News briefs: DuPont, Chemours reach deal over ‘forever chemicals’
Plus: Are EVs nearer to mass adoption?, and climate finance markets will need to grow more than $3 trillion a year to meet Paris goals
DuPont, Chemours reach agreement over ‘forever chemicals’
The DuPont Co. (DD) and its spinoff Chemours have reached a deal to settle legal disputes over environmental liabilities for pollution related to man-made chemicals that are referred to as “forever chemicals” because of their longevity in the environment, and because they are associated with an increased risk of cancer and other health problems, according to a report from The Associated Press. The report notes the binding memorandum of understanding announced Friday comes after Delaware’s Supreme Court upheld the dismissal of a lawsuit alleging that DuPont downplayed the cost of environmental liabilities imposed on Chemours when DuPont spun off the performance chemicals unit in 2015. The agreement resolves legal disputes originating from the spinoff and establishes a cost-sharing arrangement and escrow account for potential future legacy liabilities, the AP reports.
EVs nearer to wide adoption
Electric vehicles are close to the tipping point of rapid mass adoption due to the plummeting cost of batteries, Damian Carrington writes in a report for The Guardian. The report notes that global sales rose 43% in 2020, but faster growth is anticipated as declines in battery prices bring the cost of EVs down to below that of gasoline and diesel vehicles. The latest analyses forecast that could be in the next five years. Carrington notes that point has already been reached in Norway, where tax breaks mean electric cars are cheaper. The market share of battery-powered cars in Norway rose to 54% in 2020. The report also cites range as another factor in adoption of EVs.
Climate finance markets need to grow by more than $3 trillion a year
To meet the Paris Agreement target of limiting the global temperature increases, the world’s climate finance market structure (CFMS) must grow at an unprecedented scale of $3 trillion to $5 trillion per year, Bayani S. Cruz writes in an article for The Asset. The story notes that CFMS collectively refers to financial market participants, products and financial instruments, policies and regulations, financial market infrastructure, and enablers that support capital markets activity in climate finance. Cruz writes that the volume of climate-aligned finance, basically the financing that focuses on enabling climate change mitigation, that will be necessary to achieve the Paris Agreement targets will have to grow to more than $100 trillion to $150 trillion cumulatively in the next three decades, according to a report issued by the Global Financial Markets Association (GFMA) and the Boston Consulting Group (BCG) recently.