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A group of 23 U.S. State Attorneys General*, led by Iowa AG Brenna Bird, published a letter sent to the Science Based Targets initiative (SBTi), demanding information about the organization and its members, citing concerns about potential violations of antitrust, consumer protection and other laws from participation in the net zero group. The AGs’ letter included a particular focus on the SBTi’s recently released Financial Institutions Net-Zero (FINZ) Standard, which it suggested formed an agreement to cut off funding and insurance to the oil and gas industry. The letter follows the launch earlier this month of an investigation into the…
Good morning. Travis Kelce scored the ultimate podcast guest last night in his girlfriend, Taylor Swift. During the nearly two-hour episode, the singer spoke about the Eras Tour, her Easter eggs, and her new album. More than 8 million people have already watched it — but if you’re not one of them, read BI’s seven big takeaways.In today’s big story, employees are treating ChatGPT like their new office besties. But there are risks, and some of their human coworkers feel weird about it.What’s on deck:Markets: Corporate bankruptcies are blowing past pandemic-era highs.Tech: One of AI’s hottest startups is seeking a…
The Texas Railroad Commission (RRC) revealed its latest preliminary crude oil and natural gas production figures in a statement posted on its site recently. The preliminary reported total volume of crude oil in Texas in May was 121,302,500 barrels, according to the statement, which showed that the preliminary reported total volume of natural gas in the state during the same month was 1.04 trillion cubic feet. The RRC noted in the statement that crude oil and natural gas production for May came from 159,047 oil wells and 83,808 gas wells. In its statement, the RRC highlighted that crude oil production…
The United States Department of Energy (DOE) has announced the first selections for a new pathway for the testing of advanced nuclear reactors. Last June, DOE opened application for testing such technologies outside of national laboratories using the federal authorization process. The program is called the Reactor Pilot Program. “DOE will work with industry on these 11 projects, with the goal to construct, operate and achieve criticality of at least three test reactors using the DOE authorization process by July 4, 2026”, the agency said in a statement on its website. “Today’s initial selections represent an important step toward streamlining…
Major data center operator Equinix (EQIX.O) has announced a series of agreements to secure advanced nuclear electricity, including power purchase agreements and a pre-order for microreactors, to fuel its data centers. The move comes as the growing energy demands of data centers, driven by technologies like generative artificial intelligence (AI), raise concerns about global power supplies.According to a company statement, the agreements are part of Equinix’s long-term strategy to ensure a stable and sustainable electricity supply for its global operations. The deals are expected to provide more than one gigawatt of electricity to Equinix’s data centers, a significant step as…
State-run Oil and Natural Gas Corp.’s quarterly profit declined on lower crude prices and stagnant production from its aging fields. The New Delhi-based explorer’s net income fell 10% on year in the three months ended June 30 to 80.24 billion rupees ($915 million), according to a stock exchange filing. That was almost in-line with 80.74 billion rupees estimated by analysts, according to a Bloomberg survey. The tepid earnings comes as the South Asian nation’s largest oil and gas producer is looking to cut dependence on exploration by diversifying into refining and liquefied natural gas. It is investing 2 trillion rupees…
Issued $2.5bn in inaugural sovereign green bonds, achieving record-low spreads for the Middle East, Central and Eastern Europe, and Africa. Updating sovereign green assets register to enhance transparency and accountability in sustainable finance. Advancing climate resilience through the National Adaptation Plan and sustainable finance regulations. Qatar is accelerating its sustainable transformation by issuing its first sovereign green bonds and updating its sovereign green assets register, the Ministry of Finance confirmed. The $2.5bn green bond issuance in Q2 2024 marked a regional milestone for sustainable finance, split into a $1bn five-year tranche and a $1.5bn ten-year tranche—both priced at record-low spreads…
Hong Kong ports operator CK Hutchison said on Thursday the $22.8 billion sale of its ports business is a “reasonable chance” of going through even with a major Chinese strategic investor. The Hong Kong conglomerate’s plan to sell 43 ports in 23 countries – including two near the Panama Canal – has been the subject of serious criticism from Beijing since the proposed deal with a group led by BlackRock and Italian billionaire Gianluigi Aponte’s family-run shipping firm MSC was unveiled in March. President Donald Trump had called for the US to “take back” the Panama Canal, which is…
Attracts $1.3 billion in initial commitments toward $2.5 billion target for private credit energy infrastructure investments. Strategy targets opportunities in renewables, energy storage, hydrocarbons, LNG, and sustainable infrastructure with risk-mitigation features. Backed by leading global institutional investors, including a Canadian pension fund manager, TIAA, and multiple insurers and pensions from Asia. Nuveen has raised $1.3 billion in the first close of its Energy & Power Infrastructure Credit Fund II (EPIC II), a private credit strategy aiming for a $2.5 billion total. The fund is designed to provide bespoke credit solutions to companies across the energy and power sector, capitalizing on…
€51 million second lien financing supports refinancing of eight operational wind farms totaling 218 MW in Finland. Funding structured with bespoke terms to provide flexibility in navigating the evolving Nordic power market. Part of Macquarie’s €4.2 billion debt financing commitment to the renewable energy sector since 2014. Macquarie Asset Management, through its managed funds, has provided €51 million in second lien financing to an onshore wind platform in Finland. The portfolio comprises eight operational wind farms with a combined capacity of 218 MW, located across Central-South Finland, and is owned by funds managed by Helsinki-based renewable energy specialist Taaleri Energia.…