7. Carbon Accounting App Store:Greenly has launched The Climate App Store, which provides "tools to measure and reduce users' carbon footprints. The store's inaugural applications allow customers to measure carbon footprints related to electricity, Websites, advertising campaigns, aircraft fleets and more.
8. Telsa Layoffs: The electric vehicle company is laying off some battery production workers at its Shanghai plant in China amid the ongoing price war in the electric vehicle space, Bloomberg reported.
9. Solar Energy: Multiple updates, including...
Solar Stocks Under Pressure: Analysts at Susquehanna cut price targets on several top companies in the solar energy sector, saying "recent industry checks and conversations with installers and equipment providers suggest softening demand across the U.S. market," SeekingAlpha reported. Susquehanna issued target price cuts on such stocks as Enphase Energy, Sunnova Energy, SunPower, Sunrun and SolarEdge Technologies, the report said.
Solar Company - Funding:First Solar has entered into a five-year revolving credit and guarantee facility for $1 billion. The facility includes up to $250 million which is available for the issuance of letters of credit. J.P. Morgan Chase Bank acted as Lead Arranger and is Administrative Agent for the facility.
U.S. Solar Manufacturing - Funding: The U.S. Department of Energy (DOE) announced $45 million to support pilot manufacturing of solar components that can contribute to the domestic manufacturing sector.
Massive Solar Roof: Duke Energy unveiled Kentucky’s largest rooftop solar array at the Amazon Air Hub. The array operates over 5,600 photovoltaic panels on the 800,000-square-foot rooftop adjacent. The system will feed 2 megawatts of solar power directly onto the electric distribution grid, energizing approximately 400 homes and businesses in the area, Duke Energy said.
10. Talent - Energy Transitions: Consolidated Asset Management Services (CAMS), a service provider for owners of energy infrastructure assets, has named John Mitchell as battery energy storage systems (BESS) director. Mitchell is part of the Energy Transition Services (ETS) team at CAMS.
11. Shipping - Flawed Net-Zero Goals?: The global shipping industry has agreed to reduce planet warming gases to net-zero "by or around 2050", but critics say the deal is fatally flawed, BBC reported. Among the areas of concern: The non-binding emissions goals fail to align with restricting global warming to 1.5 degrees Celsius above pre-industrial levels, Bloomberg noted.
12. Siemens Wind Turbine Flaw: Siemens Energy AG has established an internal taskforce and supervisory board committee after a string of quality problems with its wind turbines triggered a record share price drop, Bloomberg reported.
13. Energy Company Under Pressure: Activist hedge fund Starboard Value, in a letter to Algonquin Power & Utilities, urged the energy company to sell its Renewable Energy Group to reduce debt and improve earnings.
B. Sustainability M&A, Investments and Funding
1. United States - Manufacturing in New York: The state is seeking up to $160 million in federal funding to modernize the manufacturing sector. The effort, driven by FuzeHub, seeks money from the NFS Engines competition.
C. Regional and Global Sustainability Policies and News
2. European Union - Sustainability Reporting Standards: As the deadline for the EU sustainability reporting standards draft approaches, concerns have been raised about its alignment with the recommendations of EFRAG (European Financial Reporting Advisory Group), Funds Europe reported. The final European Sustainability Reporting Standards (ESRSs) are expected to be adopted in August 2023, with companies mandated to adopt them from 1 January 2024, subject to no objections being raised by the EU Parliament and Council, the report said.
3. Greece - Smart Buildings: Siemens has partnered with PRODEA Investments to create "smart, sustainable buildings in Greece," the two companies said. The effort involves Building X, a Siemens technology platform that helps companies to digitize, manage and optimize building operations. PRODEA is a real estate investment company that's listed on the Athens Stock Exchange. The company's assets, exceeding €3.0 billion, includes more than 380 commercial properties across the commercial office, hospitality and retail sectors.
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