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US’ largest oil field cuts methane emissions: Methane emissions from the Permian Basin, America’s largest oilfield, dropped by 26% in 2023, according to S&P Global’s report (pdf). This reduction came as companies step up efforts to find and fix leaks following recent regulations from the Biden administration targeting methane, the Financial Times reported.
Methane drop signals progress: In 2023, producers in the basin released 96 bn cubic feet of methane, down from 131 bn cubic feet in 2022. The efforts to cut emissions are seen as effective, driven by both regulatory pressure and industry incentives to make profit from captured methane by selling it instead of letting it escape into the atmosphere.
Challenges ahead, but methane progress likely to continue: While the progress is significant, there are concerns about setbacks under Trump. However, companies are still expected to continue with the efforts due to external pressurers, such as new EU rules on methane emissions, and shareholder commitments, S&P analyst Kevin Birn told Financial Times.
IN OTHER NEWS ACROSS THE POND- US Republicans are after yet another climate investment group: The US’ Republican-led Judiciary Committee is investigating around 60 US asset managers — including BlackRock, State Street, and JP Morgan Asset Management — for their involvement with the global Net Zero Asset Managers (NZAM) initiative, Reuters reports. In a letter sent to NZAM members, the committee asked the companies to disclose more information on their activities in the climate coalition, citing possible violations of antitrust law. NZAM has over 325 signatories and manages USD 57.5 tn.
REMEMBER- An anti-ESG movement is growing in the US: US corporations are facing mounting scrutiny from US Republicans who have harshly criticized companies they perceive as climate-friendly, accusing them of “colluding” with climate advocacy groups and forming a “ climate cartel.” This week, Wells Fargo withdrew from the Net-Zero Banking Alliance (NZBA) without giving reasons for the exit, just weeks after Goldman Sachs removed itself from the alliance. Last month, asset management giants BlackRock, Vanguard, and State Street were hit by an antitrust lawsuit filed by Texas and 10 other Republican-led states over their climate-related practices. You can read more about the impact in our deep dive into ESG divestment.
Rwanda cracks down on motorbikes: Rwanda is planning to phase out the registration of gas-powered motorbikes — about 55% of the country’s vehicles — through new rules set to start on 1 January, Bloomberg reported. The policy won’t apply to existing bikes, but the government hopes to encourage the switch to e-bikes through its 2021 policy incentives — including consumer tax breaks and VAT cancelation for EVs and their spare parts — lowering the cost of purchasing EVs.
E-bikes are booming: With a big motorbike market of more than 100k gas-powered bikes, e-bike companies like Ampersand and Spiro are expanding their e-fleets to meet the demand as more consumers shift to EVs. Spiro is planning to raise up to USD 100 mn investments over the next few months to grow its fleet from 1.3k bikes to 20k by 2025, its CEO Kaushik Burman told Bloomberg. Ampersand, with a fleet of 4k e-bikes, has raised USD 21.5 mn since 2023, and is preparing for another funding round to support its expansion.
