March 22, 2021

COMPANIES IN NEWS >> #BP, #Total, #Toshiba

IN SHORT

In this issue, US SEC evaluates more climate related disclosures and India considers net zero targets. While energy companies, BP and Total SE announce positive measures related to climate change management, the Canadian opposition party doesn’t see climate change as real. Shareholders at Toshiba make their voices heard.

THE SO CALLED BYTE…

SEC to evaluate disclosure rules on climate change

As the US Securities and Exchanges Commission takes measures towards improving ESG related reporting, it is evaluating a revision of the current rules regarding required climate change related disclosures. Towards that, the SEC has invited public comment and inputs on climate change related disclosures.  

India considering targeting net zero emissions by 2050

India is mulling a target of achieving net zero emissions by 2050. The country features among the largest emitters of green house gases in the world along with China and the US. Coal powers nearly 70 per cent of India’s electricity generation, however, renewable energy capacity additions and use are on the rise.

Britain to get its largest hydrogen plant, courtesy BP

British multinational energy company, BP has announced plans to build a one gigawatt capacity hydrogen plant by 2030. The plant will produce blue hydrogen, made by converting natural gas into hydrogen and storing the carbon dioxide produced in the process. While blue hydrogen is cleaner than fossil fuels, however it does produce carbon dioxide which needs to be sequestered. Green hydrogen is the cleanest form of hydrogen fuel available today.

Executive bonuses at Total will now reflect its performance on reducing its scope 3 emissions

French multinational integrated oil and gas company will link part of its executives’ bonuses to the reduction in its scope 3 emissions as it looks to reduce its carbon footprint. Scope 3 emissions refer to the emissions from the use of a company’s products by its customers. While the company is increasing its presence in the renewable energy space, it still relies mainly on fossil fuels for its revenues. Achieving net zero emissions by 2050 remains a tall task.

Canada’s Conservative Party doesn’t believe in climate change

The members of the Conservative party of Canada have voted against recognising climate change as a real. This means that they reject any actions against climate change in one of the world’s largest oil producer. The Conservative Party is the main opposition party in Canada at present.

US Bureau of Land Management to resume processing drilling permits

The US Bureau of Land Management (BLM), which operates under the Interior Department will resume processing applications for oil and gas drilling permits on existing leases. The Biden administration had put this on hold when it started office in January.

The Federal Reserve Bank of San Francisco pushes for diversity

The San Francisco Federal Reserve Bank has set diversity goals including on race, ethnicity, gender, sector and geography. The goals are over a five-year horizon for its main board, its branch boards and three advisory councils.          

Toshiba Corp to hold an independent probe at behest of shareholders

Japanese multinational conglomerate, Toshiba Corp’s shareholders have voted for an independent probe in an extraordinary general meeting (EGM). The Independent probe will look into allegations of pressuring investors to vote in line with the management at the company’s general meeting last year. The proposal for the probe was called by Singapore based Effissimo Capital which holds 9.9 per cent in the company.

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