CleverAdviser
– Nestlé Wraps Up Sustainability with Paper Packaging
– TotalEnergies Powers Up India’s Green Future with $444 Million Solar Deal
– Microsoft Goes Solar in Singapore with EDP Renewables’ Biggest Project
– Ørsted Bids Farewell to Coal, Paving the Way for a Green Energy Future
Market Recap
The ESG Focus strategy led for the week although the unconstrained strategy shined brighter than in previous periods, achieving a second place finish.
(1 week performance from 26/08/24 to 30/08/24)
Nestlé Introduces Paper Packaging for Brands Including Nescafé, Vital Proteins
Food and beverage giant Nestlé announced a series of paper packaging innovations across brands including Nescafé and Vital Proteins, aimed at supporting the company’s sustainable packaging goals.
Packaging is the second most significant source of carbon emissions at the company. Nestlé’s packaging goals include targets to design 95% of its plastic packaging for recycling, and to reduce the use of virgin plastics by a third by 2025, on a 2018 basis.
TotalEnergies Invests $444 Million in Green Energy in India
TotalEnergies announced today an agreement to launch a new joint venture with a solar portfolio exceeding 1 GW with India-based renewable energy developer and operator Adani Green Energy Limited (AGEL).
Under the new agreement, TotalEnergies will provide an equity investment in the JV of $444 million, and Adani Green will contribute assets, consisting of a 1,150 MWac (1,575 MWp) solar portfolio in Khavda in Gujarat, India. Adani Green is currently developing the world’s largest renewable energy site in the Khavda region, covering more than 538 square kilometres, with wind and solar capacity anticipated to reach 30GW.
Microsoft Signs Agreement with EDP Renewables in Singapore
Renewable energy producer EDP Renewables (EDPR) announced a new 20-year agreement with Microsoft through which the tech giant will purchase 100% of the renewable energy exported to the grid through EDPR’s SolarNova 8, the largest solar project in Singapore.
Launched in 2014, Singapore’s SolarNova program is a government-led program aimed at accelerating the deployment of solar photovoltaic systems, and supporting Singapore’s target to deploy at least 2 GW of solar capacity by 2030.
Danish Multinational energy company, Ørsted Ends Coal Use
Danish Multinational energy company, Ørsted, will shut down its last coal-fired combined heat and power plant, Esbjerg Power Station, in Western Denmark. This marks a significant milestone in Ørsted’s journey towards becoming a fully renewable energy company. Ørsted, once one of Europe’s most coal-intensive energy companies, has been transitioning away from fossil fuels since 2006. Through closing down coal plants and switching to certified sustainable biomass, the company has significantly reduced its carbon footprint.
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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).
Nestlé Introduces Paper Packaging for Brands Including Nescafé, Vital Proteins by ESG Today, 03/09/24
TotalEnergies Invests $444 Million in New 1 GW Solar JV with Adani Green Energy in India, by ESG today, 03/09/24
Microsoft Signs 20-Year Solar Energy Purchase Agreement in Singapore with EDP Renewables by ESG Today, 02/09/24
Ørsted Ends Coal Use, Closing Last Plant to Achieve 99% Green Energy by 2025, by ESG News, 29/08/24
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.
