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Despite net-zero pledges, banks used $750 billion to finance fossilfuels in 2020. Net-zero commitments may have ricocheted across banking sector over the last 18 months, but big banks' attestations of climate concern did not stop many from expanding financing for the world's top fossilfuel firms during the pandemic year.
Pressure on creatives: PR, advertising firms targeted by fossilfuel divestment movement. As fossilfuel companies' social license to operate becomes increasingly frayed, more industries in their orbit are getting entangled in the reputational quagmire that is now part and parcel of any activity that exacerbates the climate crisis.
ESG investments: Exponential potential or surfing one wave? About 77 percent of ESG funds that existed 10 years ago are presently available, whereas only 46 percent of traditional investment vehicles maintain that survivorship. A declining investment rationale for fossilfuels. Mon, 09/21/2020 - 00:30.
supported $1.316 trillion in transactions for the fossilfuel industry. received $37 million in compensation for fossilfuel industry lobbying. Climate lobbying" in the report is defined as efforts "to delay, control or block policies to tackle climate change.". Policy & Politics. Follow the money, indeed.
Paul Marshall is the chairman and chief investment officer of Marshall Wace, a London-based hedge fund that he co-founded in 1997. Marshall Wace is now one of the world’s largest hedge funds – an investment vehicle that bets on rising and falling share prices – with around $63 billion (£51.9 billion) in fossilfuel firms.
This event is more than a celebration of sport it is a global stage where the country can either reinforce its role as Europe’s biggest fossilfuel producer or rise to the occasion and lead a just transition away from oil, gas and goal production. This is not climate leadership. It is greenwashing. And it must stop.
Mark Kemp, the new President of the Association of Directors of Environment, Economy, Planning & Transport (ADEPT), has launched the group’s new Climate Change and Green Growth policy position. Climate change and green growth must be the key drivers across these policy areas.
The deposits you make at your retail bank for personal and business accounts sustain the bank’s ability to make loans and investments. Loans and investmentfuel growth. Put simply, a bank’s capital can flow towards fossilfuels or renewable energy, towards local business loans or financing environmentally damaging projects.
It seems like energy policies are constantly making headlines these days. Is it time to end the tax breaks to Canadian fossilfuel companies and invest in renewable energy? Are electric vehicles a good investment? Should Canada "axe the tax?" Should governments put the brakes on solar panels and wind turbines?
Its goal is to integrate the financial sector’s attempts at going green, including green business investments, exclusionary policies for certain fossilfuels and the industry’s ESG policies, into one complete strategy. . Finance & Investing. Pull Quote. Sponsored Article.
Hydrogen can replace fossilfuels in combustion-heavy industries or power fuel cell vehicles without tailpipe emissions. However, most hydrogen produced today relies on fossilfuels, particularly natural gas, which compromises its environmental benefits. The promise of hydrogen is no longer just theoretical.
An apocalyptic “meh” seemed to greet the government’s bumper package of energy- and climate-related policy announcements and documents released on 30 March, which appeared short on new ideas and sources of funding. A central plank was the policy paper “Powering Up Britain” , which presented plans for tackling energy security and net zero.
Rachel Golden, deputy director of the Sierra Club’s clean buildings program, said the funding represents “the largest single investment in advanced clean energy heating technology in California.” Last August, the CPUC voted to revise the primary policy barrier that had blocked the fuel-switching incentives.
The push to quickly transition carbon-intensive activities away from fossilfuels while meeting the world’s growing energy needs has put electricity producers and consumers squarely in the forefront of the emerging clean economy. And the era of fossilfuels is hardly over.
Here are three key logistics and transport areas where the UK should be ramping up investment in hydrogen in 2025. Hydrogen fuel cells are the perfect solution for longer-haul trucks which dont go back to a depot overnight to charge. But hydrogen can provide a clean fuel alternative for long-haul shipping.
Since then, the Conservative government has made a series of U-turns on its own net zero policies, attacked Labour’s green spending plans, and doubled down on its support for new fossilfuel projects, approving more than 100 new North Sea oil and gas licences. This comes as DeSmog and Democracy for Sale reveal that £6.8
A new blueprint from Ceres, the Blueprint for Responsible Policy Engagement on Climate Change , lays out a science-based action agenda for companies in the U.S. First, advocate for science-based climate policy. We can invest in a resilient and inclusive economy that builds jobs, infrastructure, growth and stability for the long term.
Nigel Farage ’s Reform party received £135,000 this year from donors linked to climate science denial and fossilfuels, DeSmog can reveal. Reform UK , formerly the Brexit Party, is a vocal critic of climate action, and last year called for a referendum on the UK’s net zero policies. billion invested in fossilfuels.
Hydrogen, which is seen as a versatile energy carrier with broad applications, has drawn substantial investment worldwide as industries seek to meet stringent climate targets. China, and members of the European Union have announced substantial investments to accelerate hydrogen adoption. Nations such as the U.S.,
A new partnership may pave the way for more than £400 million to be invested in recycling facilities across the UK. It will convert this waste into ultra-low sulphur diesel to replace fossilfuels in the transport and heavy-machinery sectors. Each facility is designed to accept 20,000 tonnes of plastics each year.
These include the controversial energy company Drax , the fossilfuel lobby group Offshore Energies UK , and the gas company Cadent. OEUK is the “leading representative body” for the country’s oil and gas industry, while its members include some of the world’s largest fossilfuel companies, such as Shell, ExxonMobil, and Equinor.
The UK government’s move to award £22 billion in subsidies to carbon capture projects followed a sharp increase in lobbying by the fossilfuel industry, DeSmog can reveal. Others engaging regularly with ministers on CCS policy include heavy manufacturing companies, CCS technology firms, lobby groups, and investment funds.
The self-styled PopCons included politicians critical of climate policies and science, including Lord Frost, who is a director of the climate science denial Global Warming Policy Foundation , as well as Conservative MP Lee Anderson and Reform party president Nigel Farage. The policy was ditched by her successor Rishi Sunak.)
The Securities and Exchange Commission (SEC) this week fired a shot over the bow at Wall Street companies that promise to help investors avoid putting their money into fossilfuels and tobacco — but steer funds towards those companies anyway. WisdomTree did not respond to a request for comment from DeSmog. WisdomTree is hardly alone.
For Shalanda Baker, a professor of law and public policy at Northeastern University, thinking about a clean energy future means thinking about the daily, weekly and sometimes invisible ways that people in deprived communities can control their power supply. Figuring out mechanisms through policy to incentivize that targeting would be great.
Those processes use a lot of energy and largely come from fossilfuels; one-third of U.S. A key route to industrial emissions reductions is electrification (replacing industrial fossilfuels with electric alternatives). Pursue policies, regulations and RD&D to stimulate the market. Start with heat.
The firm is owned by Terence Mordaunt , a director and former chair of the Global Warming Policy Foundation (GWPF), the UK’s leading climate science denial group. Hosking previously told DeSmog: “I do not have millions in fossilfuels; it is the clients of Hosking Partners who are the beneficiaries of these investments.”
According to Saudi Aramco’s podcast, the fossilfuel industry is innovating new climate solutions, and BP’s podcast proclaims more of the same. Darren Woods, the CEO of Exxon, celebrates the potential of carbon capture to dramatically reduce global emissions. and Europe.
Renewable energy, while clean and sustainable, often incurs higher grid fees because significant investment is needed to integrate it into traditional grids developed for fossilfuels. For example, the Clean Energy Wire notes that policies in Germany are addressing grid fee inequities. The takeaway?
Thanks to converging forces — including supportive policies, dropping battery costs and aggressive climate goals — transportation leaders at large and small organizations are increasingly turning to new zero-emission and low-carbon options that decarbonize fleets and in some cases save money. The top 25 most sustainable fleets. Media Source.
We are presented with a rare opportunity to invest in new innovations, rebuild our data and power infrastructures and supply chains to restore and strengthen the economy while healing the environment. Government policies that stimulated the growth of solar accounted for 60 percent of that price decline. Back to normal is not an option.
While there are a number of ways that the regulations will help achieve this, the final details for the clean electricity investment tax credit worth an estimated $25.7 Clean power is about more than just affordabilityits also about attracting international investment. billionwill be key to smoothing the road ahead for provinces.
Three-quarters of prizes at the UK’s top sustainable advertising awards went to agencies who work for the fossilfuel industry, a DeSmog analysis has revealed. billion investment in the UK’s green energy transition. Both agencies are owned by the London-based global media group WPP. Credit: Sam Whitham.
Key players in the industry are ramping up investments and projects: U.S. Developments : Companies like Avina Clean Hydrogen recently announced major investments in new green hydrogen facilities. Simultaneously, federal policies like the IRA are accelerating the pace of innovation and commercialization.
More than 100 billion tons of resources enter the economy every year — everything from metals, minerals and fossilfuels to organic materials from plants and animals. Each year, huge quantities of fossilfuels are used to produce clothes from synthetic fibers each year. 5 opportunities of a circular economy.
LIVERPOOL – The CEO of Centrica, the parent company of British Gas, told a Labour Conference event today that responsibility for energy and climate policy should be stripped from elected politicians. Smith claimed earlier during the event that Labour wanted to impose a “Venezuelan tax regime” on the UK’s fossilfuel sector.
For the industry to fully benefit, investments in green hydrogen production and distribution infrastructure must accelerate. Policy support from governments worldwide could play a critical role in reducing costs and expanding accessibility. While the trials relied on gray hydrogen, SCHOTTs success highlights the technologys potential.
Pollution, poverty and race collide in many other disadvantaged communities across California — and the country — and some argue that the state’s climate policies haven’t helped. And they have suffered collateral damage from the harmful pollutants produced by using fossilfuels. To many, cap and trade highlights a contradiction.
These Scope 3 emissions often are seen as the third rail of climate policy. Because industrial companies recognize it will be cheaper to run processes on electricity by 2030, many are starting to make their first investments in demonstration plants and technology to electrify. The policy levers.
According to the Institute for Energy Economics and Financial Analysis (IEEFA), more than 50 globally significant financial institutions have put in place an oil and gas exit policy. In fact, in 2020, during the middle of a global pandemic and its associated recession, these policies were announced once every month.
According to the International Energy Agency, the European Union’s renewable energy production was higher than fossilfuel generation between February and early July of this year. In addition, these investments would result in 107 gigawatts of new renewable energy capacity and a 6.5 In the U.S., ” For the U.S.,
Norwegian state-owned oil and gas company Equinor, the North Sea’s largest fossilfuel producer, is positioning itself to play a key role in plans to turn Britain into a world leader in capturing carbon. Currently, this policy would lock the UK into using fossilfuel-based energy generation to well past 2050.”
However, industry analysts are sceptical, noting that the shift from fossilfuels to renewable sources of power will require an immense effort from the government, grid operators and energy producers. Brian Gregory, policy director at the Alliance of British Drivers, thinks the 2030 EV target is overly ambitious.
At a time when we need policies in place to cut both bills and carbon, pursuing hydrogen for home heating seems a strange policy choice. The fossilfuel industry is lobbying hard to get hydrogen pumped into homes around the country as it would allow them to continue their otherwise unsustainable businesses. “The
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