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Sustainability Outlook Headlines

Discom cannot terminate PPA with insolvent power company: SC

Gujarat electricity distribution and trading company - Gujarat Urja Vikas Nigam Ltd - has been barred by the Supreme Court to terminate the power purchasing agreement (PPA) with an insolvent company - Astonfield Solar (India) Pvt Ltd.

The Supreme Court on Monday dismissed an appeal by the GUVNL against an order by the National Company Law Appellate Tribunal (NCLAT), which had earlier stayed the termination of PPA on grounds that the power generator - Astonfield Solar (India) - had filed for insolvency.

The Gujarat power distribution company had moved Supreme Court saying that... Read more..

Source: Business Today

Praj wins breakthrough order to set up Compressed Biogas plant from HPCL

Pune, March 08, 2021: Praj Industries bags the prestigious breakthrough order from Hindustan
Petroleum Corporation Limited (HPCL) for setting up Compressed Biogas (CBG) project at
Badaun in Uttar Pradesh. Praj is offering its State of the art, worlds’ first of its kind RenGasTM
technology developed using proprietary microbe to produce CBG from rice straw.

The project has capacity to process 35000 MT of rice straw as feedstock to generate 5250 MT of
CBG annually. In addition, the project will also generate 23,000 MT high quality solid biomanure and 350,000 MT... Read more..

Source: PRAJ

IFRS Sets Strategic Direction for Sustainability Reporting Standards Board, with Initial Focus on Climate

The Trustees of the IFRS Foundation met 2-4 March 2021 to continue their analysis and discussions of the feedback received to their Consultation Paper on Sustainability Reporting (2020 Consultation).

Feedback to the 2020 Consultation confirmed an urgent need for global sustainability reporting standards and support for the Foundation to play a role in their development. The Trustees are therefore continuing their work on the establishment of an international sustainability reporting standards board within the existing governance structure of the IFRS Foundation, as set out in the... Read more..

Source: IFRS

BBVA announces coal phase-out

BBVA will reduce to zero its exposure to coal-related activities, stopping the financing of companies in this business by 2030 in developed countries, and by 2040 in the rest of the countries of its footprint. This decision, which is included in the updated BBVA’s Environmental and Social Framework, is in line with the Intergovernmental Panel on Climate Change’s (IPCC) proposal. This aims to limit the rise in temperatures to a maximum of 1.5ºC and achieve the ambition of a carbon neutral economy in 2050.

“At BBVA, sustainability is an essential part of our strategy, including the... Read more..

Source: BBVA

Wells Fargo is the last of the Big Six banks to issue a net-zero climate pledge.

Wells Fargo announced today a series of environmental sustainability initiatives, including setting a net zero 2050 target, encompassing financed emissions. The company also announced the launch of an Institute for Sustainable Finance to manage the deployment of $500 billion of financing to sustainable businesses and projects by 2030, to support science-based research on low-carbon solutions, and to advocate for policies that enable client transitions.

In setting its new net zero pledge, Wells Fargo joins other major Wall Street banks who have also recently set goals for Paris... Read more..

Source: ESG Today

Anthesis secures investment to help eliminate 3 gigatonnes of CO2e by 2030

Anthesis, the largest group of dedicated sustainability professionals globally, and one of the UK’s fastest-growing private companies [1], has secured a significant minority investment from Palatine Private Equity, a responsibly-driven, mid-market private equity firm.

This backing from a top private equity house comes as Anthesis also achieves the prestigious B Corp accreditation, given to businesses that are shown to meet the highest standards of social and environmental performance, transparency, and legal accountability. Both announcements cement Anthesis’ position as the firm... Read more..

Source: Anthesis Group

China Huadian to shut 3 GW of coal-fired power capacity by 2025- chairman

BEIJING (Reuters) - China Huadian Corp aims to close more than 3 gigawatts (GW) of coal-fired power capacity in the next five years and increase renewables to make up half of its total power generation mix, company chairman told Reuters on Monday.

Huadian, China’s third largest power generator by capacity, aims to add 75 GW renewable power capacity over the 2021-2025 period and to bring its carbon emissions to a peak by 2025, Wen Shugang, chairman of Huadian Group, said in a written response to Reuters questions on the sidelines of China’s annual parliament meeting.

“Huadian... Read more..

Source: Reuters

Adani beats the clock on 100MW wind in India

A subsidiary of Adani Green Energy has commissioned a 100MW wind farm in Gujarat, India, five months ahead of schedule.

The project in Kutch has been developed by Adani Wind Energy Kutch Three.

It has a 25-year power purchase agreement with the Solar Energy Corporation of India (SECI) at Rs2.82 (€0.032) a kilowatt-hour.
It brings Adani Green Energy's total operational wind energy capacity to 497MW and total renewables capacity to 3345MW.

The newly commissioned plant will be managed by the Adani Group’s Intelligent Energy Network Operation Centre platform that... Read more..

Source: Renews

Delhi Govt to provide scrapping incentives under Delhi EV Policy: Gadkari

New Delhi: Scrapping incentives, including up to Rs 7,500 per vehicle for auto and light commercial vehicle, is being provided by the Delhi Government under Delhi Electric Vehicle Policy 2020, Parliament was informed on Monday. The Delhi government notified the Delhi EV Policy 2020 on Aug 7, 2020, with an intention to promote the adoption of clean mobility solution.

The policy aims to establish the feasibility for large scale adoption of electric passenger four wheelers, through transitioning its entire government fleet to electric.

"Under the provision, all leased/hired cars... Read more..

Source: Econommic Times

World Bank okays $86 mln for energy efficiency in Vietnam

HANOI March 8, 2021 — The World Bank, acting on behalf of the Green Climate Fund (GCF), has signed a US$11.3 million grant with the State Bank of Vietnam to support the development of a commercial financing market for industrial energy efficiency investments. The total financing support from GCF also includes a US$75 million guarantee.

US$8.3 million from the grant will be used to build capacities for the private sector to identify, appraise and execute energy efficiency projects. It will also provide technical assistance to the Ministry of Industry and Trade and relevant... Read more..

Source: World Bank

Cleanmax Solar moves into the wind-solar hybrid space

Leading rooftop solar developer Cleanmax Solar, backed by marquee investors such as Warburg Pincus and International Finance Corporation, has moved into the wind-solar hybrid projects space for the first time, commissioning 110MW of projects. It has another 62MW of such projects in the pipeline.

Cleanmax was prompted by new policies of the Gujarat and Andhra Pradesh state governments into taking this step. "In a few states, particularly Gujarat, there are supportive policies for wind-solar hybrid projects,” said Andrew Hines, Chief Commercial Officer, Cleanmax Solar. “Gujarat... Read more..

Source: Econommic Times

NITI Aayog to release the SDG India Index & Dashboard, 2020-21 on 10th March 2021

The third rendition of India’s Sustainable Development Goals (SDG) Index will be launched by NITI Aayog on 10 March 2021. First launched in December 2018, the index has become the primary tool for monitoring progress on the SDGs in the country and has simultaneously fostered competition among the States and Union Territories. Dr Rajiv Kumar, Vice Chairman, NITI Aayog, will launch the SDG India Index & Dashboard, 2020-21 in the presence of Shri Amitabh Kant, CEO, NITI Aayog, Dr K. Shivaji, Secretary, Ministry of Statistics & Programme Implementation, Ms. Renata Lok-Dessallien,... Read more..

Source: PIB

SEC Announces Enforcement Task Force Focused on Climate and ESG Issues

Washington D.C., March 4, 2021 — The Securities and Exchange Commission today announced the creation of a Climate and ESG Task Force in the Division of Enforcement. The task force will be led by Kelly L. Gibson, the Acting Deputy Director of Enforcement, who will oversee a Division-wide effort, with 22 members drawn from the SEC’s headquarters, regional offices, and Enforcement specialized units. Consistent with increasing investor focus and reliance on climate and ESG-related disclosure and investment, the Climate and ESG Task Force will develop initiatives to proactively identify ESG-... Read more..

Source: SEC Gov

Goldman Sachs to Align Financing Activities with 2050 Net Zero Pathway

Just over a year ago, we developed a framework to put climate transition and inclusive growth at the forefront of our work with clients. And to demonstrate the depth of our commitment, we announced that we would target $750 billion in financing, investing, and advisory activity to nine areas focused on these two priorities by 2030.

We took this step because we saw that climate transition and inclusive growth were increasingly central issues for markets and economies.

And now that we are one year in, I thought it was appropriate to update you on where we are. In the past... Read more..

Source: Goldmansachs

Three free LPG cylinders likely again for Ujjawala subscribers

New Delhi: Government may examine a proposal to extend provision of free LPG cylinders for Ujjwala scheme beneficiaries for three months again in FY22 to provide relief to over 83 million BPL households from rising price of the cooking gas.

The 14.2-kg cylinder's price has risen by over Rs 125 per cylinder since January in the wake of a global price hike. This has taken up the price of a LPG cylinder to Rs 819 from Rs 694 in January. In fact since May last year the price of cooking gas has risen by Rs 237.50 in Delhi.

Sources said that with Covid pandemic still affecting... Read more..

Source: Economic Times

Space-starved Singapore builds floating solar farms in climate fight

SINGAPORE: Thousands of panels glinting in the sun stretch into the sea off Singapore, part of the land-scarce city-state’s push to build floating solar farms to cut greenhouse gas emissions.

It may be one of the world’s smallest countries, but the prosperous financial hub is among the biggest per capita carbon dioxide emitters in Asia.

And while authorities have been pushing to change that, renewable energy is a challenge in a country with no rivers for hydro-electricity and where the wind is not strong enough to power turbines.

So the tropical country turned to... Read more..

Source: DAWN

International coalition set up to help India achieve renewable energy goals, says US

Washington: A top Biden Administration official Friday said the US has put together a coalition of several countries to help India achieve its ambitious target of producing about 450 gigawatts of renewable power by 2030, costing around USD600 billion.

John Kerry, the special presidential envoy for climate, said the US has set up a consortium of several countries eager to help India with funds and knowhow to achieve this ambitious goal.

Kerry made this remark to former Energy Secretary Ernest Moniz during a virtual Fireside Chat at IHS CERAWeek, the world’s premier energy... Read more..

Source: The Print

India Grid Trust inks largest transmission deal with Sterlite Power

India Grid Trust, India's first power infrastructure investment trust (InvIT), on Saturday signed a share purchase agreement to acquire NER-II Transmission Limited from Sterlite Power as part of the Framework Agreement.
The indicative value of the acquisition is ₹4,625 crore and would boost IndiGrid's AUM (asset under management) by 34 per cent to over ₹20,000 crore ($2.8 billion).
Post completion, the platform's asset portfolio would consist of 13 power transmission projects, with a total network of 38 power transmission lines and 11 substations extending over 7,570 circuit... Read more..

Source: Business Insider

Free power to farmers, subsidised power to the industry will continue: Punjab CM

Chandigarh (Punjab) [India], March 5 (ANI): Punjab Chief Minister Captain Amarinder Singh on Friday announced that free power to farmers and subsidised power to the industry will continue in the state in his government.
According to a press statement, he mentioned that benefits such as free power to farmers and subsidised power to the industry will continue, as will the 200 free units of power to Scheduled Castes (SC), Below Poverty Line (BPL), Backward Castes (BC) households, and freedom fighters in the state as his government was totally committed to the welfare of all sections of... Read more..

Source: The Daily Guardian

Husk Power Systems plans to raise USD 110M in equity and debt this year

Husk Power Systems is a Bihar-based mini-power plants company that designs and provides end-to-end renewable energy solutions. Recently, the start-up has announced to have been planning to raise USD 110 million in the form of equity and debt funding this year in 2021.

The Indian operator of energy mini-grids that serve in Africa, Asia and India is planning to raise USD 60 million in debt and USD 50 million in equity in 2021. The reason behind this mix and match is to ensure the continued growth of the company’s CAGR which stands for Compounded Annual Growth rate of 100%.

... Read more..

Source: Tech Story

Transmission capacity up 53% in past four years: Uttar Pradesh CM

LUCKNOW: Chief minister Yogi Adityanath said selfreliance in the power sector is important for making UP ‘atmanirbhar’ and in the last four years the government has succeeded in increasing transmission capacity by 53% to 25,000 MW.

The CM inaugurated two sub-stations of 220 KV and nine sub-stations of 132 KV constructed at a cost of Rs 1,347.91 crore virtually on Saturday. Yogi also laid the foundation of 10 sub-stations of 220 KV and six sub-stations of 132 KV to be constructed for Rs1,347.91 crore.

“The power infrastructure we had inherited was in shambles. However, in... Read more..

Source: Economic Times

India - Sweden Virtual Summit: Sweden decides to join the International Solar Alliance (ISA)

Prime Minister Shri Narendra Modi and Prime Minister of the King-dom of Sweden H.E. Stefan Löfven today held a Virtual Summit where they discussed bilateral issues and other regional and multilateral issues of mutual interest.

Prime Minister Modi expressed solidarity with the people of Sweden in the wake of the violent attack on 3rd March and prayed for early recov-ery of the injured.

The Prime Minister fondly recalled his 2018 visit to Sweden for the first India-Nordic Summit, and the India visit of Their Majesties the King and Queen of Sweden in December, 2019.

... Read more..

Source: PIB

UK Budget Includes At Least £15 Billion Green Sovereign Bonds, Plans for “Green Curve”

The UK took a significant step closer to joining the growing ranks of sovereign green bonds issuers with the announcement in the new budget of a commitment of at least £15 billion of green gilt issuance in this financial year.

The green gilt announcement follows a commitment made last year by Chancellor of the Exchequer Rishi Sunak that the UK will issue its first green bond, with proceeds used to help enable the UK meet its 2050 net zero target and other environmental objectives. According to the new budget delivered by Sunak, a Green Gilt Framework will be published in June,... Read more..

Source: Esg Today

Sustainability-focused investment partnership selects food tech company Benson Hill as first investment for Climate Solutions Fund

ST. LOUIS, MO – March 4, 2021 – Benson Hill, a food tech company unlocking the natural genetic diversity of plants with its cutting-edge food innovation engine to create healthier, great-tasting and sustainable food and ingredient options, has been chosen as the first investment of a three-year, $125 million co-investment partnership to advance climate solutions, formed by Caisse de dépôt et placement du Québec (CDPQ) and S2G Ventures (S2G).

Through the co-investment partnership, CDPQ, a global investment group, and S2G, a leading multi-stage investment firm, are investing behind... Read more..

Source: Bensoh Hill

Magenta Power installs street lamp-integrated EV chargers at HPCL fuel stations

New Delhi: Magenta Power, a Mumbai-based microgrid power solutions provider, on Wednesday said it has installed its first set of street lamp-integrated electric vehicle (EV) chargers at Hindustan Petroleum Corporation’s (HPCL) fuel stations in Mumbai and Delhi.

It added that the ‘ChargeGrid Flare’ street lamp-integrated chargers are located at HPCL’s at Bandra-Kurla Complex outlet in Mumbai and at Niti Marg in Delhi.

“This class of EV charging points are first in India to incorporate within energy-efficient street lamp columns, which will encourage EV adoption for flexible... Read more..

Source: Economic Times