Environmental Lending – G Net http://gnet.org/ Fri, 18 Nov 2022 20:05:03 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://gnet.org/wp-content/uploads/2021/05/default-150x150.png Environmental Lending – G Net http://gnet.org/ 32 32 Shedding Light on the Invisibles of Credit – theMReport.com https://gnet.org/shedding-light-on-the-invisibles-of-credit-themreport-com/ Fri, 18 Nov 2022 17:50:00 +0000 https://gnet.org/shedding-light-on-the-invisibles-of-credit-themreport-com/ This piece originally appeared in the November 2022 edition of MReport magazine, now online. Fannie Mae recently launched the Multifamily positive rent payment Declaration program—a pilot program to help tenants build their credit history and improve their credit score. Through the program, owners of eligible multifamily properties will have the ability to share timely rent […]]]>

This piece originally appeared in the November 2022 edition of MReport magazine, now online.

Fannie Mae recently launched the Multifamily positive rent payment Declaration program—a pilot program to help tenants build their credit history and improve their credit score. Through the program, owners of eligible multifamily properties will have the ability to share timely rent payment data through a network of providers with the three major credit bureaus for incorporation into the tenant’s credit profile.

The Positive Reporting of Rent Payments Program aims to accelerate the adoption of rent payment reports by the multi-family industry, complementing Fannie Mae’s existing practice of helping lenders incorporate positive rent payments into the single-family mortgage credit assessment process via Office Underwriter (DU).

Michele M. Evans is the Executive Vice President of Fannie Mae and Head of the Multifamily Division, responsible for the company’s multi-family business functions. Fannie Mae’s multi-family division is a source of financing and securitizing quality rental housing in the United States. The Multi-Family Division serves a wide range of markets, including conventional, rent-restricted, co-op, senior, student and manufactured housing co-ops, and finances all loan sizes, from loan to asset. one-time $1 million transaction to a $1 billion structured transaction. ease.

Esusu Financial Inc., Discarded creditand Rental dynamics have been tapped as approved providers for the program, as the three will collect rent payment data from owners of multi-family properties and format it for distribution to credit bureaus. The program is a positive initiative only, as tenants who miss a payment will automatically be unenrolled to preserve their creditworthiness, and tenants can opt out of the program if they prefer.

As head of the division administering the positive reporting of rent payments pilot project, Evans recently shared with MReport details of the program and how the GSE continues to help tenants and landlords overcome obstacles encountered on their housing journey.

Please explain a brief history of the program and what it offers.
The Multi-Family Positive Rent Payment Reporting Pilot Program launched on September 27 and will run for 12 months until September 30, 2023. At the core of the program, Fannie Mae will be able to share positive rent payments with all three major offices credit for inclusion in the calculation of a consumer’s credit report to help support, develop and increase people’s credit scores.

What they do report is on-time monthly payments to the credit bureaus…so that’s a plus, not a minus.

We work to strengthen fair access to credit and remove unnecessary barriers in the housing journey for consumers, whether they want to rent or aspire to one day own their own home. Since lease payments are rarely included in credit history, we believe this puts many tenants at a disadvantage.

As a company, Fannie Mae is extremely focused on environmental, social, and governance (ESG) efforts, and this program fits very well into the housing stability and racial equity programs we have.

The Multifamily Positive Rent Payment Reporting program is part of Fannie Mae’s Fair Housing Plan and our 2022 Duty to Serve Plan.

What prompted Fannie Mae to launch the Positive Rent Payment Reporting pilot program?
When we looked at some of the data regarding the percentage of the population that does not have an established credit history, based on some work done by TransUnion, 15% of the population nationwide has a credit profile very thin or non-existent. We dug a little deeper and asked, “How does this affect black and Latino consumers?” When we looked specifically at these two groups, we looked at their credit scores, and when you look at black consumers, 41% had subprime credit scores, while Latinos had 29% subprime scores, compared to 16% for white consumers. As you can imagine, these imbalances reinforce racial disparities, their access to credit, and the ability of renters to access affordable, quality housing.

The goal for many renters, in many cases, especially given what homeownership does in terms of wealth creation, is to eventually become a homeowner. It’s really an opportunity to really help the tenants. When you think about the inflationary pressures people are seeing today, anything that can reduce costs would be positive.

We talked a bit about access to property. It’s something we do and it’s part of what Fannie Mae does. We would love to see this tenant to landlord housing journey continue one day, and if we could be a catalyst to support that, that would be great.

We also believe that there are a large number of consumers invisible to credit, and we believe that really reduces that number. And again, as people increase their credit rating, it gives them opportunities.

How exactly does the program work and are there any fees for the renter to participate in the program?
The program is available to eligible Fannie Mae owners, but it is a “positive only” initiative. It is an opt-in or opt-out choice. If the tenant misses a payment, they are automatically unsubscribed to preserve their solvency.

Fannie Mae will cover the costs for 12 months. Our goal is to accelerate the adoption of rent payment reporting across the multifamily industry, and given our position in the housing ecosystem, we believe we have the opportunity to do so. to arrive at.

How did Fannie Mae choose its vendor partners for this program?
Vendors participating in this pilot project are Esusu Financial Inc., Jetty Credit and Rent Dynamics. What they do is make this quite easy for the borrower.

As mentioned, Fannie Mae will cover the cost for 12 months, accessing landlords and property management software systems, extracting all information from the systems, taking that data, putting it into a digestible format, and transmitting that data. at the credit bureau.

Besides the fact that we make it easier for tenants, what are the advantages for borrowers? TransUnion has done a study on this and found that many tenants will choose a unit with a rent report over one without, increasing the number of eligible tenants in some properties.

The program will encourage tenants to pay on time. TransUnion also reported that 73% of tenants were more likely to pay on time if their rent was declared, resulting in reduced delinquencies and increased net operating income.

What will determine whether the program continues or is interrupted?
We are committed for the next 12 months as we will test the market, see what we are able to do, how many borrowers opt in and how many tenants benefit.

At that point, when we’re done with the pilot program, we’ll sit down and assess what we were able to do, what we were able to accomplish, and then figure out what the next steps are. We have no plans in advance for what might happen after the 12 month pilot project. It’s very typical of what we do: when we do a pilot program, we test the market and see what we can accomplish during that time.

As I mentioned, this effort is part of our fair housing finance plan and one of two initiatives that we are really pursuing in a big way.

I’m excited for what we’ll be able to learn over the next 12 months, and then we’ll be happy to tell everyone what the next steps are.

What are some of the other initiatives that Fannie Mae is undertaking to increase fair housing?
We launched the Expanded Housing Choice Initiative this year, where we offer a rate incentive to homeowners in Texas and North Carolina, as these are two states where vouchers are not accepted as a source of income . We encourage landlords in these markets to accept housing choice vouchers as a source of income for tenants.

We are working closely with the US Department of Housing and Urban Development (HUD) on this initiative. The goal is to provide people in these markets who have housing choice vouchers with greater access to more properties in these markets, and have these vouchers included as a source of income.

It’s also an opportunity for us to look at some of the challenges associated with an initiative of this nature, particularly when borrowers are trying to work through the system, and how we can work with HUD and with borrowers to try to make smoother processes and to make it easier for them.

We also have sponsor-initiated affordability that rolled out in 2021. The goal was to preserve natural affordable housing and workforce housing by also providing incentives. The idea was that a sponsor would take 20% of its shares and hold 20% of its shares at 80% of the AMI [Area Median Income] for the term of the loan.

When you think of all the rent increases that happen in the market, that’s incentivizing a borrower to take a certain percentage of their units, set them aside, keep them at 80% AMI for the duration of the ready. In many ways, it’s a way to proactively manufacture affordable supply or preserve affordable supply in the marketplace, where we know affordability continues to be a huge challenge.

I know you’ve been with Fannie Mae for over 30 years now. Have you ever seen a time, other than now, where you can say affordability has been a bigger issue in keeping people out of home ownership?
No really not. What’s interesting about the time period we’re in right now is that the affordable supply keeps shrinking. We have to find a way to ensure that everything is done to support affordable housing in general. But if we can help someone who is renting to become a landlord, we will contribute to these efforts. We will make sure to deploy a variety of programs to support these efforts.

Affordability and a safe and hygienic home, as well as a rental home are so essential. But obviously the way to create wealth, as we have seen historically over the years, is through home ownership. There is a clear link between the work we do and the goal of home ownership.

Do you have a final comment on the positive reporting of rent payments pilot program?
We at Fannie Mae are excited about this pilot, as you can imagine. Any program of this nature takes a lot of time, and it’s a ton of analysis, a lot of work. The team has worked hard to bring this pilot program to market, and I think our ultimate goal is to create a movement in the industry where positive rent payment reports become something that becomes more of a norm. Anything we can do to get there would be seen as a success.

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Asian stocks mixed after Wall St tumble, China retail trade slows https://gnet.org/asian-stocks-mixed-after-wall-st-tumble-china-retail-trade-slows/ Tue, 15 Nov 2022 06:50:24 +0000 https://gnet.org/asian-stocks-mixed-after-wall-st-tumble-china-retail-trade-slows/ BEIJING (AP) — Asian stocks gained on Tuesday after Wall Street returned some of last week’s huge gains, the U.S. and Chinese presidents met and China’s consumer spending declined, a sign that its economy weakens. Shanghai, Tokyo and Hong Kong, which account for the bulk of the region’s market capitalization, rose. South Korea and Sydney […]]]>

BEIJING (AP) — Asian stocks gained on Tuesday after Wall Street returned some of last week’s huge gains, the U.S. and Chinese presidents met and China’s consumer spending declined, a sign that its economy weakens.

Shanghai, Tokyo and Hong Kong, which account for the bulk of the region’s market capitalization, rose. South Korea and Sydney declined. Oil prices have fallen.

Wall Street’s benchmark S&P 500 fell 0.9% on Monday, reversing some of last week’s 5.9% rise after lower US inflation boosted hopes that the Federal Reserve could ease planned rate hikes to curb soaring prices.

Presidents Joe Biden and Xi Jinping met at a Group of 20 major economies summit in Indonesia. This has fueled hopes for an easing of US-China tensions over security, trade, technology and human rights.

Monday’s meeting was “surprisingly positive” but “the feel-good factor that had boosted markets after the weaker-than-expected October CPI release in the US has evaporated,” they said. ING’s Robert Carnell and Nicholas Mapa in a report.

The Shanghai Composite Index gained 1.3% to 3,123.26 after Chinese consumer spending contracted 0.5% in October more than a year ago under pressure from increased virus controls. Growth in manufacturing activity also weakened.

The performance was worse than expected by forecasters who say Chinese economic activity will slow as interest rate hikes by global central banks depress demand for exports.

The Hang Seng in Hong Kong advanced 3.2% to 18,179.34 and the Nikkei 225 in Tokyo gained 0.1% to 28,002.40.

Seoul’s Kospi fell less than 0.1% to 2,472.93 and Sydney’s S&P-ASX 200 lost less than 0.1% to 7,141.60.

India Sensex opened 0.2% lower at 61,497.16. New Zealand, Singapore and Bangkok gained while Indonesia fell.

On Wall Street, the S&P 500 fell to 3,957.25. The Dow Jones Industrial Average fell 0.6% to 33,536.70. The Nasdaq composite fell 1.1% to 11,196.22.

Investors fear that this year’s repeated interest rate hikes to quell inflation that is near multi-decade highs could tip the global economy into recession.

Traders expected the Fed to raise its key rate again in December, but with a narrower margin of half a percentage point after four hikes of 0.75 percentage points.

Fed officials say rates may need to stay high for an extended period to cool prices.

The government is due to report on wholesale inflation in the United States on Tuesday. Economists say it likely slowed to 8.3% from September’s 8.5%.

On Wednesday, the US government takes stock of retail spending. Economists say growth likely picked up to 0.9% in October after stagnating the previous month.

In energy markets, benchmark U.S. crude fell 79 cents to $85.08 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell from $3.09 to $85.87 on Monday. Brent crude, the price basis for international oil trade, fell 54 cents to $92.60 a barrel in London. It fell from $2.85 the previous session to $93.14.

The dollar rose to 140.30 yen from 139.92 yen on Monday. The euro fell to $1.0332 from $1.0353.

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Hundreds demonstrate for climate action at UN summit https://gnet.org/hundreds-demonstrate-for-climate-action-at-un-summit/ Sat, 12 Nov 2022 18:19:00 +0000 https://gnet.org/hundreds-demonstrate-for-climate-action-at-un-summit/ SHARM EL-SHEIKH, Egypt – Hundreds of activists called on industrialized countries to pay for the impact of climate change and accelerate the transition from fossil fuels to renewable energy on Saturday in the biggest protest ever at the summit of the UN on the climate in Egypt. The protests have mostly been muted at the […]]]>

SHARM EL-SHEIKH, Egypt – Hundreds of activists called on industrialized countries to pay for the impact of climate change and accelerate the transition from fossil fuels to renewable energy on Saturday in the biggest protest ever at the summit of the UN on the climate in Egypt.

The protests have mostly been muted at the conference, known as COP27, which is taking place in the resort town of Sharm el-Sheikh. Activists blamed the high cost of travel, accommodation and restrictions in the remote town for limiting the number of protesters.

Protesters marched through the conference’s “blue zone”, which is considered UN territory and governed by international law. They chanted, sang and danced in an area not far from where the climate talks and negotiations are taking place. The protests came at the end of the first week of the two-week summit, when protest actions at climate summits are usually at their peak.

“Pay now for loss and damage,” said Nbani, a Nigerian environmental activist who led a group of African protesters, on Friday. Many protesters, alongside several vulnerable countries, called for “loss and damage” payments, or funding to help pay for climate-related damages, to be at the heart of the negotiations. “Africa is crying and its people are dying,” Nbani said.

Protesters also called for drastic cuts in greenhouse gas emissions pumped into the atmosphere. Emissions continue to rise, but scientists say the amount of heat-trapping gases must be cut by nearly half by 2030 to meet the temperature-limiting goals of the Paris climate accord.

Activists chanted “Keep it in the ground” in reference to their rejection of further fossil fuel extraction.

On Friday, some activists heckled US President Joe Biden’s speech and held up an orange banner that read “People vs. Fuels” before being removed. One of the activists, Jacob Johns, had his access to the conference withdrawn.

“It’s just a great way to silence Indigenous voices nationally and globally,” said Johns, a member of the Akimelo’otham and Hopi nations in the United States.

The 39-year-old veteran campaigner said he went to the speech to protest the new US scheme to encourage more purchases of carbon offsets by companies – a scheme allowing companies to earn credits for polluting contributing to the removal of carbon dioxide from the atmosphere.

And what really angered the veteran activist was that Biden mentioned Indigenous knowledge and efforts in his speech.

It was “just a really good big slap in the face of climate action,” Johns said.

Saturday’s rallies also focused on human and gender rights, with protesters saying both are linked to climate justice and calling for an end to the crackdown on rights and environmental activists, especially in developing countries.

Activists have called for the release of jailed Egyptian pro-democracy activist Alaa Abdel-Fattah, whose case drew international attention at the conference. His sister, Sanaa Seif, was campaigning at the conference for his release.

“One day, I hope my brother can stand here with you and raise his voice, as he always has for the repressed, the criminalized, the marginalized and the ignored,” said Asad Rehman, Executive Director of War on. Want, a London-based anti-poverty charity. He was reading Seif’s remarks.

Abdel-Fattah’s family said he stepped up his hunger strike and stopped drinking water to coincide with the start of the conference. They have been demanding news of his condition at the prison ever since, and their concerns grew on Thursday after authorities told them he was undergoing indefinite medical intervention and blocked a lawyer from seeing him.

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Follow AP’s climate and environmental coverage on https://apnews.com/hub/climate-and-environment

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The Associated Press’s climate and environmental coverage receives support from several private foundations. Learn more about AP’s climate initiative here. The AP is solely responsible for all content.

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AIB raises €750m through green bond issue – The Irish Times https://gnet.org/aib-raises-e750m-through-green-bond-issue-the-irish-times/ Thu, 10 Nov 2022 07:26:24 +0000 https://gnet.org/aib-raises-e750m-through-green-bond-issue-the-irish-times/ AIB has raised €750 million through the issuance of its fourth green bond, bringing the total environmental bonds raised to over €3 billion to date. Proceeds from the bond will fund the financing of projects with environmental benefits that help customers transition to a low-carbon future. The bank said investor interest in the bond peaked […]]]>

AIB has raised €750 million through the issuance of its fourth green bond, bringing the total environmental bonds raised to over €3 billion to date.

Proceeds from the bond will fund the financing of projects with environmental benefits that help customers transition to a low-carbon future.

The bank said investor interest in the bond peaked just below 1.5 billion euros, allowing the bank to issue the bond at a level of MidSwaps +2.85%, this which is equivalent to a coupon of 5.75%. The final order book was €1.4 billion, with 94 investors from 22 countries.

To earn its “green” label, the AIB bond must comply with the International Capital Markets Association’s Green Bond Principles governing the use of bond proceeds and related transparency and reporting requirements.

AIB has raised €3.25 billion through the environmental bond since it began issuing bonds in 2020, as well as an additional €3 billion from a social bond earlier this year.

“As Ireland’s largest financial services provider with 2.8 million customers, AIB is already actively supporting the transition to a low carbon future by reducing our own carbon footprint and helping our customers do the same. . We aim to play an important role in helping the government and the European Union meet their carbon reduction targets,” said AIB Chief Executive Colin Hunt.

“Our ambition is for 70% of new loans to be green or in transition by 2030. And we are making great strides towards that goal, as green loans have already increased to 24% of new loans over the past few years. first nine months of the year. The more green loans we make, the more green capital we can attract, as environmental, social and governance (ESG) investors increasingly want to invest in companies with strong green credentials. The success of this transaction recognizes our position as a national champion with a very strong financial and capital position and our continued commitment to our sustainability goals.

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Factbox-Highlights from the Government of Canada’s Fall Economic Statement https://gnet.org/factbox-highlights-from-the-government-of-canadas-fall-economic-statement/ Thu, 03 Nov 2022 20:14:00 +0000 https://gnet.org/factbox-highlights-from-the-government-of-canadas-fall-economic-statement/ OTTAWA (Reuters) – Below are some of the key proposals and conclusions from the annual fall economic statement released by Canada’s Finance Minister Chrystia Freeland on Thursday.[nO8N2N5027[nO8N2N5027[nO8N2N5027[nO8N2N5027 Introduce a 2% tax on the net value of all types of share buybacks by public companies in Canada, similar to a measure recently introduced in the United […]]]>

OTTAWA (Reuters) – Below are some of the key proposals and conclusions from the annual fall economic statement released by Canada’s Finance Minister Chrystia Freeland on Thursday.[nO8N2N5027[nO8N2N5027[nO8N2N5027[nO8N2N5027

Introduce a 2% tax on the net value of all types of share buybacks by public companies in Canada, similar to a measure recently introduced in the United States. The details of this new tax will be announced in the 2023 budget, and the tax would come into effect on January 1, 2024.

Issue a C$500 million ($364 million) Ukrainian Sovereignty Bond, the proceeds of which will be used to support the government and people of Ukraine.

FEDERAL INTEREST-FREE LOANS FOR STUDENTS AND APPRENTICES

Make all student loans and apprentice loans permanently interest-free, including those in repayment, starting in April.

REDUCED CREDIT CARD TRANSACTION FEES FOR SMALL BUSINESSES

Reduce credit card transaction fees for small businesses by negotiating with payment card networks, financial institutions, payment processors and businesses. Introduce legislation in 2023 to regulate credit card transaction fees if agreement is not reached with industry.

Providing C$4 billion over six years starting in 2022-23 to

low-income people through an advance payment.

SUPPORT FOR PROVINCES AFFECTED BY HURRICANE FIONA

To set aside C$1 billion in 2022-23 to assist provinces affected by Hurricane Fiona through disaster financial assistance arrangements.

IMPROVING REGULATORY PROCESSES FOR MAJOR PROJECTS

Providing up to C$1.28 billion over six years, starting in 2022-2023, to the Impact Assessment Agency of Canada, the Canada Energy Regulator, the Canadian nuclear safety and ten other federal departments. The funding is intended to help agencies improve their response time while assessing the large number of environmental projects.

Introduce previously announced legislation to make housing more affordable, including a tax-free savings account for first-time homebuyers, a first-time homebuyer’s tax credit and an income tax. profits from turnaround properties held for less than 12 months.

($1 = 1.3733 Canadian dollars)

(Reporting by Ismail Shakil in Ottawa; Editing by Denny Thomas)

Copyright 2022 Thomson Reuters.

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Young American renters are already making changes in response to inflation https://gnet.org/young-american-renters-are-already-making-changes-in-response-to-inflation/ Tue, 01 Nov 2022 12:00:00 +0000 https://gnet.org/young-american-renters-are-already-making-changes-in-response-to-inflation/ Grubb Properties’ State of America’s Young Renters Survey Assesses Gen Z and Millennials’ Responses to Today’s Rental Market CHARLOTTE, North Carolina, November 1, 2022 /PRNewswire/ — young american Renters are already making trade-offs to deal with inflation and rent hikes and considering other changes, according to a new survey from Grubb Properties, a leading vertically […]]]>

Grubb Properties’ State of America’s Young Renters Survey Assesses Gen Z and Millennials’ Responses to Today’s Rental Market

CHARLOTTE, North Carolina, November 1, 2022 /PRNewswire/ — young american Renters are already making trade-offs to deal with inflation and rent hikes and considering other changes, according to a new survey from Grubb Properties, a leading vertically integrated commercial real estate company focused on multi-family rental housing.

At Grubb’s Survey of the State of Young American Renters surveyed 1,000 US renters between the ages of 22 and 35 to gauge their reaction to the difficult economic environment.

young american tenants face an extremely tight housing market in terms of supply, which has made it much more difficult to find accessible apartments in desirable locations,” said Todd Williams, chief investment officer of Grubb. “Grubb Properties’ focus on essential housing, aimed at people earning 60% to 140% of the AMI, made us wonder how Gen Z and Millennial renters are adapting to this current economic reality. Our research shows that they act and trade – if necessary.”

More than half (51%) of young renters said they had experienced a rent increase in the past year, with an average increase of 30%. Among these tenants, less than one in ten (7%) said they had the resources to cover the increase without changing their lifestyle.

The remaining 93% are planning or have already taken action, including reducing additional purchases (54%), looking for a new job or side job (39%), and looking for a new place to rent or live (35%). %) Almost one in four (22%) said they would consider using their credit card to pay the rent. Around one in five (17%) would consider asking a friend or family member for help with rent, while 12% would consider adding a roommate to help cover the costs, and 7% would consider to sell their car.

If rents rose to the point that young tenants had to move out, they would consider more aggressive measures. Two in five (40%) say they would move to a smaller, cheaper apartment, while more than a third (36%) would pack up and move to a cheaper geographic area. One in five (19%) would consider returning home with family members.

Green, city ​​life – and pets – always waiting for a call

Young tenants are not ready to compromise on their environmental priorities. More than four in five (82%) agreed that energy efficient and environmentally friendly buildings have at least some influence on their rental decision, with 40% saying they are extremely or very influential.

Similarly, 64% at least somewhat agree that proximity to public transport is important in the rental decision process. Three in four (75%) at least somewhat agree that it is important to live in an environment close to shops, restaurants and places of entertainment. This makes it even more critical to build more housing at affordable prices for these young tenants in urban and connected neighborhoods.

Another trade-off that young tenants are not ready to make is to give up their pets. Of the 74% of respondents who own a pet, most (58%) agreed that regardless of the increase in rent, they would never consider a building without pets.

Inflation tops the list of financial concerns and pushes young tenants to the polls

Inflation continues to be a major concern for young renters. When asked to rank their financial concerns, rising property prices were cited by 30% of respondents as their top financial concern, followed by rent increases (25%), lack of savings (20 %), job security (15%) and repaying student loans (10%).

These financial concerns also influence tenants’ decision to vote in November. Of the 68% who say they intend to vote in the medium term, 86% say their financial situation has at least some influence on their voting decision, and nearly half (49%) say it plays a important role in their decision. vote.

Young tenants report that higher rents also make it harder to find a new apartment. When asked if it would be easy or difficult to find an apartment in their price range, 64% said it would be at least somewhat difficult.

“Grubb Properties is focused on solving this housing shortage,” Williams said. “We are building new communities in some of the areas where supply is most limited, including Los Angeles, New Yorkthe bay area and washington d.c. . We believe that quality urban housing should be accessible to everyone.”

Background to the survey

The survey of the state of young American tenants of Grubb Properties was conducted by Wakefield Research (www.wakefieldresearch.com) among 1,000 young apartment renters (defined as renters aged 22-35), between September 16 and September 29, 2022, using an email invitation and an online survey. The data has been weighted to ensure an accurate representation of young apartment renters between the ages of 22 and 35. The results of any sample are subject to sampling variations. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. For the interviews conducted as part of this particular study, there is a 95 out of 100 chance that a survey result will not deviate, more or less, by more than 3.1 percentage points from the result that would have been obtained if interviews had been conducted with all the people in the universe represented by the sample.

Due to rounding, figures presented herein may not add up exactly to totals provided and percentages may not accurately reflect absolute figures.

About Grubb properties

Grubb Properties, founded in 1963, is a vertically integrated property fund manager focused on the Essential Housing space through its Link ApartmentsSM Mark. The company targets residents earning between 60% and 140% of local median income (AMI), directly addressing a growing crisis in essential housing, while providing residents with exceptional living spaces. Grubb Properties maintains a long-term outlook and its cautious and measured approach to real estate investing has generated resilient and impressive returns. Grubb Properties has received numerous sustainability designations and recognitions and undergoes annual ESG assessments through GRESB. For more information, visit www.grubbproperties.com.

CEO of Grubb Properties clay larva is the author of the book “Creating the Urban Dream: Tackling the Affordable Housing Crisis with Compassion”.

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SOURCE Grubb Properties

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How ADGM is developing a sustainable financial industry in the UAE – News https://gnet.org/how-adgm-is-developing-a-sustainable-financial-industry-in-the-uae-news/ Sat, 29 Oct 2022 10:43:43 +0000 https://gnet.org/how-adgm-is-developing-a-sustainable-financial-industry-in-the-uae-news/ ADGM is working with its counterpart regulators in the United Arab Emirates to develop a taxonomy for sustainable projects ADGM has placed environmental and social objectives at the forefront of its own strategy. Published: Sat 29 Oct 2022, 2:43 PM Over the years, Abu Dhabi Global Market (ADGM), which celebrated its seventh anniversary this month, […]]]>

ADGM is working with its counterpart regulators in the United Arab Emirates to develop a taxonomy for sustainable projects



ADGM has placed environmental and social objectives at the forefront of its own strategy.

Published: Sat 29 Oct 2022, 2:43 PM

Over the years, Abu Dhabi Global Market (ADGM), which celebrated its seventh anniversary this month, has implemented several sustainable finance initiatives to preserve the UAE’s economy and environment for future generations.

Sustainable finance refers to the process of taking environmental, social and governance (ESG) considerations into account when making investment decisions in the financial sector.

Mercedes Vela Monserrate, Head of Sustainable Finance at ADGM, noted that the International Financial Center aims to develop a dynamic sustainable financial center that supports capital formation as well as the creation and issuance of products to achieve economic, social and environmental positives.

“We are closely aligned with the UAE’s initiatives, supporting Abu Dhabi, the UAE and global stakeholders in achieving the Sustainable Development Goals and the climate change goals of the Paris Agreement. With an internationally recognized regulatory regime, direct application of common law and proximity to some of the largest sovereign wealth funds, institutional investors and private wealth in the world, ADGM is ideally placed to develop a sustainable financial ecosystem that meets the needs of local and international investors. . ”

Monserrate noted that, in line with national and international initiatives, the ADGM has placed environmental and social objectives at the forefront of its own strategy.

Since 2019, initiatives such as Sustainable Finance Agenda, Sustainable Finance Working Group and Abu Dhabi Sustainable Finance Declaration have been launched to develop a thriving sustainable finance hub.

Mercedes Vela Monserrate, Head of Sustainable Finance at ADGM.

Mercedes Vela Monserrate, Head of Sustainable Finance at ADGM.

“The Abu Dhabi Declaration calls for collaboration and collective action to create a sustainable and thriving financial industry not only in the UAE, but across the region. In line with this agenda, ADGM continues to integrate the principles of sustainability in its regulatory framework, to be the first international financial center in the region to implement an ESG framework.

Monserrate said ADGM’s efforts have resulted in a concerted collaboration between public and private stakeholders in the UAE to channel attention, resources and conversation on sustainable finance.

“To reinforce our commitment to sustainable finance, ADGM will launch several new initiatives.”

In the past, ADGM published the UAE’s first set of sustainable finance guidelines, launched the Abu Dhabi Sustainable Finance Forum, the first social bond project and the first real estate investment fund. of the UAE, has adopted a series of internal sustainable principles to improve the ADGM. existing ESG practices, rolled out the Gender Equality Initiative and the Sustainable Finance Platform for investors and stakeholders to have real-time access to critical UAE- and region-specific sustainable finance data within the meaning of wide, reflecting international standards and featuring customizable indicators.

Monserrate noted that the ADGM is working with its counterpart regulators in the UAE to develop a taxonomy for sustainable projects.

“To increase the adoption and growth of sustainable finance, ADGM is enhancing its regulatory framework to include clear ESG and sustainable finance requirements in its regulatory framework.

ADGM’s recent focus on developing standards for green-labeled financial products and services aims to help investors identify investments with a sustainability objective and ensure that financial institutions incorporate the risk of change. climate in their risk management.

First “carbon neutral” financial center

ADGM is the first “carbon neutral” international financial center in the world. It is also partnering with AirCarbon Exchange to create the world’s first fully regulated carbon exchange and clearinghouse.

“While voluntary carbon markets are only one piece of the global climate finance framework, they have grown significantly in recent years, from $146 million four years ago to more than $1 billion. dollars this year. In this context, the creation of a voluntary regional carbon market in combination with the necessary regulatory framework would present a new opportunity for the UAE financial sector.

To support initiatives and innovations in sustainable development, ING is one of the banks with which ADGM collaborates in three areas of sustainable finance, namely regulation, collaboration and capacity building.

“At ING, sustainability is at the heart of what we do. We monitor and manage the impact of our operations on the climate and source 100% renewable electricity for buildings under our management control. We have been integrating sustainability into our sourcing processes and offsetting our remaining carbon emissions since 2007,” said Sebastian Frederiks, Head of Middle East Wholesale Banking, ING Bank.

Sebastian Frederiks, Head of Middle East Wholesale Banking, ING Bank.

Sebastian Frederiks, Head of Middle East Wholesale Banking, ING Bank.

“The biggest impact we can have is with our funding. We are committed to steering our lending portfolio towards the Paris Agreement’s climate target of 1.5 degrees, or net zero by 2050. We call our strategy for achieving this the Terra Approach. It focuses on the nine sectors in our loan portfolio with the highest emissions: oil and gas, renewables and conventional energy, automotive, shipping, aviation, steel, cement, residential mortgages and commercial real estate. »

Frederiks pointed out that following the decision to host the UN Climate Change Conference COP 28 in the United Arab Emirates, there has been a “further acceleration” in requests for customer support in the area. of the ESG.

ING supports the ADGM and the United Arab Emirates in achieving their sustainability and climate goals.

“In January 2019, ING was one of the first 25 signatories of the Abu Dhabi Declaration on Sustainable Finance. Since then, ING and ADGM have continued to work closely together on sustainable finance topics. ING can play a role by funding change, sharing our knowledge and offering our innovative solutions. All of this we are actively rolling out for our banking clients in the UAE. For example, we organize ESG awareness sessions for boards, we share best practices on risk and due diligence, we support sustainability-related lending facilities and we use our network of in-depth ESG investor distribution for green bonds.

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Toyota joins GM as a classic bandwagon jumper https://gnet.org/toyota-joins-gm-as-a-classic-bandwagon-jumper/ Wed, 26 Oct 2022 10:41:26 +0000 https://gnet.org/toyota-joins-gm-as-a-classic-bandwagon-jumper/ Toyota Motors manufactures a sport utility vehicle called “4Runner”. But the company, like its rival General Motors, could best be called a classic leader. Another term for this might be “bandwagon jumper”. In 2017, when then-President Donald Trump began trying to remove California’s ability to set its own smog standards — granted in the federal […]]]>

Toyota Motors manufactures a sport utility vehicle called “4Runner”. But the company, like its rival General Motors, could best be called a classic leader.

Another term for this might be “bandwagon jumper”.

In 2017, when then-President Donald Trump began trying to remove California’s ability to set its own smog standards — granted in the federal air quality law signed by the Republican president Richard Nixon in 1970 – General Motors and Toyota supported his efforts with a later lawsuit. followed by attorneys general in 17 Republican-controlled states.

Both companies were fed up with California forcing them to develop innovations, from the first smog-control devices to catalytic converters to hybrid cars and electric vehicles.

But some of their competitors hesitated. Ford, Volkswagen, Honda, BMW and Volvo have all joined a lawsuit filed by the former state attorney. General Xavier Becerra who delayed Trump’s efforts long enough for him to lose the 2020 election, despite his stubborn false claims to have won.

Now the federal threat to California’s smog control authority is gone, at least for a few years, with President Biden reversing efforts by the Trump-era Environmental Protection Agency to thwart the shift to cars and electric trucks and thwart this state’s efforts to clean up its air, while moving away from fossil fuels.

One of the results of this election was a complete reversal by GM. That company’s chief executive, Mary Barra, changed her tune almost the instant Biden was inaugurated.

Rather than resist California authority, Barra removed GM from its role supporting Trump in early 2021, saying she agreed with Biden’s plan to make electric vehicles more widespread and more popular.

“We believe the ambitious electrification goals of (Biden), California and General Motors are aligned,” she said. It would have been difficult to be more openly opportunistic.

Toyota has waited longer to become another example of corporate leapfrogging.

Just two days before the California Air Resources Board (CARB) will use its restored authority under the Clean Air Act to order an end to sales of new gasoline cars and trucks in 2035, Toyota announced this year that he would no longer oppose it. As GM claims, this was a 180 degree position reversal.

Neither company has admitted that its earlier position was wrong or misguided. Neither claimed the Trump administration forced him into anything. But the two say they are now firmly on the EV side, pledging to produce many new totally zero-emission vehicles.

CARB President Lianne Randolph tweeted to welcome Toyota. “We are pleased to see that Toyota has now recognized California’s authority to set vehicle standards,” she said. “Although we have had differences in the past, we look forward to moving (electric vehicles) forward together on a positive basis.”

The automakers’ response to California’s new EV mandate is clearly a political bandwagon jumping at its most blatant. It also stands in stark contrast to past predictions of disaster by automakers whenever CARB sets new standards to be met.

GM is a classic example. When CARB earlier this century gave automakers 10 years to start selling zero-emission cars in significant quantities, GM said it was impossible. At the same time, its publicists were lending demo models of the company’s first primitive electric vehicle to automotive journalists across the country – a clear demonstration of two things: 1) The company’s right hand didn’t know or didn’t didn’t care what his left hand was doing. , and 2) electric vehicles could be built to be both roadworthy and capable.

It was much the same for Toyota: the company opposed any further step towards clean-air cars, deeming it impossible or too expensive. Nevertheless, it developed the hybrid Prius, which became the best-selling passenger car in California.

Meanwhile, Toyota’s latest statement overturned its long-held assertions that making cars ever cleaner might not be possible. The Japan-based company said it “continues to share CARB’s vision” of reducing greenhouse gases and building carbon-neutral vehicles. “We are excited about our efforts to expand zero-emissions activities beyond our core vehicle business.”

Make no mistake: had the 2020 election results been different, the California Clean Air Authority would surely have disappeared and neither GM nor Toyota would have changed their position.

This is something idealistic car buyers might want to consider when deciding which brand of new car to buy.

Email Thomas Elias at tdelias@aol.com. His book, “The Burzynski Breakthrough, The Most Promising Cancer Treatment and the Government’s Campaign to Squelch It,” is now available in a fourth edition hardcover. For more Elias columns visit www.californiafocus.net

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6K has a new formula for long-lasting EV batteries https://gnet.org/6k-has-a-new-formula-for-long-lasting-ev-batteries/ Sat, 22 Oct 2022 19:04:46 +0000 https://gnet.org/6k-has-a-new-formula-for-long-lasting-ev-batteries/ EV manufacturers have relied on longer-range EV batteries to gain an edge over the competition, but range can only get you so far. Sustainable manufacturing is also gaining momentum, as automakers seek to reduce the long trail of energy, water and waste that trails behind their zero-emission vehicles. Sustainable manufacturing and EV batteries of the […]]]>

EV manufacturers have relied on longer-range EV batteries to gain an edge over the competition, but range can only get you so far. Sustainable manufacturing is also gaining momentum, as automakers seek to reduce the long trail of energy, water and waste that trails behind their zero-emission vehicles.

Sustainable manufacturing and EV batteries of the future

There is a lot of room for improvement in making EV batteries, in a sustainable way. The American firm 6K gives a good illustration. The Massachusetts startup just won $50 million in funding from the Biden administration to manufacture longer-lasting electric vehicle batteries nationwide, by deploying a proprietary high-tech process it calls UniMelt®.

The federal dollars will go towards the construction of a $107 million manufacturing facility to be located somewhere in the southeastern United States. The goal is to demonstrate that the U.S. energy storage industry can leave behind its foreign competitors and produce EV batteries that cost less, perform as well if not better, and leave behind a smaller manufacturing footprint for energy, water and waste. .

The manufacturing model adopted by 6K does not imply the need to invent an entirely new battery architecture. For example, his new setup can run on NMC 811 lithium-ion EV batteries, referencing the now familiar nickel-manganese-cobalt cathode formula.

NMC sparked a lot of discussion around EV battery circles a few years ago, when manufacturers like SK Innovation and LG Chem started tweaking the standard formula to include more nickel. As Research Interfaces explains, the NMC 811 was “meant to be the next-generation cathode – ‘better and cheaper’, pushing EVs beyond 500 km (~300 mi) range and soon to parity of price with the internal combustion engine. ”

According to 6K, its new UniMelt process can produce the latest generation of NMC 811 batteries while generating 70% less greenhouse gases than manufacturing conventional batteries. 6K also claims that its processes use only 10% of the water and 30% of the energy used in conventional methods.

The important national supply chain

Concerns have swirled around the availability of lithium for electric vehicle batteries. The domestic lithium industry in the United States has yet to pick up speed (more on that in a second), but manufacturers like 6K aren’t waiting for the grass to grow under their feet. They rely on lithium mined from used electric vehicle batteries and other end-of-life energy storage devices.

6K will demonstrate the ability to leverage domestic sources of raw materials, freeing the United States from its current dependence on countries in conflict. This will be accomplished first by recycling recycled materials from end-of-life batteries, followed by the digestion of 6K’s own metals,” says 6K.

The company also stresses that responsible sourcing is an integral part of sustainable manufacturing. In addition to avoiding materials from conflict zones, this means adhering to the Biden administration’s equity and environmental justice goals.

“Over time, the project will create up to 150 well-paying jobs and through education, recruitment, training and retention initiatives, it is expected that at least 40% of employees will come from disadvantaged communities and that the workforce will reflect the diversity of the community,” says 6K.

How it works?

You may be able to DIY your own UniMelt-er at home if you have a microwave oven and a few other tools at your disposal to push the limits of plasma chemistry, but keep in mind that you will need to reach a temperature of 6,000 degrees Fahrenheit. UniMelt is a production-scale, high-efficiency, high-throughput microwave plasma process.

“A combination of high heat, highly reactive ions, and engineered chemistries creates the perfect environment to reduce processes to previously unreachable time periods,” 6K explains.

“For additive manufacturing, the UniMelt process precisely spheroidizes metal powders while controlling the chemistry and porosity of the final product,” 6K notes. “For battery material, the same sustainable process is used to synthesize chemical elements and control particle size and microstructure to produce advanced battery material at a fraction of the time and cost of conventional processes.”

Short version: Conventional production processes involve multiple steps and different batches that consume time and energy. Batch-type methods are also vulnerable to contamination and loss at various stages.

6K states that its microwave plasma process is a single continuous-flow operation that takes approximately 2 seconds, or 1/100,000th the time of today’s conventional batch production technologies.

More EV batteries for the southeastern United States

So far, 6K hasn’t specified the exact location of its new plant, but the idea of ​​locating a sustainable electric vehicle battery manufacturing plant in the southeastern United States might seem a bit counterintuitive. -intuitive at first glance, primarily because the region as a whole has lagged other states in renewable energy capacity.

UniMelt or not, 6K will have some explaining to do about whether its new, more sustainable EV battery manufacturing plant runs on natural gas or coal.

Part of the problem for renewable energy developers in the southeast is a technological challenge, as wind speeds in the region are less than optimal for harvesting inland wind power with conventional turbines. The United States Department of Energy has tried to distinguish this with the support of tallest wind turbine towers and longer turbine blades.

The offshore wind industry faces a similar wind speed hurdle in the Gulf of Mexico, although the emergence of green hydrogen and green ammonia have made it possible to improve the economic conditions for the exploitation of offshore wind resources.

The Atlantic coast is a whole different story. Political fortunes have been the biggest obstacle among Atlantic Coast states since 2010, when South Carolina, Georgia and Florida all refused to join a new multi-state effort to coordinate and accelerate offshore wind development along the Atlantic.

Solar energy to the rescue

The Southeast’s solar power record is mixed, but looks brighter. Georgia and Florida are currently among the Top 10 States in Installed Solar Capacity, as do the neighboring states of Virginia and North Carolina. South Carolina is also catching up and currently owns the No. 14 spot.

Other southeastern states are much lower in the solar pecking order, including Alabama (#31), Tennessee (#28), Louisiana (#38), and Mississippi (#37), Kentucky brings up the rear in 46th place.

Kentucky may not remain a regional laggard for long. Last year, GM designed a new agreement on solar energy for its Corvette plant in the Bluegrass State. The Tennessee Valley Authority is providing assistance, as part of its pivot to renewable energy. A movement is also underway to convert the region’s depleted coal mines into solar panels and energy storage.

Ford is another automaker look for more solar power for EV batteries and other manufacturing facilities in the southeast. Wherever the 6K goes, the prospects for a solar-powered manufacturing plant are much better now than just a few years ago.

follow me on twitter @TinaMCasey.

Image: Plasma-based method for manufacturing electric vehicle batteries and other industrial applications courtesy of 6K.


 

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Harvard and MIT students disrupt recruitment event on ExxonMobil campus to protest Big Oil | New https://gnet.org/harvard-and-mit-students-disrupt-recruitment-event-on-exxonmobil-campus-to-protest-big-oil-new/ Thu, 20 Oct 2022 07:00:00 +0000 https://gnet.org/harvard-and-mit-students-disrupt-recruitment-event-on-exxonmobil-campus-to-protest-big-oil-new/ About 30 Harvard and MIT students broke up an ExxonMobil recruitment event at MIT last Wednesday to protest the big oil companies’ contributions to climate change. The event, held at MIT’s Earth and Planet Department, aimed to introduce students to internship and employment opportunities at the company. Following a similar disruption to Brown earlier this […]]]>

About 30 Harvard and MIT students broke up an ExxonMobil recruitment event at MIT last Wednesday to protest the big oil companies’ contributions to climate change.

The event, held at MIT’s Earth and Planet Department, aimed to introduce students to internship and employment opportunities at the company. Following a similar disruption to Brown earlier this month, climate activists from Harvard and MIT held up posters, chanted and gave speeches, decrying what they see as ExxonMobil corruption.

Fossil Fuel Divest Harvard member Andrew K. Chu ’26 said he and about 30 other protesters physically blocked the recruiting presentation to stop the event.

ExxonMobil did not respond to a request for comment.

Saman de Silva ’26, who sang at the event, said the purpose of the disruption was to send the message to big oil companies that they “have no place on campus”.

MIT student Lyne-Nicole A. Odhiambo said educational institutions, like MIT, contradict their missions by inviting companies like ExxonMobil to their campuses.

“Universities should not lend our legitimacy to these kinds of businesses, let alone invite them to take advantage of the talents of our students,” Odhiambo said.

Welcoming companies like ExxonMobil to campus means “tolerating” the work of those companies, Chu said.

Harvard spokesman Jason A. Newton declined to comment on the protest. MIT spokespersons did not respond to a request for comment.

Sanaa M. Kahloon ’25, who spoke at the event, said major oil companies like Exxon have contributed to current disasters, such as the floods in Pakistan.

“The link was that Exxon and similar companies were actively harming Harvard and MIT students and their communities,” she said. “And that it’s unacceptable for Exxon to recruit the same students it harms.”

“Recruitment is just a symptom of a larger problem that our universities have and a culpability that universities have in continuing the climate crisis,” Kahloon added.

Following the disruption, ExxonMobil recruiters stopped their presentation and left.

Alexia G. Leclercq, a Harvard Graduate School of Education student who attended the protest, called the disruption “successful” and said she was glad recruiters were able to hear the start of the speeches.

“This is one of the strategies as part of our ongoing goal for Harvard to sever all ties with the fossil fuel industry,” she said.

de Silva said she believes ExxonMobil is using recruiting events to dishonestly rebrand its image.

“When Exxon comes on campus and says it’s recruiting students to change its brand, it had countless opportunities to do so. And yet they have always pushed for protections against renewable energy transitions,” he said. “We have to recognize the fact that Exxon is lying and the big oil lies.”

Chu said he thinks oil companies like ExxonMobil are trying to “profit from destroying our future.”

“They believe that they can continue to exploit the environment and contribute to the destruction of the environment, get away with it and allow this kind of narrative to spread on campus,” Chu said.

Michael R. Waxman ’25 said he joined the protest because he hopes to see universities give a “pedestal” to businesses that will contribute to a more sustainable future.

“There are so many talented young people who can contribute to a more sustainable world, and that’s not going to happen at Exxon,” Waxman said.

—Editor Christie K. Choi can be reached at christie.choi@thecrimson.com.

—Editor Carrie Hsu can be reached at carrie.hsu@thecrimson.com.

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