Economic news: Active Super, NSW Circular, Pacific Green, GFANZ, Zurich, Uber, etc.
Memorandum of Understanding on the Merger of Active Super and Vision Super Sign
super active and Vision Super have signed a Memorandum of Understanding (MOU) and will undertake due diligence to decide whether a merger is in the best financial interests of the members of both funds. Both pension funds are member benefit funds of a similar size serving current and former local government employees in NSW and Victoria.
Active Super is one of six Australian funds to be certified carbon neutral by Active climate and has won the SuperRatings Infinity Award seven times for environmental and ethical responsibility. In the event of a merger, the fund will manage approximately $26 billion on behalf of approximately 169,000 member accounts.
NSW Circular becomes an independent not-for-profit organization
NSW Government Research and Innovation Network NSW Flyer became a new independent non-profit organization Flyer Australia. The government-funded body is created by the office of the Scientist and Chief Engineer NSW and hosted by UNSW Sydney to support change away from waste and towards a circular economy.
Green bonds beat forecasts in emerging markets
A new report has revealed that the global green bond market has exceeded most expectations in emerging markets and developing economies in 2021. European asset manager Amundi and World Bank Group member IFC published on Emerging Markets Green Bond Report 2021 which signals the rebound due to growing demand from domestic and international investors, combined with increased issuance by new and existing issuers. The value of green bonds issued in emerging markets and developing economies more than doubled in 2021 to a record $95 billion, from $41 billion in 2020.
Pacific Green and Shell enter into energy optimization agreement
Shell Energy Europe entered into an agreement with a photovoltaic supplier Pacific Green Technologies to provide exchange and dispatch optimization services for the 99.98 MW Richborough Energy Park battery energy storage system in the UK.
Pacific Green Technologies is an American provider of sustainable clean technologies that helps solve the challenges of global warming, green energy and resource scarcity. Vice President Shell Europe and Africa, Tom Summers, said the battery systems project will help the UK’s transition to a flexible, low-carbon energy system.
GFANZ Launches Asia-Pacific Network for Financial Institutions to Net Zero
Practitioner-led Global Coalition of Financial Sector Institutions Glasgow Financial Alliance for Net Zero (GFANZ) announced the formation of an Asia-Pacific network, with the creation of a regional advisory board to accelerate net zero action across Asia-Pacific, and the opening of its first Asia-Pacific office in Singapore supported by Singapore Stock Exchange, Temasek and the Monetary Authority of Singapore.
According to supported by the UN Race to zero campaign, Asia-Pacific needs US$13.6 trillion (AUD$19.5 trillion) in investment this decade to advance the transition to net zero and avoid the worst impacts of climate change. The network will support engagement with financial institutions and policy makers in the APAC region and ensure that work towards net zero is inclusive and applicable to all.
Zurich Insurance announces new sustainability goals
multinational insurance company Zürich Insurance group announced new sustainability goals and initiatives in Australia and New Zealand. The company aims to reduce emissions from its local operations by 60% by 2025 and 76% by 2029. It plans to reduce emissions from printed paper by 70% by 2025 and reduce the intensity carbon of its local investment portfolio by 25%. cent by 2025 with the aim of having a carbon neutral portfolio by 2050.
The company divested from several large issuers identified in its portfolio and partnered with Reforestan Australian platform that connects companies and their customers to regenerate local ecosystems and absorb CO2.
Auction activity in capitals is significantly lower
Auction activity was significantly lower in capitals this week, reflecting tough selling conditions, analysis from CoreLogic found. A total of 1393 houses were auctioned with a success rate of 58.5%. This is the lowest clearance rate since the start of the year for most capitals, including Sydney, Melbourne, Brisbane and Canberra.
Uber invests $26 million in the Australian electric vehicle market
Uber announced a $26 million investment in Australia’s electric vehicle market, with the aim of helping push the needle towards zero emissions by 2040. The investment will provide a 50% service reduction fee for driver-partners using battery electric vehicles on the platform until mid-2025.
Environmental Training Opportunity in Greater Melbourne
Applications are now open for an environmental training program through the Town of Stonnington, in Melbourne’s inner southeast. The free program runs over 12 sessions from August to November, for community members who are passionate about the environment and creating local change. Successful applicants will participate in interactive training workshops with a range of experts, learn about council environmental initiatives and connect with local community groups and traditional owners. Applications for the Town of Stonnington Environmental Champions Program will close on Sunday July 10th.