Tag Archives: ESG Environment

Italy’s A2A spends 16 billion euros in green drives | Instant News


MILANO (Reuters) – Italy’s largest regional utility company, A2A, will spend 16 billion euros ($ 19.45 billion) between now and 2030 to reduce its carbon footprint and grow its waste and water business.

Under its new 10-year plan, the Milan-based utility said it aims to cut its carbon emissions by 47% from 2017 levels and to double its renewable capacity to 5.7 gigawatts through more than 4 billion euros of investment and acquisitions.

The group, which has about 970 megawatts of coal capacity, said it aims to phase out coal-fired power plants by 2022, ahead of the national target set for 2025.

It will spend 6 billion euros on waste management and water businesses and aims to become a significant European player.

“This is a solid foundation that will allow us to create a strategic infrastructure, innovative and essential for the country’s growth and relaunch, to be ambitious and looking to Europe,” said A2A CEO Renato Mazzoncini.

At 1005 GMT A2A the share was up more than 4%.

Utilities across Europe are investing in renewable energy and grids as governments seek to power economies to meet climate targets.

A2A, which is controlled by the cities of Milan and Brescia, said it would double its core revenue to 2.5 billion euros by the end of the plan from 1.18 billion euros expected for 2020. Net income will grow by more than 8% annually.

The growing margins will allow it to increase its dividend for 2020 to at least 8 euro cents and at least 8.2 euro cents for 2021, he said.

The utility company, which plans to create 6,000 new jobs during the plan period, said that after 2022, dividends will grow at least 3% per year.

“… the targets for the next 3 years are quite in line with consensus, while the company expects a very aggressive growth assumption beyond … There is a tremendous increase in the projected total capital spending,” Mediobanca Securities said.

Reporting by Giancarlo Navach, written by Stephen Jewkes, editing by Giulia Segreti and Barbara Lewis

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Australia has said it will reach its 2030 emissions target without counting old carbon credits | Instant News


FILE PHOTO: Australian Prime Minister Scott Morrison arrives at Haneda airport in Tokyo, Japan, 17 November 2020. REUTERS / Issei Kato

MELBOURNE / SYDNEY (Reuters) – Australia on Friday said it would achieve its 2030 carbon emissions pledge under the Paris climate agreement without counting carbon credits from over-achieving previous climate targets, marking a sharp policy shift.

The push for countries to use old carbon credits to count towards future emissions targets was a major issue at the UN climate summit a year ago when big emitters were pushed to take more aggressive action to curb global warming.

Prime Minister Scott Morrison told the Pacific Island climate forum that the country was achieving and exceeding its global targets.

“Today I can announce that Australia is very confident that we will now reach our 2030 target without needing to take advantage of our carry-over credit,” Morrison said on a virtual forum.

Australia’s emissions are now projected to be 29% below 2005 levels by 2030 compared with the Paris agreement target of reducing carbon emissions by 26% to 28%, based on recent growth in renewable energy and what could be achieved under A $ 18 billion ($ 13 billion) billion) technology investment plans outlined by the government in September.

The country wants to use the credits granted to developed countries in 1997 under the Kyoto Protocol, the predecessor climate agreement, when they agreed to a collective target of reducing greenhouse gas emissions by 5.2% below 1990 levels between 2008 and 2012.

Morrison’s policy changes, however, were not good enough to secure a place to speak for the country at Saturday’s UN Climate Ambition Summit, co-hosted by Britain, marking the fifth anniversary of the 2015 Paris climate agreement.

Morrison shrugged off that, saying that New Zealand, too, was not invited to speak at the London summit, which aims to encourage countries to step up their emissions-cutting pledges.

“So Australia’s policy, in terms of reducing emissions, is set here in Australia, in the national interest of Australia,” Morrison told reporters.

Reporting by Sonali Paul and Swati Pandey

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Germany is removing renewable costs for green hydrogen to encourage new technology | Instant News


BERLIN (Reuters) – The German government on Wednesday lifted charges imposed on electricity prices to support renewable energy for producers of so-called green hydrogen, part of efforts to push nascent technologies for low-carbon fuels.

The Berlin cabinet decided to waive the cost of renewable energy under the EEG feed-in tariff law for electricity from wind and solar sources following the economy ministry’s initiative, government sources said.

Green hydrogen, which is produced through electrolysis, whereas conventional hydrogen is produced using fossil fuels, is intended to aid in the decarbonization of energy used in industry, transportation, and to heat buildings.

Germany hopes to close the cost gap between the two products in 10-15 years, aided by a 9 billion euro ($ 10.8 billion) national strategy it adopted earlier this year to meet long-term climate goals and transform its industry.

The bill says hydrogen could be key to building a climate-neutral energy and storage source, but is essential to cutting its costs.

“Given the current high costs of producing hydrogen, an increase in the market – and the associated reduction in investment costs through economies of scale and learning effects – is only possible through creating a cost-cutting framework,” he said.

The government estimates that between 230 and 290 projects will apply for waivers until 2030.

The government also intends to monitor the impact of these measures by 2022 and look at further activities to increase green electricity in power systems.

An EEG surcharge was introduced to support the expansion of carbon-free green power from wind and solar power generation.

The government closed it earlier this year to help household customers who make up a fifth of their electricity bill, and because the cost of producing renewables has fallen sharply.

Reporting by Markus Wacket in Berlin and Vera Eckert in Frankfurt; Edited by Thomas Seythal and Jan Harvey

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Fortescue Australia plans a global green energy driver | Instant News


MELBOURNE (Reuters) – Australian mining magnate Andrew Forrest outlined an ambitious plan on Wednesday to build a renewable energy business, aiming to compete with the oil giants for global low-cost green energy.

FILE PHOTOS: The Fortescue Metals Group logo adorns their headquarters in Perth, Australia, 11 November 2015. REUTERS / David Gray

Billionaire Forrest, who transformed the Fortescue Metals Group FMG.AX For two decades as the world’s fourth largest iron ore miner, Fortescue Future Industries (FFI) has signed preliminary deals, as in Papua New Guinea and Africa, and the executive team is looking for other partners.

“We are building a portfolio of renewable assets, energy-producing assets around the world,” Forrest, chairman of Fortescue, said at the company’s annual meeting via video link from Paraguay.

He said Fortescue has so far committed A $ 1 billion ($ 731 million) through 2023 to the project, and is expected to also use off-balance sheet financing.

“With scale and innovation, we will be able to scale up our supply of green hydrogen and green ammonia to deliver low-cost energy reliably on an industrial scale to customers around the world.”

The hydrogen and ammonia fuel cells will be used in transportation and shipping, ammonia in fertilizers and hydrogen also in steel making, he said.

Forrest, whose net worth is estimated at nearly $ 17 billion, said the company’s initial target would be to have an installed energy capacity of 235 gigawatts (GW) but gave no timetable.

Such a target would be “very challenging,” said Gero Farruggio, head of global renewable energy at research firm Rystad Energy Farruggio. Main energy BP BP.L, by comparison, plans to produce 50 GW of renewable energy by 2030.

Despite the coronavirus pandemic, Forrest has traveled the world and said executives have visited 23 countries to select partners and plan to visit 24 more, with investments linked to human rights obligations, he said.

“We will demand the same opportunity. Equal economic outcome for boys and girls as it boosts employment opportunities. “

Fortescue, which is already operating on its own to become carbon neutral by 2040, has accumulated licenses and patents over the past five years to continue its plans.

Forrest’s net worth has tripled over the past year, according to the Australian Financial Review Rich List.

Fortescue posted a record net profit of $ 4.74 billion last year on a mix of high iron ore prices and better margins for its products.

FMG shares ended down 1.8%, compared with a 1.8% gain in the broader market .AXJO.

($ 1 = 1.3689 Australian dollars)

Reporting by Melanie Burton; Edited by Christian Schmollinger and Richard Pullin

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