March 29, 2021

COMPANIES IN NEWS >> #Blackrock #Brookfield #Invesco #Vanguard #NetZeroAssetManagers #GERenewables #AirLiquide #BP #JBS #SoCalGas #OccidentalPetroleum

IN SHORT

In this issue, sustainable investments inched higher, GE to power wind turbines in Vietnam, more investments in hydrogen fuel, additions to the net zero emissions targets and BP reported reduction in GHG emissions in pandemic year…

THE SO CALLED BYTE…

Net Zero Asset Manager’s Alliance adds 43 new signatories with an AUM of $22.8 trillion

The Net Zero Asset Manager’s Initiative added 43 new signatories with USD 22.8 trillion in assets under management (AUM). The initiative now has 73 global asset managers as members with USD 32 trillion in AUM or 36 per cent of the global AUM. The initiative aims to support the Paris Agreement’s goal of reaching net zero greenhouse gas emissions by 2050 or sooner through their portfolios. The new signatories include Allianz, Aviva, Blackrock, Brookfield, Invesco and Vanguard.

Vietnam to develop wind farm powered by GE wind turbines

GE Renewable Energy has won a contract to build and supply eight wind turbines including a 10 year operations and maintenance contract to Vietnam. The turbines will power a 30 MW wind farm in Vietnam and will generate enough electricity to power 45,000 homes.

Air Liquide to invest into low carbon hydrogen

French multinational company, Air Liquide, will start producing low carbon hydrogen and plans to invest around 8 billion Euros for the same in the next fifteen years. Europe has ambitious targets to reduce carbon footprint and green hydrogen plays a key role in it. In addition to producing low carbon hydrogen for customers, Air Liquide plans to become carbon neutral by 2050.

GHG emissions fell by ten per cent for BP in 2020

British oil and gas company, BP, reported a ten per cent decline in its greenhouse gas emissions. It included greenhouse gas emissions from its operations and from the use of its oil products, however it does not include the emissions from the use of the oil products that it bought from other producers and sold. Point to note is that demand for oil was impacted due to the pandemic in 2020.

Ireland aims to achieve net zero carbon emissions by 2050

The Irish government has approved a climate bill that will make greenhouse gas emissions reduction binding by law. Under the climate bill, Ireland will target to reduce its greenhouse gas emissions by 51 per cent by 2030 and to achieve carbon neutrality by 2050.

Meat processing company, JBS sets net zero emissions target

Brazil based meat processing company, JBS has announced plans to achieve net zero greenhouse gas emissions by 2040. Achieving net zero emissions will need to include measures to eliminate illegal deforestation in the Amazon by players in their supply chain.

SoCalGas targets net zero emissions by 2045

Southern California Gas Co, one of the largest gas utilities in America has committed to become GHG neutral by 2045. This includes emissions from its own operations and from the use of its products.

Occidental Petroleum ties emission reductions to its CEO’s bonus

American energy company, Occidental Petroleum has linked the results of its low carbon business to the performance bonus of its CEO as the company targets net zero emissions in its operations by 2040. The CEO’s bonus will now take into account emission reductions and performance of its low carbon ventures.

Also in the news…

Washington state wants to move to 100 per cent electric vehicles by 2030; three projects in the UK granted more than 54 million pounds by the government to help develop electric trucks and hydrogen buses; UK and India will increase collaboration to tackle climate change.

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