Sustainability Outlook Headlines

Swiss Re announces ambitious climate targets; accelerates race to net zero

• Swiss Re announces ambitious carbon reduction target for its investment portfolio of 35% by 2025
• The Group moves ahead with full phase-out of thermal coal; new exit strategy in treaty re/insurance by 2030 (OECD) and 2040 (rest of the world)
• As first multinational company, Swiss Re introduces a triple-digit real internal carbon levy for own operations Swiss Re today announced new measures to support the transition to a net-zero economy, encompassing both asset management and underwriting as well as its own operations.

Swiss Re’s Group Chief Executive... Read more..

Smart Joules raises $4.1 million Series A from Sangam, ADB Ventures, Burman Family Office, Max I. Limited, cKinetics Accelerator and other marquee investors

Smart Joules, a pioneer in energy-efficiency-as-a-service, today announced it has completed a $4.1 million round of Series A funding aimed at expanding its offering across large commercial buildings and industries in India. The funding round saw participation by ADB Ventures (the Asian Development Bank's venture arm), Sangam Ventures, Max I. Limited, cKinetics Accelerator, Mr. Saket Burman from the Dabur family and 6 other marquee angels from India and the US. DPNC Advisors, the transaction advisory arm of... Read more..

Greenko to set up Rs 30,000-crore hybrid project in Rajasthan

Renewable energy firm Greenko Energy is set to develop a Rs 30,000-crore hybrid project in Rajasthan of which one will be a pumped hydro storage project of 2,520 megawatt (MW) capacity estimated at Rs 11,882 crore. The proposed hydro project is to be developed at Shahpur, Baran district of Rajasthan. “The project when completed by 2023-24 will be the world’s largest renewable energy asset and would contribute to the state’s efforts as a model in the adoption of solutions for a sustainable future,” said Anil... Read more..

Indo-Israeli JV IOC Phinergy Pvt Ltd to boost India's e-Mobility aspirations

Today, Shri Dharmendra Pradhan, Minister of Petroleum and Natural Gas & Steel, along with Minister of Energy, Israel, Dr. Yuval Steinitz , witnessed the launching of a Joint Venture (IOC Phinergy Private Limited) between Indian Oil Corporation Limited (Indian Oil) and Phinergy, an Israeli start-up company specializing in hybrid lithium-ion and aluminium-air/zinc-air battery systems. Based on domestically available aluminum, the joint venture plans to manufacture Aluminum-Air systems in India. Under this... Read more..

Artificial photosynthesis to provide solutions for carbon capture and conversion

Scientists have found a method to mimic nature’s own process of reducing carbon dioxide in the atmosphere, namely photosynthesis, to capture excess carbon dioxide in the atmosphere. This artificial photosynthesis (AP) harnesses solar energy and converts the captured carbon dioxide to carbon monoxide (CO), which can be used as a fuel for internal combustion engines. In artificial photosynthesis (AP), scientists are essentially conducting the same fundamental process in natural photosynthesis but with simpler... Read more..

New Type of Bond Cuts Investor Bonus for Missing ESG Goals

So-called sustainability-linked bonds have been controversial because they often effectively reward investors when the issuer misses green or social performance goals. One Japanese firm is trying to change that. Nomura Research Institute Ltd. is selling such notes, but with a twist. Typically, the debt offers extra yield to investors if the borrower fails to meet ESG targets. In the case of NRI’s bonds, if it achieves its goals, the firm can redeem the debt early. That means that if NRI misses its targets,... Read more..

Apple’s $4.7 billion Green Bond spend is helping to create 1.2 gigawatts of clean power

Apple’s newly completed renewable projects, part of the company’s planned $4.7 billion Green Bond spend, are bringing clean energy to local communities while reducing carbon emissions. In 2020, Apple funded 17 Green Bond projects that will avoid an average of 921,000 metric tons of carbon emissions annually, which is equivalent to removing nearly 200,000 cars from the road. The projects will generate 1.2 gigawatts of renewable energy globally, with Apple adding over 350 megawatts of newly installed renewable... Read more..

Climate finance still not on table for developing countries: Javadekar

New Delhi: Climate finance of USD 100 billion a year and green technologies for mitigation actions promised in 2009 under the Paris agreement are still "not on the table" for developing countries, Environment Minister Prakash Javadekar said in Parliament on Monday. At the 15th Conference of Parties (COP15) of the United Nations Framework Convention on Climate Change (UNFCCC) in 2009, developed countries had committed to mobilising jointly USD 100 billion a year in climate finance by 2020 to address the needs of developing countries. This commitment has, since then, been a key element of... Read more..

Solar powered EV charging station developed at IISc

Bengaluru: A solar photovoltaic powered electric vehicle (EV) charging station has been developed at the Indian Institute of Science (IISc) in this tech city, an official said on Tuesday.

"The zero-emission EV charging station powered by solar cells has been designed and developed at our sustainable transportation lab by the UK-based Greenencho Ltd under the Innovating for Clean Air (IfCA) programme of the Energy System Catapult, UK," the official said in a statement.

The custom-made off-grid system comprises a solar photovoltaic (PV) module, hybrid inverter, battery... Read more..

Cabinet approves closure of Handicrafts and Handlooms Export Corporation of India Limited

The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved the closure of Handicrafts and Handlooms Export Corporation of India Limited (HHEC), the Corporation, a Government of India undertaking under the administrative control of the Ministry of Textiles.

There are 59 permanent employees and 6 Management Trainees serving in the Corporation. All the permanent employees and Management Trainees will be given an opportunity to avail the benefit of a Voluntary Retirement Scheme (VRS) as per norms laid down by the Department of Public Enterprises.

The... Read more..

S&P Global Endorses Say on Climate, Will Bring Climate Plans to Shareholder Vote

Leading credit ratings, benchmarks and analytics provider S&P Global announced today its endorsement of the Say on Climate campaign, aimed at improving the transparency and accountability of company climate initiatives.

The Say on Climate campaign seeks to implement sustainable business practices around the globe by advocating for corporate climate action plans. The campaign is sponsored by The Children’s Investment Fund Management (TCI) and The Children’s Investment Fund Foundation (UK). By committing to the initiative’s principles, organizations agree to climate transparency... Read more..

Delhi govt calls on corporates to promote EV policy

New Delhi: Delhi Transport Minister Kailash Gahlot, who is leading the 'Switch Delhi' campaign since last two months, on Sunday invited the corporate sector to raise awareness and promote electiric vehicle policy in the national capital.

"The Delhi government aims to further capitalise on the positive response received from several sections and now we will involve corporates to be a part of the campaign. I appeal to this segment to switch to EV cabs to facilitate the travel of their employees," Gahlot said.

Stressing on the need to include Delhi's corporates in the 'Switch... Read more..