Daily Digest for

The European Union and India held their second ministerial meeting of the Trade and Technology Council (TTC) in New Delhi. The meeting focused on strategic technologies, digital governance, and green and clean energy technologies. Both sides committed to accelerating human-centric digital transformation and developing advanced AI, semiconductors, and 6G. They also highlighted progress in green energy technologies, aiming for net zero emissions by 2050 for the EU and 2070 for India. Joint research cooperation under the Horizon Europe program will focus on marine plastic litter and waste-to-renewable hydrogen, with a joint investment of around €60 million.

Singapore has reaffirmed its commitment to climate action by submitting its 2035 Nationally Determined Contribution (NDC) to the UNFCCC, aiming to reduce emissions to between 45 to 50 million tonnes of CO2 equivalent by 2035. This builds on its previous target to peak emissions at 60 million tonnes by 2030 and aligns with the Paris Agreement’s goals. Singapore has also achieved its solar deployment target of 1.5 GWp ahead of schedule and is on track to electrify half of its public bus fleet by 2030. The country plans to increase its carbon tax progressively to $50-$80 per tonne by 2030 and is exploring cross-border solutions like electricity imports and carbon credits to overcome its energy limitations.

The Climate Investment Funds (CIF) endorsed $143 million in funding for Brazil, Kenya, and the Zambezi River Basin Region, including Malawi, Mozambique, Namibia, Tanzania, and Zambia. This funding is part of CIF’s Nature, People, and Climate program, which aims to pioneer nature-based solutions for sustainable development. Brazil’s plan includes $47 million in CIF funding to restore 54,000 hectares of forest, create 21,000 jobs, and address deforestation. Kenya’s plan, with $35.66 million in CIF funding, focuses on ecotourism and supporting Indigenous communities. The Zambezi River Basin plan, with $60.35 million, aims to mobilize co-financing and promote carbon markets.

UK-based The People’s Pension has appointed Amundi and Invesco to manage £28 billion in assets, marking a significant evolution in its investment strategy. Amundi will manage £20 billion in passive developed market equities, focusing on climate-focused indices, while Invesco will handle over £8 billion in fixed income investments, incorporating net zero alignment and ESG analysis. This move aligns with The People’s Pension’s commitment to responsible investment and long-term value creation for its nearly seven million members. The transition to segregated mandates with Northern Trust provides greater control and transparency.

Singapore and Bhutan signed an Implementation Agreement on carbon credits cooperation under Article 6 of the Paris Agreement. The agreement was signed by Singapore’s Minister for Sustainability and the Environment, Grace Fu, and Bhutan’s Minister of Energy and Natural Resources, Gem Tshering, during the latter’s visit to Singapore. This is Singapore’s first Implementation Agreement with a carbon-negative country, highlighting both nations’ dedication to global climate action. The agreement aims to facilitate cooperation on carbon credits, supporting sustainable development and environmental protection.

Finland-based Fortum has partnered with Steady Energy to support the development of Steady Energy’s district heating nuclear reactor, the LDR-50, using Apros modelling software. This collaboration aims to create a comprehensive digital twin for the reactor, facilitating comparison analyses for licensing in Finland and addressing technical issues related to the reactor’s functionality. Fortum’s Apros software, developed with VTT, is instrumental in this project, offering dynamic simulation capabilities for power plants. This partnership highlights Fortum’s expertise in nuclear power plant modelling and Steady Energy’s commitment to advancing nuclear technology in Finland.

US-based Modine Manufacturing Company has secured $180 million in orders for Airedale by Modine data center cooling systems from a new customer who is a leading AI infrastructure developer. The equipment is designed to deliver cost-effective and sustainable cooling solutions while optimizing power usage effectiveness. Production will take place at Modine’s facilities in Virginia and Mississippi, with delivery expected from 2025 to 2026.

The UK government has introduced the Timber in Construction Roadmap aimed at promoting sustainable building materials and addressing the housing crisis. Environment Minister Mary Creagh announced this initiative at the TiC Summit in London, emphasizing the creation of 1.5 million sustainable homes, economic growth through timber production, and a circular construction sector. The roadmap highlights increasing domestic timber use, green job creation, and aligning construction with net zero targets.