Archive

FCA closes Drax investigation

The UK Financial Conduct Authority (FCA) has closed its investigation into Drax, which related to the reporting of its sourcing of biomass for its energy production, as the regulator took no further action against the company.

Drax shares slide after it reveals FCA investigation

Norwegian oil fund exits stakes in 12 firms on ESG concerns

The giant Norwegian oil fund has excluded a dozen companies from investment due to environmental, social, and governance (ESG) concerns, including mining giants such as Anglo American, Glencore and Vale in which it was a major shareholder.

Investors ask Drax for clarity on Just Transition plans

Aviva, BMO and the Church of England Pensions Board are among investors that have asked Drax to more clearly demonstrate how it will support its workers in the energy transition, Environmental Finance can reveal.

Norges Bank Investment Management appoints new CEO

Norges Bank has appointed Nicolai Tangen as the new CEO of Norges Bank Investment Management (NBIM).

Norwegian oil fund revokes its exclusion of Drax

Norway's Government Pension Global, known as Norway's oil fund, is to reverse its decision to divest from British power generation company Drax.

Drax targets carbon-negative operations by 2030

The boss of coal and biomass-powered power station Drax has announced plans to be carbon-negative by 2030.

ERM snaps up SustainAbility as industry consolidation continues

Environmental Resources Management (ERM), a specialist consultancy with 160 offices worldwide, has acquired SustainAbility, the pioneering think tank and advisory firm set up by John Elkington and Julia Hailes in 1987.

ScottishPower sells last gas asset to complete shift to renewables

ScottishPower has become the first integrated energy company in the UK to shift completely from coal and gas generation to wind power, after completing the sale of its traditional generation business to power company Drax for £702 million ($922 million).

Europe's largest biomass plant to grow with fourth renewable unit

The owner of the largest biomass power station in Europe is to convert a fourth partly coal-fired unit to biomass energy generation this year, following a UK government decision on a national renewables incentive scheme.