Latest news with #decarbonization
Globe and Mail
14 hours ago
- Business
- Globe and Mail
iA Financial Group Named One of Canada's Best 50 Corporate Citizens for a Second Year
For the second year in a row, iA Financial Group (TSX: iAG) has been ranked as one of Canada's 50 Best Corporate Citizens in Canada by Corporate Knights. This ranking recognizes the company's contributions and long-standing efforts in promoting sustainability, as well as health and wellbeing. Corporate Knights' ranking of the world's best 50 Canadian corporate citizens is based on a rigorous assessment of publicly traded, privately owned, and Crown corporations in Canada with more than $1 billion in gross annual revenue across 25 key performance indicators covering resource management, sustainable revenue and investment, employee and financial management, and supplier performance. 'Being recognized as one of Canada's 50 Best Corporate Citizens is a source of pride for us, and a reminder of the importance of contributing to the wellbeing of our clients, employees and communities. This recognition also reflects the dedication of our employees who are committed to advancing our sustainability journey,' said Caroline Drouin, Senior Vice-President, Investor Relations, Sustainability and Public Affairs. iA Financial Group specifically distinguished itself in terms of sustainable revenue, gender diversity on its Board of Directors, and wellbeing and personal development initiatives. The Company has continued to decarbonize its investments and supports the introduction of stringent climate change regulations. To learn more about sustainability at iA Financial Group, visit 2024 Sustainability Report. About iA Financial Group iA Financial Group is one of the largest insurance and wealth management groups in Canada, with operations in the United States. Founded in 1892, it is one of Canada's largest public companies. It is listed on the Toronto Stock Exchange under the ticker symbol IAG (common shares).
Sustainability Times
2 days ago
- Business
- Sustainability Times
'Carbon Transfer Achieved at Sea': Shanghai Stuns the World With First-Ever Ship-to-Ship CO2 Operation in Open Waters
IN A NUTSHELL 🌊 Shanghai made history with the world's first ship-to-ship transfer of liquid carbon dioxide , advancing maritime decarbonization. , advancing maritime decarbonization. 🚢 The EVER TOP container ship successfully offloaded CO₂ onto another vessel, the Dejin, without any port infrastructure. container ship successfully offloaded CO₂ onto another vessel, the Dejin, without any port infrastructure. 💼 This innovation turns emissions into a revenue stream , potentially generating up to $8 million annually per ship. , potentially generating up to $8 million annually per ship. 🌍 The project positions Shanghai as a global leader, setting a new benchmark for the shipping industry's green transition. In a groundbreaking achievement for sustainable maritime practices, Shanghai has accomplished the first-ever ship-to-ship transfer of liquid carbon dioxide (CO₂) at sea. This monumental step forward not only marks a significant breakthrough in maritime decarbonization but also transforms ship emissions from mere waste into a valuable commodity. This historic operation took place on June 19, 2025, involving the Panamanian-flagged EVER TOP, a 14,000-TEU container ship, which successfully offloaded captured CO₂ onto another vessel, the Dejin. The event unfolded at the Shengdong Terminal of Yangshan Deepwater Port, setting a global benchmark in green shipping and offering a promising solution for reducing maritime carbon footprints. Emission Handoff at Sea The concept of transferring captured emissions between ships at sea emerged as a practical solution to existing challenges in the shipping industry. Previously, in 2023, the EVER TOP had already achieved a milestone by completing the world's first ship-to-shore transfer of captured CO₂ at the same port. This latest advancement builds on that success, utilizing an Onboard Carbon Capture and Storage (OCCS) system developed by the Shanghai Marine Diesel Engine Research Institute. The OCCS system is capable of capturing over 80 percent of a ship's CO₂ emissions at a remarkable 99.9 percent purity, making it a highly efficient technology. Moreover, the retrofitting costs for this system are around $10 million, significantly less than the cost of converting a vessel to methanol or ammonia power. According to Du Mingsai, project manager for the transfer operation, ship-to-ship transfer offers clear advantages over traditional methods. It is significantly cheaper than land transport and enables a single CO₂ carrier to handle vastly larger volumes than a tanker truck. This innovation not only promises cost-effectiveness but also paves the way for more sustainable shipping practices. 'I Built a Laser from Hell': YouTuber Unleashes World's Strongest Handheld Beam That Instantly Melts Metal and Ignites Anything Carbon Becomes Liquid Currency The captured CO₂ is not just a waste product—it is a potential revenue stream. By selling the CO₂ for industrial use, a single ship could generate up to $8 million per year. However, the challenge lies in offloading the captured gas, as many buyers are located near smaller ports that cannot accommodate large container vessels. The ship-to-ship transfer method addresses this issue by allowing transfers to take place mid-voyage, without the need to dock. This can be done using anchorages or sheltered sea lanes, after which the CO₂ can be routed via smaller carriers to specialized terminals, completing the logistical loop. This innovation provides Shanghai with a full-chain ecosystem for maritime carbon capture, positioning the city as a global leader in cutting shipping emissions. By setting a new benchmark for the industry's green transition, Shanghai serves as a model for other ports and shipping companies worldwide. As stricter emissions regulations from the International Maritime Organization (IMO) come into play, the OCCS system offers a more cost-effective alternative to other retrofitting options, cutting expenses by half and extending vessel lifespans. 'Global CO₂ Emissions Surge Out of Control': This Alarming Spike Signals a Dangerous New Phase in the Climate Crisis Impacts on the Global Shipping Industry With the global shipping industry emitting approximately 1 billion tons of CO₂ annually, accounting for nearly 3% of total global emissions, innovative solutions like the OCCS system are crucial. The system not only reduces the carbon footprint of ships but also turns captured emissions into a potential source of revenue. This dual benefit makes it an attractive option for shipowners facing costly choices due to new regulations. Experts behind the project are already contributing to a new IMO working group aimed at defining carbon capture protocols for the entire shipping industry. The success of this project demonstrates the transformative potential of integrating carbon capture technologies into maritime operations. As the industry moves towards greener practices, the lessons learned from Shanghai's achievement will likely influence global standards and inspire further innovations. 'Desert Tech Breaks Physics': Saudi Cooling System Slashes Solar Panel Heat by 49°F, Triples Lifespan, Surges Energy Output The Future of Maritime Decarbonization Shanghai's successful ship-to-ship CO₂ transfer is a pivotal moment in maritime history, showcasing the potential for greener shipping solutions. As the world grapples with the challenges of climate change, the maritime industry must adapt and innovate to reduce its carbon footprint. This breakthrough not only highlights the feasibility of onboard carbon capture but also underscores the economic viability of turning emissions into a commodity. Shanghai has set a new standard for sustainable shipping practices, and the implications of this advancement are far-reaching. As other ports and shipping companies look to emulate this model, the question remains: Will this revolutionary approach become the norm in maritime decarbonization, and how quickly can it be scaled globally? Our author used artificial intelligence to enhance this article. Did you like it? 4.4/5 (29)
Yahoo
2 days ago
- Business
- Yahoo
Europe Wants Green Steel but Can't Afford It
The European Union has pledged billions in rearmament spending. It also just pledged billions in higher NATO spending. Steel is a crucial part of the rearmament drive. Without it, you can't build tanks and make weapons. But Europe does not just want any steel—it wants it green. And green steel is so expensive, companies are walking away from green steel projects in droves. This week saw one of the world's largest steelmakers, ArcelorMittal, ditch its plans for the conversion of two plants in Germany to green hydrogen as an energy source because the costs were exorbitant. Importantly, the German government had promised the steelmaker $1.5 billion in subsidies for the conversion projects. Still, they turned out to be too expensive. Germany's ThyssenKrupp, meanwhile, is sticking with its green steel plans, although it noted the 'crisis' in the industry. At the same time, ThyssenKrupp is laying off 40% of its workforce and slashing production capacity by a quarter, the Financial Times reported at the end of 2024. 'The first electric arc forges are being built in countries that can offer competitive and predictable electricity provision,' ArcelorMittal said, as quoted by Reuters. 'Electricity prices in Germany are high both by international standards and compared to neighbouring countries.' There are two ways to decarbonize steelmaking, which is an important point on the EU's net-zero agenda. One way is hydrogen, and more specifically, green hydrogen, produced through electrolysis, enabled by wind and solar power. The other way is swapping blast furnaces fueled by coal to electric arc furnaces, fueled by, once again, wind and solar. Those electric arc forges that ArcelorMittal was referring to are being built in nuclear-heavy France. Because nuclear is cheap and reliable. Wind and solar appear to be the opposite of green hydrogen is several times costlier than any other variety. The reason is that electrolysis is, somewhat ironically, an energy-intensive process that uses electricity generated by wind or solar installations to split water molecules. Despite its net-zero desirability, the process cannot violate the fundamental laws of physics, meaning that the end product, in terms of energy, is considerably smaller in volume than the amount of energy expended on producing it—which is why green hydrogen's cost is unlikely to come down anytime soon. It is that cost that is sapping industrial appetite for making the switch from hydrocarbons to green hydrogen. 'The business case for green steel is not there in Europe,' the head of Eurofer, the EU's steel industry association, told the Financial Times. Some still had hopes for the future, Alex Eggert noted, but others had given up with 'I don't have time for this.' Europe itself does not really have time for this. Europe has stated quite clearly it plans to build a lot of things that require steel to replenish its depleted reserves after sending most of its inventory to Ukraine. And it needs to do that fast, based on its own claim that Russia is about to invade. But at the same time, Europe wants to do its rearmament in a green way—which is at odds with the need for speed. The problem becomes even bigger in the context of broader steel production. Steel is not only essential for weapons production. It is essential in construction, too, and a myriad other industries that feature the construction of something or other, up to and including wind turbine installation. Europe, then, needs a lot of steel—and it wants to reduce its import dependence by producing more of it locally, but also cheaply. Once again, the EU is trying to do two mutually exclusive things at the same time. The cost of electricity in the countries with the highest portion of wind and solar in their energy mix should proof enough that the transition is anything but cheap, and yet this fact continues to be overlooked in favor of ever more subsidy commitments and claims that ultimately this low-carbon energy will become cheap. The steel industry clearly does not have time to wait for this to happen. The steel industry is prioritizing energy affordability over emission footprints. Because the steel industry has realized that there is no other way to survive, especially with cheap, emission-heavy imports from China flooding the market. The EU introduced the carbon border adjustment mechanism to stem that flood. In fact, it introduced the carbon border adjustment mechanism to stem the flood of all sorts of cheap imports that undermine the competitiveness of European products—because of high energy costs. The EU is using CBAM to treat a symptom, and not the root cause of the energy cost disease. That root cause is the urgent transition. 'In the end, we will also have to discuss how quickly the transformation can take place, because the speed largely determines the cost,' RWE's Markus Krebber said this week, as quoted by the FT. It was this speed that prompted the conversion of 40% of Europe's steelmaking capacity to electric arc furnaces. It was this speed, and the lack of any desire for long-term planning that prompted talk about green hydrogen as replacement for coal. Now, the jig is up. Europe must decide between rearming and net zero. By Irina Slav for More Top Reads From this article on
Sustainability Times
2 days ago
- Business
- Sustainability Times
'Boeing in Panic Mode': Airbus's Shocking Hydrogen Plane Concept Sparks Industry Chaos and Ignites Zero-Emission Arms Race
IN A NUTSHELL ✈️ Airbus revealed a groundbreaking hydrogen-powered aircraft at the 2025 summit, featuring innovative technology. 🔋 The concept integrates four 2 MW propeller engines powered by hydrogen fuel cells and liquid hydrogen tanks. powered by hydrogen fuel cells and liquid hydrogen tanks. 🔧 Significant technical milestones have been achieved, including successful tests of hydrogen propulsion systems. 🌐 Airbus emphasizes the need for a hydrogen ecosystem, involving infrastructure and regulatory frameworks for widespread adoption. In a groundbreaking move at the Airbus Summit 2025, the European aerospace giant unveiled a revolutionary hydrogen-powered aircraft concept. This innovative design integrates four powerful engines with liquid hydrogen tanks, marking a significant step in the aviation industry's journey toward decarbonization. With the ambitious ZEROe project, Airbus aims to introduce a fully electric aircraft that utilizes hydrogen fuel cells, thus redefining the future of air travel. The company's commitment to sustainable aviation is underscored by the potential of hydrogen-powered, all-electric planes to transform air transportation, complementing the existing sustainable aviation fuel sector. This article delves into the technological advancements, challenges, and future prospects surrounding this visionary concept. An Innovative Four-Engine Concept Airbus's new hydrogen aircraft concept features a cutting-edge propulsion system powered by four 2 megawatt (MW) propeller engines. Each engine is fueled by a hydrogen fuel cell system, supported by two liquid hydrogen tanks. This sophisticated setup is the result of five years of intensive research and evaluation of various architectures. Glenn Llewellyn, the head of the ZEROe project, expressed confidence in the concept's potential to deliver the power density necessary for a commercial aircraft. However, large-scale testing is essential to advance the development of propulsion, storage, and hydrogen distribution systems. This bold initiative represents a significant leap in aviation technology, promising to pave the way for cleaner, more sustainable air travel. 'America Races to Catch China': U.S. Fast-Tracks Nuclear Reactor Testing in Urgent Bid to Regain Global Energy Lead Significant Technical Milestones Achieved Airbus has already crossed several crucial milestones in its hydrogen aircraft journey. In 2023, the company successfully tested a 1.2 MW hydrogen propulsion system, marking a major achievement in the project. The following year, in 2024, Airbus conducted tests that combined fuel cells, electric motors, gearboxes, and heat exchangers. These advancements underscore Airbus's commitment to mastering hydrogen technology for aviation. In collaboration with Air Liquide, Airbus developed the LH2BB (Liquid Hydrogen BreadBoard) test bench in Grenoble to manage liquid hydrogen in flight. Moreover, integrated tests are scheduled for 2027 at the 'Electric Aircraft System Test House' in Munich, highlighting the company's forward-thinking approach to advancing hydrogen-powered aviation. 'Hydrogen Just Got Cheaper Than Ever': New Solar Reactor Breakthrough Crushes Electrolysis Costs and Redefines Clean Energy Production Building a Hydrogen Ecosystem While the technological advancements are impressive, Airbus emphasizes the critical importance of developing the necessary infrastructure and regulatory framework to support hydrogen aviation. The success of hydrogen-powered aircraft will depend not only on technological innovation but also on the emergence of a robust hydrogen economy tailored to the aviation industry. Airbus is aware that without appropriate infrastructure and regulations, the transition to hydrogen aviation may face significant hurdles. Thus, the company is advocating for a collaborative effort between industry stakeholders, governments, and regulatory bodies to create an ecosystem conducive to the growth of hydrogen-powered air travel. This holistic approach is essential for the widespread adoption and success of this sustainable aviation solution. 'China Fires Nine-Engine Monster': This Reusable Rocket Just Shook SpaceX's Dominance in a Way No One Expected Future Prospects and Challenges The introduction of hydrogen-powered aircraft presents both exciting opportunities and formidable challenges. The potential to reduce aviation's carbon footprint is substantial, offering a cleaner alternative to traditional jet fuels. However, the transition to hydrogen aviation involves overcoming technical, logistical, and economic barriers. Infrastructure development, including hydrogen production and storage facilities at airports, is crucial for the widespread implementation of this technology. Additionally, regulatory frameworks must evolve to accommodate the unique requirements of hydrogen-powered aircraft. The success of this endeavor will ultimately hinge on collaboration between industry leaders, policymakers, and technology developers. As Airbus forges ahead with its visionary concept, the aviation world watches closely, anticipating a new era of sustainable air travel. As Airbus continues to push the boundaries of aviation technology with its hydrogen-powered aircraft concept, the industry stands on the brink of a transformative era. The path to decarbonized air travel is fraught with challenges, but the potential rewards are immense. Will Airbus's bold vision inspire other aerospace companies to invest in hydrogen technology, leading to a more sustainable future for the aviation industry? Our author used artificial intelligence to enhance this article. Did you like it? 4.4/5 (21)
Globe and Mail
3 days ago
- Business
- Globe and Mail
OXY's International Operations Are Powering Multi-Dimensional Growth
Occidental Petroleum 's OXY global upstream footprint plays a pivotal role in driving its growth and resilience. International assets, such as Qatar's Dolphin gas project, Oman's Mukhaizna oilfields and the UAE's Al Hosn Gas, contribute significantly to production and cash flow. These diversified operations help cushion the company from volatility in U.S. shale markets and reduce exposure to domestic regulatory and market fluctuations, providing a more stable foundation for consistent shareholder returns. Occidental continues to deepen its presence in the Middle East and North Africa, with strategic stakes in high-potential regions. The company is the largest independent oil producer in Oman. OXY derives nearly one-fifth of the total production and over a quarter of its proved reserves from the broader Middle East. Occidental is also integrating decarbonization into its global operations through the 1PointFive platform, which is pioneering direct air capture technology. The company's recent memoranda of understanding with Algeria's Sonatrach signal ongoing efforts to explore new hydrocarbon zones, unlocking further production upside and strengthening long-term international partnerships. Occidental expects its international operation to contribute in the range of 226-236 thousand barrels of oil equivalents per day in 2025 to total production. The international initiatives enhance Occidental's free cash flow profile and provide a cushion against domestic concentration risk. With robust operations in resilient global basins and a growing portfolio of low-carbon technologies, Occidental trades at an attractive valuation and offers compelling upside potential as its international strategy continues to evolve. How International Operations Aid U.S. Oil & Gas Companies International operations support U.S.-based oil and gas companies by diversifying revenue streams, stabilizing cash flows and reducing reliance on domestic markets. It supports companies like ExxonMobil XOM and Chevron CVX by providing diversified production sources and reducing exposure to domestic market fluctuations. ExonMobil's offshore assets in Guyana and LNG projects in Papua New Guinea drive high-margin growth, while Chevron's stakes in Kazakhstan's Tengiz field and Australia's LNG operations contribute significantly to earnings and cash flow. International exposure positions both companies to capitalize on emerging market demand and global energy transition opportunities. OXY's Earnings Estimate is Going Down The Zacks Consensus Estimate for Occidental's earnings per share in 2025 and 2026 has decreased 10.16% and 17.38%, respectively, in the past 60 days. Occidental's ROE Lower Than the Industry Return on equity ('ROE'), a profitability measure, reflects how effectively a company utilizes its shareholders' funds to generate income. The trailing 12-month ROE of OXY is 16.6%, a tad lower than its industry's 16.89%. OXY Stock's Price Performance Occidental's shares have gained 3.2% in the past month compared with the industry 's growth of 5.4%. OXY's Zacks Rank Occidental currently has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Zacks' Research Chief Picks Stock Most Likely to "At Least Double" Our experts have revealed their Top 5 recommendations with money-doubling potential – and Director of Research Sheraz Mian believes one is superior to the others. Of course, all our picks aren't winners but this one could far surpass earlier recommendations like Hims & Hers Health, which shot up +209%. See Our Top Stock to Double (Plus 4 Runners Up) >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX): Free Stock Analysis Report Exxon Mobil Corporation (XOM): Free Stock Analysis Report This article originally published on Zacks Investment Research (
