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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,  


  • 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,  


  • Schlumberger Joins Science Based Targets to Cut GHGs (Int'l Report)
    Schlumberger, Science Based Targets
    Date: 2019-12-23
    In the City of Lights, Schlumberger the world's largest oilfield service company reports it plans redefine is climate change and carbon emissions targets as well as join Science Based Targets, an emission reduction program sponsored by the U.N. Global Compact program, the London-based Carbon Disclosure Project, Washington, D.C.-based World Resources Institute and Switzerland-based World Wildlife Fund by 2021.

    According to a company statement, "The energy industry has a key role to play in reducing the effects of climate change. Schlumberger seeks to lead positive, measurable changes in greenhouse gas emissions within the industry to help reduce climate change. The application of our industry-leading environmentally responsible technologies will help drive process efficiency and environmental footprint reduction."

    Science Based Targets claims participation from 754 companies around the world. Under the program, participating companies assess and make their emissions reduction goals that are in line with what climate scientists say is needed to meet the goals of the Paris Agreement, a global treaty signed in April 2016 to fight climate change. (Source: Schlumberger, Oil & Gas, Houston Chronicle, 20 Dec., 2019) Contact: Schlumberger, www.slb.com; Science Based Targets initiative, info@sciencebasedtargets.org, www.sciencebasedtargets.org

    More Low-Carbon Energy News Schlumberger,  Science Based Targets,  GHG,  Greenhouse Gas Emissions,  


    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,  


    Major Mining Companies Among World's Mega Emitters (Int'l)
    Climate Change
    Date: 2019-05-13
    In Rio de Janiero, Brazil, the Rio Times is reporting as many as 100 companies are responsible for more than 70 pct of global greenhouse gas emissions since 1988, according to data from Carbon Disclosure Project (CFP) in July 2017.

    The 25 largest polluters, responsible for 50 pct of CO2 emissions, are, by descending order: China (state-owned coal production), Aramco, Gazprom, Iranian National Petroleum, ExxonMobil, Coal India, Pemex, Russia (state-owned coal production), Shell, China National Petroleum, BP, Chevron, PDVSA, Abu Dhabi National Petroleum, Poland Coal, Peabody Energy, Sonatrach, Kuwait Oil, Total, BHP Billiton, ConocoPhillips, Lukoil, Rio Tinto, Nigeria National Petroleum, and Petrobras, the only Brazilian company on the list.

    The top 100 companies control most of the world's mineral rights, for oil, gas, and coal. Houston is considered the "home" of 7 of these 100 companies, followed by Jakarta, Calgary, Moscow, and Beijing.

    (Source: The Rio Times, May, 2019) Contact: The Rio Times, Richard Mann, Contributing Reporter, www.riotimesonline.com

    More Low-Carbon Energy News Carbon Emissions,  CO2,  Climate Change,  


    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


    Siemens Gamesa Joins Science Based Targets Initiative (Int'l)
    Science Based Targets Initiative
    Date: 2018-09-21
    At last week's Global Climate Action Summit held in San Francisco, Spanish wind energy giant Siemens Games Renewable Energy announced its commitment to develop a "measurable, science-based emissions reduction target" that will be independently approved and verified by the Science Based Target Initiative.

    The Science Based Targets initiative (SBTi) is a joint collaboration between the Carbon Disclosure Project, the United Nations Global Compact, World Resources Institute, the World Wide Fund for Nature, and the We Mean Business coalition, intended to encourage and support companies to commit to making measurable reductions in their carbon emission levels at a scale that actively contributes to meeting the 2 degree C warming target set in the Paris Climate Accord. Nearly 500 companies worldwide have committed to SBTI. (Source: Siemens Gamesa, SBTI, CleanTechnica, 18 Sept., 2018)Contact: Siemens Gamesa Renewable Energy, Markus Tacke, www.siemensgamesa.com; Science Based Targets initiative, info@sciencebasedtargets.org, www.sciencebasedtargets.org

    More Low-Carbon Energy News Science Based Targets Initiative,  Siemens Gamesa,  Wind,  Climate Change,  


    Fujitsu Commits to 100 pct Renewables, Joins RE100 (Int'l Report)
    Fujitsu,Science Based Targets
    Date: 2018-07-27
    In Tokyo, Japanese IT giant Fujitsu reports it has committed to sourcing 100 pct of its needed electricity for all locations and facilities from renewable energy sources by 2050, and that it is the 140th company worldwide to join the RE100 initiative.

    The global RE100 initiative aims to support and bring together companies making 100 pct renewable energy commitments formed by The Climate Group in partnership with CDP -- fka Carbon Disclosure Project.

    Fujitsu's renewable move is in keeping with the company's medium- to long-term environmental effort to lower its CO2 emissions to zero by 2050. The company's carbon emissions target was approved by the Science Based Targets initiative last August. (Source: Fujitsu, CleanTechnica, 24 July, 2018) Contact: Fujitsu Ltd., Public Relations, +81 3 3215 5259, www.fujitsu.com; Science Based Targets initiative, www.sciencebasedtargets.org

    More Low-Carbon Energy News Science Based Targets,  Fujitsu,  Renewable Energy,  


    Caesars Commits to 95 pct Carbon Emissions Cut (Ind. Report)
    Science Based Target initiative
    Date: 2018-06-08
    In the Silver State, Las Vegas-based casino operator Caesars Entertainment Corporation reports it has set "science based" company-wide greenhouse gas emissions reduction targets aligned with the Science Based Target initiative (SBTi).

    The SBTi is a collaboration among CDP (f.k.a. Carbon Disclosure Project), the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). Targets adopted by companies to reduce greenhouse gas (GHG) emissions are considered "science-based" if they are in line with the level of decarbonization required to keep global temperature increase below two degrees C compared to pre-industrial temperatures.

    Caesars Entertainment has committed to reduce absolute Scope 1 and 2 emissions 30 pct by 2025, and 95 pct by 2050 from a 2011 base year. Since 2011, Caesars has reduced its total GHG emissions by 22.9 pct. (Source: Caesars Entertainment Corporation, Hotel Business, 7 June, 2018) Contact: Caesars Entertainment Corporation, www.caesarscorporate.com; Science Based Target initiative, www.sciencebasedtargets.org

    More Low-Carbon Energy News Science Based Target initiative,  Carbon Emissions ,  


    CDP Surveys Corporate Board Climate Change Policies (Ind. Report)
    CDP
    Date: 2018-04-13
    A Carbon Disclosure Project (CDP) survey of 1,681 companies in 14 countries reports more company boards oversee climate change measures in the UK than in any other country. According to the survey, 97 pct of UK companies, the highest proportion among the 14 countries surveyed, disclose Scope 1 emissions, covering fuel combustion, vehicles and unintended gas release, and Scope 2 emissions, or purchased electricity, heat and steam. However, only 17 pct of financial companies were found to declare Scope 3 emissions and only 35 pct of companies will use carbon pricing from next year.

    The survey also found that a majority of companies overall have board oversight of climate-related issues, only 10 pct provide financial incentives for directors to manage the risks and opportunities. The largest percentage of companies offering incentives was found in Germany. Companies in the UK, France and Germany lead in giving information across three of the four areas of governance, risk management, metrics and targets stated by the Task Force on Climate-related Financial Disclosures. In North America, the US had the lowest proportion using and preparing to use carbon pricing, 15 and 9 pct respectively, and, at 66 pct, the lowest percentage of companies with board oversight. Canada had the lowest percentage offering the incentives, at 2 pct, and the second lowest proportion providing low-carbon products or services enabling avoided emissions, at 54 pct.

    CDP is a not-for-profit charity that runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts. (Source: CDP, TriplePundit, 9 April, 2018) Contact: CDP, Lance Pierce, Pres. North America, (212) 378 2086, info.northamerica@cdp.net, www.cdp.net

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

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