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Companies Taking Climate Change More Seriously

Climate change is spurring a “worldwide economic and industrial restructuring” that will “change the competitive playing field and financial performances of all companies,” concludes a survey released by the Carbon Disclosure Project (CDP). The survey, which reached a high of a 77% response rate from the world’s largest 500 corporations, reveals they are beginning to move from awareness to action on global warming. European companies continue to lead, with 76% reporting they are actively reducing emissions, up from 47% in 2006; U.S. firms continue to trail with only 26% implementing active programs. The CDP, a collaboration of 315 institutional investors with assets of $41 trillion under management, also published its first index, the Climate Disclosure Leadership Index (CDLI). It consists of companies that have the top carbon disclosure practices, including Rio Tinto, Iberdrola, Hewlett Packard, Westpac, Citigroup, Wal-Mart, Coca Cola, Wal-Mart, Royal Bank of Scotland, Allianz and Unilever. Although fewer U.S. companies are seeing the opportunities inherent in climate change for their business, as evidenced by active programs, they do see the challenges. About 54% of U.S. multinationals are reporting on the challenges they face from climate change, even if they haven’t begun to act on it. Paul Dickinson, CEO […]

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Merger Creates Largest North American Recycler

Two of the largest recyclers have merged to create the largest North American publicly traded scrap-metal recycler. The company will operate under the name Sims Metal Management. Sims Group Ltd, based in Australia, is acquiring Metal Management, Inc. (MM), one of the largest full-service metal recyclers in the U.S., for $1.49 billion in stock. Sims is looking to cut costs and benefit from rising demand for scrap metal. MM has 53 recycling facilities in 17 states, including many U.S. metropolitan areas, including Chicago, Cleveland, Denver and Houston. MM stockholders will receive 2.05 shares in Sims for each share they hold in MM, an 18.2% premium over the September 21 closing price. When the merger is completed, Sims Metal Management will have more than 200 recycling operations globally, handling about 15 million tons of recycled metal each year. For the first six months of 2007, Sim’s revenue exceeded A$8.5 billion. The combined company will save Sims about $35 million a year and generate $6.8 billion in annual sales. Metal Management gains by getting more global exposure, while Sims gains in U.S. exposure. Sims will retain its primary listing on the ASX in addition to its NYSE ADR listing, but plans to […]

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Akeena Solar Approved for NASDAQ Listing

Akeena Solar, Inc. (NASDAQ:AKNS) has had its application of the company’s common stock under the symbol “AKNS” approved by NASDAQ. Trading on the NASDAQ Capital Market began Monday, September 24, 2007. “Achieving a listing on the NASDAQ stock exchange is a key milestone in our company’s evolution,” said Barry Cinnamon, CEO of Akeena. “The NASDAQ listing provides visibility for our successful growth story and should result in improved liquidity for our shares by providing additional access to institutional investors. We are proud to have built the financial infrastructure and underlying business to achieve this goal.” Website: http://www.akeena.net     

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Canadian Solar to Build 300 kW Solar Demonstration Park

Canadian Solar Inc. has signed an agreement with the government of Suzhou New District to build the ‘Suzhou Solar Demonstration Park,’ a project that converts a deserted area into a municipality recreation site featuring a 300KW grid-connected solar power system. The park will also serve as a long-term outdoor reliability testing and demonstration ground for CSI modules using various new technologies. This is one of the first solar power plant projects initiated after China adopted its Renewable Energy Law in January 2006. The Renewable Energy Law makes it mandatory for the State Electric Grid to connect to solar power and pay favorable feed-in tariffs. The execution procedure, however, is yet to be released. In August 2007, China’s National Development & Reform Commission (NDRC) also published its national development strategy for renewable energy. According to this strategy, China targets to install 300 MW cumulative solar generation capacity by 2010 and 1.8 GW by 2020. Dr. Shawn Qu, Chairman and CEO of Canadian Solar Inc. commented: ‘We are very pleased to be selected to work together with the government of Suzhou New High-tech Development District (SND) to build this demo solar project. Solar power is quickly gaining recognition among policy makers in […]

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