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IEEFA: From zero to fifty, global financial corporations get cracking on major oil/gas lending exits

IEEFA: From zero to fifty, global financial corporations get cracking on major oil/gas lending exits

Accelerating divestment from oil and gas shows similar early trends to global financial institution’s exit from coal

20 October 2020 (IEEFA): Fifty globally significant financial institutions have introduced policies restricting oil sands and/or oil and gas drilling in the Arctic including 23 to date this year, highlighting global capital continues to flee fossil fuels, according to a new tracker developed by the Institute for Energy Economics and Financial Analysis (IEEFA). “Momentum is […]

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Swiss Re signs world’s first long-term deal for direct air-capture

Bloomberg ($): Reinsurance giant Swiss Re announced Wednesday that it had signed the world’s first long-term agreement to take carbon directly out of the air. The contract with Climeworks AG, one of the world’s leading direct air-capture startups, will net the climate technology company $10 million over 10 years. Mischa Repmann, a senior environmental management […]

August 27, 2021 Read More →

BayWa finishes floating Netherlands PV plants, largest outside of Asia

PV Tech: German renewables developer BayWa r.e. has completed two installations in the Netherlands totalling 71MWp that it says are the largest floating PV plants outside of Asia. The company, together with its Dutch subsidiary GroenLeven, has commissioned its largest floating PV project to date, the 41.1MWp Sellingen park, as well as the 29.8MWp Uivermeertjes […]

July 20, 2021 Read More →

Axian announces plan to double size of Madagascar solar plant

PV Magazine: African conglomerate Axian Group has announced plans to double the size of its 20 MWp Ambatolampy solar field, in Madagascar. The Antananarivo-based business, which operates in the real estate, telecoms and finance, as well as energy sectors, said it will start work on a €17 million project to double the scale of the […]

June 17, 2021 Read More →

Analysis: Hydrogen not as efficient as direct electricity when it comes to powering cars, heating homes

The Guardian: Using hydrogen-based fuels for cars and home heating risks locking in a dependency on fossil fuels and failing to tackle the climate crisis, according to a new analysis. Fuels produced from hydrogen can be used as straight replacements for oil and gas and can be low-carbon, if renewable electricity is used to produce […]

May 10, 2021 Read More →

European renewable demand surged during 2020 despite pandemic

T&D World: “Renewable energy demand has grown by an impressive 8% from 2019 to 2020, during a year where energy consumption and industry output has slumped across most of Europe,” says Tom Lindberg, the managing director at ECOHZ, commenting on new statistics from the Association of Issuing Bodies (AIB). Lindberg suggests that a paradigm shift […]

May 3, 2021 Read More →

Swiss firm Leclanché begins construction of largest solar-plus-storage project in the Caribbean

PV Tech: Swiss energy storage company Leclanché has broken ground on a US$70 million solar and storage microgrid project in St Kitts and Nevis. The system will include a 35.7MW solar farm and a 14.8MW lithium-ion battery energy storage system (BESS), and will provide state-owned utility St Kitts Electric Company (SKELEC) with roughly a third […]

December 14, 2020 Read More →
IEEFA: From zero to fifty, global financial corporations get cracking on major oil/gas lending exits
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IEEFA: From zero to fifty, global financial corporations get cracking on major oil/gas lending exits

Accelerating divestment from oil and gas shows similar early trends to global financial institution’s exit from coal

20 October 2020 (IEEFA): Fifty globally significant financial institutions have introduced policies restricting oil sands and/or oil and gas drilling in the Arctic including 23 to date this year, highlighting global capital continues to flee fossil fuels, according to a new tracker developed by the Institute for Energy Economics and Financial Analysis (IEEFA). “Momentum is […]

Zurich Insurance pulls out of Trans Mountain pipeline project

Reuters: Insurer Zurich has decided not to renew cover for the Canadian government’s Trans Mountain oil pipeline, said a spokeswoman for the project, which is opposed by environmental campaigners and some indigenous groups. All financial services companies are under pressure from environmental campaigners to cease doing business with the fossil fuel industry. A planned expansion […]

July 24, 2020 Read More →

Swiss company NEK to build 1,000MW of wind capacity in Ghana

ESI Africa: Swiss engineering company NEK has announced its plans to generate 1,000MW of electricity from several wind farms in Ghana. The independent power producer believes the implementation of this megaproject will serve as incentive to implement Ghana’s plan to transition its electricity supply to 100% renewables by 2040. Currently, Ghana’s electricity mix is dominated […]

July 23, 2020 Read More →

UBS Group says it will no longer finance Arctic oil, thermal coal or tar sands projects

The Wall Street Journal: UBS Group AG said Thursday that it would no longer finance new offshore-oil projects in the Arctic, thermal coal mines or oil sands on undeveloped land as banks tighten their restrictions on fossil fuels amid pressure from environmentalists and investors. The Swiss bank declined to provide figures on previous projects it […]

March 6, 2020 Read More →