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Growing insurance industry’s collaboration with U.N. to help with green economy

The number of insurance bodies around the world that are collaborating with the United Nations to help transition to a green economy has doubled. There are now some 60 insurance market bodies, insurers, and international organizations under the Principles for Sustainable Insurance, the collaborative initiative between the U.N. and the insurance industry, since its launch last year. The initiative, which was developed...

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Developing countries to facilitate global green trade – U.N.E.P.

Developing countries are well positioned to help green the global trade, a critical step to achieving sustainable development, according to the United Nations Environment Programme. In the recently published Green Economy and Trade report, the international organization noted that trade has continued to expand in the last two decades, creating economic growth and progress towards eradicating poverty in...

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The world’s largest firms do not reveal emissions data correctly – report

Most of the world's largest companies do not fully disclose their greenhouse gas emissions, found a new study by a climate change think tank. The Environmental Investment Organization study showed that public disclosure of emissions among the 800 large companies worldwide is “unacceptably poor,” with only 37 percent of them are reporting complete data and correctly adopting the basic principles of emissions...

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Bosch turns its back on solar power

Germany’s Bosch has decided to abandon its solar energy business for good. The engineering and electronics company confirmed its plan on Friday, stressing that there is no possible way to make the business last amid prevailing overcapacity and enormous price pressure in the market. The move came just days after China’s Suntech Power, one of the world’s largest producers of solar panels, confirmed bankruptcy after missing a $541...

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Ballard deploying fuel cell systems in China and Europe

Ballard Power Systems and its partner Azure Hydrogen Energy Science and Technology Corporation will be displaying a 175-kilowatt fuel cell system at the fifth World Hydrogen Technologies Convention in Shanghai. Ballard has sold the CleanGen distributed generation fuel cell system to Azure as part of its partnership with the Beijing-based company. Azure and Ballard’s partnership focuses on the development and...

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Suntech closing down operations in Arizona facility

Suntech Power Holdings Co., Ltd. is stopping production at its Goodyear, Arizona solar panel manufacturing facility. In a statement, the Chinese company cited higher production costs exacerbated by import tariffs on solar cells and aluminum frames imposed by the United States government, and global solar module oversupply as the deciding factors for the closure of operation in Arizona. The facility will officially...

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Insurance industry to drive clean energy investments – Swiss Re

Insurers have a key role to play in accelerating investments in low carbon technologies, suggested a new report by Swiss Re. Using six climate change scenarios, the report found that the global energy sector is confronted with a sharp increase in future losses due to higher investments in newer and less mature technologies, including renewables. This is where insurers come in, offloading some of the risks of clean technology...

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$700 billion a year in investments needed to combat climate change

Approximately $700 billion in investments is needed annually in order to mitigate climate change and secure green growth, estimates a new report co-authored by Green Growth Action Alliance and the World Economic Forum. This large investment is needed to develop clean energy infrastructure, sustainable and low-carbon transport, energy efficiency in buildings and industry, and forestry in such a way as to vital to pay...

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Masdar to build renewable energy-powered desalination plant

Masdar, an Abu Dhabi-based renewable energy company, has unveiled a pilot program to test and develop advanced energy-efficient seawater desalination technologies which will use renewable energy sources. The pilot program, initiated through the effort of General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates Armed Forces, aims to address water security...

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Google invests $200 million in Spinning Spur wind project

Google’s renewable energy portfolio continues to expand with the computing giant announcing the closure of an equity investment of $200 million in a wind farm in west Texas. The 161-megawatt Spinning Spur Wind Project in Oldham County was built by renewable energy developer EDF Renewable Energy, which will remain an owner and manager of the project. The facility began operations on December 20 and has been supplying...

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