Money Management – River And Sound Review Fri, 28 May 2021 16:30:47 +0000 en-US hourly 1 Money Management – River And Sound Review 32 32 SBA Extends Deferment Period for COVID-19 EIDL and Other Disaster Loans Wed, 07 Apr 2021 23:16:32 +0000

The U.S. Small Business Administration has announced extended deferment periods for all disaster loans, including the COVID-19 Economic Disaster Lending (EIDL) program, until 2022.

  • All SBA disaster loans made during calendar year 2020, including COVID-19 EIDL, will have an extended first payment due date from 12 months to 24 months from the date of Note.
  • All SBA disaster loans made during the 2021 calendar year, including COVID-19 EIDL, will have an extended first payment due date from 12 months to 18 months from the date of Note.

Existing ASB disaster loans approved before 2020 in regular service status as of March 1, 2020, have been subject to automatic deferral of principal and interest payments until December 31, 2020 This initial deferral period was then extended to March 31, 2021. Additional 12 -A monthly deferral of principal and interest payments will automatically be granted to these borrowers. Borrowers will resume their regular payment schedule with payment immediately preceding March 31, 2022, unless the borrower voluntarily continues to make payments during the deferral. It is important to note that interest will continue to accrue on the outstanding loan balance for the duration of the deferral.

“Small businesses, private non-profit organizations and agricultural businesses, including self-employed workers, contractors and construction workers, continue to navigate a very difficult economic environment due to the continued impacts of the coronavirus pandemic. COVID-19, as well as historic severe winter storms. in 2020, ”said Acting SBA Administrator Tami Perrillo.

“The EIDL COVID-19 program has helped more than 3.7 million small businesses, including nonprofits, sole proprietorships and independent contractors, across a wide range of industries and lines of business , through this difficult period, ”continued Perrillo.

The SBA continues to work to make all previously approved coronavirus pandemic stimulus funding available and to administer new targeted programs related to the provisions of the Economic Assistance to Small Business Act of 2020, organizations to nonprofit and hard-hit places (the law on economic aid) as quickly as possible. .

“The American people and small business owners across the country need our tireless efforts and dedication to provide this vital financing to those who need it badly, and SBA will not rest until we put in implements President Biden’s “US Rescue Plan” and its allocated additional targeted programs and funds. for US small businesses and nonprofit communities, ”said Michael Roth, senior advisor to the SBA.

COVID-19 EIDL loans are offered on very affordable terms, with an interest rate of 3.75% for small businesses and 2.75% for nonprofits, with a maturity of 30 years. Interest continues to accrue during the deferment period and borrowers can make full or partial payments if they wish.

In mid-February 2021, the SBA took an important step in the success of the COVID-19 EIDL program, approving more than $ 200 billion in emergency financing in the form of low-interest loans, providing working capital for small businesses, nonprofits, and farm businesses to survive the severe impacts of this catastrophic and historic time throughout the United States of America and its territories. The SBA continues to approve more than $ 500 million each week for the COVID-19 EIDL program.

Questions about the SBA COVID-19 EIDL and Disaster Loan Payments can be answered by emailing or by calling the SBA Customer Service Center at 1-800-659-2955 (TTY: 1-800-877-8339).

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Monthly information concerning the total number of voting rights and the total number of shares of the Company as of March 31, 2021 Wed, 07 Apr 2021 23:16:14 +0000


Meme Stocks, SPAC bounce: ‘Reddit raiders are at it again’

(Bloomberg) – Investors are rediscovering their appetite for speculative fringes of the market. and AMC Entertainment Holdings Inc. – the poster children of this year’s Reddit boom – are booming. Interest in special purpose acquisition companies has resumed with Chamath Palihapitiya’s blank check firms leading the way. And Bitcoin and Ether are on the rise after last week’s cryptocurrency bonfire. While the catalyst is unclear, retail traders appear to be driving the action. Dealers are plastered all over social media with individual investors trying to pump their bets on Twitter, Reddit’s WallStreetBets, and Stocktwits discussion boards. AMC was among the most actively traded stocks on Wednesday. “It seems retail-oriented to me.” Memes Are Forever As the S&P 500 is practically flat this month, shares of Reddit favorites GameStop and AMC are skyrocketing. Including Wednesday’s gains, GameStop is up 40% in May while the AMC has jumped 95% over the same period. The stock pair has been among the top performers in a basket of 37 so-called stocks. followed by Bloomberg in May. . As a group, Wednesday’s 7.7% rally marked its best session since the retail mania gripped the market in March. -market losses this year, according to S3 Partners. With the movement of retail investors picking up momentum and with both stocks having high short interest, there is potential for short-term squeeze, said S3 Partners CEO of predictive analytics Ihor Dusaniwsky, by email. the strength of the stock price, ”he said. They had seen mark-to-market losses of around $ 475 million for the month of May alone before the last spike, according to data from S3 Partners. Nearly half of the record volume of the initial public offering in 2021.Virgin Galactic Holdings Inc., a space tourism company that merged with one of Palihapitiya’s SPACs, jumped 22% this month after a sharp decline earlier this year. The gains in the stock, popular with day traders, came after a successful test flight and could breathe new life into the once hot SPAC market. Openoor Technologies Inc., another SPAC associated with Palihapitiya, has surged in recent days after have fallen. at its lowest level since August. Meanwhile, two closely watched SPAC ETFs – the Defiance Next Gen SPAC Derived ETF (SPAK) and Morgan Creek-Exos SPAC Originated ETF (SPXZ) – are both up more than 10% from the lows at the start of the month. the brothers have taken investors on a wild journey this month. As Bitcoin fell 54% from its February high, more than 700,000 traders saw their accounts liquidated within 24 hours, according to data from Many fans of the notoriously volatile asset class used the decline as a buying opportunity. Bitcoin, the world’s largest digital asset, is off its all-time high of nearly $ 65,000. But he managed to recover gains from a recent low of around $ 30,000. On Wednesday it hovered around the $ 40,000 level, meaning it is up about 30% from that low a week ago. Meanwhile, the second largest Ether cryptocurrency is up about 58% from its May low of $ 1,732. (Updates to S3 data in seventh paragraph.) More stories like this are available on source © 2021 Bloomberg LP

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Giving GERS Loans Pending Collapse Is Ridiculous | Notice Wed, 07 Apr 2021 23:16:06 +0000

Recently, Government House suggested that the government employee pension system consider reinstating loans to its members. With GERS on the verge of collapse, this suggestion verges on the ridiculous.

How is an institution that is currently bleeding and liquidating funds on a monthly basis to meet its obligations to lend more money to its members? With the demise of the system measured in months rather than years, how does that help anyone?

Over the past few months, we have heard about an advisory committee being set up to address this issue. Warnings were to begin to retirees and current members, on how to prepare for its failure, and now talk about loans? It seems that in the chaos of the looming crisis, the government is omnipresent on this file.

The disappearance of a pension system is a disaster for everyone. Crisis for those who relied on money in their old age, and for those who have put in tens of thousands of dollars that they will never see. It will be devastating for all these people who will lose their jobs and for the circulation of money in the community, it will decrease. It will put pressure on any nonprofit that tries to help, and most importantly, it’s something that we have all seen coming for decades and that we have not prepared for. It may also be time to look at other pension systems that were underfunded and see if partial solutions were achievable. Also, let us not continue to be fooled into thinking that we are going to find the necessary amount of money each month to fund this system or that the federal government is going to bail us out.

Loans? Clear and honest information is what everyone needs. Exactly how much time is left before the system crashes? Will the payments be halved? Will GERS real estate assets like Havensight Mall be sold to be added to the pot?

It is time for the government to drop all nonsense talk and organize workshops and advice to help retirees, contributors and the community face the next painful blow.

– Maria Ferreras is a longtime St. Thomas resident and community volunteer.

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Global COVID-19 cases climb for 6th week in a row Wed, 07 Apr 2021 23:15:54 +0000

The number of new COVID-19 cases worldwide has increased for the sixth week in a row, as vaccine experts continue to weigh reports of rare blood clot conditions in people who have received the AstraZeneca-Oxford vaccine.

Hot spots in several regions

In his weekly snapshot of COVID-19 activity, the World Health Organization (WHO) said 4 million new cases were reported last week, with deaths increasing for the third week in a row.

The five countries that reported the most cases changed last week, with India reporting the most cases, followed by Brazil, the United States, Turkey and France.

The region of the world that saw the largest increase in cases was the WHO Southeast Asia region, which includes India, followed by the Western Pacific region, which includes the Philippines, another current hot spot of COVID-19.

Countries reporting some of the biggest disease spikes in the past week are Bangladesh (67%), Argentina (46%), Turkey (43%), Japan (43%), Iran (38%) ), India (38%) and the Philippines. (27%).

In the European region, cases have stabilized after increasing for 5 consecutive weeks. Cases and deaths in Africa fell last week, although new cases rose 10% in Ethiopia from the previous week.

Vaccine Advisors Still Weigh AstraZeneca Reports

Speaking at a WHO briefing today, Rogerio Gaspar, PhD, the group’s director of regulation and prequalification, said the WHO is making progress in assessing the rare blood clot events that may be related to the AstraZeneca-Oxford vaccine, with updated findings coming tomorrow or the next day.

So far there is no clear link and for now, the benefits still far outweigh the risks, he said.

Gaspar said the European Medicines Agency (EMA) was also continuing its assessment, as was the UK Medicines and Health Products Regulatory Agency (MHRA).

Today, researchers leading a trial of the AstraZeneca vaccine in children halted vaccination while regulators investigate the possible connection of a blood clot, according to the BBC, who cited Andrew Pollard, MD, with the University of Oxford.

More world titles

  • The International Monetary Fund (IMF) said today as the global economy emerges from the worst phase of the pandemic, driven by better prospects in the United States, where vaccine deployment is strong. However, he warned that recovery could be slower in some countries, including regions where vaccination is overdue.
  • The Rockefeller Foundation today call for a global plan of action to facilitate the exit from the pandemic by stepping up multilateralism and using creative financing tools. He pushed immunization rates to 70% by the end of 2022, which aims to use the leverage of the IMF and the World Bank to ensure equal access to vaccines.
  • Australia and New Zealand have agreed to start the “travel bubble” on April 19, which will allow people to enter and leave countries without quarantine or testing, according to Reuters.
  • The global total now exceeds 132 million cases and stands at 132,119,304 cases with 2,865,677 deaths, according to Johns Hopkins online dashboard.

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California Resources Says ESG Efforts To Reduce Carbon Footprint Of Oil Plates Wed, 07 Apr 2021 23:15:43 +0000

California Resources Corp. (CRC), the state’s largest producer, said it was ahead of schedule to meet a list of climate change targets by 2030 and reduce its carbon footprint.

Created four years ago, the Environmental, Social and Governance (ESG) initiatives concern water, renewable energies, methane emissions and carbon capture in oilfield operations.

Compared to a 2013 baseline, CRC reduced its methane emissions by more than 60%, exceeding its 50% target for 2030, it said in a filing with the Securities and Exchange Commission. It also continues to “evaluate other reduction projects”.

A carbon capture and storage The project related to its natural gas-fired power plant in Elk Hills is part of the efforts, which involve work with the Electric Power Research Institute. The aim is to design and enable the project by 2030; an engineering and frontal design study was carried out last year.

[Want to know how global LNG demand impacts North American fundamentals? To find out,  subscribe to LNG Insight.]

CRC is also ahead of its efforts to integrate renewable energy resources with a power purchase agreement for up to 40 MW of solar power to power several oil fields.

“We are currently focusing on developing funding for these projects,” said the file.

CRC plans to have 10 MW of renewable energy in its operations by 2030 as part of ESG initiatives. The goals align with government efforts, as CRC ties employee compensation and field life planning to its efforts.

CRC said it was also on track to meet its water sustainability goal of increasing the use of produced water by 30% in 2030. CRC said it was nearing midpoint. -path above the 2013 reference level for the use of recycled water.

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Finally, green infrastructure spending in an amount starting with a “T” Wed, 07 Apr 2021 23:15:43 +0000

The US federal government is proposing to spend a sum of money beginning with a “T” on an infrastructure bill, and a lot of that money (two trillion dollars) aims to tackle the climate crisis. This is remarkable, and not just considering that we are only seventy-five days away from an administration that did not believe climate change was real. In my lifetime, we have spent money like this mainly on very dangerous infrastructure – aircraft carriers, fighter jets, nuclear weapons – and the wars in which it has been used. Seeing a proposal to spend it on solar panels and trains is on the move, and also a little boring: why haven’t we been doing this from the start? Why didn’t we do it in the eighties, when scientists first told us we were in crisis? So now seems like a good time to really try to calculate the score: what are we doing as a nation now, is it enough, and how would we know if it is?

One of the best summaries of what’s in Biden’s proposal comes from David Roberts in his Volts newsletter: it highlights the coolest features of the electrification of the postal service delivery fleet (and a fifth of the nation’s school buses) to a national climate laboratory located in a Black College and a major transportation network for renewable energy that can follow existing rail rights-of-way. Energy systems engineer Jesse Jenkins, on Twitter, points out that the bill should stimulate the electric car industry – the subsidy for buyers would make the cost difference with gasoline cars disappear. Julian Brave NoiseCat greet provisions of the plan that would send forty percent of investments to underprivileged communities, which is a sharp turn off from how big federal spending bills have worked for most of American history.

The criticism, at least from environmentalists, was of the “yes and” type. Representative Alexandria Ocasio-Cortez said that she thought we should spend not two trillion dollars, but ten trillion. Varshini Prakash, the executive director of the Sunrise Movement, who has done as much as any organization to bring us to this moment, highlighted that the bill incorporates much of what the Green New Deal advocates, including ten billion for a Civilian Climate Corps to put people to work to build new energy infrastructure. But “we are just orders of magnitude smaller than we need to be,” she said. “And I think that this fight on the scale and the scope of what must happen in terms of employment and job creation, in terms of the scale of investments and urgency, will be a field of struggle to as this plan becomes. debated and discussed in Congress. Surely she is right about that, and I fear there is as much pressure to cut spending as to increase it.

The question of whether this is “enough” is, of course, the right one – and the answer is no. Summer sea ice cover in the Arctic has declined by fifty percent since the 1980s, and there were a record thirty named tropical storms last year, including one off the coast of New England, pushing up against smoke from wildfires across the country in California. We should be investing every penny we can in green projects, and even then we would still face a continuous rise in temperature. This is why movements must continue to make efforts to strengthen support for climate action.

But another test of whether that spending is enough will come in the coming months as we monitor Washington’s decisions on big projects like the Line 3 tar sands pipeline, which runs through Minnesota. One would hope that a two trillion dollar jobs program – with all kinds of promises on union contracts – would buy enough goodwill with the unions that Biden would get away with killing these projects. Politicians like to build things more than they like to shut them down, but dealing with the climate crisis requires doing both, and if this generous new proposal gives Biden the freedom to act aggressively, then we would get a double return on investment.

The Administration faces similar tensions on other fronts. John Kerry, the global climate czar, was job Wall Street in recent weeks, trying to rally financial giants ahead of the world climate summit the administration called on April 22. Banks are happy to make proclamations on their net zero plans for 2050, and they are delighted to commitment a lot of lending in the renewable energy sector on the sudden trend, but they are not happy to stop their lending to the fossil fuel industry. Like the construction trades, they would be very happy to make money with the old and the new. And, of course, that would be nice, except for the physics.

There is a lot of this ambivalence going around. (Reuters reported last week a World Bank draft statement committed to “making funding decisions in line with efforts to limit global warming” but not stopping lending for fossil fuel projects.) C ‘ is why, at the end of last month, over a hundred organizations sent Kerry a letter asserting that “no amount of new green finance commitments can credibly repair the damage their fossil fuel financing is doing to the climate, to US climate leadership and to our chances of achieving the goals of the Paris.” (Full disclosure – letter opens citing a trial that I wrote for this magazine.) It would be wise for the administration and the banks to pay attention to this. Otherwise, Robinson Meyer points out in the Atlantic, as the Administration’s commitment to dramatically reduce carbon emissions by 2030 begins to become a reality, there will be a “fire sale” of fossil fuel assets that could cause real damage to the environment. ‘economy. It would be much better to prick this carbon and financial bubble now.

This is what the climate fight will look like for the foreseeable future: not a fight over whether we should be doing something, but a fight over what we should be doing. And the cheapest parts of the fight – financially, if not politically – are to stop the dangerous activities of the fossil fuel industry. We are in a much better political situation than we were a few months ago, but in February we passed a scary landmark—There is now fifty percent more CO2 in the air than there was at the start of the Industrial Revolution. Ultimately, measuring carbon in the atmosphere and the temperature rise it causes is how we’re really going to keep track of it.

Pass the microphone

Morgan Whitten is a Harvard senior from Stuttgart, Germany, and a Harvard Fossil Fuel Divest organizer. The students have been campaigning for Harvard to sell its fossil fuel stakes for nearly a decade (long enough for one of the original organizers, Chloe Maxmin, to have graduated, was elected to the House of Representatives of the Maine, then to the Maine State Senate). But, confined by Covid to a virtual campus, organizers have extended their campaign beyond marches and sit-ins to legal strategies. They initiated a complaint filed with Massachusetts Attorney General Maura Healey in an attempt to force Harvard out of business, in accordance with its responsibilities under state law as a nonprofit educational institution.

Harvard students, faculty, and alumni have tried many strategies to get Harvard to join Oxford, Cambridge, the University of California system, and others by committing to disengage. How did activists approach this legal strategy?

For years, we’ve rallied, paraded, mounted art installations, and even disrupted a football game to get the attention of the administration and the community. Last March, our campaign had to pivot to digital operations. Two things we can certainly do remotely are research and writing. So we’ve teamed up with lawyers from the Climate Defense Project to draft this complaint, which is part of a growing strategy to legally target fossil fuel companies and hold their enablers accountable. If the complaint is successful, it could set a precedent that would force the country’s powerful investors to clean up their climate laws. We have always said that Harvard’s investments in fossil fuels are immoral – now we argue that they are also illegal.

What is the basic legal argument and who will make the case?

We filed the complaint with over seventy signatories, including students, faculty, alumni, community members, climate scientists, elected officials, investors, philanthropists, and civic organizations. We argue that Harvard’s investments in fossil fuels violate the Uniform Law on the Prudent Management of Institutional Funds. Harvard is required to maintain its charitable focus, invest in the Harvard community, and manage its endowment prudently. Investing in fossil fuels contradicts these obligations. First, the university’s mission is to educate young people and inspire them to “work for a more just, more just and more promising world”. But the business model of the fossil fuel industry is based on environmental destruction and injustice. Second, Harvard’s support for the fossil fuel industry threatens Harvard’s own campus and endangers the future of its own students (and everyone else). And, finally, with the decline of the oil, gas and coal industries, investing in fossil fuel stocks doesn’t even make financial sense anymore. We hope the complaint brings these violations to the attorney general’s attention and persuades her to intervene to protect the interests of the people of Massachusetts.

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Japan’s Mitsui OSK plans $ 1.8 billion investment by 2023 to reduce emissions Wed, 07 Apr 2021 23:15:43 +0000

Taranaki Sun is a main engine equipped methanol transporter that uses methanol as fuel (MOL)

Posted on Apr 5, 2021 6:46 PM by

The maritime executive

Japan’s Mitsui OSK became the first of Japan’s major shipping companies to draw up a plan to achieve zero emissions from its fleet by 2050. Nikkei Asia reports that the company has drawn up a $ 1.8 billion investment plan in over the next three years as part of its overall plan to reduce carbon emissions and develop new carbon-neutral businesses.

The company presented its initiatives as part of a presentation of its three-year business plan. Nikkei Asia points out that efforts to move the company away from fossil fuels and its traditional operations are the first in-depth presentation provided by the shipping giant. In the 2020 presentation, the company offered generalized statements about a transition without details or dates.

In the short term, MOL reports that it will work to increase its use of LNG as a fuel for a growing part of its fleet. The company has already announced new car carriers and ferries that will run on LNG as the primary fuel source. The company is now also planning a transition for a larger part of its tanker fleet.

“LNG seems almost certain to be the main next-generation fuel of the 2020s” as part of the decarbonization trend, company president Takeshi Hashimoto said at a virtual press conference, reports Nikkei Asia. The goal is for a third or more of the fleet to switch to using LNG for propulsion over the next decade.

Similar to all major shipping lines, MOL reports that it is also exploring emerging fuel technologies. “We will also need to switch to new alternative fuels such as hydrogen and ammonia,” said Hashimoto, discussing the company’s goal of achieving net zero for its GHG emissions.

Recently, the company also discussed a number of its other initiatives to reduce emissions and improve the performance of the vessel fleet. MOL took over the Wind Challenger project in 2018, which had previously started as an academic program. The company is working to complete the development of technology that aims to use a hard telescopic sail that converts wind energy into propulsive force. Recently, MOL announced that it was working with a client on developing a design to allow the Wind Challenger to be used on a bulk carrier. The company has 2022 scheduled for the release of the technology and aims to launch its first ship with the sail, a coal transporter, by 2022.

The company also announced efforts to enter new business lines linked to emerging opportunities in renewable energy. MOL has taken steps to launch activities in the offshore wind energy segment and is also exploring wave and marine energy. MOL is also participating in the partnership to present the Tokyo LNG bunker vessel.

Last month, MOL announced that it was making its first foray into the liquefied CO2 shipping industry invested in Norwegian company AS Larvik Shipping, a shipping company specializing in CO2 transportation. The companies said they would explore the adoption of larger ships to expand both upstream and downstream and into the carbon capture use and storage value chain.

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Suncor Energy invests in carbon capture technology company Wed, 07 Apr 2021 23:15:43 +0000

  • Svante’s Series D funding increased to $ 100 million
  • Additional funding of $ 25 million makes Suncor Energy a new strategic investor

VANCOUVER, British Columbia and CALGARY, Alberta, March 18, 2021 (GLOBE NEWSWIRE) – Suncor and Svante Inc. today announced an equity financing agreement that provides Svante with additional growth capital to accelerate the commercialization of the new CO second generation of Svante2 capture technology in North America for the decarbonization of industrial emissions and the production of hydrogen.

Together, Suncor and a number of family office investors have invested US $ 25 million in equity financing, bringing the total proceeds raised from Svante’s Series D financing to $ 100 million, from $ 75 million. million dollars as announced on February 2.nd, 2021, and making the largest single private investment in point-source carbon capture technology to date.

This final closing of the Series D financing includes Canadian energy company Suncor Energy and Carbon Direct SPV I LLC. Existing investors Temasek, Chart Industries, Carbon Direct, OGCI Climate Investments, BDC Cleantech Practice, Chevron Technology Ventures, The Roda Group, Chrysalix Venture Capital and Exportation and Development Canada (EDC) also participated in Series D, reflecting strong support ongoing for the company, including its market strategy and recent progress.

Svante has now attracted over US $ 175 million in total funding since its inception in 2007 to develop and commercialize its breakthrough solid absorbent technology at half the capital cost of traditional engineering solutions.

“Svante has generated a pipeline of new potential project opportunities capturing over 40 million tonnes of CO2 per year before 2030 natural gas-fired industrial boilers, cement and lime and blue hydrogen industrial plants, mainly in North America and stimulated by US and Canadian federal CO2 CO tax credits and prices2 emissions. The zero-zero promises of major countries and corporations are also a key driver of interest and rapid growth in the new carbon capture and storage industry, ”said Claude Letourneau, President and CEO from Svante Inc. “We strive to create the world. changing solutions that address climate change and accelerate the global transition to carbon neutrality, reversing human impact on climate and building commercially viable CO2 market. “

According to Mark Little, President and CEO of Suncor, “Carbon capture is a strategic area of ​​technology for Suncor to reduce GHG emissions in our core business and produce blue hydrogen as an energy product. An investment in Svante is expected to support the acceleration of the commercial scale deployment of a technology that has the potential to significantly reduce the cost associated with carbon capture. We are delighted to become both an investor and a collaborative partner with the company. ”

“We are pleased to partner with a leading Canadian player in the energy industry, alongside existing investor Cenovus, and to benefit not only from their financial support, but also from their commitment to provide low carbon fuels and blue hydrogen to transform the energy system. », Declared Claude Letourneau.

Financial advisers Fort Capital Partners and Full Circle Capital, as well as legal advisers Blake, Cassels & Graydon LLP, supported Svante in the transaction.

About Svante
Svante offers companies in emission-intensive industries a commercially viable way to capture CO at scale2 emissions from existing infrastructure, either for safe storage or for subsequent closed-loop industrial use. With the ability to capture CO2 Directly from industrial sources for less than half the investment cost of existing solutions, Svante makes industrial scale carbon capture a reality. Svante’s board of directors includes Nobel Laureate and former Energy Secretary Steven Chu and CEO of OGCI Climate Investments Pratima Rangarajan. To learn more about Svante’s technology, Click here or visit the Svante website at You can also contact us on LinkedIn or Twitter @svantesolutions.

About Suncor Energy
Suncor Energy is the leading integrated energy company in Canada. Suncor’s businesses include oil sands development and upgrading, offshore oil and gas production, petroleum refining and the marketing of products under the Petro-Canada brand. A member of the Dow Jones Sustainability, FTSE4Good and CDP indices, Suncor is committed to responsibly developing petroleum resources, while developing a renewable energy portfolio and advancing the transition to a low-carbon future. Suncor is listed on the UN Global Compact 100 stock index. Suncor’s common shares (symbol: SU) are listed on the Toronto and New York stock exchanges. For more information about Suncor, visit our website at, Follow us on twitter @Soncor.

Suncor: Legal notice – Forward-looking information
This press release contains certain forward-looking statements within the meaning of applicable Canadian and US securities laws. Some of the forward-looking statements may be identified by words such as “expected”, “potential” and similar expressions. Forward-looking statements are based on information available at the time the statement was made. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied by its forward-looking statements. Suncor’s most recent MD&A and other documents filed by Suncor from time to time with securities regulators describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors. are incorporated herein. Except as required by applicable securities laws, Suncor disclaims any intention or obligation to publicly update or revise any forward-looking statement.

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It’s time for banks to take action Wed, 07 Apr 2021 23:15:43 +0000

The Carbon Accounting Finance Partnership Recently welcomed its 100th member, a milestone that reflects the growing attention of banks on the measurement of financed issues. But while robust carbon accounting is needed in the long run, it is not a substitute for immediate action. To accelerate the pace of the Paris alignment, banks must immediately start targeting financed emissions in carbon-intensive sectors.

Improving data and disclosure is a valid long game, with mandatory climate risk disclosure and corporate leadership playing an important role. But financial institutions already have many tools and many data points to accelerate action in carbon-intensive sectors.

Using the best available data to start turning net zero commitments from pledges into priorities is the key task for banks in 2021. Banks are well positioned to accelerate climate action for businesses and can start by using relationships, knowledge and capital to change business practices through carbon. -intensive sectors, including oil and gas and transport, among others.

In the immediate term, banks can work to end routine flaring of natural gas, which – without being the largest source of long-term oil and gas emissions – represents a particularly exploitable decarbonization opportunity. visible and profitable.

Flared natural gas: an immediate decarbonisation opportunity

Flaring is as risky as it is unsightly.

As a major source of greenhouse gas emissions, flares expose banks to significant ESG concerns. In the Permian Basin, for example, flaring is one of the largest sources of methane emissions. Recent scientific work by EDF in the Permian field found that 11% of the flares were either extinguished or partially burned, venting unburned methane and exacerbating local air pollution in communities. Although Permian methane emissions declined early in the pandemic, new research shows methane levels have returned to pre-COVID high levels.

From carbon accounting to carbon responsibility: it’s time for banks to take action Click to Tweet

These unnecessary issues contradict the wave of Paris and the promises of net zero sweeping the banking sector.

Managing carbon risks is a critical function for banks in the 2020s and beyond. Banks hoping to maintain healthy credit books should push their oil and gas customers to end routine flaring by 2025 or earlier and tackle episodic flaring. As BlackRock wrote in its recent comment, “In order to meet a goal of net zero by 2050, a virtual elimination of flaring, with government policies and industry commitment, must occur by 2025.. “

Flaring also creates waste, as gas that could be monetized is burned for no gain. In 2019 alone, the operators of the Permian basin burned over $ 400 million of natural gas. This figure represents a loss of revenue for businesses and a financial risk for lenders, given that 84% of routine flaring can be reduced at zero cost.

Fortunately, the technology and governance strategies needed to resolve the flaring already exist. In 2019, companies like Occidental, Chevron and Pioneer reported flaring intensity levels of 1% or less through management attention and use of best practices, with Diamondback most recently reporting an intensity level of 0.9% and Apache pledging to end routine flaring of U.S. ground operations by the end of 2021.

Constructively helping operators to end routine flaring over the next four years is both realistic and achievable, and banks can play a leading role.

How banks can limit routine flaring

Financial institutions can tap into their relationships with oil and gas producers to accelerate the elimination of routine flaring. Banks could start by making commitments with their oil and gas customers on flaring, establishing routine zero flaring by 2025 as an explicit performance benchmark, and incorporating these climate concerns into stock research and analysis.

Banks can help their customers with information on best practices to eliminate flaring and improve torch monitoring and performance in the meantime. Crucially, banks also need to start holding companies accountable for flaring goals and timelines through loan eligibility, adjusted cost of capital, or other tools.

After all, in the new world of net-zero-financed issuance pledges, an operator’s flaring problem is also a problem for the banks it borrows from.

JP Morgan, Bank of America, Citi, Goldman Sachs and Morgan Stanley are among those well positioned to generate a positive impact on a large scale given their outsized lending to oil and gas companies. These five banks provided approximately $ 789 billion in financing to fossil energy producers between 2016 and 2019, nearly 30% of new financing to the sector.

Through active engagement with operators and time-bound performance expectations backed by consequences, the banking community can help end flaring – a tangible victory on the longer path to energy system change and the achieving an economy-wide net zero emission economy.

Carbon accounting should not hinder carbon liability. It’s time for banks to put their muscles where their mouths are.

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Gupta Steel Mills in Eastern Europe Strive to Pay € 100 Million Carbon Bill Wed, 07 Apr 2021 23:15:43 +0000

The Sanjeev Gupta steelworks in Eastern Europe are under increasing pressure to obtain more than 100 million euros in financing to face a carbon bill and avoid a hefty fine under the rights trading system. issue of the region.

The carbon credit deficit is the latest sign of the financial strains facing the empire of the industrialist GFG Alliance, after the collapse of its main lender, Greensill Capital.

Gupta has run for long-term alternative financing for his empire, a loose set of businesses that risk collapsing after creditors file claims in London Insolvency Court to liquidate them.

The Financial Times revealed in March that factories in Eastern Europe, which are part of its Liberty Steel Group, were assigned a negative equity value of $ 2.6 billion after debts of $ 1. $ 6 billion by GFG advisers in a restructuring plan called “Project Battery”.

The Romanian factory of the industrialist, Freedom Galati, sold an estimated 100 million euros in carbon credits last year after being allocated to them under the EU’s emissions trading scheme, ETS.

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A key policy on climate change, the bloc’s ETS grants large polluters a certain amount of carbon allowances free of charge each year.

Credits are tied to individual factories and issued every February. Companies must surrender enough allowances to cover every tonne of emissions by the end of April of the following year.

Galati sold its allowances for 2020 early last year, but is now scrambling to secure the funds to buy back enough to cover its emissions in the past 12 months, according to two people familiar with the situation.

An additional challenge is that the price of permits in the European carbon market has skyrocketed in recent weeks, increasing the cost to polluters.

Galati is in talks with its sister factory in the Czech Republic, Liberty Ostrava, to see if it might be able to provide additional allowances, a person familiar with the situation said.

The sale of carbon credits is a common practice among European industrial groups. Companies can end up with a larger-than-necessary allowance when emissions are reduced and sell the permits for cash in the carbon market.

Others sell their entire allowance with a view to buying them back after 12 months.

British steel was forced to seek help from the UK government in 2019 after selling carbon credits linked to its operations to Scunthorpe while it was owned by Greybull Capital. The steel group was surprised by the sharp rise in the price of loans.

GFG said that like other large industrial companies, Liberty Steel companies “trade carbon credits in the ordinary course of business.”

He declined to comment on his sites’ “current balances for business reasons”, but said he expected them to all drop “the correct number of credits” by the end of April.

In addition, it also emerged that Romanian prosecutors were investigating allegations of corruption at the Galati factory.

Liberty Steel said it “would cooperate fully with any investigation by the Romanian authorities”. The company, she added, had commissioned an external investigation into the matter. A senior executive has voluntarily stepped down while the investigation is ongoing.

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