Biggest Climate Fund Approves Record Allocations as US Withdraws
At a board meeting in Papua New Guinea, the Green Climate Fund green-lighted $1.225 billion for initiatives ranging from reducing the impacts of desertification in Mauritania to developing green bond markets.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 hours ago
- Yahoo
NCC partners with SSAB for emission-free steel mill in Luleå, Sweden
NCC and steel manufacturer SSAB have entered into a partnering agreement to plan and execute the construction of a new emission-free steel mill in Luleå, Sweden. The proposed construction is for the eastern half of the new steel mill at Svartön in Luleå, which is a key part of SSAB's strategy to produce special and premium steel with zero emissions. The project includes the development of two electric arc furnaces, secondary metallurgy, and a direct strip rolling mill. The new facility, covering approximately 40 hectares with a 15-hectare building complex, is expected to commence operations by the end of 2029. SSAB CTO and transformation office head Carl Orrling said: 'The new steel mill in Luleå will play a key role in the transformation of our Nordic production system. The mill will be world-class in terms of technology, which will provide us with increased flexibility and an improved cost position. "Concurrently, it will also enable us to reduce Sweden's carbon emissions with 7%. NCC is strongly positioned for executing complex construction projects and has a clear focus on sustainability. We look forward to working with NCC.' Since 2024, NCC has been constructing a new industrial building for fossil-free steel production in Oxelösund for SSAB, which is anticipated to reduce Sweden's carbon emissions by 3%. The construction phases of the Luleå steel mill will be subordered as the project progresses, falling under the NCC Green Industry Transformation business area. In addition, NCC is progressing with the development of Svenska kraftnät's new head office in Solna Business Park, Sweden. The office, with an area of about 52,000m², is part of the Återhus research and innovation project focusing on reuse and aims to achieve a Building Research Establishment Environmental Assessment Method Excellent rating. NCC's involvement began with initial works in the first quarter (Q1) of 2025, including the dismantling of existing buildings for recycling purposes. NCC Property Development is managing the office project's development while NCC Building Sweden is in charge of the construction. The property, known as Yrket 4, was sold to KPA Pension, part of the Folksam Group, for Skr3.6bn ($378.4m). NCC is now developing this property into a new head office for Svenska kraftnät. The transfer of ownership is scheduled to coincide with the project's completion in Q2 2028. Recently, NCC secured a contract from Kåpan Fastigheter to build a new police station for the Swedish Police Authority in Örnsköldsvik, Sweden. "NCC partners with SSAB for emission-free steel mill in Luleå, Sweden" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Bloomberg
2 hours ago
- Bloomberg
European Stocks Post Weekly Drop With Focus on US Trade Deals
European stocks posted a weekly decline on lingering uncertainty around US trade deals ahead of an initial tariff deadline next week. The Stoxx Europe 600 Index was down 0.5% by the close as President Donald Trump said his administration will probably start notifying trading partners of the new US tariff on their exports effective Aug. 1.
Yahoo
2 hours ago
- Yahoo
Zelestra increases sustainability-linked loan to €770m
Renewable energy company Zelestra has secured an additional €235m ($277m) for its sustainability-linked loan, bringing the total to €770m ($907m). Initially signed in 2023 and extended in 2024, the upsized credit facility is backed by 11 international banks, demonstrating their continued confidence in the company's business model and long-term vision. The loan facility has been extended by one year and is set to mature in 2029. The facility includes enhanced terms, bolsters Zelestra's financial standing, improves its credit profile and secures the resources needed to tackle future challenges and growing global demand. Zelestra plans to use the funds to develop new wind farms, solar installations and battery storage systems across its six key markets: Germany, India, Italy, Latin America, Spain and the US. As of late 2023, Zelestra had achieved a 1GW worldwide contracted portfolio. This figure has grown fivefold to reach 5.4GW in less than two years, and the company aims to secure contracts for 9GW worth of projects by 2026. Zelestra's CFO Xavier Puig stated: 'Zelestra's customer-centric strategy is accelerating our growth in all our key markets. 'Our customers trust us to deliver the clean energy solutions they need, and we are pleased that these major lenders also continue to trust in our strategy and our outlook. This increased financial capacity will enhance our ability to deliver the wind, solar and battery storage solutions that our clients' need.' Zelestra currently manages a portfolio of 29GW of carbon-free projects across 13 countries, with 5.4GW contracted and in operation, construction or pre-construction phases. The company is supported by EQT, a global fund managing more than €273bn in assets. In May 2025, Zelestra partnered with Sungrow to develop a 1 gigawatt hour battery energy storage system in Tarapacá, Chile. "Zelestra increases sustainability-linked loan to €770m" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
