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Members of the environmental group MilieuDefensie celebrate the verdict of the Dutch environmental organisation’s case against Royal Dutch Shell Plc, outside the Palace of Justice courthouse in The Hague, Netherlands, on Wednesday, May 26, 2021. Shell was ordered by a Dutch court to slash its emissions harder and faster than planned, dealing a blow to the oil giant that could have far reaching consequences for the rest of the global fossil fuel industry.
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GLASGOW, Scotland — Financial institutions and individual board members could be the next targets of climate litigation cases, according to the campaigners who helped to secure a landmark courtroom victory against oil giant Royal Dutch Shell.

It comes at a time when countries are scrambling to reach consensus in the final days of the COP26 climate summit. Negotiators from 197 countries are taking part in discussions with the goal of keeping the all-important global target of 1.5 degrees Celsius alive.

There is not yet any clear indication of whether the talks will be able to meet the demands of the climate emergency.

“We have litigated against countries and been successful,” said Roger Cox, lawyer for Milieudefensie, an environmental campaign group and the Dutch branch of Friends of the Earth. “Now we have shown that one can successfully litigate against fossil fuel corporations and I think that the next step is to start also litigating against financial institutions who make these emissions and fossil fuel projects possible.”

“I even think after that … board members of these large private institutions who continue to willingly frustrate achieving the Paris Agreement might even become liable in years to come under direct liability regulations,” Cox said on Tuesday.

His comments came as he spoke at The People’s Summit for Climate Justice, an event hosted by the COP26 Coalition on the sidelines of the U.N.-brokered talks in Glasgow, Scotland.

A Shell logo seen at a petrol station in London. A court in The Hague has ordered oil giant Shell to reduce its carbon emissions by 45% compared to 2019 levels by 2030, in what is widely seen as a landmark case.
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The Hague District Court on May. 26 ordered the Anglo-Dutch oil giant to reduce its global carbon emissions by 45% by the end of 2030, compared with 2019 levels. It also said Shell is responsible for its own carbon emissions and those of its suppliers, known as Scope 3 emissions.

The ruling marked the first time in history that a company had been legally obliged to align its policies with the Paris Agreement and reflected a watershed moment in the climate battle.

A Shell spokesperson at the time described the decision as “disappointing.” The company has since confirmed it will appeal the ruling.

‘No-one wants to go to court’

“I think there is a lot of pressure that can be generated from a legal perspective against the major public and private systemic players in climate change and the energy transition,” Cox said.

He cited young people rallying on the streets for climate action, activist shareholders trying to pressure board members to reduce emissions and a bombshell report from the International Energy Agency that said it sees “no need for investment in new fossil fuel supply” to achieve the Paris Agreement’s goals.

“That taken together gives us the best chance at this very moment to actually try to create this radical transformation that needs to happen over the next decade,” he added.

Roger Cox, environmental lawyer, in his office in Vrouwenheide, the Netherlands, on Friday, June 4, 2021. After four days of arguments, a court in The Hague accepted Cox’s line of reasoning, ruling that Royal Dutch Shell Plc must slash its greenhouse gas emissions 45% by 2030 compared to 2019 levels.
Peter Boer | Bloomberg | Getty Images

A report from a coalition of NGOs, published in March, found the world’s largest 60 banks had provided $3.8 trillion of financing for fossil fuel companies since the Paris accord was signed in 2015. The authors of the report described the findings as “shocking” and warned runaway funding for the extraction of fossil fuels and infrastructure threatened the lives of millions worldwide.

To be sure, burning fossil fuels is the chief driver of the climate emergency. Climate scientists have repeatedly stressed that the best weapon to tackle rising global temperatures is to cut greenhouse gas emissions as quickly as possible.

Nine de Pater, researcher and campaigner at Milieudefensie, said Tuesday that the campaign group initially sought to persuade Shell to take meaningful climate action with protests and direct talks with both the company and politicians.

“All of that didn’t make the difference that we needed,” de Pater said. “So, in the end, the last resort was this court case. It is not what you want to do, right? No one wants to go to court. It is not the most fun thing to do but it was really necessary to force Shell to go in a different direction and to make Shell stop causing dangerous climate change.”

“It is no longer possible for Shell to put profit over people — and that is historic. It is important because it is not just Shell, it is all companies now that really have to consider: ‘Am I putting profit over people?'”

A protester holds an ‘End Fossil Fuel Subsidies’ placard during the demonstration in the City of London.
Vuk Valcic | SOPA Images | LightRocket | Getty Images

On confirming its decision to appeal the court ruling in July, Shell CEO Ben van Beurden said the company agreed urgent climate action is needed “and we will accelerate our transition to net zero.”

“But we will appeal because a court judgment, against a single company, is not effective. What is needed is clear, ambitious policies that will drive fundamental change across the whole energy system. Climate change is a challenge that requires both urgent action and an approach that is global, collaborative and encourages coordination between all parties.”

‘Nothing to lose’

When asked what it would mean to see Shell successfully overturn the Dutch court ruling on appeal, Cox told CNBC: “That basically is the question that we had to ask ourselves before even starting climate litigation cases.”

Cox said he first reflected on what courtroom defeats would mean in 2012 when preparing the Urgenda Climate Case against the Dutch government. This landmark case, upheld by the Dutch Supreme Court in Dec. 2019, found the government had an obligation to immediately and significantly reduce emissions in line with human rights obligations.

“We basically felt at that time already there is nothing to lose. Either we win or we don’t, but we don’t think there is anything to lose if we lose a case,” Cox said. He added that there was a “moral obligation” to litigate and “to try to pierce through the status quo of short-term interest.”

“Obviously when you start a case like that, you always know that you might lose but when you lose, there is always something to learn for ourselves or other climate litigators that they can build upon,” Cox said. “So, you don’t stop going to the streets as youngsters, and we as adults do the same in a way, if it doesn’t immediately have an impact. You keep doing it until it has an impact.”

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Factorial Energy and LG Chem sign MOU to accelerate solid-state battery development

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April 24, 2024

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Factorial Energy and LG Chem sign MOU to accelerate solid-state battery development

LG solid-state

Two next-generation battery material and cell manufacturers are cooperating to expedite solid-state battery development. LG Chem and Factorial Energy have signed a Memorandum of Understanding, hoping to eventually lead the solid-state battery segment with a strategic partnership.

Factorial Energy is a Massachusetts-based solid-state battery developer that has been developing energy-dense solid-state technology for EV propulsion applications. This includes its flagship product, the 100 Amp-hour (Ah) Factorial Electrolyte System Technology (FEST) solid-state cell.

This proprietary battery technology is compatible with existing lithium-ion battery manufacturing equipment, enabling automakers to transition to the advanced cells more seamlessly.

Those solid-state cells have been UN-certified, and A-sample battery cells have been sent to OEM partners. All while Factorial continues cell production at a brand-new facility in its home state. Meanwhile, LG Chem has invested billions in battery material development, particularly those required in cathodes, including solid-state cells, while setting up its own US facilities following a long-term supply contract signed with General Motors.

Now, LG Chem and Factorial are combining their respective expertise in battery materials and manufacturing practices to speed up solid-state battery development and implementation.

Factorial battery
The 100 Ah Factorial Electrolyte System Technology (FEST) solid-state battery cell / Credit: Factorial Energy

LG Chem and Factorial to combine solid-state know-how

To accelerate the development of solid-state batteries, LG Chem and Factorial Energy say they will collaborate, pairing the former’s battery material capabilities with the latter’s next-generation battery material and process innovations. Per Factorial CEO Siyu Huang:

We are thrilled to enter into this collaboration with LG Chem, one of the pre-eminent global leaders in battery materials. The electric vehicle industry is at the cusp of a much-needed breakthrough in battery technology, and we believe that close supply chain partnerships will help accelerate this transition. Together with LG Chem, we’re advancing the development of critical solid-state battery technology that will unlock the electric vehicle future.

Following the initial solid-state development project, LG Chem and Factorial stated they would explore technology licensing and material supply as part of an expanded strategic partnership with hopes of taking the market. LG Chem CTO Jong-ku Lee also spoke to the signed MOU:

Through this collaboration, we will become technology leaders in the field of next-generation batteries. We expect to secure solid-state materials through Factorial’s accumulated experience in next-generation batteries and LG Chem’s superior material technology.

Details of the new partnership remain light at this point, but this has the makings of a lucrative partnership, as Factorial can benefit from LG Chem’s cathode and other battery material expertise. At the same time, LG Chem can successfully supply essential materials to Factorial’s FEST solid-state cells, especially as they develop toward scaled production.

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BETA hits its latest eVTOL milestone, transitioning mid-air with a pilot onboard [Video]

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April 24, 2024

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BETA hits its latest eVTOL milestone, transitioning mid-air with a pilot onboard [Video]

BETA eVTOL

Electric aircraft developer BETA Technologies has shared video footage of its ALIA eVTOL transitioning from vertical takeoff to forward propulsion in its latest test video. This is a key milestone as the company seeks certification for the aircraft ahead of several use cases.

BETA Technologies is a fully integrated electric aircraft and systems developer based in Vermont that we’ve been reporting on since 2021 with the debut of its first electric vertical takeoff and landing (eVTOL) aircraft – the ALIA-250, which has since been renamed the ALIA VTOL.

The ALIA VTOL has since been joined by an electric conventional takeoff and landing (eCTOL) plane called the ALIA CTOL, which has flown tens of thousands of test miles to date en route to evaluation flights for FAA certification and is targeting full approval for commercial operations by 2025.

US Air Force project AFWERX remains a partner and long-time collaborator with BETA Technologies, helping develop its eVTOL and eCTOL technology. Recent updates have included a lot progress with the ALIA eCTOL, including international flights to Canada and a successful testing deployment with the US Air Force.

Recently, however, BETA has been touting a key milestone in the development of its ALIA eVTOL, transitioning from vertical takeoff to forward flight while in the air.

BETA eVTOL
Source: YouTube/BETA Technologies

Watch BETA’s ALIA eVTOL transition mid-flight

We recommend watching the five-minute flight video below, which gives you an idea of all the prep and testing that went into the eVTOL’s first transitional flight before BETA ever left the ground. While the transition may seem simple at first glance, it’s rather difficult to engineer an aircraft that can take off in one direction and then adjust its rotors to move on an entirely different axis… all while in the air.

BETA stressed the importance of this eVTOL flight test milestone because it validates the ALIA’s “lift and cruise” design. As a simpler solution to the challenge of runway independence, BETA believes it can certify its eVTOL aircraft more quickly.

Better yet, BETA relayed that its eVTOL design significantly reduces maintenance and cost while increasing flight reliability and safety. All without any air pollution. Per the release:

We’ve been progressing toward this technical milestone for a while. It’s a new flight regime, and we fly all our missions with a pilot in the seat, so we approached it the best way we know how: by respecting physics. Like everything we do at BETA, we took a methodical, step-by-step approach.

Transition — and all of the incremental testing leading up to it — provides us with the data we need to validate our design decisions as we continue toward certifying A250. It also brings us one step closer to getting this technology into the market and into the hands of our customers to complete meaningful missions

Looking ahead, BETA says the ALIA aircraft will be used by the military first, then cargo carriers and commercial passenger operations. The ALIA eVTOL transition test seen below was piloted by Nate Moyer, BETA test pilot, and former experimental test pilot for the US Air Force:

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‘A real wildcard’: World’s largest wealth fund issues inflation warning on hot commodity markets

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April 24, 2024

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‘A real wildcard’: World’s largest wealth fund issues inflation warning on hot commodity markets

Nicolai Tangen, chief executive officer of Norges Bank Investment Management, during a news conference in Oslo, Norway, on Tuesday, Jan. 30, 2024.

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The chief executive of the world’s largest wealth fund says there are many wild cards in financial markets right now, but the “big worry” for investors is what a commodities rally could mean for the inflation outlook.

Nicolai Tangen, CEO of the Norges Bank Investment Management (NBIM), told CNBC’s “Squawk Box Europe” on Tuesday that soaring energy and raw material prices could prove to be a significant headache for major central banks as they continue to fight inflation.

As of Tuesday afternoon, the S&P GSCI, a benchmark index that tracks the performance of global commodities, had jumped 9% since the start of the year, outpacing the broad S&P 500 index.

Oil and copper prices have climbed around 13%, respectively, year-to-date, while gold has repeatedly notched fresh record highs in recent months.

Asked whether he had any concerns about hot commodity markets, NBIM’s Tangen replied, “Yes, the big worry is just what that could mean for inflation right?”

He added, “So, if energy and raw material prices continue to move up, that is going to feed through to end-product prices, which are going to be higher. And that could be the real wildcard when it comes to inflation expectation.”

'Clearly a lot of froth' in the tech sector right now, says the CEO of the world’s largest wealth fund

NBIM manages the so-called Norwegian Government Pension Fund Global. The world’s largest sovereign wealth fund, which was valued at 17.7 trillion kroner ($1.6 trillion) at the end of March, was established in the 1990s to invest the surplus revenues of Norway’s oil and gas sector.

To date, the fund has put money in more than 8,800 companies in over 70 countries around the world, making it one of the largest investors across the globe.

Fewer rate cuts

European Central Bank President Christine Lagarde had also signaled the impact of commodity prices last week, in the broader context of the institutions next monetary policy steps. She said the central bank remains on course to cut rates, barring any major shocks — but stressed that the ECB would need to be “extremely attentive” to commodity price movements.

“Clearly on energy and on food, it has a direct and rapid impact,” Lagarde said.

Euro zone inflation slowed by more than expected to 2.4% March, bolstering expectations of a near-term rate cut. Market pricing for interest rate cuts, which has been highly volatile in recent weeks, now also points to the ECB appearing set to ease monetary policy before the U.S. Federal Reserve.

With most readings putting U.S. inflation at around 3% and not moving appreciably for several months, traders on Tuesday afternoon were pricing in a 13% chance of a U.S. rate cut in June, according to the CME Group’s FedWatch tool. That’s down from nearly 70% last month.

A worker supervises the furnace in the foundry at the ZiJIn Serbia Copper plant in Bor, Serbia, on Thursday, April 18, 2024. Copper prices have rallied recently, driven by an improving outlook for global manufacturing and mine disruptions.

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Tangen said Norway’s wealth fund continued to believe it would be “tough” for central banks to get inflation down toward target levels, and major central banks would move differently, depending on local inflationary pressures.

Acknowledging multiple factors that now underpin inflation, Tangen said, “You have some of the geopolitical tensions, you have near-shoring, you have the climate effect on food through the world’s harvest, you’ve got some changes in trading routes and so on, and wage inflation is also higher than perhaps we had expected.”

He added, “We are expecting fewer rate cuts than the market did, of course, earlier in the year. I have to say my surprise is that the market has taken it so well. I would have expected the market to have reacted more negatively to this postponement of interest rate cuts.”

— CNBC’s Jeff Cox contributed to this report.

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