{"id":82721,"date":"2024-02-29T00:00:00","date_gmt":"2024-02-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/02\/29\/canada-makes-its-second-green-bond-sale-shell-owned-onward-gets-slapped-with-greenwashing\/"},"modified":"2024-02-29T00:00:00","modified_gmt":"2024-02-29T00:00:00","slug":"canada-makes-its-second-green-bond-sale-shell-owned-onward-gets-slapped-with-greenwashing","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/02\/29\/canada-makes-its-second-green-bond-sale-shell-owned-onward-gets-slapped-with-greenwashing\/","title":{"rendered":"Canada makes its second green bond sale + Shell-owned Onward gets slapped with greenwashing"},"content":{"rendered":"

Canada has raised CAD 4 bn (USD 3 bn) from its first green issuance since updating its <\/strong>green<\/a><\/strong>bond framework<\/a><\/strong> to allow funding for nuclear power<\/strong>, Bloomberg<\/a> reports. The 10-year bonds carry a 3.5% coupon and yield half a basis point below Canada\u2019s benchmark rate (3.5%). This is Canada\u2019s second green bond sale.<\/p>\n

More to come?<\/strong> This sale will likely pave the way for similar issuances from both public and private companies in the nuclear power sector, head of sustainable finance at Bank of Montreal Jonathan Hackett told Bloomberg.<\/p>\n

ICYMI- Nuclear power just got the greenlight from the EIB: <\/strong>The newly appointed president of the European Investment Bank (EIB) Nadia Calvi\u00f1o has decided to shift the bank\u2019s stance on nuclear power<\/a>, positioning it in favor of the controversial green energy source. Calvi\u00f1o emphasized the importance of Europe remaining competitive in emerging technologies like modular reactors, despite the EIB's historical avoidance of nuclear investments since the Chernobyl disaster in 1987.<\/p>\n

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Shell-owned Onward accused of greenwashing: <\/strong>Shell-backed green energy startup Onward<\/a> has failed to maintain its promise to invest in energy transition projects, and is boosting oil and gas-related ventures instead, investigations by Drilled<\/a> and The Guardian<\/a> found. Onward has brought in USD 28 bn in profits from oil and gas last year, and that four out of the five projects with available descriptions on their website were explicitly for oil and gas production. They also found that the job listings featured on their website were primarily related to oil and gas exploration and production. The result of the probe into Onward\u2019s activities has raised concerns about greenwashing and the fossil fuel industry's true commitment to combating climate change, the Guardian writes. <\/p>\n

Onward is just one of many \u201cgreen\u201d startups backed by the fossil fuel industry:<\/strong> While fossil fuel companies like Shell, Saudi Aramco, and Exxon have been investing in climate tech projects \u2014 with Shell increasing its investment in low-carbon energy solutions by 89% in 2022 \u2014 industry experts argue that these efforts are primarily greenwashing tactics, as the companies continue to ramp up oil and gas production in parallel, despite the urgency to cease exploration by 2030 to mitigate climate impacts, the analysis concluded. Shell's new CEO Wael Sawan has just shifted focus back towards boosting oil production, undermining previous climate pledges. <\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n