Microsoft Corp. said the first investment for its US$1 billion climate fund will be in venture capital firm Energy Impact Partners. The software maker also joined with Nike Inc.,
Starbucks Corp., Unilever NV and Danone SA in a new consortium devoted to sharing resources and tactics for slashing carbon emissions, bringing together the efforts of some of the biggest global companies that have pledged to take action against climate change.
The software giant’s US$50 million investment will bolster the VC firm’s backing of new technologies for greener energy and transportation systems.
New York-based EIP, a utility-company backed fund with US$1.2 billion in assets under management, has invested in companies that make software for improving underlying energy networks and in Urbint, an artificial intelligence company that has a methane-capture technology.
Microsoft announced in January that it plans to be carbon negative — removing more carbon dioxide from the atmosphere than it emits — by 2030, and the software maker allocated US$1 billion to a climate-innovation fund to invest in ways to reduce and remove carbon emissions, one of the most aggressive corporate plans.
By 2050, the company plans to remove the equivalent of all of its emissions since Microsoft’s founding in 1975.
Amazon.com Inc. has also made a carbon-neutral pledge and recruited other companies to join. Both technology giants have come under fire from climate activists for continuing to provide cloud-computing services to large oil and gas producers.
Redmond, Washington-based Microsoft also said it will partner with Sol Systems, a renewable energy developer and investor, on 500 megawatts of solar energy, Microsoft’s biggest renewable-energy portfolio investment.
That will include at least US$50 million in investments in parts of the U.S. most impacted by environmental issues— regions hurt by pollution, for example. Projects will prioritize businesses owned by women and minorities and will include money for jobs and skills training and habitat restoration. That amount of solar energy is enough to power about 95,000 homes, according to the Solar Energy Industries Association.
The group, called Transform to Net Zero, also includes automaker Mercedes-Benz AG; Danish shipping giant A.P. Moller-Maersk A/S; Indian information-tech firm Wipro Ltd; and Natura & Co., the Brazilian cosmetics firm that owns Avon.
The alliance, which plans to recruit other members, will work with the nonprofit Environmental Defense Fund and will share information on cutting emissions, investing in carbon-reduction technology and coordinating on public policy goals.
In addition, Microsoft will stop using diesel in its data centers by 2030. The fuel is typically used as a backup power source for cloud data centers.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
