{"id":77351,"date":"2023-05-10T01:00:44","date_gmt":"2023-05-10T01:00:44","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/05\/10\/adani-green-energy-ousted-from-un-climate-group\/"},"modified":"2023-05-10T01:00:44","modified_gmt":"2023-05-10T01:00:44","slug":"adani-green-energy-ousted-from-un-climate-group","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/05\/10\/adani-green-energy-ousted-from-un-climate-group\/","title":{"rendered":"Adani Green Energy ousted from UN Climate Group"},"content":{"rendered":"

Adani companies lose endorsement of UN-backed climate group:<\/strong> Three Adani Group companies have lost the endorsement of the UN-backed Science Based Targets initiative (SBTi) for failing to conform to the group\u2019s green-focused standards and policies, Bloomberg<\/a> reports, citing an internal report by SBTi. The expulsion from the UN group\u2019s list of \u201ccompanies taking action\u201d will likely thwart b\u2019naire company owner Gautam Adani's ambition to raise some USD 800 bn to fuel the expansion of his green energy firm, Bloomberg writes.<\/p>\n

Adani pushes back: <\/strong>The Indian company has called on SBTi to justify the exclusion and said it hopes the UN-backed group will reassess and review its decision, Bloomberg reports. Adani said that \u201cnone of these companies [Adani Green, Adani Transmission Ltd and Adani Ports & Special Economic Zone Ltd] is involved in the exploration, extraction, mining and\/or production of oil, natural gas, coal or other fossil fuels,\u201d and that all three of its subsidiaries are \u201cworking on preparing their low carbon transition plans\u201d after committing to SBTi.<\/p>\n

REFRESHER- Adani reportedly using green funds to invest in fossil fuel: <\/strong>Green-branded investment funds are being used<\/a>by some of the world\u2019s top fund managers to invest in fossil fuel companies, according to UK think tank Common Wealth. Investing in Adani\u2019s renewables activity ultimately funds<\/a> the growth of the group\u2019s fossil fuel-based businesses, despite Adani\u2019s claims that its subsidiaries have different mandates, according to Climate Energy Finance Director Tim Buckley. Earlier this year, the value of Adani Group sank<\/a> by USD 70 bn in the wake of another damning report issued by short seller investment firm Hindenburg Research Company.<\/p>\n

Adani Green\u2019s possible plans for our neck of the woods: <\/strong>Adani Group reportedly plans to<\/a>invest<\/a> in renewables projects with 10 GW capacity in Morocco to supply green ammonia to Europe. The wind and solar plants would be Adani\u2019s largest clean energy project outside of India, and would more than triple Morocco\u2019s already installed renewables capacity of 2.8 GW. The Indian giant has similarly signed agreements with the Egyptian government for green hydrogen developments.<\/p>\n

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Glencore to build Europe\u2019s largest battery recycling plant: <\/strong>Swiss-based Glencore is launching a joint study with Canada\u2019s Li-Cycle to build the largest European plant for recycling batteries in Italy by 2027, the Financial Times<\/a> reports. The plant will add to Glencore\u2019s portfolio of copper, nickel, and cobalt mines, extending its access to the raw materials essential for EVs.<\/p>\n

The details:<\/strong> Glencore \u2014 which owns a 10% stake in Li-Cycle \u2014 intends to repurpose the Canadian company\u2019s zinc and lead smelter in Sardinia to recycle discarded portable electronics, scrap from battery manufacturing, and old EV batteries to extract lithium, nickel, and cobalt. The plant will have a processing capacity of 50k-70k tons of shredded batteries which will undergo hydrometallurgical processes to extract the raw materials \u2014 enough to recycle batteries from over 600k used cars.<\/p>\n

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Turkmenistan\u2019s two main fossil fuel plants produced 4.4 mn tons of methane in <\/strong>2022 \u2014 the equivalent of the UK\u2019s total carbon emissions that year<\/strong>, The Guardian<\/a> reports, citing satellite data compiled by energy analytics firm Kayrros. Turkmenistan\u2019s western fossil fuel plant on the Caspian coast produced nearly 2.6 mn tons of the greenhouse gas alone, with the country\u2019s eastern fuels plant releasing some 1.8 mn tons in 2022.<\/p>\n

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