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EU injects EUR 233 mn into green projects: The European Commission is investing over EUR 233 mn into 12 strategic climate-related projects across Europe through the LIFE program, according to a statement released on Thursday. The investment aims to advance the EU’s environmental and climate goals as part of the European Green Deal. Bulgaria, Czechia, Ireland, Spain, France, Italy, Lithuania, Austria, Poland, and Finland have been chosen to receive funding to meet their environmental and climate targets. These projects include initiatives to enhance marine ecosystems, improve air and water quality, and promote biodiversity conservation across various regions. Additional funds will be provided from national government and private sector investments as well as European agricultural, structural, regional and research funds.
UK’s Nest picks Lombard Odier to build USD 6.3 bn ESG fund: The UK’s largest pension scheme Nest has selected Switzerland’s Lombard Odier Investment Managers to manage a new ESG equity fund targeting USD 6.3 bn by 2030, with a focus on climate change mitigation, adaptation, natural capital, and social issues, Bloomberg reported on Thursday. Around half of Nest’s current EUR 36 bn portfolio aligns with the Paris agreement goals, while its Climate Aware fund, managed by multinational investment bank UBS Group AG, further emphasizes climate considerations.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- Denmark could be the first to impose a carbon tax on farming: Danish farmers have expressed concern regarding a possible levy on carbon emissions — a world first — saying it would slow production and force farms to close. (Reuters)
- Belgian petrochemical plant faces legal backlash over environmental impact: The proposed Project One petrochemical plant in Antwerp, set to be the largest in Europe, is facing legal action initiated by NGOs who argue that its true impact on nature, people, and the climate has not been considered. (The Guardian)
- ArcelorMittal secures EUR 1.3 bn in German state aid: The EU Commision greenlit EUR 1.3 bn in state aid from Germany to European steel manufacturer ArcelorMittal on Friday to support its efforts to decarbonize some production processes. The commission says the aid is necessary for promoting green steel production, with its benefits expected to outweigh any potential impacts on competition and trade within the EU. (Reuters)
- US Dominion offloads 50% stake in offshore wind farm: American energy company Dominion Energy is set to sell a USD 3 bn, 50% non-controlling stake in its offshore wind farm in the Atlantic ocean to Stonepeak by the end of the year. The wind project is valued at USD 9.8 bn and will feature 176 turbines. (Bloomberg)
