Day: July 29, 2020

Vale develops first 100% electric train in the sector in Brazil

Vale mining company is developing a 100% electric locomotive, the first in the sector in Brazil, in partnership with the American Progress Rail, of the Caterpillar group. The equipment is under construction at Progress Rail’s industrial plant in Sete Lagoas, Minas Gerais. The batteries will have a storage capacity of 1.9 MWH, being able to operate up to 24 hours without the need to stop to recharge.

BDMG prepares to raise $100 mm in green bonds with IDB support

The Development Bank of Minas Gerais (BDMG) is preparing to raise about $100 million in green bonds, with support from the Inter-American Development Bank (IDB). At the same time, environmental, social and governance-related investments (ESG) have gained increasing interest from large industrial companies, financial institutions and asset managers.

Brazil’s energy supply should fall 3% by 2020

Brazil’s energy load is expected to drop 3% in 2020, with the impacts caused by the coronavirus pandemic concentrated in the first half of the year, said the National Electric System Operator (ONS). In a statement, ONS said that the projection takes into account a 5% drop in Brazil’s Gross Domestic Product (GDP) this year.

Nordea investment fund ruptures with JBS for deforestation claims

The asset management division of the largest bank in the Nordic region reported that it has disinvested from Brazilian company JBS, the world’s largest meat processor, for deforestation in the Amazon. Nordea Asset Management, a €230 billion ($269 bn) fund, said the decision was taken by its investment committee and applies to about €40 million ($46 mm) in total that it still maintains at JBS.