Latest news with #climategoals
Yahoo
2 hours ago
- Business
- Yahoo
HSBC Pours $54 Billion Into Green Deals--Right After Ditching Net-Zero Pact
HSBC (NYSE:HSBC) is still piling into sustainable financeeven as it steps away from climate alliances. The bank just announced $54.1 billion in sustainable financing in the first half of 2025, up 19% from a year earlier. That brings its total to $447.7 billion since 2020, closing in on its 2030 goal of $750 billion to $1 trillion. The figure includes everything from green loans to underwriting and investment services. While HSBC didn't break down the numbers in detail, the rising momentum suggests demand for climate-focused capital isn't cooling off just yet. Warning! GuruFocus has detected 6 Warning Sign with HSBC. But here's the twist: this comes just weeks after HSBC became the first major UK bank to exit the Net-Zero Banking Alliance. That move followed a wave of withdrawals by U.S. and Canadian lenders. The message? HSBC could be looking for more room to maneuverespecially around fossil fuel financing. Instead of sticking with the alliance's playbook, the bank is signaling it wants flexibility as it navigates a politically and economically sensitive energy landscape. Still, the bank insists it hasn't walked away from climate goals. In its latest report, HSBC called the transition to net zero a key priority. But this dual-track approachaggressively ramping up sustainable finance while stepping back from public climate pledgescould mark a shift in how big banks approach ESG. For investors, HSBC may be a case to watch as the green finance narrative enters a more pragmatic phase. This article first appeared on GuruFocus. Error 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
CNA
4 days ago
- Business
- CNA
ASEAN nations can overcome space, disaster constraints in pursuit of nuclear energy: IAEA chief
SINGAPORE: As Southeast Asian nations grow their ambitions for nuclear energy to meet rising power needs and climate goals, obstacles such as natural disasters and geographical limitations can be addressed, the director general of the International Atomic Energy Agency (IAEA) Rafael Mariano Grossi said on Friday (Jul 25). Member states of the Association of Southeast Asian Nations (ASEAN) must also disseminate more information to tackle public perceptions of nuclear energy that are influenced by past nuclear disasters such as the 2011 Fukushima incident, the head of the United Nations nuclear watchdog said in a media interview. Mr Grossi was in Singapore on Friday as part of the S R Nathan fellowship, a high-level programme for foreign leaders and prominent individuals to visit the country. As part of his visit, Mr Grossi met President Tharman Shanmugaratnam and Prime Minister Lawrence Wong, and delivered a lecture hosted by the Singapore Nuclear Research and Safety Institute (SNRSI) at the National University of Singapore. Mr Grossi and Minister for Sustainability and the Environment Grace Fu then signed a renewed agreement to help developing nations build nuclear expertise through fellowships, scientific visits and training courses. Speaking to local media after the day's activities concluded, at the Shangri-La Hotel, Mr Grossi reiterated his belief that Singapore is well-placed to adopt nuclear technology as the city-state faced "no insurmountable challenges". "Singapore is a very special case, because this country, it has a fine technology base in general ... it has a mature regulator, nuclear regulator. It has very good nuclear safety research capabilities," said Mr Grossi, adding that the "institutional pillars" that are typically necessary in a newcomer country were present. "I think all of this groundwork has been done here. So in my opinion, when the country, the government, decides to move into a programme, it will be relatively fast," he added. "I don't see, as I said, any obstacle. In some countries, it will be the finance - impossible - or the lack of human capacity, workforce, you don't have those problems in Singapore. This is why I was saying at the beginning of our conversation that there are many steps, many boxes that have been checked already in Singapore." That said, Mr Grossi noted that Mr Wong and Mr Tharman had stated to him during their meetings that no decision had been made regarding the deployment of nuclear energy here. At the same time, the country has been taking steps to expand its research into nuclear safety, including the establishment of SNRSI earlier this month to further studies into this area. Singapore's renewed agreement with IAEA would also enable international nuclear experts to gather in the country to conduct capacity building activities for nuclear research, which will also benefit participants from Singapore. Nuclear power presents a potential source of clean energy and the advancement of nuclear technology, especially in the area of small modular reactors (SMR), makes it a potential option as Singapore works towards decarbonisation. In 2012, the government said that a pre-feasibility study concluded that nuclear energy technologies available at the time were not suitable for deployment as the risks still outweighed the benefits for a small and dense country like Singapore. Answering another question about Singapore's geographical limitations, Mr Grossi said that the lack of space was not a negative factor. "In case there was a deployment here, even within a limited geographical space ... there would not be any problem to have precautionary measures of any type. These measures include protocols and procedures on what to do in the event of an accident, Mr Grossi said. "The idea that introducing nuclear power generates an immediate risk ... is not sustained by reality. Of course, any technology - and nuclear is not an exception - entails risks," said Mr Grossi, adding that risks should be managed and reduced to a minimum. Asked to elaborate on why he did not see space as a limitation, Mr Grossi said that the underlying assumption was a "worst-case scenario". "I would say that, if this is the criterion, other industrial activities ... will also have negative effects in a relatively constrained space like the one here. This is why there are specific plans for that. "Let me put it this way, any geographical space is limited in some way. When you have a nuclear power plant in China, for example, of course, the country is huge, but the vicinity of the plant would also ... be affected," he said. 03:05 Min ASEAN'S AMBITIONS FOR NUCLEAR ENERGY Singapore is not alone in exploring nuclear power within the region. There are currently no operational nuclear reactors in Southeast Asia, but countries like the Philippines and Indonesia have set targets to operate nuclear power plants in the early 2030s. Nevertheless, these regions are also prone to earthquakes, which are one of the many factors the IAEA takes into consideration when dispensing advice on where to situate nuclear plants. "The IAEA has services specifically oriented at that. Where are you planning to build your nuclear power plant? And here, what comes into play is the geological situation of a place, the access to water with a number of things," Mr Grossi said. An intergovernmental organisation, the IAEA works with member states to promote the safe and peaceful use of nuclear energy. Singapore has been a member state since 1967. "The IAEA has expertise and people who are specialists in this concept called siting. So this is a very major element," Mr Grossi added. Asked if the IAEA considered a nation's political stability a key factor in letting it pursue nuclear technology, Mr Grossi replied that it was every country's "sovereign right" to decide whether it wanted to engage in a nuclear programme. However he noted that countries undergoing political turmoil would not usually engage in something that required much planning and institutional effort. Mr Grossi also said that it is up to the individual ASEAN nations to decide whether to explore nuclear energy alone without any collaboration with other countries. That said, bilateral partnerships are also possible. He referred to the example of the Krsko power plant in Slovenia, which supplies energy to both Slovenia and Croatia. This showed how two relatively small countries agreed to situate a nuclear plant in one country but split energy between both, he said. "You can imagine as many arrangements as the countries would like. Here, there is no pre-baked solution. It will depend if there is a will. So it is a dialogue that perhaps countries in ASEAN might wish to have." PUBLIC NEEDS TO BE INFORMED Mr Grossi also spoke of the importance for governments and the region to disseminate more information and for the public to familiarise itself with nuclear technology. "The reality is that all the ASEAN governments are approaching the agency and telling me that they want nuclear energy ... so there is a lot of interest in the area," said Mr Grossi. "It is clear that we have 60 years of nuclear experience in the world, that more than 400 reactors are operating in the world without problems." "So in my opinion, it would be good to do more, to do more information sharing, campaigns of education, dissemination of this information because it's true that the public perceptions may still be influenced by a certain inertia from past examples." The Fukushima incident, for instance, has "left quite a strong impression in some layers of society", he added, referring to the 2011 nuclear power plant meltdown in Japan's Fukushima prefecture. To address such fears, Mr Grossi said transparency was key. He added that a lot of wastewater has been treated and discharged in a controlled manner. "So, so far so good ... But we are going to continue. I said that the IAEA will be present until the very last drop of this water. "So this is, I think, a way to prove that we are there, that we are not going anywhere." On how the IAEA will strike a balance between being an authoritative power and maintaining global nuclear security when nuclear programmes were of political sensitivity, Mr Grossi said that the "best and most important element" was to work within the "family of nations" in the IAEA. "Every country that is operating normally and safely and with no proliferation concerns is a member of the IAEA ... receives the inspections, does the safety and security reviews, participates actively in the regulatory activities, countries that have transparency." Asked to rate how prepared ASEAN was to adopt nuclear energy at this point, Mr Grossi declined to give a score. "There is no such thing as an ASEAN energy output, because the countries are part of what ASEAN is but there is a huge difference between Myanmar and Singapore, or between Vietnam and Thailand.
Washington Post
21-07-2025
- Automotive
- Washington Post
Let Americans drive the best electric vehicles
American consumers are being denied access to some of the world's most advanced and affordable electric vehicles (EVs) — specifically those made by China's BYD, the world's largest EV manufacturer. BYD produces sleek, efficient models, such as the Seagull, which sells for about $8,000 in China. Yet American buyers can't even test-drive them due to strict tariffs, protectionist policies and geopolitical tensions. While these policies aim to protect American jobs and national security, they also limit consumer choice and hinder climate goals by slowing EV adoption. Meanwhile, American EV makers struggle to deliver truly affordable, mass-market models. If the U.S. wants to lead on climate, it must embrace — or at least allow — competition. Consumers should be trusted to choose the best vehicle, not forced into a corner by policy walls. Jagjit Singh, Los Altos, California I am Canadian and the proud owner of a Tesla Model Y. I don't own Tesla stock directly, unless it's a small part of my mutual funds investments. Americans might not agree with Elon Musk, MAGA or other politicians including the president, but they should not forget that Tesla cars available for sale in the U.S. are designed, assembled and sold by fellow Americans. When cars are being trashed or vandalized, it's not Musk who suffers the consequences. He is rich enough not to have to care. Tesla revolutionized the automotive industry and started a worldwide race to electrify a semi-dormant manufacturing sector, pushing cars into the 21st century. China immediately pounced on the opportunity, copying and improving some aspects of electric vehicle manufacturing. It lowered the price of the cars and is in the process of flooding the world market. Trade barriers for Chinese imports won't work in the long term. If an American company such as Tesla does not take the lead in electric vehicle innovation and production, a Chinese company will. A few years from now, perhaps even sooner, Americans will mourn the lost opportunity of being the world power in the electric car industry. Vladimir Sorin, Markham, Ontario, Canada The Post's July 5 Climate article 'In fight over clean energy, Trump condemns it as 'ugly'' noted that President Donald Trump believes that wind and solar energy equipment is ugly. His insight is a little late and also completely unoriginal. Impressionists of the 19th century believed that industrialism was ugly. Whoever is committed to industrialism and all the creature comforts it provides is also committed to 'ugly.' Wayne Bert, Arlington Regarding The Post's July 5 editorial, 'Trump could lead a nuclear renaissance': President Donald Trump's real estate and dealmaking experience could benefit the country should he turn it toward establishing a spent nuclear fuel repository. Recycling of used fuel could yield more useful energy and less volume to be deposited. First, some perspective: Only about one square mile is used for a 1,000-megawatt nuclear power plant, and about eight square miles are used for the nameplate-equivalent solar facility. (Results may vary: Say, if one includes the emergency planning zone of a nuclear power plant — a zone that should shrink substantially with newer reactors — and if one includes the addition of a larger solar facility footprint to account for intermittent energy production and the need for backup power plants or batteries at night.) Such footprints are important considerations as energy needs grow. However, waste streams also need to be addressed. Someone with real estate and dealmaking prowess could help break the logjam in Congress with finding locations and constituents — e.g., workers looking for jobs and local economies — to host recycling and repository facilities for spent nuclear fuel. Aging solar panels and worn-out batteries from a much bigger footprint will need attention as well. Steve Michals, Fairfax I want the Nuclear Regulatory Commission inspectors to focus on engineering, science and regulatory requirements. An important part of the application for these positions requires the applicant to address: 'How would you help advance the President's Executive Orders and policy priorities in this role? Identify one or two relevant Executive Orders or policy initiatives that are significant to you, and explain how you would help implement them if hired. Maximum length of 1200 characters.' In the past, inspectors looked for safety and compliance issues in accordance with NRC policies. Their jobs are to focus on safety and not the president's policies. I hope we won't soon have inspectors who prioritize the president's wishes over safety, similar to Russian political commissars who enforced party lines rather than public health and safety. Jim Lieberman, Silver Spring The writer is a former director of the Office of Enforcement at the Nuclear Regulatory Commission and assistant general counsel for enforcement. Central Texas just saw one of its deadliest disasters in a century. Flash floods swept through the Hill Country — especially along the Guadalupe River — killing more than 100 people, including dozens of children at Camp Mystic. The river surged more than 26 feet in under an hour, transforming a tranquil valley into a lethal waterway. This wasn't a freak accident. 'Flash Flood Alley,' the area where the Hill Country meets the Guadalupe watershed, is inherently flood‑prone due to steep, impermeable terrain that funnels torrential rain into narrow river valleys. Yet we continue to build homes, summer camps and schools right on those riverbanks. We experience a flood, rebuild with the help of government-backed insurance and do it all again after the next disaster. The National Flood Insurance Program was not designed to enable repeated spending on doomed homes. Yet, it has done precisely that. It underwrites the rebuilding of homes in inherently unsafe zones, frequently at great public cost. And then there's federal emergency funding, which doubles down after every flood. Low-lying land along rivers and floodplains is not suitable for residential development. Areas near the Guadalupe River — and other flash-flood hot spots — must be rezoned immediately and used for agriculture. State and federal governments should cease issuing rebuilding permits in floodplains, deny NFIP payouts for new construction in those zones and convert flood areas into conservation lands or green infrastructure zones. If homeowners insist on tearing down and rebuilding, fine. But if they want to rebuild below the flood line? Deny the permits. Block the insurance. Let truth in zoning drive rational choices. If we don't legislate smart land use, we will continue to see paddle boats on streets in Houston during hurricane season and sobering headlines every time Gulf Coast rains roll inland. Moshe Alamaro, Cambridge, Massachusetts The writer is a retired atmospheric scientist. As a 17-year-old high school student, I'm terrified by how climate change is making floods such as the one at Camp Mystic this month more frequent and more intense. It's heartbreaking to think of children just like me who might have their lives forever changed or even cut short by increasingly dangerous floods, hurricanes and wildfires. Yet, at the very moment we most need them, our leaders are gutting the National Oceanic and Atmospheric Administration and the National Weather Service. These agencies give us critical warnings and save lives. By slashing funding for forecasting, research and emergency alerts, we're gambling with the lives of my generation and the ones that will come after. We shouldn't leave our future up to chance. We deserve a country that values keeping people safe over budget cuts that put all of us in danger. Anagha Iyer, Miramar, Florida Regarding Michael J. Coren's July 17 Climate Coach column, 'If we want more affordable housing, we need to get creative': Coren's creative solutions for overcoming the affordable housing deficit are well worth consideration by every public official and civic group seeking to make headway on the issue. Regardless of whether one agrees with all of the proposed strategies, putting a wider range of options on the table is desperately needed. Alternatively, we will remain stuck among 'just build more' thinking, financing challenges, and housing and land use policies that do not consider the significant needs of lower-income people, including older adults. I would add 'maximize use of existing housing stock' as an option. Consider older adults: An AARP survey last year found that 75 percent of adults ages 50 and older hoped to remain in their current home for as long as possible, commonly referred to as 'aging in place.' Of course, some people have the means to keep their homes in good shape and make whatever modifications they want or need. For older people, people with disabilities and others of more modest means, their dwellings might become increasingly uninhabitable. To keep units in habitable condition, particularly for older adults and people with disabilities, we could expand weatherization and accessibility modification services. Resources such as Rebuilding Together could grow and help with necessary modifications as well as regular updating and maintenance. We could incentivize building upon the bones of housing in declining neighborhoods. Home-sharing programs, with protections built in for both owner and renter, are another option to make rent more affordable and offset costs for owners. In doing so, the number of affordable units would increase — again, without building new structures and adding to the supply of affordable units. Or invest in cooperative 'villages,' a concept in which residents in a given area pool their resources to help one another with tasks such as repairs, transportation and appointments. We could also expand in-home health services to make care available and affordable to those whose needs fall far short of assisted living or long-term care. Building more affordable housing is imperative. Capitalizing on existing housing stock should be a part of the equation as well. Irv Katz, Falls Church
Bloomberg
17-07-2025
- Business
- Bloomberg
How to Fight Against Trump's Attack on Clean Energy
The One Big Beautiful Bill Act cuts almost $500 billion in US clean-energy spending, just as the country was starting to get serious about its climate goals. Some say the country is acting like a petrostate, waging war against clean energy. Others are more sanguine and believe that the US will stay the course in the long term. This week on Zero, Akshat Rathi is joined by Jigar Shah, a clean energy expert and former head of the Department of Energy's Loan Programs Office, to make sense of the bill's impacts, and whether it's as bad for climate as it seems.
Forbes
16-07-2025
- Automotive
- Forbes
Bike Leasing Boosts Sustainable Mobility And Economy, New Report Says
A report based on the examination of successful company bike leasing (CBL) programs in Germany found ... More that they delivered social, environmental, and economic returns. Bike leasing by companies could become a powerful catalyst and the 'next big thing' for sustainable mobility if the right financial measures and policies are embraced, unlocking access to cycling for millions of employees and supporting climate goals, healthier cities, and a thriving bike industry. Those are the highlights of a new white paper released earlier this month by the European Cyclists' Federation (ECF), a Brussels-based nonprofit umbrella group with more than 70 member organizations in over 40 countries. 'This model shows the huge potential for cycling in corporate employee mobility with the right fiscal tools in place,' Jill Warren, chief executive of the European Cyclists' Federation, said in a statement. The report, 'Company Bike Leasing for Europe: Germany's Success Model as a Sustainable Mobility Blueprint,' was based on the examination of company bike leasing (CBL) programs in Germany that have delivered social, environmental, and economic returns. Developed in collaboration with JobRad Group, a German company specializing in company bike leasing that also refurbishes bicycles and e-bikes, the report examined how company bike leasing in Germany has led to an active fleet of more than 2 million leased bikes by the end of 2024, with an average annual growth rate of 30% since 2019. If replicated more widely, the paper suggested, similar programs could become a powerful accelerator for sustainable mobility throughout Europe, and become 'a game-changer' for the climate, health, and inclusion, and would be a strong benefit to workers, employers, and the economy. A significant portion – 78% – of leased bikes in Germany are e-bikes, a convenient, fast and sustainable transport alternative to the daily work-place commute, that have a carbon footprint 12 times lower than cars. Programs utilizing these modes have the potential to reduce transport emissions 33.5% in Germany, 22.8% in Sweden, and 24% in the UK, the report cited. In addition to the positive environmental and economic impact, company bike leasing is making cycling accessible to broader segments of society, the report's authors noted, including those in rural areas, people with lower fitness levels, and employees who previously were unable to afford quality e-bikes. 'Leasing (e-)bikes through gross salary conversion can reduce employee costs by up to 40% compared to direct purchase in Germany, with payment spread over several years,' according to the study. 'The scheme has also proven popular with employers: by the end of 2024, nearly 270,000 German companies and public organisations had adopted it.' Beyond mobility, the initiative supports health, talent retention, and corporate sustainability—77% of German companies list bike leasing as a top employee mobility benefit, according to the paper, which noted that bike leasing supports around 489,000 jobs in the wider cycling sector. The report also spotlights how responsible bike leasing programs can advance the circular economy. Through bicycle refurbishing, for example, used bikes that are not purchased by employees at the end of the leasing cycle can be restored and resold —prolonging product life, reducing waste, and creating new employment opportunities. Policymakers and decision makers who enable company bike leasing at European companies, organizations and institutions, and European Union Member States — as well as beyond Europe's borders – should recognize its benefits and use the lessons learned from Germany's successful model, and embrace 'this healthy and climate-friendly form of mobility and transport with positive impact to the economy.' For more information and to read the full report, click here and here.
