EU negotiators have struck a landmark deal to create the world's first "green" bond standard, aimed at becoming a global benchmark for investors in the green transition. The European Council and the European Parliament, which represent the 27 EU member states, announced the "world's first green bond standard" late on Tuesday. The European Commission first proposed the idea in July 2021. The standard complies with the Green Label, known in EU parlance as the "taxonomy", or EU legislation that defines which economic activities can be considered sustainable. The European Union aims to be carbon neutral by 2050.
Annual transactions in the European bond market are estimated to be worth 100 trillion euros ($107 trillion). The agreement must now be formally ratified by the council and parliament.
Banks will finance 81 cents of every dollar spent on fossil fuels in 2021 to finance low-carbon energy supply, but they will need to scale up their commitments to meet the world's climate goals. Energy analyst BloombergNEF pooled data from 1,142 banks to assess whether banks are aligning their funding with the real economy and the 1.5-degree target. The bank funding ratio is lower than the 90-cent-to-dollar investment ratio in global energy supply, but the latter ratio has climbed in recent years from around 0.45:1 between 2011 and 2015. Funding ratios for individual banks vary, with RBC Canada at 0.4, JPMorgan at 0.7, BNP Paribas at 1.7 and Deutsche Bank at 2.2. The report's findings differ from another study published by the environmental group last month, which said the share of bank financing devoted to renewable energy had stagnated.
Environmental activist Greta Thunberg and dozens of other activists blocked the entrance to Norway's Energy Ministry on Monday to protest the construction of wind turbines on land traditionally used by indigenous Sami reindeer herders. The Norwegian state is violating human and indigenous rights, with protesters demanding the removal of the turbines. The government says the ultimate fate of the wind farms is a complex legal and political conundrum and hopes to find a compromise.
GreenLine Logistics, India's first and only LNG-fueled heavy truck logistics company, has deployed its first fleet of LNG trucks from Dalmia Cement (Bharat) Limited at its Chandrapur facility in Maharashtra. DCBL plans to convert 300 trucks to LNG by the end of FY24. GreenLine's LNG trucks reduce CO2 emissions by 28% compared to conventional diesel trucks, or 24 tons of CO2 per truck per year. In the initial fleet of 35 LNG trucks, a significant reduction in CO2 emissions of 840 tons per year can be achieved.
Dalmia Cement has partnered with GreenLine Logistics to invest Rs 250 crore to convert 10% of its existing truck fleet to LNG by March 2024. This will reduce sulfur oxide emissions by up to 100%, nitrogen oxide emissions by 59% and particulate matter emissions by up to 91%. Additionally, these LNG trucks will significantly reduce other hazardous emissions. Dalmia Cement follows the business philosophy of Clean & Green is Profitable and Sustainable and is committed to the goal of becoming carbon negative by 2040.
GreenLine Logistics, India's first and only LNG-fueled heavy truck logistics company, has deployed its first fleet of LNG trucks from Dalmia Cement (Bharat) Limited at its Chandrapur facility in Maharashtra. DCBL plans to convert 300 trucks to LNG by the end of FY24. GreenLine's LNG trucks reduce CO2 emissions by 28% compared to conventional diesel trucks, or 24 tons of CO2 per truck per year. In the initial fleet of 35 LNG trucks, a significant reduction in CO2 emissions of 840 tons per year can be achieved.
Dalmia Cement has partnered with GreenLine Logistics to invest Rs 250 crore to convert 10% of its existing truck fleet to LNG by March 2024. This will reduce sulfur oxide emissions by up to 100%, nitrogen oxide emissions by 59% and particulate matter emissions by up to 91%. Additionally, these LNG trucks will significantly reduce other hazardous emissions. Dalmia Cement follows the business philosophy of Clean & Green is Profitable and Sustainable and is committed to the goal of becoming carbon negative by 2040.
The Ministry of Science and Technology encourages international cooperation in clean energy research. The event is jointly organized by CSIR - Dhanbad Institute of Mining and Fuels (CIMFR) and the French National Center for Scientific Research (CNRS), with the support of the French-Indian Center for the Advancement of Advanced Technology Research (CEFIPRA). The purpose of the workshop is to bring together experts, researchers, policy makers and industry leaders from both countries to exchange knowledge, ideas and best practices on the development and deployment of clean and sustainable energy technologies. CSIR Director General N. Kalaiselvi said that the production, storage and conversion of green energy, especially green hydrogen, green ammonia and energy storage infrastructure, requires partnerships with France and other G20 countries. Antoine Petit, CNRS CEO, applauded the strong partnership between the two countries and emphasized the importance of cooperating to achieve a sustainable energy transition through the new bilateral programme.
German Finance Minister Christian Lindner has expressed support for hydrogen in all colors as EU countries discuss hydrogen's potential role in decarbonizing the economy and reducing dependence on imported fossil fuels. The debate over whether to focus on hydrogen made using renewable energy or low-carbon hydrogen made using nuclear energy has delayed negotiations on new EU renewable energy targets and threatened multibillion-euro hydrogen pipelines. France, which relies heavily on nuclear power generation, is leading a campaign to boost nuclear energy's contribution to reducing carbon dioxide emissions, while Germany and Spain say it risks undercutting efforts to expand renewable energy on a large scale. Hydrogen produced from renewable sources is preferable in the long run, but in the short term, the EU needs to create a market structure that provides a reliable supply at an affordable price, Lindner said. The issue is not only divided across Europe, but also within Germany, which opposes nuclear energy.