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New details on JSW’s EV plans in India: India’s JSW Group has signed an agreement with the government of east Indian state Odisha to establish EV and battery plants in two cities for INR 400 bn (USD 4.9 bn), Reuters reported Saturday. The company first spoke of its investment plans last month along with targets to boost its EV sales up to 30% from 2% in 2023.
Dutch pension fund PFZW ditches Shell and TotalEnergies: Dutch healthcare workers’ pension fund PFZW has divested EUR 2.8 bn in holdings across 310 EU oil and gas companies on the back of poor climate action strategies, according to a statement released on Thursday. The company — which managed a EUR 238 bn portfolio by the end of last year — has sold shares in energy giants including Shell and TotalEnergies and will retain shares in only seven Big Oil firms which it says have made sufficient steps to transition to a clean energy mix in compliance with the 2015 Paris Agreement. These companies are Cosan S.A., Galp Energia, Granuul Invest, Neste Oyj, OMV A.G., Raízen S.A., and Worley Limited.
Dropping climate negotiations with Shell: PFZW — one of two Dutch pension funds tapped back in 2022 to lead negotiations with Shell on behalf of the Climate Action 100+ (CA100+) investor group — also says it will step away from the talks, Reuters reports.
US chemicals giant Dow pulls trigger on maiden green bonds:US-based plastic maker Dow Chemical Company raised USD 1.25 bn from two maiden green bonds last week and will funnel the funds towards financing decarbonization efforts to curb plastic pollution, Bloomberg reported last week, citing people with knowledge of the matter. The issuance — for which Bank of America, Citigroup, HSBC, ING Groep and SMBC Nikko Securities America are managers — was tightened from an initial 1.6% yield and the longer of the securities will have a 30-year tenor.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- Ford Motor sees net losses in 4Q: Ford Motor Company reported a net loss of USD 526 mn in 4Q 2023, down from the net income of USD 1.29 bn for the same period the year before. The loss was mainly attributed to a USD 1.57 bn loss in the company’s EV unit, which was more than double the USD 631 mn in losses in 4Q 2022. (CNBC)
- World’s biggest container maker cashing in on hydrogen:China International Marine Containers Group, the largest manufacturer of shipping containers in the world, saw a jump in revenues to CNY 1 bn last year from its hydrogen business, indicating that the green fuel is gaining steam commercially. (Bloomberg)
- IFC + SIMA boost solar energy use in Africa: The International Finance Corporation (IFC) has partnered with Social Investment Managers and Advisors (SIMA) and other financiers to close the first phase of a USD 150 mn solar green bond to help finance solar projects across Africa. (Statement)
- China’s EV production and sales surge y-o-y in January: China recorded a 63.9% y-o-y EV production increase last month to 489k units and recorded a y-o-y sales surge of 55.1% up to 445k vehicles. (China Internet Information Center)
