– Microsoft Secures 400MW Solar Energy Deal
– Walmart Boosts Clean Energy Investment Plans
– CMA Cracks Down on Fashion Retailers Green Claims
– Starbucks Certifies 6,000 “Greener Stores”
Market Recap
The unconstrained index led for the week, gaining 0.69%, supported by the continued rally in Oil, underpinned by declining supply and greater prospects of economic growth.
(1 week performance from 25/03/24 to 29/03/24)
Microsoft Signs renewable energy purchase deal
Leeward Renewable Energy (LRE), announced two new Power Purchase Agreements (PPA) with Microsoft, for a total of 400 MW of renewable energy to be delivered from two solar facilities currently under development in Texas. The two new solar projects, each 200 MW, include the Morrow Lake Solar in Frio County, Texas, expected to be completed by the fourth quarter of 2024, and Cradle Solar in Brazoria County, Texas, to be completed by the fourth quarter of 2025.
Walmart Invests in 1 GW of clean energy
Retail giant Walmart have announced a series of new clean energy investments and purchase agreements, aimed at adding nearly 1 gigawatt of renewable energy capacity across the U.S.
The new commitments follow the announcement by Walmart in January of plans to accelerate its energy transformation strategy, with an ambition to enable as much as 10 GW of new clean energy projects by the end of 2030. Walmart currently powers nearly half of its operations with renewable energy and has set a goal to reach 100% renewable energy for its facilities by 2035.
ASOS, BooHoo and Asda bound by use of “Green” terms
The UK’s Competition and Markets Authority (CMA) announced that it has signed formal agreements with fashion retailers ASOS, Boohoo and George at Asda, securing “landmark changes” in their advertising and promotion of the environmental sustainability credentials of products, ensuring that only clear and accurate green claims are made by the companies.
The CMA said that it would focus on issues including whether the language used on collections such as ASOS’ “Responsible Edit,” Boohoo’s “Ready for the Future,” and George at Asda’s “George for Good,” created the impression that they are more environmentally sustainable than they actually are.
Starbucks certifies over 6,000 stores as “Greener”
Starbucks announced that it has now certified more than 6,000 of its locations globally as “Greener Stores,” meeting a series of environmental impact criteria and sustainability features, including energy and water savings and waste diversion.
In order to be certified as a Greener Store, a store must successfully meet 25 required standards, across eight environmental impact areas, ranging from energy efficiency and water stewardship to renewable energy, and waste diversion, verified by an outside auditor.
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Sources.
Anthony Walters – Head of ESG at Clever Adviser Technology Ltd (Clever)
Market recap – Data sourced from FE FundInfo & Koyfin (quoted in Pounds Sterling).
Microsoft Signs 400 MW Renewable Energy Purchase Deals from New Texas Solar Projects, by ESG today, 28/03/24
Walmart Invests in Nearly 1 GW of New Clean Energy Projects Across the U.S. by ESG today, 26/03/24
UK Fashion Retailers ASOS, Boohoo and Asda to Change Green Claims after Regulator Investigation by ESG Today 27/03/24
Starbucks Certifies Over 6,000 Locations as Greener Stores, by ESG Today, 26/03/24
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