European Environmental Bureau’s Post

“The steel sector’s decarbonisation is essential both for the economy-wide shift to net zero and for the alignment of investment portfolios with the transition.” A new policy paper from the Institutional Investors Group on Climate Change (IIGCC) – Investor priorities for transitioning the European steel sector – highlights, among other, the need to stimulate demand for green steel. As part of phase II in Climate Action 100 the AP-fondernas etikråd / Council on Ethics Swedish National Pension Funds participates in the Steel value chain engagement initiative, coordinated by the IIGCC. This initiative focuses on the demand side of green steel in Europe, and the role investors can play, and will develop further during 2024. The steel industry is responsible for 7-9% of global CO2 emissions and around 5% in Europe. Read the policy paper here: https://lnkd.in/dvWujHv5 #stewardship #activeownership #steel #climate #transition Första AP-fonden (AP1) Andra AP-fonden (AP2) AP3 Tredje AP-fonden Fjärde AP-fonden (AP4)

After EU Commission's first decision on Carbon Contracts for Difference, Germany initiates bidding of EUR 4bn. Read more in our Law-Now article from Dr. Michael Bauer and Luisa Thomasberger #cmslaw #europeancommission #stateaid #climatechange

Investors in the world’s fourth largest steelmaker have shown significant support for three climate-related shareholder proposals at the company’s annual general meeting - including delivering the largest ever vote in support of a climate lobbying resolution in Japan. - 27.98% of shareholders voted in support of a proposal filed by Legal & General Investment Management (LGIM) and the Australasian Centre for Corporate Responsibility (ACCR) asking for improved disclosure of climate-related lobbying activities. - 23.01% of shareholders voted in support of a proposal filed by Corporate Action Japan (CAJ) and ACCR asking for remuneration to be linked to the company’s GHG emissions reduction targets. - 21.48% voted in support of a proposal filed by CAJ and ACCR asking NSC to set and disclose short and medium-term greenhouse gas (GHG) emissions reduction targets aligned to the goals of the Paris Agreement for scope 1, 2 and 3 emissions, along with disclosure of planned capex for decarbonisation investments. One quarter of shareholders voting in support of the climate-lobbying proposal is a strong signal that investors want to see greater transparency about lobbying and policy engagement from politically influential companies like Nippon Steel.

🔴 The European Commission approves €128 million Swedish State aid measure to support SSAB in decarbonising its steel production 👇 🎯 The measure will contribute to achieving the European Green Deal and the Green Deal Industrial Plan targets, while also helping to end dependence on Russian fossil fuels and accelerate the green transition, in line with the REPowerEU Plan. 💶 The measure will be made available through the Just Transition Fund. The aid will take the form of a direct grant. 🔍 The Commission assessed the measure under EU State aid rules and the Guidelines on State aid for climate, environmental protection and energy, which allow Member States to support measures reducing or removing CO2 emissions. For more information ⬇ 🔗 https://europa.eu/!rq7WH6 #EUStateAid #Steel #Green #GreenDeal #Sweden

Australia tragically demonstrates the  "drug dealer's defence", and "the drop in the ocean" climate inaction arguments can be accepted by a court. The Federal Curt has supported Tanya Plibersek's (Australia's Minister for the Environment and Water) assessment  that "any contribution to climate change and its impacts from two new 𝐜𝐨𝐚𝐥𝐦𝐢𝐧𝐞 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬 𝐰𝐢𝐭𝐡 𝐚 𝐥𝐢𝐟𝐞𝐭𝐢𝐦𝐞 𝐞𝐦𝐢𝐬𝐬𝐢𝐨𝐧𝐬 𝐨𝐟 𝐚𝐛𝐨𝐮𝐭 𝟏.𝟑𝟓 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐭𝐨𝐧𝐧𝐞𝐬 𝐨𝐟 𝐂𝐎𝟐-𝐞𝐪𝐮𝐢𝐯𝐚𝐥𝐞𝐧𝐭 𝐰𝐨𝐮𝐥𝐝 𝐛𝐞 🅸🅽🆂🅸🅶🅽🅸🅵🅸🅲🅰🅽🆃 (-> https://lnkd.in/edgGh279) At the same time, Germany's higher administrative court of Berlin-Brandenburg, in the German capital, ruled on two "lawsuits brought by Environmental Action Germany alleging that 𝐜𝐮𝐫𝐫𝐞𝐧𝐭 𝐟𝐞𝐝𝐞𝐫𝐚𝐥 𝐦𝐞𝐚𝐬𝐮𝐫𝐞𝐬 𝐭𝐨 𝐫𝐞𝐝𝐮𝐜𝐞 𝐂𝐎𝟐 𝐞𝐦𝐢𝐬𝐬𝐢𝐨𝐧𝐬 𝐢𝐧 𝐯𝐚𝐫𝐢𝐨𝐮𝐬 𝐬𝐞𝐜𝐭𝐨𝐫𝐬 𝐚𝐫𝐞 𝐢𝐧𝐬𝐮𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐭, and will fall short of the government's own legally binding targets for the coming years.". This is a very similar ruling than in a recent one in the UK where 𝐭𝐡𝐞 𝐠𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭'𝐬 𝐜𝐥𝐢𝐦𝐚𝐭𝐞 𝐚𝐜𝐭𝐢𝐨𝐧 𝐩𝐥𝐚𝐧 𝐰𝐚𝐬 𝐟𝐨𝐮𝐧𝐝 𝐮𝐧𝐥𝐚𝐰𝐟𝐮𝐥 by the High Court. (-> https://lnkd.in/eUuuYWZv).   #litigation #regualation #parisagreement #netzero #energytransition

In a recent interview with the newspaper "Latvijas Avīze," Dace Cirule, the leader of FICIL's Energy and Green Economy work group, highlighted the perspectives of foreign investors on the progress made in Latvia's energy and green economy sectors. Due to the contrasting attitudes towards achieving the green goals, Dace Cīrule pointed to the challenges and necessary changes to streamline the implementation of the goals:  🌱 The need for open discussions: a dialogue involving the public to address fears and doubts about "green policies" is crucial, as transparency helps to build overall trust and support for green initiatives. 🌱 The lack of a clear government strategy and vision, which are crucial to achieve the green goals. A framework from the government is needed to ensure that both the public and private sectors successfully implement the Green Deal goals.  🌱 Revisions to the National Climate and Energy Plan: FICIL called for revisions in the National Climate and Energy Plan, emphasising that FICIL is actively collaborating with the Ministry of Climate and Energy to revise the Plan, and multiple meetings have been already held.  

Copy and paste below from Leah Garden's thorough article with Trellis Group (link in comments)! 👏 *** Repealing #Washington's cap-and-trade program What’s this about: In 2021, Washington instituted the Climate Commitment Act (CCA). The law places a cap on the amount of carbon pollution allowed from companies within the state. Under the CCA, facilities purchase allowances for emissions, with the set cap decreasing in size annually while the price per allowance increases. Opponents want to repeal the CCA over claims (KEY WORD HERE) that it has led to a marked rise in gas prices and cost of living. What’s on the ballot: In the upcoming election, Washington residents have the chance to repeal the 2021 cap-and-trade law Initiative 2117 not only allows voters to repeal the law, but it also prohibits the implementation of any future cap-and-trade investment programs. Why you should care: Since its inception, CCA has raised more than $2 billion in allowance fees collected from companies, resulting in public service benefits like electric buses and ferries, electric vehicle charging stations, and the development of a large-scale solar project by the Yakama Nation. The available funds collected from the CCA are also redistributed through clean energy grants for businesses. Mining company Fortescue received a $20 million grant to convert its Washington mine into a clean hydrogen plant. *** This and many other policies are on ballots this year and we can't subject ourselves to short-term promises and lies. Vote NO to Initiative2117! #ClimatePolicy #PublicHealth #PNW #ClimateFinance

https://s.frk.com/3zI60rW Listed infrastructure: Is now the time to invest in UK water? With £100 billion proposed for environmental improvements, Shane Hurst from ClearBridge Investments, discusses if UK water companies could have potential. (Investments involve risks)

Disputing environmental claims related to the exploration, production and use of hydrocarbons may about to be punishable by jail time in Canada: " 'In February, federal NDP MP Charlie Angus introduced a bill that threatened fines and jail time for Canada’s oil and gas industry if they tried to defend their record on the environment. Canadians were immediately outraged, and the bill was laughed away as being just plain crazy,' [Canadian Minister of Environment and Protected Areas Rebecca Schulz] stated. "Despite the initial backlash, Schulz said that Angus has successfully incorporated his controversial provisions into Bill C-59 through last-minute amendments. "These changes have gained the support of the federal Bloc Québécois, NDP, and Liberals, effectively enabling environmental activists to sue oil and gas companies over allegedly misleading environmental benefits. "The bill introduces so-called 'anti-greenwashing provisions' that would allow activists to challenge the environmental claims of oil and gas companies. To defend their claims, companies would need to prove them using an 'internationally recognized methodology,' a term Schulz criticized as vague and undefined, creating unnecessary uncertainty for businesses. " 'Any company not willing to risk millions of dollars in fines and legal fees will be forced to stay silent. And that is exactly the outcome that Minister of Environment and Climate Change Steven Guilbeault and the federal Liberal-NDP-Bloc Québécois alliance wants to happen,' she said. "Bill C-59 is currently in its third reading in the House of Commons and could pass as early as this week. Schulz warned that if the bill advances to the Liberal-dominated Senate, it is likely to be quickly approved." Canadian law firm Burnett Duckworth & Palmer LLP has a good discussion of this bill here: LINK: https://lnkd.in/gu9qbZHG Upstreamonline.com also discusses the bill here (behind a paywall): LINK: https://lnkd.in/gwYDAgsR #energy #energyindustry #energylaw #environmentallaw #oil #oilindustry #oilgas #oilandgas #natgas #naturalgas #lng #hydrocarbons #energypolicy #freespeech #civilliberties #canada #canadianlaw #netzero #carbon #agenda2030 #climatelitigation https://lnkd.in/gdiitYJ2

The Infrastructure Guidelines recently updated the parameters to be used for the Shadow Price of Carbon across appraisal. Read more about what the Shadow Price of Carbon is, what are the changes that have been implemented and what impact this could have on decision making in our blog post here: https://lnkd.in/ep_9Qskt