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RAN Targets Largest Banks

After working with Citigroup to develop stringent project financing standards based on sustainable development guidelines, Rainforest Action Network is challenging the 10 largest U.S. financial institutions to follow suit. RAN is calling on the companies to phase out funding for the oil, gas, mining, and logging industries in endangered ecosystems; reduce funding for greenhouse gas producing industries, and work more closely with local populations, among other things. The changes would affect billions of dollars of loans a year. RAN calls on the companies to adopt standards that meet or exceed those of Citigroup, the largest bank, by Earth Day on April 22. The companies include: J.P. Morgan; Bank of America; Wachovia Corp.; Wells Fargo; Bank One; FleetBoston; U.S. Bancorp; SunTrust; Goldman Sachs and John Hancock. "Long-term investments in ecological and social sustainability is the only path to ensure the future health of the global economy," said Ilyse Hogue, a Rainforest director. "The bulk of our financial institutions are behind the global curve in confronting these challenges." After years of criticism from Rainforest, Citigroup in January agreed not to finance projects in "critical natural habitats" unless borrowers show they "will not significantly degrade or convert the critical natural habitat." It also […]

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Toyota Plans to Sell Hybrid Camry in 2006

Toyota Motor Corp says it will likely begin selling a hybrid version of its best-selling Camry in 2006. This could move hybrids from being a tiny niche into mainstream. The Nihon Keizai business daily says Toyota aims to sell 100,000 hybrid Camrys a year, mainly in North America. The company sells over 400,000 Camrys annually in the US, making it that market's most popular passenger car. Honda – the only other car firm currently selling hybrids – markets a hybrid version of its Civic sedan and plans an Accord hybrid in the U.S. market this autumn. But Honda's sales numbers are small and are expected to remain so for the time being. Analysts said that Toyota, Japan's largest auto maker, would probably be able to reduce costs by 2006 and sell a hybrid Camry at a price attractive to consumers. Toyota and Ford Motor Co announced this week that Ford would license Toyota's hybrid engine technology, underlining Toyota's overwhelming lead in gasoline-electric know-how. Nissan also uses Toyota's hybrid systems. "The point here is that other auto makers are so far behind and that's partly due to Toyota's hold on hybrid patents," said Nikko's Matsushima. The auto giant plans to roll […]

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European Steel Firms to Study Cleaner Production

Corus (London:CS.L), Arcelor (Paris:CELR.PA)and TKS are leading a consortium of steel firms in a 40 million euro research project on technologies to cut carbon dioxide emissions in steelmaking. The European Commission requested the industry look into this because its production processes are based 60% on coal and cokes, with significant carbon dioxide emissions. The companies have submitted a proposal to the EU executive for a five-year research project called ULCOS (Ultra Low CO2 Steelmaking). The EC may subsidize up to 50% of of the project. The consortium includes almost all European steel companies and some 40 industrial organisations, research institutes and universities.

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All Kyoto Protocol Rules Now Legally Binding in Europe

All the requirements under the 1997 Kyoto climate protocol are now legally binding in all 15 member states of the European Union. On Wednesday, a decision of the European Parliament and the Council of Ministers entered into force that governs the way in which emissions of six greenhouse gases covered by the treaty have to be monitored and reported. The targets of the European Union and its individual member states related to the emissions of greenhouse gases became binding in 2002. The Kyoto Protocol to the United Nations Framework Convention on Climate Change (UNFCCC) is the only international framework to combat global warming. With this step, all provisions of the protocol have become EU law, and the EU has reaffirmed its global leadership in fighting climate change and implementing the protocol. On May 1, the EU expands to take in 10 new member states to the east of the current bloc, and all provisions of the protocol will also apply to them. "Now we have adopted all the necessary EU legislation to carry out our commitments under the Kyoto Protocol," said Margot Wallstrom, European Commissioner for the Environment. "This means that we are fully implementing this important protocol even before […]

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