Redaptive secures $156.5 million funding boost
Redaptive Inc has closed $156.5 million in funding, led by CarVal Investors, which will meet growing demand from new and existing customers.
The company enables energy efficiency retrofit programs without upfront capital and guarantees results using directly measured building data, allowing companies to reduce their costs while continuing to scale their operations. It has partnered with firms such as Mountain, McKesson, Saint-Gobain, SRS Distribution, Avantor and Swedish Health Services.
Dan Anninos, Iron Mountain's VP of Global Facility Management, said achieving sustainability commitments and optimising capital allocation are key components to its business strategy and important to employees and customers globally.
"Redaptive has played a fundamental role in helping us achieve broad emission and energy reductions, through our energy efficiency programs, while all along preserving internal capital for our core business in North America and across Europe," he said.
Redaptive has enabled over $380 million in sustainability projects and a total energy reduction of 1.1 billion kilowatt-hours.
Mirico Cloud identifies emission changes
Mirico is extending its gas measurement services with the launch of Mirico Cloud for the oil and gas industry.
The platform lets customers detect and quantify gas emissions across multiple oil and gas sites, and quickly fix issues causing changes in emissions. Customers can be contacted by SMS or email for alerts if a new emission is above a certain size, or about an existing known emission that has started to grow.
Customisable dashboards can show average emissions over the last 24 hours or how emissions vary by asset type.
"It's great to be able to broaden the service we provide our customers," said Dr Linda Bell, CEO of Mirico. "We really feel this is a big step forward in helping the oil & gas industry to quickly identify emission issues at scale and ultimately help them in their goals to reach net zero."
The industry remains under intense pressure to deliver on emission targets. Achieving 50% lower emissions by 2030 will require either full electrification of the West of Shetland and Central North Sea or earlier-than-expected field cessations, according to Wood Mackenzie.
In 2018 the UK produced 451 million tonnes CO2 equivalent (MtCO2e) of greenhouse gas emissions. Around 3% of this total is direct emissions from oil and gas activity on the UK Continental Shelf. Energy generation, mainly from fossil fuels, produced 23% of emissions, and the transport industry accounted for a further 28%, mostly from the use of oil-based products.
The North Sea Transition deal has four key pillars:
- Supply decarbonisation reduce emissions from oil and gas production by 50% by 2030
- Carbon capture and storage (CCS) target 10 Mtpa of carbon capture by 2030
- Hydrogen deliver 5 GW of low-carbon hydrogen capacity by 2030
- Supply chain/people deliver investment of £14-16 billion into low-carbon technology by 2030
Methane in the spotlight, a busy 48 hours for bp and JPMorgan releases carbon reduction targets
Institutional investors with a collective $5.35 trillion in assets are calling on the Biden administration to get tougher about methane emissions as it seeks to address climate change. "Any credible pathway for the use of natural gas in a Paris-aligned future must address methane emissions," it states.
Cutting human-caused methane by 45% this decade would keep warming beneath a threshold agreed by world leaders, according to the UN Environment Programme. Such reductions would avoid nearly 0.3°C of global warming by 2045 and would be consistent with keeping the Paris Climate Agreement’s goal, to limit global temperature rises to 1.5˚C, within reach.
bp and CEMEX will work together on accelerating the progress of the latter's 2050 ambition to deliver net zero CO2 concrete globally. Around 70% of global emissions come from transport, industry and energy and cement making is energy intensive. Last week bp and renewable energy supplier Pure Planet forged a partnership to launch a new digital energy service that will support households, EV drivers and energy consumers in the UK.
Hot on the heels of the CEMEX announcement, bp shareholders rejected a plan that would have forced the company to strengthen its climate commitments in an AGM poll, with only 20.65% pledging support. "We will continue to engage with shareholders on our strategy, targets and aims so as to ensure their views are fully understood," it stated. One of the challenges is that there is no single metric that measures Paris consistency, according to chief executive Bernard Looney.
JPMorgan Chase yesterday released comprehensive steps it is taking in its efforts to align its financing activities with the climate goals of the Paris Agreement, publishing 2030 carbon intensity targets for the Oil & Gas, Electric Power and Auto Manufacturing sectors. It also released its new Carbon Compass methodology that describes how the firm set its targets and how it will monitor progress over time, and unveiled a Center for Carbon Transition.
“There must be collective ambition and cooperation by business and government to tackle climate change,” said Jamie Dimon, Chairman and CEO, JPMorgan Chase. "Setting our Paris-aligned targets is an important step toward accelerating the transition to a low-carbon economy and meeting the goals of the Paris Agreement. JPMorgan Chase is committed to doing its part by working with clients around the world to reduce emissions and by ensuring our own operations remain carbon neutral."