ESG TAKE AWAY – 23.11.20

Local News

A tender was published for the construction of the largest solar power plant in Israel in an area of about 3,000 square meters, with a demand for the integration of energy storage technologies. According to the announcement, the station will help achieve the government’s goals for producing 30% of the country’s electricity usage from renewables by 2030. According to Energy Minister Yuval Steinitz: “Today we are launching a significant tender for the construction of the largest solar field in the history of Israel. This step will lead to a reduction of 90% of the air pollution we breathe from the national electricity production. For additional reading:

Global News

UK Prime Minister Boris Johnson announced today the launch of his 10-point plan for the UK’s Green Industrial Revolution. The plan will involve tens of billions of pounds of investments in areas including renewable energy, clean mobility and green building initiatives. The PM also announced that the UK will end the sale of new petrol and diesel cars and vans by 2030, ten years earlier than previously planned.For additional reading:

The Institutional Investors Group on Climate Change (IIGCC), A group of 38 major global investors,representing over $9 trillion in assets, has issued a call to some of Europe’s largest companies, urging them to properly reflect the implications of global commitments to fight climate change under the Paris Agreement on their financial statements. According to the IIGCC, in cases where expectations are not met, three courses of investor action are identified, including engagement, voting and divestment.For additional reading:

Swiss voters will next week vote on a proposal to ban investments in arms companies, an outcome which could force the Swiss National Bank to dump an estimated $100bn of US defence stocks. The proposal is opposed by the government, who allege that divestment won’t stop arms manufacturers and will reduce pension returns, but is supported by 54% of voters, according to reports.For additional reading:

The European Commission has published its new EU Strategy on Offshore Renewable Energy, presenting plans for massive investments in offshore wind capacity over the next several years. The strategy proposes increasing Europe’s offshore wind capacity to 60GW by 2030 – 5x the current level – and to 300 GW by 2050. The Commission estimates the 2050 goal will require investments of nearly €800 billion.For additional reading: