency, renewable energy use, and board and executive climate management. The steel and mining company, which ranked fifth in the CDP's 2016 report, was rated second overall in the latest report.

    The new CDP report is based on detailed analysis across a range of carbon and transitional indicators that could have a significant impact on company performance.

    ArcelorMittal recently announced its ambition to cut CO2 emissions globally and be carbon-neutral in Europe by 2050. The company is currently aiming for an 8 pct carbon footprint reduction by 2020. (Source: ArcelorMittal, Noria News, Reliable Plant, July, 2019) Contact: ArcelorMittal, Alan Knight, Corporate Responsibility GM, +32 9 347 31 11, www.corporate.arcelormittal.com; CDP, Lance Pierce, Pres. North America, (212) 378 2086, info.northamerica@cdp.net, www.cdp.net

    More Low-Carbon Energy News ArcelorMittal,  Carbon Footprint,  CDP,  Climate Change,  Carbon Emissions,  


    28 Major Corporations Set New Level of Climate Ambition (Int'l. Report)
    UN Global Compact,Science Based Targets initiative
    Date: 2019-07-24
    In a joint press release from the United Nations Global Compact, the Science Based Targets initiative (SBTi) and the We Mean Business have committed themselves to more ambitious climate targets aligned with limiting global temperature rise to 1.5 degree C above pre-industrial levels and reaching net-zero emissions by no later than 2050. The joint commitment from the coalition 28 companies with a total market capitalization of $1.3 trillion heeds the most recent report by the Intergovernmental Panel on Climate Change (IPCC) which warned of catastrophic consequences should global warming exceed 1.5 degree C.

    Participating companies include: Acciona, AstraZeneca, Banka BioLoo, BT, Dalmia Cement Ltd., Eco-Steel Africa Ltd., Enel, Hewlett Packard Enterprise, Iberdrola, KLP, Levi Strauss & Co., Mahindra Group, Natura &Co, Novozymes, Royal DSM, SAP, Signify, Singtel, Telefonica, Telia, Unilever, Vodafone Group PLC and Zurich Insurance, amongst others, collectively representing over one million employees from 17 sectors and more than 16 countries. (Source: UN Global Compact, PR, COMTEX, 23 July, 2019) Contact: UN Global Compact, (212) 907-1301, www.unglobalcompact.org; Science Based Targets Initiative, +44 (0) 20 3818 3916, Sarah.Savage@cdp.net, www.sciencebasedtargets.org; We Mean Business Coalition, Kristen King, (904) 608- 1745 kristen@wemeanbusinesscoalition.org www.wemeanbusinesscoaltion.org

    More Low-Carbon Energy News Science Based Targets initiative,  UN Global Compact,  Carbon Emissions,  Climate Change,  


    Maritime Shipping Majors Could Miss Emissions Targets (Int'l)
    CDP
    Date: 2019-06-26
    A Sea Change, a new report from the London-headquartered environmental non-profit and investment research provider CDP notes the world's maritime shipping majors are not investing in key technologies to reduce their carbon footprint, and that the sector is at risk of missing the International Maritime Organization's (IMO) targets to reduce GHG emissions by 50 pct by 2050.

    The report ranks 18 of the largest publicly listed shipping companies, representing $62 billion of market capitalization, on business readiness for a low-carbon transition. CDP's analysis finds maritime innovation trends currently focus on technologies and fuels that only deliver marginal improvements; the shipping sector has poor rates of disclosure with only 5 companies completing CDP's 2018 Climate Change questionnaire; and board level oversight of climate issues is very low with only 3 companies having board level climate committees.

    According to the report, shipping accounts for up to 3 pct of global emissions and 10 pct of transport emissions while transporting around 80 pct of the world's trade in physical goods. (Source: IMO, CDP, 25 June, 2019) Contact: CDP, Carole Ferguson, Head of Investor Research, www.cdp.net; IMO, Stefan Micallef, Director of Marine Environment Division, +44 (0) 20 7735 7611, www.imo.org

    More Low-Carbon Energy News International Maritime Organization,  IMO,  Maritime Emissions,  CDP,  


    Beko U.S. Earns 2019 ENERGY Star® Again (Ind. Report)
    ENERGY Star
    Date: 2019-04-12
    Bollingbrook, Illinois-based appliance manufacturer Beko U.S., Inc. reports receipt of its third consecutive ENERGY Star® Partner of the Year Award in the product brand owner category for its demonstrated energy efficiency best practices and proved organization-wide energy savings. The company was also recognized as ENERGY Star Partner of the Year -- Sustained Excellence Award, the highest honor bestowed to partners that have won consecutive ENERGY Star Partner of the Year awards.

    Beko U.S. is a subsidiary of Istanbul, Turkey-based Arcelik A.S., which earned "Climate A List Company -- Global 2017 Climate & Water Leadership Award" from the Carbon Disclosure Project (CDP). The company was rated AAA by MSCI Global Sustainability Index Series. Beko U.S., Inc. manufactures highly energy efficient home appliances. (Source: Beko U.S., Inc. PR, 9 April, 2019) Contact: Beko US Inc., , Hasan Ali Yardimci, Pres., Beko U.S., Inc. www.bekoappliances.com

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