March 19, 2024

ESG in 5: 19 March 2024

By Anthony Walters

– Advancing Clean Energy Goals: Google’s Partnership with SRP in Arizona

– TotalEnergies Expands Carbon Capture Portfolio

– Report: Only Seven Countries Meet International Air Quality Standards

– Watchdog Criticizes Slow Heat Pump Rollout Amid Government Delays

 

Market Recap

The Global market was down for the week, with the MSCI ACWI ESG Universal Index performing best (-0.67%) whilst the Screened Index was the most challenged (-0.90%). The unconstrained Index was ‘middle of the road’ with a -0.84% return.

(1 week performance from 11/03/24 to 15/03/24)

 

Google Signs 430 MW Carbon Free Energy Deal in Arizona

Google announced a new agreement with Arizona-based water and electricity provider Salt River Project (SRP) to bring more than 430 MW of carbon-free energy capacity to the Arizona grid, and supporting the company’s clean energy goals.

Google parent Alphabet announced a 24/7 carbon-free energy (CFE) ambition in 2020, aiming to run its entire business on carbon-free energy by 2030.

 

TotalEnergies Acquires Carbon Capture Business from Talos Energy for $148 Million

TotalEnergies and Houston, Texas-based energy exploration and production company Talos Energy have announced the acquisition by TotalEnergies of Talos’ carbon capture and storage (CCS) business, Talos Low Carbon Solutions, for a total transaction value of $148 million.

TotalEnergies has set a climate goal to achieve net zero emissions by 2050, and the company said that its focus is first to avoid emissions, and then to reduce them asset by asset, implementing the best available technologies, and to develop industrial projects for carbon storage to address residual emissions. The company has set a goal to develop CO2 storage capacity of more than 10 Mt per year from 2030, for its own facilities and its customers.

 

Only seven countries meet WHO air quality standard, research finds

Only seven countries are meeting an international air quality standard, with deadly air pollution worsening in places due to a rebound in economic activity and the toxic impact of wildfire smoke, a new report has found.

Of 134 countries and regions surveyed in the report, only seven – Australia, Estonia, Finland, Grenada, Iceland, Mauritius and New Zealand – are meeting a World Health Organization (WHO) guideline limit for tiny airborne particles expelled by cars, trucks and industrial processes.

 

UK heat pump rollout criticised as too slow by public spending watchdog

The public spending watchdog has criticised the slow pace of the government’s heat pump rollout just days after ministers postponed an important scheme designed to increase the rate of installations. A report by the National Audit Office (NAO) has found that heat pump installations would need to accelerate 11-fold if the government is to reach its target for 600,000 heat pumps installed in homes every year by 2028.

 

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Sources.

Anthony Walters – Head of ESG at Clever Adviser Technology Ltd (Clever)
Market recap Data sourced from FE FundInfo & Koyfin (quoted in Pounds Sterling).
Google Signs 430 MW Carbon Free Energy Deal in Arizona, ESG today, 18/03/24
TotalEnergies Acquires Carbon Capture Business from Talos Energy for $148 Million, ESG today, 18/03/24
Only seven countries meet WHO air quality standard, research finds, by The Guardian, 19/03/24
UK heat pump rollout criticised as too slow by public spending watchdog, by The Guardian, 18/03/24

Risk Warning: These are Anthony’s views at the time of writing and should not be construed as investment advice. The opinions expressed are correct at time of writing and may be subject to change. Capital is at risk. The value and income from investments can go down as well as up and are not guaranteed. An investor may get back significantly less than they invest. Past performance is not a reliable indicator of current or future performance and should not be the sole factor considered when selecting funds.

Meet the Author

Anthony Walters

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