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#SustyTalk: Lloyds Banking Group's James Wilde on financing the green recovery
edie's #SustyTalk interview series continues with Lloyds Banking Group's head of sustainability James Wilde taking part in a virtual discussion on financing the green recovery, as well as providing an update on the bank's efforts to halve its emissions.
Unilever's Persil switches to bio-based formula and recycled plastic bottles
Unilever-owned cleaning brand Persil has launched a new liquid formulation made from plant-based stain removers and biodegradable ingredients that will be packaged in fully recyclable bottles made from 50% post-consumer recycled plastic.
Alok Sharma promises 'joined-up thinking' on net-zero policy, but examples remain scarce
Business Secretary Alok Sharma delivered rhetoric that the Government will approach the net-zero emissions commitment for 2050 through a "joined-up thinking" approach, but was unable to confirm any concrete policy announcements that would ensure fossil fuels aren't locked into the future economy.
BEIS to review whether UK's oil and gas licencing regime is net-zero compatible
The Department for Business, Energy and Industrial Strategy (BEIS) will review whether its plans for the future oil and gas licencing regime are "aligned with tackling climate change" and compatible with the UK's 2050 net-zero target.
Report: World could reach peak plastic production in 2027, risking billions of dollars for oil majors
Global oil majors are planning to invest $400bn in virgin plastic production within five years - but much of this investment is at risk as governments beef up plastics and climate targets, and as consumers continue to push for plastic-free products.
Clean Future: Unilever to remove fossil-fuel-based carbon from cleaning products by 2030
Unilever has unveiled plans to replace 100% of the carbon derived from fossil fuels in its cleaning and laundry products with captured, natural and recycled carbon within a decade.
Credit Suisse cuts fossil fuel lending as part of £250bn green finance promise
Swiss investment bank Credit Suisse has unveiled plans to provide more than £250bn in financing geared towards green bonds and the low-carbon economy over the next decade, as well as pledging to limit financing to the oil and gas sector.
UK broke renewable energy generation record in 2019, latest BEIS figures show
The Department for Business, Energy and Industrial Strategy (BEIS) has published its latest annual energy statistics, revealing that a record 37.1% of the electricity generated in the UK in 2019 was renewable.
UK's largest pension scheme charts pathway to net-zero
The Government-backed National Employment Savings Trust (Nest) scheme is set to begin divesting from fossil fuel projects immediately, as part of a new roadmap designed to ensure its operations are aligned with the UK's net-zero target.
G20 nations funnel $151bn of Covid-19 recovery funding into fossil fuels
Of the Covid-19 recovery funding allocated to energy companies by G20 governments, 56% has been handed to fossil fuel projects, equivalent to $151bn (£119bn).
Report: Governments are bowing to fossil fuel lobbying in Covid-19 recovery planning
Almost two-thirds of the interventions which fossil fuel lobbyists made in policymaking between March and June were successful, new analysis has revealed.
WBA: Less than 10% of electric utilities are taking Paris-Agreement-aligned climate action
Analysis of the decarbonisation ambitions and actions of 50 of the world's largest electric utilities companies has revealed that less than one in ten have fully aligned their business models with the Paris Agreement, despite the fact that the sector must 'enable' the global low-carbon transition.
Shell predicts $22bn hit for oil and gas assets as BP sells petrochemicals arm
Shell has unveiled plans to underwrite the value of its oil and gas portfolio by up to $22bn (£17.7bn) due to the energy demand slump caused by Covid-19, in the same week that BP has struck a $5bn (£4bn) deal to sell off its petrochemicals business.
UK's offshore oil and gas industry vows to halve operational emissions by 2030
The industry body for offshore oil and gas in the UK has published plans for halving emissions from production and exploration within a decade, but green groups say there must also be stronger accountability for indirect emissions.
BP forecasts $17.5bn assets hit, accelerates strategy restructure to prioritise renewables
BP is preparing to reduce the value of its assets by between $13bn (£10.4bn) and $17.5bn (£14bn) over the next three months and says the impacts of the Covid-19 will spur its transition to low-carbon energy.
UK Government mulling ban on overseas fossil fuel financing, reports
Ministers are reportedly considering moves to ban the UK Government's direct lending facility from financing any new or existing fossil fuel projects overseas, following a series of high-profile exposés.
Britain goes 60 days without coal-fired power generation
As of midnight today (10 June), Britain has had no coal-fired power generation on its grid for a full two months - the longest period since the Industrial Revolution.
Heat Networks Industry Council set up to spur zero-carbon networks and job growth
Organisations overseeing the UK's heat networks and industry have created a new Council that will oversee plans to drive up to £50bn in investment into the sector to create 35,000 new jobs and deliver zero-carbon heat networks.
Fossil fuel profits set to collapse by two-thirds
The global market value of fossil fuels is set to collapse by almost two-thirds, creating heightened economic risk for companies, financial markets and countries failing to embrace new low-carbon technology.
University of Manchester targets net-zero investment portfolio
The University of Manchester has announced a new commitment to end investments into fossil fuel projects and organisations by 2022, in line to creating a net-zero investment portfolio by 2038 at the latest.
Boris Johnson confirms new COP26 date, urges nations to focus on green recoveries
Prime Minister Boris Johnson has reiterated a desire for the UK to deliver a "sustainable" recovery from the coronavirus pandemic in a way that brings together key international nations to reach the ambitions of the Paris Agreement and the Sustainable Development Goals (SDGs).
IEA: Coronavirus to cause largest ever drop in global energy investment
The world is on course to witness the largest ever drop in investment in global energy, with the coronavirus pandemic set to restrict spending across renewables, gas, fossil fuels and cleantech.
Reports: COP26 to be delayed until November 2021
Reports have emerged that the UK Government has put forward the first two weeks of November 2021 as new proposed dates for the crucial COP26 climate conference, citing concerns over the state of international travel safety due to the coronavirus.
Copenhagen Airport spearheads green hydrogen project for transport fuel
Renewable energy company Ørsted and Copenhagen Airport are amongst the consortium of businesses aiming to develop a hydrogen and sustainable transport fuel facility in the heart of the Danish capital.
World health groups call for green coronavirus recovery
A coalition of global healthcare organisations, backed by more than 40 million healthcare professionals, have coordinated a written plea to governments to deliver health-based and climate-focused economic recoveries from the coronavirus pandemic.
World's largest hydrogen plant and UK's Gigafactory: The sustainability success stories of the week
As part of our Mission Possible campaign, edie brings you this weekly round-up of five of the best sustainability success stories of the week from across the globe.
Report: Renewables to account for three-quarters of UK's power demand by 2050
The UK could source 76% of its power demand from renewables by 2050, according to a new report from RenewableUK which claims that the nation's net-zero target will spur rapid demand for green hydrogen while attracting more than £50bn to an already world-leading offshore wind sector.
Europe's draft 'green recovery' plan leaked
The European Commission's promised green recovery plan will focus on building renovation, renewables and hydrogen as well as clean mobility and the circular economy, according to a leaked working document obtained by EURACTIV.
Lockdown sees global emissions fall by 17%
New research has suggested that daily global carbon emissions recorded in April 2020 were 17% lower compared to the same month last year, largely due to the coronavirus pandemic and forced lockdowns and postponement in production.
Business giants call for science-based green economic recovery
More than 150 business giants, including Carlsberg, H&M and Pernod Ricard, with a combined market capitalisation of more than $2.4trn, have signed a joint statement calling on all governments to align coronavirus economic responses to climate science.
Chief value officers and ESG investors: What could green finance look like in the new normal?
Whatever the new normal looks like once nations have battled their way through the coronavirus, the recent rhetoric around green finance suggests that both internally externally, the value of sustainability to a business is set to grow.
Business leaders call for recovery packages to be tied to net-zero corporate targets
The chief executives from 40 global organisations including BP, Heathrow Airport, Shell and HSBC, have called on governments to focus economic recovery packages in ways that enable sectors and businesses to transition to low-carbon and resilient models of operation.
Oxford University to divest from fossil fuels and align to net-zero strategies
Oxford University has announced that is divesting its remaining investments away from fossil fuel companies and how its fund management service can engage with organisations that showcase net-zero business plans.
NGOs call on investors to respond to coronavirus pandemic through net-zero transition packages
A collection of NGOs have written to some of the world's largest insurers, calling on them to address economic responses to the coronavirus outbreak in ways that are aligned with the urgent need to combat the climate crisis and steer the global economy towards a net-zero future.
Messages of hope: How world leaders are rallying for a green Covid-19 recovery
The two-day Petersberg Climate Dialogue finished yesterday evening, with ministerial leaders from the UK, Germany, the EU and the UN all delivering rallying cries for nations to focus on climate mitigation as part of any efforts to stimulate the economic downturned caused by the coronavirus outbreak.
Barclays and HSBC blasted over £158bn fossil fuel financing
Banking giants Barclays and HSBC have been accused of financing a combined £158bn into the fossil fuel sector since the signing of the Paris Agreement in 2015, despite both organisations pledging to ramp up sustainable investment portfolios.
Airlines, automakers and fossil fuel firms blasted as 'coronavirus climate profiteers'
A new report has blasted the lobbying efforts of the airline, automaker, fossil fuel and logging industries, claiming that organisations are attempting to benefit from billion-pound bailouts in response to the coronavirus that enables them to carry on with climate-wrecking business practices.
Can you eliminate plastic in the workplace?
Back in 2017, WWF-UK pledged to eliminate all unnecessary single-use plastic throughout the organisation. Environmental Manager Lauren Wiseman explains how this year, that target was achieved.
Net-zero: Is the UK's gas grid ready to go green?
In a week where plans were unveiled for a nationwide roll-out of farming greenhouses heated by wastewater, the UK's major gas operators have teamed up to launch a programme aimed at delivering the world's first zero-carbon gas grid.
Carbon emissions from fossil fuels could fall by 2.5bn tonnes in 2020
Global carbon emissions from the fossil fuel industry could fall by a record 2.5bn tonnes this year, a reduction of 5%, as the coronavirus pandemic triggers the biggest drop in demand for fossil fuels on record.
Nations risking 'uneconomic' coronavirus responses by prioritising coal, report warns
China, the US, India and European nations are at risk of being burdened with uneconomic, long-term plans to stimulate their economies in response to the coronavirus outbreak by focusing on new coal capacity, a new study from Carbon Tracker warns.
New renewable energy capacity hit record levels in 2019
Almost three-quarters of new electricity generation capacity built in 2019 uses renewable energy, representing an all-time record. New data from the International Renewable Energy Agency (Irena) shows solar, wind and other green technologies now provide more than one-third of the world's power, marking another record.
US clears Exxon and Chevron to dismiss shareholder climate reporting requests
The US Securities and Exchange Commission (SEC) has approved requests from both Exxon and Chevron to reject shareholder proposals that have called on the oil and gas giants to report on how the companies are addressing climate change by aligning to the Paris Agreement.
MP's pension fund still investing in fossil fuels
MPs have yet again called for the trustees of the Parliamentary Pension Fund to divest from fossil fuel companies Royal Dutch Shell and BP, having finally integrated investment into renewables into the fund.
Global banks 'failing miserably' on climate crisis by funneling trillions into fossil fuels, study finds
The world's largest investment banks have funnelled more than £2.2tn ($2.66tn) into fossil fuels since the Paris agreement, new figures show, prompting warnings they are failing to respond to the climate crisis.
UK Export Finance accused of climate 'hypocrisy' over funding
Updated: In the same week that the UK Export Finance’s (UKEF) direct lending facility has allocated more than £2bn for clean growth projects a global NGO has accused the government body of “rank hypocrisy” for breaching OECD guidelines by supporting overseas fossil fuel projects.
Bank of England under pressure over board member's oil links
Environmental groups have called into question the Bank of England's commitment to tackling the climate emergency while it retains one of Britain's most senior oil company executives on its governing board.
Alok Sharma: What we know about the COP26 President's views on climate change
In an unexpected announcement, Business Secretary Andrea Leadsom has been replaced by International Development Secretary Alok Sharma, who has also been named as COP26 President. Here, edie examines Sharma's track record on climate legislation to date.
Mary Robinson: Business and governments must avoid net-zero 'hypocrisy'
EXCLUSIVE: The former president of Ireland Mary Robinson has claimed that net-zero commitments made by governments and corporates must lead to a "just transition" that also combats the "hypocrisy" of ignoring fossil fuel developments further afield.
BMJ's divestment campaign and India's net-zero trains: The sustainability success stories of the week
As part of our Mission Possible campaign, edie brings you this weekly round-up of five of the best sustainability success stories of the week from across the globe.
Change climate policy now to avert oil market crisis, warns thinktank
The oil industry is at risk of a global market shock that could halve the value of fossil fuel investments if governments delay setting policies to tackle the climate crisis, according to new analysis.
UK sued for approving Europe's biggest gas power station
The UK government is being sued for approving a large new gas-fired power plant, overruling the climate change objections of its own planning authority.
Comic Relief among charities pledging to end fossil fuel investments
Comic Relief, Power to Change, and Guy's and St Thomas' Charity are the latest organisations that have committed to end all fossil fuel investment and adopt a new ethical approach to investing, after joining the Funder Commitment on Climate Change.
Government urged to target one million heat pumps a year by 2035
The UK must invest in ground source heat pump infrastructure in the 2020s, just as previous generations ploughed money into the gas and water grid, in order to help kickstart the fledgling sector.
'Near zero' by 2050: Equinor outlines new long-term emissions targets
Norwegian oil and gas giant Equinor has pledged to bringing the greenhouse gas (GHG) footprint of its onshore plants and offshore fields to "near zero" by 2050.
Royal Dutch Shell may fail to reach green energy targets
Royal Dutch Shell is at risk of falling short on plans to invest up to $6bn (£4.6bn) in green energy projects between 2016 and the end of 2020, with its slow progress likely to raise concern that oil companies are not moving fast enough to help tackle the climate crisis.
'Cleanest year on record': Zero-carbon electricity surpassed fossil fuel generation in 2019
During the course of 2019, 48.5% of electricity consumed in Britain was generated through zero-carbon methods such as wind, solar and nuclear - compared to 43% for fossil fuels.
Repsol targets net-zero by 2050
Spanish oil and gas giant Repsol has committed to becoming a net-zero emission business by 2050, across its own operations and its indirect impacts.
Report: Coal 'becoming uninsurable' as cover withdrawal doubles
The number of insurance firms withdrawing cover for coal companies and assets has more than doubled between 2018 and 2019, a new report has revealed.
Net-zero by 2025 'practically impossible' due to spiralling costs, report finds
Moving the UK's net-zero emission target forward 25 years is "practically impossible", according to new thinktank research which found that setting a net-zero target for 2025 would cost £200bn each year at a minimum - more than the NHS's annual budget.
Climate-heating greenhouse gas concentrations hit new high, UN reports
The concentration of climate-heating greenhouse gases hit a record high in 2018, according to a report from the UN's World Meteorological Organization.
European coal power output sees 'unprecedented' decline
Electricity production from coal is on track to fall by around 3% globally in 2019 - the largest drop on record - with Western European countries leading the charge, according to fresh data published today (25 November).
Fossil fuel production on track for double the safe climate limit
The world's nations are on track to produce more than twice as much coal, oil and gas as can be burned in 2030 while restricting the rise in the global temperature to 1.5C, analysis shows.
Dozens of investors slam IEA over fossil fuels and renewables projections
Allianz, Zurich Insurance Group and Orsted's pension fund are among 65 finance bodies to have written to the International Energy Agency (IEA), urging to body to hep global energy firms align with the Paris Agreement.
European Investment Bank to end financial support for fossil fuels by 2021
The European Investment Bank (EIB) has unveiled a new energy lending policy that will stop all financing for fossil fuel projects at the end of 2021 and unlock €1trn in sustainable development over the next decade.
Just one in 10 of world's largest energy firms have net-zero targets, report finds
Just 10% of the world's largest 132 coal, electricity and oil and gas companies have set time-based commitments to reduce their greenhouse gas emissions to net-zero, with just three companies also pledging to reduce indirect emissions as well.
Superficial progress: Global banks failing to deliver time-bound climate strategies
A new report has accused the banking sector of superficial progress when it comes to climate commitments, noting that uptake in low-carbon services, green bonds and reporting standards isn't being matched by demands to decarbonise portfolios.
Beyond Carbon: The $500m plan to create a low-carbon US, with or without Trump
EXCLUSIVE: President Donald Trump may have officially kickstarted the process to withdraw the US from the Paris Agreement, but there is a movement of cities, states and businesses that is driving the nation towards 100% clean energy, with or without support from the federal government.
Capgemini: Meeting global climate goals 'looks unrealistic' as energy consumption grows
Global energy demand rose by 2.3% year-on-year in 2018 - a trajectory which, if sustained, will leave the world unable to meet international and national climate goals including the Paris Agreement.
Oil and gas giants must cut production by a third to meet climate targets
The world's largest oil and gas companies must cut combined production by 35% by 2040 if nations are the meet the collective ambitions of the Paris Agreement and limit global warming to below 2C, a new report from Carbon Tracker has found.
BP chief: Alternative to 'polluter pays' carbon tax can help meet net-zero
BP's chief executive Bob Dudley and group chief economist Spencer Dale believe that regional carbon prices that don't just tax the producers will enable the oil and gas giant to join the global transition to net-zero emissions, but neither were convinced of when that would happen.
UK to use finance meant for green energy to support fracking in Argentina
The UK is planning to invest in Argentina's controversial oil shale industry using a £1bn export finance deal intended to support green energy, according to government documents seen by the Guardian.
300 MPs call for Parliamentary Pension Fund to divest from fossil fuels
Trustees of the £700m Parliamentary Pension Fund have been urged to respond to the climate emergency by 300 MPs who have asked that the fund divests from holdings in fossil fuel companies such as BP and Royal Dutch Shell.
Renewable generation overtakes fossil fuels in UK electricity for first time
Renewable energy sources provided more electricity to UK homes and businesses than fossil fuels for the first time since the Industrial Revolution over the last quarter, according to new research.
National Theatre to end Shell membership deal amid climate protests
The National Theatre has announced plans to end its corporate membership deal with Shell last year, following climate protests calling on arts and culture bodies to cut ties with fossil fuel firms.
Report: Less than half of global banks have sustainable energy finance commitments
Just 23 of the world's largest 50 banks have outlined commitments to invest more in renewable energy and less in fossil fuels, a new report from the World Resources Institute (WRI) has concluded.
UK Government will continue to invest in fossil fuels overseas, despite MPs' concerns
The Government has broadly rejected a string of recommendations from MPs aimed at decarbonising the portfolio of the UK's export credit agency, which has continually been found to be financing fossil fuel projects in developing nations.
UK banks 'pouring billions into fossil fuels and deforestation', despite green pledges
UK banks have allocated almost £150bn of funding for fossil fuel projects since the start of 2016 and continue to collectively hold 146 investment pots in firms driving significant levels of rainforest deforestation.
Heathrow CEO: Aviation sector must set net-zero plan 'as soon as possible'
EXCLUSIVE: Heathrow Airport's chief executive John Holland-Kaye has joined the growing calls for the aviation sector to implement a net-zero strategy, claiming that "imposing punitive costs" will not deter people from flying less.
Global decarbonisation efforts 'stall', pushing climate goals out of reach
Global decarbonisation efforts will need to be seven times greater than current efforts, if the world is to stand a fair chance of limiting global warming to 1.5C, according to a new PwC report which found that the rate of global decarbonisation has slowed to its lowest level since 2011.
Amazon staff plan mass walkout over slow climate action
More than 900 Amazon employees have said they will walk out later this month in support of the School Strikes for Climate movement.
Oil and gas companies risking £1.8trn in stranded assets during low-carbon transition, report warns
Oil and gas companies have spent £40.5bn ($50bn) on investment projects that undermine the Paris Agreement, with a new report from think tank Carbon Tracker warning that major companies risk wasting £1.8trn ($2.2trn) on stranded assets by 2030.
Available to watch on-demand: Free Corporate Power Purchase Agreements online masterclass
With businesses having doubled the record for annual power purchase agreements (PPAs) in 2018, edie hosted a 45-minute masterclass that is now available to watch on-demand to explore how Corporate Power Purchase Agreements (CPPAs) can push businesses towards their clean energy goals.
Oil and gas industry's net-zero blueprint branded 'overt lobbying'
Green groups have criticised the UK's offshore oil and gas industry's blueprint to contribute to net-zero emissions by 2035, claiming that the accompanying evidence fails to "leave fossil fuels in the ground".
Catholic churches and schools sign major British Gas renewables deal
The Catholic Church has signed one of the UK's largest green energy contracts, which has seen more than 4,500 churches and schools switch to renewable gas and electricity supplied by British Gas.
University of Liverpool to divest entirely from fossil fuels
The University of Liverpool has become the latest higher education facility in the UK to commit to removing fossil fuel investments from its portfolio, following pressure from students and staff.
Report: Economics of petrol and diesel in 'irreversible decline'
Oil production costs must fall to $10-20 per barrel for petrol and diesel to compete effectively against renewable power in the transport sector, a new report has claimed.
edie's next masterclass: adopting Corporate Power Purchase Agreements
As Corporate Power Purchase Agreements (CPPAs) become a popular tool for businesses to meet their energy needs in a sustainable way, and with more companies moving away from fossil fuels, it is crucial to understand the process to adopt these Agreements.
EIB plans to cut all funding for fossil fuel projects by 2020
The European Investment Bank (EIB) has vowed to end its multibillion-euro financing for fossil fuel projects by the end of next year in order to align its strategy with climate targets.
UK set to miss renewable energy target despite breaking records
Despite 2018 being another record year for renewable generation, official figures on energy consumption across the UK last year suggest that national 2020 renewable energy targets will be missed.
UK's overseas energy aid spending on fossil fuels spirals to £4.6bn
Over the last seven years, the UK has spent 60% of its overseas support for energy investment in developing countries on fossil fuels, with more than £4.6bn spent on climate-wrecking projects.
Coors' plastic-free packaging and solar-powered trains: The sustainability success stories of the week
As part of our Mission Possible campaign, edie brings you this weekly round-up of five of the best sustainability success stories of the week from across the globe.
Royal institutions divest from fossil fuels, encourage others to follow suit
To mark London Climate Action Week, the Royal College of Emergency Medicine (RCEM) and the Royal Society of Arts have sold all remaining shares in fossil fuel companies.
The National Trust to divest entirely from fossil fuels
Europe's largest conservation charity has announced that it will divest from all fossil fuel companies within the next three years.
G20 nations triple coal power subsidies despite climate crisis
G20 nations have almost tripled the subsidies they give to coal-fired power plants in recent years, despite the urgent need to cut the carbon emissions driving the climate crisis.
Former National Grid boss Steve Holliday: We can't isolate oil & gas majors on path to net-zero
Former National Grid boss Steve Holliday urged greater business and policy action to involve oil and gas firms in the power sector's low-carbon transition, arguing that such businesses must be "central" to transformation.
Energy industry's carbon emissions rise at fastest rate in nearly a decade
Carbon emissions from the global energy industry rose at the fastest rate in almost a decade in 2018 after surprise swings in global temperatures stoked extra demand for fossil fuels.
MPs call for halt on support for fossil fuels in developing nations
Of the £2.6bn which the UK's export credit agency spent supporting energy exports abroad between 2013 and 2018, 96% was funnelled into fossil fuel projects, mostly in developing nations.
Latest greenhouse gas emissions data shows steep rises in CO2 for seventh year
The concentration of carbon dioxide in the atmosphere has increased by the second highest annual rise in the past six decades, according to new data.
