Ford-backed electric battery venture approved for $9.2bn US loan

A Ford joint venture to build three new electric vehicle battery plants is set to receive up to $9.2 billion in US federal loans under a program backed by President Joe Biden, officials announced Thursday.. The US Department of Energy announced a "conditional commitment for a loan" to BlueOval SK, a joint venture between Ford Motor and SK On, a South Korean battery manufacturer, to build the new plants in the southern states of Tennessee and Kentucky.

Church of England dumps all oil and gas investments

Campaigners on Thursday hailed a move by the Church of England to exclude all oil and gas majors from its investment portfolio because of climate concerns.. "With the 2021 exclusions and those announced today, the Church Commissioners (for England) will have excluded all oil and gas majors," it said. 

Rich countries pledge $2.7 bn to decarbonise Senegal economy

A group of wealthy nations and multilateral development banks have promised to mobilise 2.5 billion euros to help Senegal reduce its dependence on fossil fuels, President Macky Sall said Thursday.. Nations supporting the deal have also pledged to help line up funding from multilateral development banks and the private sector.

Climate goals depend on fixing global finance: top economist

If world leaders and the heads of multilateral development banks gathered at a Paris summit recognise that climate goals depend on revamping the architecture of global finance, it would be a "historic" development, a top development economist said Thursday. . The specific actions called for at this summit, such as scaling up the financing of the multilateral development banks, are an important step forward.

Beijing temperatures near record as extreme heat sweeps northern China

Beijing on Thursday appeared to log its hottest June temperature since reliable records began, according to weather data and local media reports, as swathes of northern China sweltered in 40-degree heat.. Other weather stations around the capital chalked up even higher temperatures, with Tanghekou in northern Beijing notching 41.8 C early Thursday afternoon, becoming the hottest place in the country, according to state media.

European airlines hit by 'greenwashing' complaint

European airlines have been hit by a consumer complaint filed with the EU's executive arm accusing the 17 companies of greenwashing, the practice of making misleading climate-related claims.. The European Consumer Organisation, or BEUC, said Thursday the claims made by the airlines breach EU rules on unfair commercial practices.

Extreme heat brings hottest temperatures in years to northern China

Swathes of northern China sweltered in 40-degree heat on Thursday, weather data showed, as parts of Beijing and the nearby megacity of Tianjin recorded their highest temperatures for years.. A weather station in Tanghekou in northern Beijing logged 41.8 degrees Celsius (107 degrees Fahrenheit) early on Thursday afternoon, making it the hottest place in the country, according to local state-backed media outlet Beijing News.

IMF, World Bank under pressure to boost climate change financing

International Monetary Fund (IMF) and World Bank officials are joining dozens of economic leaders for a two-day summit in Paris, aiming to tackle the interlinked challenges of poverty alleviation and climate change.. Some developing countries have voiced concerns that these reforms could lead MDBs to prioritize climate change over poverty alleviation.

Sustainability at centre of British polar science strategy

With research stations shifting to renewable energy and artificial intelligence mapping out fuel-efficient marine routes, the British Antarctic Survey is putting sustainability at the heart of its new 10-year plan.. BAS also has a team of engineers developing an artificial intelligence and machine learning toolkit that will help plan marine routes and run research ships, such as the £200 million RRS Sir David Attenborough, more efficiently.

Paris climate summit seeks global finance reform

Dozens of global leaders will gather in Paris Thursday for a summit to tease out a new consensus on international economic reforms to help debt-burdened developing countries face a growing onslaught of challenges, particularly climate change. . The summit comes amid growing recognition of the scale of the financial challenges ahead.