Business

Biden administration announces sweeping car emissions proposal

Published

2 years ago

April 12, 2023

The US Environmental Protection Agency says the rules will dramatically slash emissions and reduce burden of pollution.

The administration of President Joe Biden has proposed new automobile emissions standards that could result in about two thirds of all new vehicles sold in the United States being electric by 2032, in an ambitious bid to reduce emissions and air pollution.

The proposed rules were announced by the Environmental Protection Agency (EPA) on Wednesday, with the federal agency stating that the standards would result in a reduction of about 10 billion tonnes of carbon emissions by 2055, the equivalent of about two times the country’s total emissions in 2022.

“Today, the EPA announced new proposed federal vehicle emissions standards that will accelerate the ongoing transition to a clean vehicles future and tackle the climate crisis,” the agency said in a news release.

“The proposed standards would improve air quality for communities across the nation, especially communities that have borne the burden of polluted air.”

The rules would subject cars produced between 2027 and 2032 to the most ambitious requirements to date.

They came as the Biden administration has recently faced criticism for falling short on promises to drastically reduce emissions and move the US away from polluting fossil fuels.

Today, my Administration is announcing new proposed emissions standards for cars and trucks that would cut our CO2 emissions by nearly 10 billion tons and improve the health of millions – all while saving folks money.

That’s nearly twice the United States’ yearly emissions. pic.twitter.com/yH1W4eUeyv

— President Biden (@POTUS) April 12, 2023

Transportation accounted for about 27 percent of all greenhouse gas emissions in the US, according to the EPA, and the proposed standards build on previous initiatives promoted by the Biden administration.

Those efforts included the Inflation Reduction Act, a large spending package Biden signed in August 2022 that contained investments in clean energy and tax credits for EV buyers and manufacturers.

The EPA stated that the proposed rules would reduce US oil imports by about 20 billion barrels and save consumers about $12,000 over the lifetime of a light-duty vehicle.

Reducing pollution from vehicle emissions could also have significant benefits for public health, especially in communities near transportation hubs.

According to the World Health Organisation, air pollution from a variety of sources has contributed to about seven million premature deaths around the world each year. The organisation cited cleaner transportation as one way to “effectively reduce key sources of ambient air pollution”.

“Done right, these [new rules] will put the US on the path to end pollution from vehicle tailpipes,” said Manish Bapna, president of the Natural Resources Defense Council, an environmental advocacy group.

Some car industry groups, however, have said that the proposals far exceed previous targets. They pointed to a goal the Biden administration set less than two years ago that aimed for half of all vehicles sold in the US to be electric by 2030.

“The question isn’t can this be done, it’s how fast can it be done,” A John Bozzella, CEO of the industry group Alliance for Automotive Innovation, said in a statement. “How fast will depend almost exclusively on having the right policies and market conditions in place.”

Bozzella called the proposal “aggressive by any measure”. While EV sales have increased, they accounted for just more than 7 percent of US vehicle sales for the first quarter of the year.

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Business

TC Energy cuts cost estimate for Southeast Gateway pipeline project in Mexico

Published

19 hours ago

November 7, 2024

Anne Joseph

CALGARY – TC Energy Corp. has lowered the estimated cost of its Southeast Gateway pipeline project in Mexico.

It says it now expects the project to cost between US$3.9 billion and US$4.1 billion compared with its original estimate of US$4.5 billion.

The change came as the company reported a third-quarter profit attributable to common shareholders of C$1.46 billion or $1.40 per share compared with a loss of C$197 million or 19 cents per share in the same quarter last year.

Revenue for the quarter ended Sept. 30 totalled C$4.08 billion, up from C$3.94 billion in the third quarter of 2023.

TC Energy says its comparable earnings for its latest quarter amounted to C$1.03 per share compared with C$1.00 per share a year earlier.

The average analyst estimate had been for a profit of 95 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:TRP)

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Business

BCE reports Q3 loss on asset impairment charge, cuts revenue guidance

Published

19 hours ago

November 7, 2024

Anne Joseph

BCE Inc. reported a loss in its latest quarter as it recorded $2.11 billion in asset impairment charges, mainly related to Bell Media’s TV and radio properties.

The company says its net loss attributable to common shareholders amounted to $1.24 billion or $1.36 per share for the quarter ended Sept. 30 compared with a profit of $640 million or 70 cents per share a year earlier.

On an adjusted basis, BCE says it earned 75 cents per share in its latest quarter compared with an adjusted profit of 81 cents per share in the same quarter last year.

“Bell’s results for the third quarter demonstrate that we are disciplined in our pursuit of profitable growth in an intensely competitive environment,” BCE chief executive Mirko Bibic said in a statement.

“Our focus this quarter, and throughout 2024, has been to attract higher-margin subscribers and reduce costs to help offset short-term revenue impacts from sustained competitive pricing pressures, slow economic growth and a media advertising market that is in transition.”

Operating revenue for the quarter totalled $5.97 billion, down from $6.08 billion in its third quarter of 2023.

BCE also said it now expects its revenue for 2024 to fall about 1.5 per cent compared with earlier guidance for an increase of zero to four per cent.

The company says the change comes as it faces lower-than-anticipated wireless product revenue and sustained pressure on wireless prices.

BCE added 33,111 net postpaid mobile phone subscribers, down 76.8 per cent from the same period last year, which was the company’s second-best performance on the metric since 2010.

It says the drop was driven by higher customer churn — a measure of subscribers who cancelled their service — amid greater competitive activity and promotional offer intensity. BCE’s monthly churn rate for the category was 1.28 per cent, up from 1.1 per cent during its previous third quarter.

The company also saw 11.6 per cent fewer gross subscriber activations “due to more targeted promotional offers and mobile device discounting compared to last year.”

Bell’s wireless mobile phone average revenue per user was $58.26, down 3.4 per cent from $60.28 in the third quarter of the prior year.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:BCE)

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Business

Canada Goose reports Q2 revenue down from year ago, trims full-year guidance

Published

19 hours ago

November 7, 2024

Anne Joseph

TORONTO – Canada Goose Holdings Inc. trimmed its financial guidance as it reported its second-quarter revenue fell compared with a year ago.

The luxury clothing company says revenue for the quarter ended Sept. 29 totalled $267.8 million, down from $281.1 million in the same quarter last year.

Net income attributable to shareholders amounted to $5.4 million or six cents per diluted share, up from $3.9 million or four cents per diluted share a year earlier.

On an adjusted basis, Canada Goose says it earned five cents per diluted share in its latest quarter compared with an adjusted profit of 16 cents per diluted share a year earlier.

In its outlook, Canada Goose says it now expects total revenue for its full financial year to show a low-single-digit percentage decrease to low-single-digit percentage increase compared with earlier guidance for a low-single-digit increase.

It also says it now expects its adjusted net income per diluted share to show a mid-single-digit percentage increase compared with earlier guidance for a percentage increase in the mid-teens.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:GOOS)

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