February 17, 2021

COMPANIES IN NEWS >> #SiemensEnergy, #TCEnergy, #RoyalDutchShell, #BP, #QantasAirways, #Brookfield, #ATP

IN SHORT

In this edition, we note a rising interest in social bonds, more money for clean energy technology and fight against climate change , big oil companies looking to reduce their carbon footprints.

THE SO CALLED BYTE…

Alberta to get a waste heat to power pilot project courtesy Siemens Energy and TC Energy

Siemens Energy and TC Energy have signed an agreement to build a waste heat -to-power pilot project in Alberta, Canada. The electricity produced using the waste heat generated from a gas-fired turbine operating at a pipeline compression station, is expected to power more than 10,000 homes. This translates into green-house gas reduction of 44,000 tons per year.

Dutch Court rules on River Niger delta contamination case

A Dutch Court ruled in the favour of environmentalists and affected farmers in a case between farmers and environmentalists and the Nigerian subsidiary of Royal Dutch Shell. The company was held responsible for multiple oil pipeline leaks in the Niger Delta which led to contamination of land and waterways in the region.

Canada to provide $55 mn to boost clean tech sector

The Canadian government plans to provide $55 mn towards funding the clean tech sector in Canada. The funding is aimed at research and development for reducing greenhouse gases and the impact of mining on the environment as well as moving towards more sustainable agriculture.

Shell, BP announce strategic plans to reduce carbon emissions

Royal Dutch Shell sharpened its plans to reach zero net carbon emissions by 2050, a target that it had announced in 2019. While in 2019 the company had said that its goals were customer dependent, it has now updated plans to reduce emissions through by accelerating the growth of its low carbon businesses. However, spending is still tilted towards oil and gas in the near future. Meanwhile, Qantas Airways and BP have entered into a strategic partnership to reduce carbon emissions towards their goal of reaching zero carbon emissions by 2050. They will jointly explore ways to decarbonise the aviation sector, using sustainable fuels and renewable energy

The US Department of Energy to invest $100 mn into clean energy technology

As a part of President Biden’s climate agenda, the Department of Energy plans to invest $100 mn into clean energy technology. A Climate Innovation Working Group is also being created to look at things such as energy storage solutions at lower costs, net zero buildings and sustainable fuels for airplanes and ships. The US targets to reach net zero emissions by 2050.

Brookfield Asset Managers to raise funds for a new climate focused fund

Canada based investment firm, Brookfield, is planning to raise $7.5 bn for a new climate focused fund. The fund will focus on solutions to the global climate crisis, with a focus on renewable power and other investments that help cut carbon emissions.

Denmark’s pension fund starts investing in social bonds

Denmark based pension fund, ATP has started making investments in social bonds; the fund invested around 95 million Euros in social bonds in 2020.

An Indian city’s civic body partners with United Nation’s Development Program to issue a social bond

The Municipal Corporation of Pimpri-Chinchwad in the Indian state of Maharashtra is collaborating with the United Nation’s Development Program to issue social impact bonds. The bonds are aimed to enhance public health services.