ESG International Weekly News 8/28-9/3

September 05,2023
Green and White Minimalist Earth Day Instagram Post
Resources: ESG Today

1. Biden Launches $12 Billion Finance Package for Automakers to Convert Factories to Produce EVs

The Biden administration has unveiled a substantial financing package exceeding $15 billion to support the electric vehicle (EV) transition. This includes $10 billion in loans and $2 billion in grants for automakers to convert their factories for EV production. Key factors for applicants include retaining jobs, wages, and benefits at manufacturing facilities, along with initiatives to direct investments to disadvantaged communities. President Biden emphasized that building a clean energy economy should benefit both auto companies and unionized workers. These funds are part of the "Investing in America" agenda, aiming to create domestic auto manufacturing jobs and prevent plant closures. The U.S. Department of Energy (DOE) is administering these programs, aligning with the administration's goal to accelerate the shift to clean mobility, as mandated by an executive order signed in 2021. Additionally, the administration plans to invest $3.5 billion in advanced battery production for EVs and grid storage, recognizing the need to support communities during the transition away from internal combustion engines.


2.  Google Signs 189 MW Renewable Energy Purchase Agreement in North Carolina

Apex Clean Energy has signed a 189 MW power purchase agreement (PPA) with Google for renewable energy from the Timbermill Wind project in North Carolina, marking their first PPA collaboration. This agreement aligns with Google's goal to power its operations with 24/7 carbon-free energy by 2030. The Timbermill wind farm, set to operate in 2024-2025, will play a key role in this transition. Google's commitment to clean electricity and its partnership with Apex reflect their shared values in advancing renewable energy and supporting local communities.

Apex Clean Energy與Google簽署了一份189兆瓦的電力購買協議(PPA),用於來自北卡羅來納州Timbermill Wind項目的可再生能源,標誌著它們首次合作簽署PPA。此協議符合Google的目標,即到2030年將其運營活動全部使用24/7碳無害能源供電。預計2024-2025年,Timbermill風電場將在這一過渡中發揮關鍵作用。Google對清潔電力的承諾以及與Apex的合作反映了它們在推動可再生能源和支持當地社區方面的共同價值觀。

3. AI-Based Metals Recycling Startup Sortera Raises $30 Million

Material sorting startup Sortera Technologies has secured $30.5 million in a Series C funding round to further its growth and fully operationalize its first large-scale upcycling facility. Established in 2020 and based in Indiana, Sortera employs artificial intelligence, image/data analytics, and advanced sensors in industrial scrap metal recycling. Their first full-scale facility in Markle, Indiana, set to be fully operational this year, will process 220 million pounds of mixed metals annually. This sorting process significantly enhances recycled material utilization in manufacturing, reduces metal production costs, bolsters local manufacturers' metal supply, and mitigates pollution and greenhouse gas emissions associated with virgin metals. The funding round was led by RA Capital Management-Planetary Health, with participation from T. Rowe Price, Mitsubishi Corporation’s Mineral Resources Group, and Macquarie GIG Energy Transition Solutions, reflecting the importance of Sortera's role in advancing sustainability and supporting the metal industry's transition to cleaner practices.

物料分類初創公司Sortera Technologies 宣布在C輪融資中籌集了3,050萬美元,以支持公司的成長並完全商業化其首個大規模升級設施。成立於2020年,總部位於印地安納州的Sortera 在工業廢金屬回收中運用人工智慧、圖像/數據分析和先進感應器。位於印地安納州Markle的首個全尺寸設施預計將於今年全面運營,每年可處理2.2億磅的混合金屬。這種分類過程顯著提高了在製造業中回收材料的利用率,降低了金屬生產成本,加強了當地製造商的金屬供應,並減少了新金屬生產所帶來的污染和溫室氣體排放。此次融資由RA Capital Management-Planetary Health領投,T. Rowe Price、三菱公司礦產資源集團以及Macquarie GIG Energy Transition Solutions等公司參與,凸顯了Sortera 在推動可持續發展並支持金屬行業向更清潔實踐轉變方面的重要作用。

4. Hong Kong Central Bank Directs Banks to Integrate Net Zero Transition Planning

The Hong Kong Monetary Authority (HKMA) has issued a set of principles for banks to guide their transition to a net-zero economy. These principles emphasize the importance of setting clear objectives aligned with a net-zero transition and incorporating transition considerations into internal processes, including governance, risk management, and business strategies. The HKMA's goal is to assist banks in maintaining safety and soundness during this transition. The principles also encourage engagement with clients on their transition pathways, enhancing transparency in planning processes, and regular reviews and updates as climate scenarios evolve. This move by the HKMA reflects the growing global focus on sustainable finance and aligning financial institutions with climate goals, such as those outlined in the Paris Agreement.


5. Mizuho Issues €750 Million Green Bond to Help Finance Low Carbon Transition

Tokyo-based banking and financial services company Mizuho has issued a €750 million (USD$820 million) green bond to finance projects supporting the transition to a low-carbon society. This issuance aligns with Mizuho's goal of facilitating JPY 100 trillion ($USD 700 billion) in sustainable finance by 2030, including JPY 50 trillion in environment and climate change-related finance. The green bond is part of Mizuho's commitment to sustainability and its medium-term business plan focused on personal well-being and achieving a sustainable society and economy. The proceeds from the bond will be used by Mizuho Bank to finance green projects, reflecting the company's dedication to sustainable finance and addressing environmental and social issues.