Norway's Political Oil Crisis
Commentary
Two paradoxes mark Norwegian society. First, there is tension between Norwegians' conservative nationalism and their affinity for progressive welfare policies. Second, oil revenues are creating an unstable political situation. Naturally, these contradictions become intertwined in the country's otherwise typically calm and ordinary Nordic political dealings.
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Bloomberg
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Businessweek Big Business Is Abandoning Its Climate Goals From Amazon to Wells Fargo, a look at rampant backsliding on climate pledges. By Ben Elgin Illustrations by Cameron Galley June 13, 2025 at 9:00 AM EDT
Share this article For years, many of the world's largest companies have made bold-sounding commitments to help stave off the most devastating impacts of a rapidly overheating planet. In many cases, though, boardroom rhetoric far outpaced actual investments and actions. Now a reckoning is here. With rampant backsliding on climate pledges, dozens of major companies have recently begun abandoning or weakening their targets. The consequences could be dire for a planet hurtling toward ecological disaster. Here's a snapshot. OIL & GAS Exxon Mobil March 2018 The oil giant said it would achieve the 'technical ability' to produce 10,000 barrels of algae biofuels per day by 2025. 'Someday you might be calling me an energy farmer,' declared an Exxon scientist in one of many ads touting the pledge. February 2023 The company quietly backed out of that goal after yanking funding for several algae research and development projects. 'Algae still needs some more work,' said Vijay Swarup, senior director of climate strategy and technology. BP August 2020 The company said it would cut production of fossil fuels by 40% by 2030 while transitioning rapidly to renewables. 'The world's carbon budget is finite and running out fast,' then-Chief Executive Officer Bernard Looney said. February 2025 BP scaled back the goal in 2023 before ditching it altogether this year, with new CEO Murray Auchincloss saying the company had gone 'too far, too fast.' The oil producer now plans to ramp up spending on oil and gas while investing far less in clean energy. Equinor June 2021 The Norwegian company pledged to invest more in clean energy than in fossil fuels by the decade's end, to 'create value as a leader in the energy transition,' CEO Anders Opedal said. February 2025 Equinor nixed its 2030 goal and lowered its investment plans for renewables, with Opedal citing the 'uneven pace of the energy transition.' Eneos Holdings May 2023 The large Japanese oil refiner said it would increasingly focus on lower‑carbon fuels, with a specific plan to supply up to 4 million tons of hydrogen by 2040. May 2025 Eneos backed away from its hydrogen target, with CEO Tomohide Miyata explaining the full-scale shift toward a carbon-neutral society appears to be slowing. Shell February 2021 The oil company vowed to cut the carbon intensity of the energy it sells by 45% by 2035. March 2024 Shell canceled that target, blaming 'uncertainty in the pace of change in the energy transition.' BANKING HSBC October 2020 The British financial-services company committed to eliminating heat-trapping emissions from its operations by the end of this decade. February 2025 HSBC pushed back its net-zero target to 2050, citing changes in the economy. Wells Fargo March 2021 The bank promised to eliminate emissions associated with its loans by midcentury, with CEO Charlie Scharf declaring climate change 'one of the most urgent environmental and social issues of our time.' February 2025 Wells Fargo scrapped plans to green its lending activities, stating it would instead meet clients 'where they are in their chosen energy and transition strategies.' Royal Bank of Canada February 2021 CEO Dave McKay called climate change 'one of the most pressing issues of our time' and vowed to lend C$500 billion ($365.8 billion) to sustainable projects by 2025. April 2025 The bank shelved this goal, citing changes in industry practices and government regulations. UBS April 2021 The bank pledged to zero out emissions from its operations by 2025. 'We want to set the industry standard for sustainability with clear commitments to helping people and the planet,' said then‑CEO Ralph Hamers. March 2025 UBS bumped back its target to 2035 after acquiring Credit Suisse. Transportation Delta Air Lines February 2020 The airline said it would spend $1 billion over a decade to become carbon neutral. 'There's no challenge we face that is in greater need of innovation than environmental sustainability,' said CEO Ed Bastian. March 2022 Delta briefly claimed to be carbon neutral after spending hundreds of millions of dollars on carbon offsets, but it ditched the controversial practice. It now aims to reach net zero by 2050. Air New Zealand August 2022 The airline set an ambitious climate goal equating to a 16% reduction in overall emissions by 2030. July 2024 Air New Zealand pulled back from this target, citing delays to its fleet renewal plan, but still aims to have 10% of its fuel needs covered by sustainable sources by the end of the decade. FedEx March 2021 The shipping giant vowed that half of its new delivery-truck purchases would be electric by 2025. 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'It won't be easy to achieve this goal, but it's worth being focused and stubborn on this vision,' one executive wrote. May 2023 Amazon pulled the plug, promising instead to eliminate all its emissions by 2040. It 'no longer made sense' to have a separate shipping goal, according to a company statement. FOOD & BEVERAGE Coca-Cola February 2021 The beverage titan, which produces more than 137 billion plastic bottles a year, said it would cut its use of new plastic by 3 million tons by 2025 as part of its quest to help reduce global waste. December 2024 With its use of virgin plastic still growing, Coca‑Cola ditched the goal and set weaker targets for using recycled materials in its bottles. 'We know we will have more chapters in our journey and that we can't do it alone,' said sustainability executive Bea Perez. JBS March 2021 The world's biggest meatpacker vowed to eliminate or offset its massive carbon footprint by 2040. 'We must act urgently to combat the negative effects of global warming,' CEO Gilberto Tomazoni said. January 2025 With little progress to show, a JBS sustainability exec told Reuters its goal was 'never a promise.' PepsiCo January 2021 The company vowed to reach net-zero emissions by 2040 and later said it would cut its use of virgin plastic. 'It reflects a new business reality, where consumers are becoming more interested in the future of the planet,' declared CEO Ramon Laguarta. May 2025 Due to 'external realities and business growth,' the food and beverage heavyweight pushed its climate goal to 2050 and weakened its plastic pledge. More On Bloomberg
Yahoo
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Company announcement No. 15/2025 13 June 2025Netcompany Group A/S ("Netcompany") hereby announces the following notification received pursuant to section 38 of the Danish Capital Markets Act from Danske Bank A/S, regarding their direct and indirect holdings and voting rights in Netcompany. On 12 June 2025 Danske Bank A/S informed Netcompany, that Danske Bank A/S as of 11 June 2025 directly and indirectly via Danica Pension Livsforsikringsaktieselskab, Investeringsforeningen DI, Investeringsforeningen DI Select, Kapitalforeningen DI Institutional, Danske Bank A/S, and Sicav Capital LUX controls 2,587,150 voting rights corresponding to 5.45% of the total voting rights in Netcompany. This announcement is in accordance with section 30 of the Danish Capital Markets Act. For further information, please see the attached notification form. Additional informationFor additional information, please contact: Netcompany Group A/SThomas Johansen, CFO, + 45 51 19 32 24Frederikke Linde, Head of IR, +45 60 62 60 87 Attachments 15. Netcompany - Major shareholder announcement - DB 15. Notification form DBError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
17 hours ago
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Logent Group acquires HUB logistics Finland Oy and announces the intention to issue subsequent notes
Logent Finland Bidco Oy, an indirect subsidiary of SSCP Lager BidCo AB (publ) ('Logent' or the 'Company') has entered into an agreement with the shareholders of the Finnish entity HUB logistics Finland Oy ('HUB logistics' or the 'Target') to acquire all the shares in the Target (the 'Acquisition'). The closing of the Acquisition is expected to take effect on 23 June 2025 and is subject to customary conditions precedents. Logent has mandated Nordea Bank Abp and Pareto Securities AS as joint bookrunners to arrange credit investor meetings commencing on 13 June 2025 for the placement of subsequent senior secured notes under the terms and conditions of the Company's outstanding notes loan 2023/2026 with ISIN SE0021021193 (the 'Subsequent Notes Issue'). A capital markets transaction with an expected volume of SEK 200 million will follow. The Company has received binding subscription applications corresponding to the full amount of the Subsequent Notes Issue. The net proceeds from the Subsequent Notes Issue will be applied towards consummation of the Acquisition, financing transaction costs and general corporate purposes. Following the Subsequent Notes Issue, the aggregate outstanding nominal amount under the notes loan is expected be SEK 1,050 million. The Acquisition in brief and financial effects Joining forces in Finland will complement Logent's and HUB logistics' strengths, service offerings and enhance the value Logent can deliver to its customers in the Finnish market and in Northern Europe more broadly. After closing of the Acquisition, Logent is expected to generate rolling 12-month pro forma Net Sales of approximately SEK 2.7 billion and Adj. EBITDA (pre-IFRS 16) of approximately SEK 270 million, as of the first quarter of 2025. The incurrence testing date for the Subsequent Notes Issue will be 3 June, 2025, at which the Company reports a pro forma net debt position (incl. consummation of the Acquisition) of approximately SEK 1,010 million (pre-IFRS 16). Nordea Bank Abp and Pareto Securities AS are acting as Joint Bookrunners in connection with the Subsequent Notes Issue. Snellman Advokatbyrå AB acts as legal advisor to the Company and Gernandt & Danielsson Advokatbyrå KB acts as legal advisor to the Joint Bookrunners. For further information, please contact: Joel Engström, CEO, telephone number: +46 734 36 36 29, This information is of the type that SSCP Lager BidCo AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above, on 12-06-2025 at 20:12 CET/CEST. About Logent GroupLogent is an independent logistics partner, with a Nordic base present in Northern Europe and global networks. We have a wide range of services and create value for our customers through guaranteed cost and quality improvements. Our service offer include Logistics Services such as Warehouse design and operations, Transport Management and Customs, Port and Terminal operations, Staffing Services and Consulting Services. This means that Logent has grown to a turnover of about SEK 2.4 billion from the start in 2006 and employs approximately 2,800 people in Northern Europe. Attachment in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
