March 1, 2021

COMPANIES IN NEWS >> #BNPParibas, #Ikea, #NatWest, #EDP, #Airbus, #BritishGas, #Philips

IN SHORT

Green hydrogen picks up steam in Australia; BNP Paribas to answer for accusations against it on human rights violations; IKEA’s foundation gives a leg up to sustainable investing; Natwest supports affordable housing; we finally come to know what flying on an Airbus plane costs the planet in CO₂ emissions; British gas embracing electric vehicles and Philips achieves carbon neutrality.

THE SO CALLED BYTE…

Natural gas pipeline network owners in Australia’s invest in green hydrogen

Australian gas networks have pledged AUD 180 million in projects related to green hydrogen as they look to transition to more sustainable sources of energy. They are running trials to blend hydrogen and gas which can use the existing distribution network. This will allow a gradual buildup of the hydrogen industry.

Class action suit against BNP Paribas on human rights violation to proceed

The US District Court for Southern District of New York has given the go ahead to a human rights violation class action suit against BNP Paribas. The class action suit seeks to hold the bank liable for illegally financing the genocidal regime of Sudanese dictator Omar al-Bashir. 

IKEA’s foundation to provide $250 mn seed capital to sustainable equity fund

Specialist investment boutique firm, Osmosis, has won $250 mn in seed capital for its sustainable equity fund from IMAS Foundation. IMAS Foundation invests on behalf of the charitable arm of IKEA, the Swedish furniture retail company. The fund will focus on companies that score well on environmental impact.

NatWest issues its first social bond for affordable housing

U.K bank NatWest has issued its first social bond amounting to one billion euros. The proceeds form the issue will be allocated to non-profit housing associations. These associations provide access to affordable housing through affordable rent, shared property schemes and supported housing and own around 1,50,000 housing units.

Airbus reports Scope 3 emissions data

Aircraft maker, Airbus reported the Scope 3 emission data for its planes. Scope 3 emissions refer to the emissions that occur when customers use the products of a company. Airbus estimates that the lifetime emissions of the aircraft delivered in 2019 at 740 million tonnes of CO₂ equivalent and for the 566 aircraft delivered in 2020 at 440 million tonnes. The carbon intensity or the average efficiency improved to 63.5 gms of CO₂ per passenger kilometer in 2020 vs 66.6 gms of CO₂ per passenger kilometer in 2019.

British Gas placed an order for 2,000 electric vans

British energy and home services company, British Gas has placed an order for 2,000 electric vans, giving a boost to its emission lowering goals. This is on top of the 1,000 electric vans it bought in 2020. The company plans to electrify its fleet of 12,000 vehicles (it has the third largest fleet in the UK), by 2025.

Philips met its “Healthy people, sustainable planet” targets, reaches carbon neutrality

Health technology company, Philips has been successful in meeting all the ESG related targets laid out in its “Healthy people, sustainable planet” program over the period 2016-20. The company has reached carbon neutrality, sources 100 per cent of its energy from renewable sources and recycles 90 per cent of its operational waste among other things.

Energy company EDP to invest 24 billion Euros to achieve carbon neutrality targets by 2030 

Portuguese energy company, EDP plans to invest 24 billion Euros in renewable capacity and energy transition until 2030. The company targets to have an installed capacity in renewables of 50 GW by 2030. 

Also, in the recent news..

Canadian Province Nova Scotia to invest in climate change initiatives; Netherlands added the most wind energy capacity in Europe in 2020; the European Commission has proposed partnerships between EU and member states to speed up transition towards a green, climate neutral and digital Europe; Denmark’s Climate Council raised concerns over the country’s progress towards 2030 emission reduction targets.