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Malaysia recently launched the Corporate Green Power Programme (CGPP), a renewable energy initiative that allows corporate consumers to virtually purchase solar energy from solar developers. This is achieved through the use of virtual power purchase agreements, or Corporate Green Power Agreement. This alert explains the mechanism of CGPP and sets out the potential investment opportunities and benefits to corporate consumers, particularly those with plants and factories that have high energy usage.

The H2Global Foundation announced on 8 December 2022 the launch by its wholly-owned subsidiary, HINT.CO GmbH, its first procurement procedure for the import of green ammonia into Europe. This procedure is intended to provide an innovative and efficient funding instrument, backed by EUR 900 million provided by the German Federal Ministry for Economic Affairs and Climate Protection, with further funding planned for 2023. This is the first global tender procedure of its kind. The deadline for application is 7 February 2023.

The strengthening partnerships between the United States and African countries is evident in recently announced initiatives that focus on sustainability and community empowerment and that provide reciprocal benefits for the citizens of both regions. Such initiatives include, for example, increased US support for climate, clean energy and infrastructure development projects in Africa, and programs that boost reciprocal trade and investment between the two regions.

Companies looking for ways to ensure their supply chains are environmentally and socially ethical often doubt whether they can effect change alone. Companies in certain industries may decide that a joint initiative can be more effective in developing industry-wide standards, and may determine that working together could be more efficient to meet these goals or objectives. However, such collaborations may raise antitrust risks, and many competition authorities are starting to increase scrutiny of these types of collaborations.

On 11 December 2021, the official journal, El Peruano, published Resolution N° 028-2021-OEFA/CD, through which the Environmental Monitoring Report Registration Module (IMA) was created as the electronic means through which those managed under the competence of the Organization of Supervision and Environmental Assessment (OEFA) must comply with when submitting their environmental monitoring reports.

On 15 November 2022, the Department of Energy issued Department Circular No. 2022-11-0034 to amend Section 19 of the Rules and Regulations Implementing Republic Act No. 9513, otherwise known as the Renewable Energy Act of 2008. The amendments remove Filipino ownership requirements previously imposed on the exploration, development and utilization of solar, wind, hydro and ocean or tidal energy resources, to allow full foreign ownership.

Resolution No. 84/2022 of the Secretariat of Mining, published in the Official Gazette on 29 November 2022, created the Federal Registry of Mining Suppliers where individuals and legal entities that, due to their activity or corporate purpose, offer goods, inputs or services, including those of technological innovation and knowledge economy, to companies in the mining sector, may register.

As we embark on the journey towards net zero, financial institutions aspire to increase their understanding of Sustainability-related commercial and regulatory developments. We are inviting you to our upcoming webinar on 12 December 2022, which aims to cover global trends and highlight perspectives from Latin America.