“The world does not work without energy,” al-Jaber commented during a session on the oil industry. “Yet the world will break down if we do not fix energies we use today, mitigate their emissions at a gigaton scale, and rapidly transition to zero carbon alternatives,” he continued before declaring “I know that much more can be done.”

Several environmentalist groups were quick to criticize the move by the oil corporations, claiming that the pledge was simply a smokescreen. More than 300 civil society groups signed a letter opposing the pledge, expressing their desire to phase out oil, coal, and gas in their entirety.

The post Oil Majors Pledge to Combat Methane Emissions at COP28 appeared first on theprimarymarket.com.

US Vice President Kamala Harris announced that her nation will contribute $3 billion to a United Nations fund to assist developing countries in reducing greenhouse gas emissions and adapting to climate change. “The urgency of this moment is clear,” Harris announced, continuing, “The clock is no longer just ticking, it’s banging. We must make up for lost time.” The EU pledged an investment of €2.3 billion ($2.5 billion) toward energy transition.

COP28 President Sultan Al Jaber of the United Arab Emirates announced that his nation would contribute $100 million to a World Bank fund to cut methane emissions. Among the major corporations that have signed up for this initiative are Exxon Mobil Corp. and Saudi Arabia’s Aramco.

The post COP28 Members to Contribute Billions to Energy Transition Efforts appeared first on theprimarymarket.com.

“It is kind of a new era,” Callaway Climate Insights Founder and Editor-in-Chief David Callaway explained. “Some are already saying it’s a bubble… But they’re riding high right now, and I think you will see them start to pay attention because they know that their customers are paying attention. They know their customers care about this stuff.”

In response to travelers’ growing awareness of climate issues, the International Air Transport Association committed to reaching zero emissions by 2050. The body consists of over 300 global airlines, including Delta, United, and JetBlue.

Still, the aviation industry does not pose a major environmental threat, making up just 1.8% of global emissions in 2021.

Despite its minimal impact, numerous nations have already been taking action to curb aviation-induced emissions, with France banning short hall flights between locations where a train route exists.

The post Airlines Expect Major Travel Changes To Reduce Emissions appeared first on theprimarymarket.com.

The motion of support for the resolution from the ISS comes after several climate activist bodies have already placed pressure on the automaker to transition towards all-battery electric vehicles.

Among those firms that have expressed an interest in this transition are Danish pension fund AkademikerPension, Dutch pension investor APG Asset Management, and Norway’s Storebrand Asset Management, all of whom want the Japanese automaker to commit to an annual review of its climate-change lobbying.

Toyota had urged its shareholders to vote against the proposed legislation, however, saying that the level of disclosure that is required by the resolution is unsuitable to implement in the company’s existing articles of incorporation.

The post Toyota Climate Resolution Receives Backing From ISS appeared first on theprimarymarket.com.

Despite arguments between Japan and European nations, the G7’s April meeting reached a consensus whereby climate ministers agreed that gas investments “can be appropriate to help address potential market shortfalls”. This move is also viewed as necessary with regard to overcoming the shortfall in supply that came after Russia’s invasion of Ukraine.

“We stress the important role that increased deliveries of LNG (liquefied natural gas) can play, and acknowledge that investment in the sector can be appropriate in response to the current crisis and to address potential gas market shortfalls provoked by the crisis,” the G7 declared in a statement.

Once Russia’s top gas buyer, Germany came out in support of the shift to gas investments, calling them a necessary step to reducing reliance on Russian supplies. Japan expressed the view that liquified natural gas can be used as a transition gas in the shift toward renewable energy.

The post G7 Resumes Support for Gas Investments in Latest Meeting appeared first on theprimarymarket.com.

Shell investors are set to vote on a resolution on May 23 filed by the Follow This Activist shareholder group that calls on the company to align itself in practice with the 2015 Paris Climate deal.

Following scientists’ claims that the world needs to reduce its greenhouse gas emissions by 43%, Shell is committed to cutting the intensity of planet-warming gases across its portfolio by 20% in 2030 and by 100% in 2050.

Currently, Shell is against setting absolute emissions cuts targets. Unlike absolute targets, intensity emissions targets enable companies to continue or increase their fossil fuel output so long as the proportion of renewable energy and biofuels in its product mix increases.

The ISS, like Shell itself, has advised stakeholders to vote against the Follow This Activist resolution, stating that while it accepts the aim of the resolution, it would “represent a change in strategy from the one that Shell has adopted”.

The post Institutional Shareholder Services Advises Shell Stakeholders to Vote Against Climate Resolution appeared first on theprimarymarket.com.

Currently, around 10,000 European power plants and factories are required to purchase CO2 permits when they pollute. By enforcing such purchases, the EU hopes to build towards its goal of cutting its net emissions by 55% by 2030 compared with 1990 levels.

From 2026 to 2034, the EU will plan to phase out the free CO2 permits that it gives to industries in an effort to protect them from foreign competition. Instead, the EU plans to introduce a carbon border tariff, thereby maintaining a barrier to foreign competition while encouraging a reduction in emissions for local firms.

“From 2027 on, it’s crunch time. Everybody needs to reduce emissions by then or will have to pay a lot,” European Parliament’s lead negotiator Peter Liese stated following the conclusion of the deal. Liese expressed his hope that the earlier deadline would push European companies to invest in green energy.

The post EU Reaches Deal to Boost Carbon Market appeared first on theprimarymarket.com.

This plan follows a proposal by the Norwegian government in April that the wealth fund pushes the 9,300 companies it invests in to pursue this climate goal.

Chief Governance and Compliance Officer Carine Smith Ihenacho expressed the fund’s willingness to comply with this proposal, declaring that “We will engage the companies to reach this target by setting credible preliminary targets and creating plans to reduce their direct and indirect emissions of greenhouse gases.”

Worth $1.2 trillion, the Norwegian wealth fund owns 1.3% of all listed global stocks; a fortune that would be the equivalent of $219,000 for every Norwegian citizen. The wealth fund invests significantly in oil and gas, using its revenues to purchase stocks, bonds, property, and renewable projects abroad. In addition to tracking its holdings’ environmental activities, the Norwegian wealth fund also seeks to invest in green initiatives.

The post Norway’s Wealth Fund Sets Zero-Emission Goals For Holdings appeared first on theprimarymarket.com.

“We have updated the pace at which the decarbonization needs to materialize, basically translating into curves that are steeper; we need to go quicker in terms of reducing the carbon intensity,” ING Global Head of Sustainability Anne-Sophie Castelnau said of the decision to set stricter targets.

The power generation sector emerged as the frontrunner in the race to lower emissions, plummeting 23% below its projected pathway to achieving its climate targets. The upstream oil and gas sector followed closely behind, dropping 15.2% below its projected pathway.

The worst performer by a significant margin was aviation, hovering 57.3% above its projected pathway, while the steel sector remained 5.4% above its pathway.

ING’s decision to tighten its climate standards comes as the banking sector is placed under rising pressure to track and reduce the emissions released by companies that they finance.

The post ING Says High-Emitting Sectors on Course to Reach Climate Goals appeared first on theprimarymarket.com.

In November 2021, several grants aimed at such improvements were approved, including $12 million for the Port of Tampa, $24.5 million for the reconstruction of roads connecting to a major amusement park in Ohio, and $20 million to complete the connection of the Nevada Pacific Parkway to the Union Pacific Railroad and Burlington Northern Santa Fe rail lines.

White House Infrastructure Coordinator Mitch Landrieu stated that a widespread effort will be put into touting the bill during visits to states across the nation. He claimed that U.S. government agencies are working closely will local authorities to fund and launch infrastructure programs.

On Tuesday, U.S. Transportation Secretary Pete Buttigieg will embark on a four-day tour of Florida, Minnesota, Nevada, New Hampshire, Oklahoma, and Ohio in an effort to engage with local populations on the proposed legislation. To date, the administration has funded over 5,000 projects, amounting to over $113 billion in investments.

The post U.S. Government Pushes for $1 Trillion Infrastructure Bill appeared first on theprimarymarket.com.

“The world does not work without energy,” al-Jaber commented during a session on the oil industry. “Yet the world will break down if we do not fix energies we use today, mitigate their emissions at a gigaton scale, and rapidly transition to zero carbon alternatives,” he continued before declaring “I know that much more can be done.”

Several environmentalist groups were quick to criticize the move by the oil corporations, claiming that the pledge was simply a smokescreen. More than 300 civil society groups signed a letter opposing the pledge, expressing their desire to phase out oil, coal, and gas in their entirety.

The post Oil Majors Pledge to Combat Methane Emissions at COP28 appeared first on theprimarymarket.com.

US Vice President Kamala Harris announced that her nation will contribute $3 billion to a United Nations fund to assist developing countries in reducing greenhouse gas emissions and adapting to climate change. “The urgency of this moment is clear,” Harris announced, continuing, “The clock is no longer just ticking, it’s banging. We must make up for lost time.” The EU pledged an investment of €2.3 billion ($2.5 billion) toward energy transition.

COP28 President Sultan Al Jaber of the United Arab Emirates announced that his nation would contribute $100 million to a World Bank fund to cut methane emissions. Among the major corporations that have signed up for this initiative are Exxon Mobil Corp. and Saudi Arabia’s Aramco.

The post COP28 Members to Contribute Billions to Energy Transition Efforts appeared first on theprimarymarket.com.

“It is kind of a new era,” Callaway Climate Insights Founder and Editor-in-Chief David Callaway explained. “Some are already saying it’s a bubble… But they’re riding high right now, and I think you will see them start to pay attention because they know that their customers are paying attention. They know their customers care about this stuff.”

In response to travelers’ growing awareness of climate issues, the International Air Transport Association committed to reaching zero emissions by 2050. The body consists of over 300 global airlines, including Delta, United, and JetBlue.

Still, the aviation industry does not pose a major environmental threat, making up just 1.8% of global emissions in 2021.

Despite its minimal impact, numerous nations have already been taking action to curb aviation-induced emissions, with France banning short hall flights between locations where a train route exists.

The post Airlines Expect Major Travel Changes To Reduce Emissions appeared first on theprimarymarket.com.

The motion of support for the resolution from the ISS comes after several climate activist bodies have already placed pressure on the automaker to transition towards all-battery electric vehicles.

Among those firms that have expressed an interest in this transition are Danish pension fund AkademikerPension, Dutch pension investor APG Asset Management, and Norway’s Storebrand Asset Management, all of whom want the Japanese automaker to commit to an annual review of its climate-change lobbying.

Toyota had urged its shareholders to vote against the proposed legislation, however, saying that the level of disclosure that is required by the resolution is unsuitable to implement in the company’s existing articles of incorporation.

The post Toyota Climate Resolution Receives Backing From ISS appeared first on theprimarymarket.com.

Despite arguments between Japan and European nations, the G7’s April meeting reached a consensus whereby climate ministers agreed that gas investments “can be appropriate to help address potential market shortfalls”. This move is also viewed as necessary with regard to overcoming the shortfall in supply that came after Russia’s invasion of Ukraine.

“We stress the important role that increased deliveries of LNG (liquefied natural gas) can play, and acknowledge that investment in the sector can be appropriate in response to the current crisis and to address potential gas market shortfalls provoked by the crisis,” the G7 declared in a statement.

Once Russia’s top gas buyer, Germany came out in support of the shift to gas investments, calling them a necessary step to reducing reliance on Russian supplies. Japan expressed the view that liquified natural gas can be used as a transition gas in the shift toward renewable energy.

The post G7 Resumes Support for Gas Investments in Latest Meeting appeared first on theprimarymarket.com.

Shell investors are set to vote on a resolution on May 23 filed by the Follow This Activist shareholder group that calls on the company to align itself in practice with the 2015 Paris Climate deal.

Following scientists’ claims that the world needs to reduce its greenhouse gas emissions by 43%, Shell is committed to cutting the intensity of planet-warming gases across its portfolio by 20% in 2030 and by 100% in 2050.

Currently, Shell is against setting absolute emissions cuts targets. Unlike absolute targets, intensity emissions targets enable companies to continue or increase their fossil fuel output so long as the proportion of renewable energy and biofuels in its product mix increases.

The ISS, like Shell itself, has advised stakeholders to vote against the Follow This Activist resolution, stating that while it accepts the aim of the resolution, it would “represent a change in strategy from the one that Shell has adopted”.

The post Institutional Shareholder Services Advises Shell Stakeholders to Vote Against Climate Resolution appeared first on theprimarymarket.com.

Currently, around 10,000 European power plants and factories are required to purchase CO2 permits when they pollute. By enforcing such purchases, the EU hopes to build towards its goal of cutting its net emissions by 55% by 2030 compared with 1990 levels.

From 2026 to 2034, the EU will plan to phase out the free CO2 permits that it gives to industries in an effort to protect them from foreign competition. Instead, the EU plans to introduce a carbon border tariff, thereby maintaining a barrier to foreign competition while encouraging a reduction in emissions for local firms.

“From 2027 on, it’s crunch time. Everybody needs to reduce emissions by then or will have to pay a lot,” European Parliament’s lead negotiator Peter Liese stated following the conclusion of the deal. Liese expressed his hope that the earlier deadline would push European companies to invest in green energy.

The post EU Reaches Deal to Boost Carbon Market appeared first on theprimarymarket.com.

This plan follows a proposal by the Norwegian government in April that the wealth fund pushes the 9,300 companies it invests in to pursue this climate goal.

Chief Governance and Compliance Officer Carine Smith Ihenacho expressed the fund’s willingness to comply with this proposal, declaring that “We will engage the companies to reach this target by setting credible preliminary targets and creating plans to reduce their direct and indirect emissions of greenhouse gases.”

Worth $1.2 trillion, the Norwegian wealth fund owns 1.3% of all listed global stocks; a fortune that would be the equivalent of $219,000 for every Norwegian citizen. The wealth fund invests significantly in oil and gas, using its revenues to purchase stocks, bonds, property, and renewable projects abroad. In addition to tracking its holdings’ environmental activities, the Norwegian wealth fund also seeks to invest in green initiatives.

The post Norway’s Wealth Fund Sets Zero-Emission Goals For Holdings appeared first on theprimarymarket.com.

“We have updated the pace at which the decarbonization needs to materialize, basically translating into curves that are steeper; we need to go quicker in terms of reducing the carbon intensity,” ING Global Head of Sustainability Anne-Sophie Castelnau said of the decision to set stricter targets.

The power generation sector emerged as the frontrunner in the race to lower emissions, plummeting 23% below its projected pathway to achieving its climate targets. The upstream oil and gas sector followed closely behind, dropping 15.2% below its projected pathway.

The worst performer by a significant margin was aviation, hovering 57.3% above its projected pathway, while the steel sector remained 5.4% above its pathway.

ING’s decision to tighten its climate standards comes as the banking sector is placed under rising pressure to track and reduce the emissions released by companies that they finance.

The post ING Says High-Emitting Sectors on Course to Reach Climate Goals appeared first on theprimarymarket.com.

In November 2021, several grants aimed at such improvements were approved, including $12 million for the Port of Tampa, $24.5 million for the reconstruction of roads connecting to a major amusement park in Ohio, and $20 million to complete the connection of the Nevada Pacific Parkway to the Union Pacific Railroad and Burlington Northern Santa Fe rail lines.

White House Infrastructure Coordinator Mitch Landrieu stated that a widespread effort will be put into touting the bill during visits to states across the nation. He claimed that U.S. government agencies are working closely will local authorities to fund and launch infrastructure programs.

On Tuesday, U.S. Transportation Secretary Pete Buttigieg will embark on a four-day tour of Florida, Minnesota, Nevada, New Hampshire, Oklahoma, and Ohio in an effort to engage with local populations on the proposed legislation. To date, the administration has funded over 5,000 projects, amounting to over $113 billion in investments.

The post U.S. Government Pushes for $1 Trillion Infrastructure Bill appeared first on theprimarymarket.com.