Author: omc_admin

• $30 million facility marks ADB’s first sustainability-linked loan in Bangladesh, advancing green finance in the garment sector.• Funds will expand Envoy’s energy-efficient spinning operations and integrate 3.5 MWp of rooftop solar generation.• Loan structure ties repayment conditions to sustainability performance targets, reinforcing industrial decarbonization goals. A new model for Bangladesh’s textile finance The Asian Development Bank (ADB) has signed a $30 million sustainability-linked loan (SLL) with Envoy Textiles Limited, the country’s largest denim fabric producer, in a move designed to embed climate-linked performance targets into Bangladesh’s export manufacturing sector. The facility, ADB’s first SLL in Bangladesh, links the loan’s…

Current Climate brings you the latest news about the business of sustainability every Monday. Sign up to get it in your inbox. Sales of electric vehicles in the U.S. surged in the third quarter as buyers rushed to take advantage of the $7,500 federal tax credit for new EVs that phased out on Sept. 30. That pushed the segment to a best-ever 10.5% market share during the three-month period, according to media reports. And companies including Tesla, General Motors, Ford and Hyundai all posted big spikes in demand for their battery-powered models. But there’s also concern the quarterly spike was…

Berkshire Hathaway Inc has signed a definitive agreement to acquire Occidental Petroleum Corp’s (Occidental) chemical business for $9.7 billion in cash. Warren Buffett-led holding company Berkshire will buy all the issued and outstanding equity interests of Occidental Chemical Corp (OxyChem), Occidental said in filings with the United States Securities and Exchange Commission (SEC). Buffett already owns 32.7 percent of Occidental’s common stock, including warrants, as disclosed by Buffett to the SEC August 14. The divestment is part of Houston, Texas-based Occidental’s efforts to keep debt manageable following its acquisition of CrownRock LP, completed in the third quarter of 2024 for…

In a statement sent to Rigzone recently, Eni announced that it and its partners CNPC, ENH, Kogas, and XRG have reached the Final Investment Decision (FID) to develop the Coral North FLNG project, which is located offshore Cabo Delgado, north of Mozambique. “The project will put in production the gas volumes from the northern part of Area’s 4 Coral gas reservoir, in the Rovuma basin, through a state of the art floating LNG facility,” Eni said in the statement, adding that the project will be implemented by a joint venture formed by Eni, CNPC, Kogas, ENH, and ADNOC’s subsidiary XRG.…

The exercise is aimed at strengthening inter-agency cooperation and setting benchmarks in maritime environmental stewardship, operational readiness, and technological integration.The magnitude of oil spills in the oceans today demands swift and concrete action. It is not just the responsibility of a single nation, but a collective one, Coast Guard director-general (DG) Paramesh Sivamani said.At the 27th National Oil Spill Disaster Contingency Plan (NOSDCP) meeting in Chennai on Sunday, Sivamani said the exercise would reaffirm the nation’s commitment towards protecting the ocean. “This is a biennial exercise and is aimed at proving that the Coast Guard is well-prepared to deal with…

ESG data startup Sunhat announced that it has raised €9.2 million (USD$10.8 million) in a Series A funding round, with proceeds aimed at scaling its AI-powered solution to enable enterprises to validate sustainability and regulatory data. Founded in 2022, Germany-based Sunhat provides solutions to help companies to rapidly prove and verify ESG and non-financial data for customers, regulators and investors, aimed at solving the “proof gap” of time and work for enterprises to report externally what they know internally. The company’s “Proof AI” intelligence platform, trained on insights from questionnaires, audits, and assessments, maps requirements for what counts as valid,…

The United States Department of Energy (DOE) has selected four more projects for a pilot program for producing nuclear fuel to support the development of advanced reactors. Santa Clara, California-based Oklo Inc joins the program for its project to build three fuel production facilities that will support its Aurora and Pluto reactors and potentially other fast reactors, according to a DOE statement. Charlotte, North Carolina-based Terrestrial Energy Inc has been selected to develop fuel for its molten salt reactor design. Terrestrial Energy said separately it will use Standard Assay Low-Enriched Uranium (SALEU) fuel, enriched to less than five percent uranium-235.…

MIAMI (AP) — Western Mexico was being lashed Monday by a hurricane bringing heavy rain, strong winds and rough surf to coastal areas and the Baja California peninsula.A tropical storm watch was issued for Baja California Sur from Cabo San Lucas to Santa Fe, the Miami-based National Hurricane Center said in an advisory.Hurricane Priscilla was spinning just off the coast of Mexico, about 230 miles (370 kilometers) south-southwest of Cabo Corrientes with maximum sustained winds of 85 mph (140 kph).Parts of southwestern Mexico could get up to 6 inches (15 centimeters) of rain from Priscilla’s outer bands through Wednesday, bringing…

• Mercedes’ new electric CLA is produced with 40% fewer emissions than its predecessor through the use of low-carbon aluminium.• Norsk Hydro’s aluminium emits only 3 kg of CO₂ per kg—80% lower than the global average—by using renewable power and recycled scrap.• The collaboration reflects growing industry demand for premium low-carbon materials amid rising supply-chain decarbonisation pressures. Stuttgart–Oslo collaboration aims to decarbonize luxury manufacturing Mercedes-Benz has introduced low-carbon aluminium into its latest electric CLA model as part of a broader strategy to reduce the environmental footprint of its electric-vehicle production. The material, developed with Norwegian metals group Norsk Hydro, relies…

French private investment firm Ardian will buy Irish energy utility Energia Group from infrastructure investor I Squared Capital, as power demand is set to surge with Ireland’s growing digital economy and data centers. Energia “is well positioned to meet Ireland’s increasing demand for secure, low-carbon electricity to sustainably power the country’s growing digital economy,” Ardian said on Monday, announcing the deal.   The transaction, expected to be completed in the first half of 2026, values Energia Group at about $2.9 billion (2.5 billion euros), according to the Financial Times. The Irish energy utility has entered into a strategic partnership with a global technology partner…