WeberSeas: Sustainability Market Report, Week 31 2023

Credit : Green queen

According to Reuters, German utility Uniper mapped out plans to move away from fossil fuels with billions of euros in green investments, hailing record earnings in the first half of 2023 as a turnaround following its bailout just a year earlier. “Uniper is back on track,” said new CEO Michael Lewis, who was installed to steer the company, once Germany’s biggest importer of Russian gas, out of the crisis triggered by an end in deliveries from Russia’s Gazprom. He presented plans to invest 8 billion euros ($8.79 billion) through 2030 on a green transformation, triple the company’s average annual investments of the past three years.

The planned transformation consists of decarbonising Uniper’s existing power and gas assets and building up new ones. “This will enable us to create a system that ensures continuity while allowing flexibility,” the CEO said at a press conference.

Wan Hai Lines Ltd. announced the completion of a 10-year NT$3 billion sustainability-linked shipping financing agreement with Standard Chartered Bank. This marks the first sustainability-linked shipping finance done by the container shipping industry in Taiwan. Wan Hai recognizes the impact of the shipping industry on the global environment and has set clear carbon reduction targets, committing to a 50% reduction in carbon intensity of its fleet by 2030 compared to the base year (2008). The sustainability-linked shipping financing agreement with Standard Chartered is designed to link Wan Hai’s fleet carbon indicators.

Ocean Yield AS announced that it has agreed to purchase four LR1 product tankers, to be constructed at Guangzhou Shipyard International (GSI) in China. The vessels will be built with a design enabling them to be converted to dual-fuel operation with methanol as fuel. Upon delivery (in 2026 and 2027), the vessels will commence 15-year bareboat charters to guaranteed subsidiaries of Braskem S.A., a leading global petrochemical company listed on the New York Stock Exchange. Braskem S.A. currently has credit ratings of BBB- from S&P and Fitch, and Ba1 from Moody’s. The bareboat charter rate will have a variable element linked to the respective vessel’s actual carbon emissions, incentivizing the charterer to keep emissions low.

To the Company’s knowledge, this is the first sustainability-linked transaction in the maritime leasing market.

Portugal’s Port of Sines and Brazilian steel producer Companhia Siderúrgica Nacional (CSN) signed a Memorandum of Understanding in July to “establish sustainable, green and digital” corridors for the transportation of green hydrogen as well as agricultural goods and other commodities. The MoU takes place within the scope of the European Commission’s Global Gateway initiative, which is aimed at reducing international disparities in infrastructure investment.

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