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Business Standard
23-07-2025
- Automotive
- Business Standard
Formula 1 renewable energy shift drives 26% drop in carbon footprint
By Olivia Raimonde and Alastair Marsh Motor racing, a sport known for flashy, petrol-guzzling racecars speeding at hundreds of kilometers per hour across twisting asphalt tracks, hasn't been a pastime known for sustainability. Formula 1 is trying to change that. Often referred to as 'the pinnacle of motorsport,' the racecar organisation, which hosts an annual championship featuring the best drivers in the world, has seen its carbon emissions drop 26 per cent since 2018. At the end of the 2024 season, the sport's carbon footprint fell to 168,720 tonnes of carbon dioxide equivalent from 228,793. F1 said in a statement on Wednesday that it's halfway toward achieving its minimum 50 per cent reduction target, as set out in its 'net zero by 2030' commitment. 'It's the culmination of a lot of work,' said Ellen Jones, head of environmental, social and governance at F1, in an interview. 'We've changed the way we operate, changed the way we work' with the racing teams and promoters, as well Formula 1's management and regulator, she said. A major factor in the reductions has been a years-long shift to renewable energy, Jones said. Investment in sustainable aviation fuel for travel and freight use, and other alternative energy sources, including solar and biofuels, contributed to the decline. Next year, F1 has set a target for the cars to have new hybrid engines and be powered entirely by advanced sustainable fuel. The sport has achieved carbon reductions across the four major categories that it tracks: factories and facilities, down 59 per cent since 2018; logistics, down 9 per cent; event operations, down 12 per cent on a per-race basis; and travel, down 25 per cent. An increase in using remote operations and changes to the race schedule also have resulted in lower greenhouse gas emissions. Having remote broadcast operations has allowed about 140 personnel to avoid having to travel to the race location each weekend. And changing the date of the Japanese Grand Prix to align with other races last year in the Asia-Pacific region also contributed to lower emissions. In 2026, the date of the Monaco Grand Prix will be moved to align with other European events and eliminate an additional transatlantic crossing. F1 said its climate commitment is 'set in accordance with the science' from the Intergovernmental Panel on Climate Change and aligns with the panel's definition of net zero emissions. The racing series' goal is to reduce absolute emissions by a minimum of 50 per cent from a 2018 baseline, which was calculated using guidance set by the Greenhouse Gas Protocol. F1 has faced criticism from activists who say the sport is harmful to the environment. In 2022, demonstrators with Just Stop Oil sat on the track during the 2022 British Grand Prix, disrupting the race. The construction of Madrid's Grand Prix street circuit also has prompted backlash.
Mint
20-06-2025
- Business
- Mint
HSBC Said to Be Creating New Team for Tough Infrastructure Deals
(Bloomberg) -- HSBC Holdings Plc is setting up a dedicated team to finance infrastructure projects that would typically struggle to attract capital from other sources, according to people familiar with the matter. The corporate and institutional banking unit is looking for a global head of strategic financing partnerships, the people said, asking not to be named discussing private deliberations. HSBC started searching for someone to fill the role, which may be based in the US, a few months ago but has yet to settle on a candidate, they said. The role will report to Danny Alexander, who is chief executive of infrastructure finance and sustainability within HSBC's CIB unit, they said. A spokesperson for HSBC declined to comment. The new hire will build out a small team globally that will focus on so-called blended finance deals for infrastructure projects that pool together concessional and commercial capital, the people said. Blended finance is intended to channel a combination of private and public funds into sustainable projects, mostly in developing countries. A key challenge around such projects, however, is coming up with a risk-reward structure that can lure adequate levels of private capital. HSBC's new team will be tasked with establishing partnerships that are similar to a Singapore-based debt financing platform called Pentagreen Capital, one of the people said. Pentagreen, which HSBC established back in 2022 together with state investment fund Temasek Holdings Pte., is targeting assets related to renewable energy, storage, water and waste treatment as well as transport infrastructure. Citigroup Inc. and Sumitomo Mitsui Banking Corp. are among other lenders targeting new deals in the market for blended finance. Such transactions totaled $18 billion last year, down 21% from 2023, according to a report by data provider Convergence published in May. Blended finance faces a decline in public spending as the US pulls back from many of its developmental aid commitments. HSBC is creating its new blended-finance team as other parts of the bank undergo considerable upheaval. That includes a global restructuring program to cut costs by about $3 billion, a plan that includes ending businesses such as equity underwriting and advisory services outside the bank's core operations in Asia and the Middle East. --With assistance from Alastair Marsh. More stories like this are available on
