Edition for 12 May 2020

Top Stories

Denmark’s PFA Pension joins the UN-Convened Net-Zero Asset Owner Alliance (UNEPFI)

  • By joining the Net-Zero Asset Owner Alliance, an initiative co-convened by PRI and UNEP FI, PFA has committed to transitioning its investment portfolio to net-zero greenhouse gas emissions by 2050, consistent with a maximum temperature rise of 1.5°C target above pre-industrial temperatures, in accordance with the Paris Climate Agreement.
  • Allan Polack, Group CEO, PFA said: “With more than 1.3 million clients PFA has a special obligation to contribute to sustainable development of our society.”
  • Therefore, we have been working with integrating responsibility and sustainability in our investments for several years, and we are now taking a further step by committing to making our investment portfolio carbon-neutral by 2050.

Shell, Eni lead oil majors' climate ambitions but still fall short -investors (Reuters)

  • None of the big oil companies currently meet U.N. targets to limit global warming despite the most ambitious targets set by Royal Dutch Shell and Eni, investors managing $19 trillion said on Tuesday.
  • The Transition Pathway Initiative (TPI), which represents the investors and is co-chaired by the Church of England Pensions Board, called on all oil and gas producers to set both intensity-based and absolute emissions reductions targets so that the industry adheres to a common standard on ‘net zero’ emissions.
  • Burning of oil and gas accounts for the vast majority of the world’s carbon emissions.

Canadian oil sector welcomes federal aid for large firms despite climate change conditions (EHN)

  • A federal financing relief package for large Canadian companies was applauded by the oil and gas sector and the Alberta government on Monday despite conditions that could link the aid to an individual company’s climate change goals.
  • He added oil and gas companies shouldn’t face problems with the requirement to help meet federal climate change commitments.
  • Cenovus has set targets of 30 per cent greenhouse gas emissions intensity reduction and flat overall emissions by 2030, as well as achieving net zero GHG emissions by 2050, and therefore should have no problem meeting federal climate change requirements, she said.

Does New York need a new natural gas pipeline? It’s about to decide. (Grist)

  • “We can’t pretend we are making progress on combating climate change if we continue to build out fracked gas infrastructure that will lock in emissions for years to come,” said Stringer, who is rumored to be considering a run for New York City mayor in 2021.
  • “Let’s finish stopping this pipeline and move on to building out a cleaner, more sustainable city.”
  • The rally was held ahead of the May 17 deadline for the New York State Department of Environmental Conservation to rule on a key permit for the project.
  • Both the city and state passed landmark laws last year that seek to drastically reduce carbon emissions by 2050.

Earth Institute Announces Resilience Media Project (Earth Institute)

  • To foster communication progress on systemic grand challenges like pandemic and climate risk, the Earth Institute is launching a Resilience Media Project this spring as part of its new Initiative on Communication and Sustainability.
  • The next webinar will take place on May 14, when Willman will be discussing with experts, including Michael Burger of the Sabin Center for Climate Change Law at Columbia, the drastic changes in environmental regulation under the Trump Administration, specifically rule changes going into effect during the pandemic.
  • Through field visits and meetings with climate scientists, urban planners, city sustainability officials and communities in harm’s way, participants will come away equipped to convey stories putting meaning into the word resilience, which too often is tossed around as a vague label.

BLM and DOI Issue Final Record of Decision for Milestone 690MW Gemini Solar and Battery Storage in Nevada (Business Wire Energy News)

  • This Record of Decision formally concludes the federal authorization and environmental review process for Gemini and is based on the Final Environmental Impact Statement (EIS) issued in December 2019 under the National Environmental Policy Act.
  • The addition of battery storage to large scale solar generation will enable the long-term reduction of carbon emissions from existing power generation sources.
  • In June of 2019, Gemini signed a 25-year Power Purchase Agreement (PPA) with NV Energy, which means that all of the energy generated by the project will stay in Nevada and in December 2019, the Public Utilities Commission of Nevada (“PUCN”) granted approval of the PPA.

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