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Sustainability News 30 April 2024: Capgemini, CSRD Research, Eaton, Workiva, More

April 30, 2024 by Joe Panettieri

Here is today’s sustainability news, research and analysis for technology partners, renewable energy consultants and green IT service providers. Today's sustainability news also involves management consultants, CIOs, chief sustainability officers (CSOs), c-suite members and climate accounting professionals.

A. Sustainable Technology, Talent, Partnerships and Green IT Alliances

1. Earnings - IT Consulting: Capgemini's revenues were €5.527 billion in Q1 of 2024, down 3.5% from Q1 of 2023. The company expects the market to gradually pick up toward the end of 2024, "setting up a more tangible acceleration in 2025," according to CEO Aiman Ezzat. Customers remain focused on cost-efficiency efforts, but Capgamini also is seeing "good traction for our high-added value services in Intelligent industry as well as for our sustainability offerings."

2. Earnings - Power Management: Eaton sales were $5.9 billion in Q1 of 2024, up 8% from Q1 of 2023. The power management energy company increased its full year 2024 expectations for organic sales.

3. Data Centers - Energy Consumption Challenges: Growing energy consumption from hyperscale data centers has upended plans by electric utilities to cut the use of fossil fuels, The Wall Street Journal reported. In some areas, that means burning coal for longer than planned, the report said.

4. Battery Recycling: Keep an eye on Redwood Materials. Founder and CEO JB Staubel previously co-founded Tesla, and spent 15 years as CTO of the EV company. Redwood Materials focuses on circular supply chain strategies that recycle battery components and accelerate the reduction of fossil fuels. Redwood raised $1 billion in Series D funding in August 2023. As of that date, the company had raised $2 billion since inception while also receiving a $2 billion loan commitment from the U.S. Department of Energy.

5. Tesla Supercharger Network Layoffs: Telsa is cutting 500 employees from the Supercharger Network team, according to The Information. Rebecca Tinucci, senior director of Tesla's Supercharger business, plans to leave the company, the report said. Tinucci is a six-year Tesla veteran, according to her LinkedIn profile. The latest layoffs surfaced roughly two weeks after Tesla disclosed 10% or so staff cuts.

6. Software - Live Events: d&b group has launched SustainSymphony, a cloud-based sustainability management software service for the live event industry.

7. Research - CSRD Compliance: Fully 81% of companies not subject to the European Union’s Corporate Sustainability Reporting Directive (CSRD) intend to partially or fully align their sustainability disclosures with its requirements, a Workiva ESG practitioner survey revealed.

8. Executive Leadership - Solar Power and Energy Storage: Altus Power Co-CEO Lars Norell has resigned from the renewable energy company. Amid that move, Gregg Felton is now Altus Power's sole CEO. The company expects to announce Q1 2024 financial results on May 9.

B. Sustainability M&A, Investments, Funding and Green IT Business Launches

1. Investment Research: Bloomberg has launched a Sustainable Investment Screening Tool that helps investors assess portfolios, funds and indices based on sustainability criteria and thresholds customized by the user.

2. M&A - Potential Acquisition: TotalEnergies has emerged as a contender to acquire AES Corp.'s assets in Brazil, competing against China Three Gorges and Auren Energia, SeekingAlpha reported.

3. M&A - Carbon Accounting and Environmental Software: Foresight and Cornerstone Environmental Health and Safety have merged. Foresight is a sustainability, carbon accounting, and energy management company headquartered in Grand Rapids, Michigan. Cornerstone is a environmental, health and safety software company headquartered outside of Indianapolis, Indiana. Financial terms of the deal were not disclosed.

4. Complete M&A List: Here's our database of all M&A deals involving green IT and renewable energy buyers, sellers and investors.

C. Regional and Global Sustainability Policies and News

1. United States - Nuclear Power: A month after the US offered $1.5 billion to restart one shuttered nuclear power plant, there’s a growing sense among officials in the industry and government that it may not be the last, Bloomberg reported.

2. Australia - Home Energy Management: FranklinWH Energy Storage and Greentech are partnering to help households manage and utilize energy.

D. Sustainability and Green Technology Conference Calendar

  1. Midwest Regional Sustainability Summit 2024 (May 2, Cincinnati, Ohio)
  2. The Open Sustainability Policy Summit 2024 (May 2-3, Washington, D.C.)
  3. Gartner Supply Chain Symposium Xpo 2024 (May 6-8, Orlando, Florida)
  4. WasteExpo 2024 (May 6-9, Las Vegas)
  5. Responsible Care and Sustainability Conference 2024 (May 6-9, Miami Beach, Florida)
  6. Complete Calendar of Sustainability Conferences

E. Previous Updates & Future News

  1. Did You Miss Yesterday's Daily Update?: Here is our previous sustainability, green IT and renewable energy news for technology partners.
  2. Future Updates: If you have news to share then please email me the details.
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