Month: April 2024

Originally published in Qualcomm’s 2023 Corporate Responsibility Report

As renewable energy becomes more accessible and the global electricity grid becomes more resilient, it is essential that we shift our strategy-driven efforts towards more climate conscious behaviors. Notably, our goal of reducing direct operational emissions is primarily driven by our commitment to increasingly procure renewable energy and move away from carbon-based fuel use globally in our facilities and manufacturing sites.

We procure renewable energy through long-term commitments. At our headquarters in San Diego, California, we continue to procure additional renewable energy as we decommission18 our natural gas cogeneration plants. We decommissioned the first of three electricity cogeneration plants and entered into a longterm PPA to replace the cogenerated electricity with renewable energy purchases. This year, our solar PPA in Bangalore, India, contributed to our emissions reductions by about 17,500 tCO2 e.  For our new leases in Noida and Bangalore, India, we negotiated long-term supplies of wind and solar energy. On a yearly basis, we continue to procure market instruments and negotiate agreements that reflect our commitment to utilizing renewable energy. For several Bangalore sites, we’ve renewed contracts for wind, solar and hydro energy supplies, including environmental attributes to enable us to claim renewable energy at those sites. In Hyderabad and at our manufacturing locations in Wuxi, China and Munich, Germany, we continue to procure the necessary market instruments to enable us to claim renewable energy that keeps us on track to meet our goals.

We have also implemented 15 energy saving projects across our manufacturing facilities in 2023. The projects include energy efficiency improvement, equipment operation optimization and adoption of new technologies resulting in more than 3,000 MWh of energy savings per year. At our San Diego headquarters, for example, we have just invested more than $2 million in upgrades to our on-site solar infrastructure, and in Wuxi, we added on-site solar capacity resulting in energy savings of more than 400 MWh per year.

18 Our cogeneration plants remain available for use as backup power if needed.

Learn more about how Qualcomm is driving innovation, societal advancement and sustainability in the 2023 Corporate Responsibility Report

Originally published on bnef.com

As electric vehicles become a bigger part of the global car fleet, a contrarian take seems to surface every few months: are electric vehicles really that clean?

When it comes to lifecycle emissions, the answer is a resounding yes. According to a new report by BloombergNEF, in all analyzed cases, EVs have lower lifecycle emissions than gas cars. Just how much lower depends on how far they are driven, and the cleanliness of the grid where they charge.

EVs generate most CO2 emissions in the beginning

At the beginning of their lives, battery-electric vehicles, or BEVs, are emissions-intensive, thanks in large part to their battery-manufacturing needs. But once on the road, internal combustion engine vehicles (ICEs) quickly speed past BEVS – in terms of CO2 emissions, at least – because of the heavy emissions that gas-guzzling cars spew.

To determine the breakeven point, BloombergNEF looked at five different regions: the US, China, Germany, the UK and Japan. In any of these markets, the lifecycle CO2 emissions of a medium-sized BEV manufactured today and driven for 250,000 kilometers (155,000 miles) would be 
27-71% lower than those of equivalent ICE vehicles.

A driver in the US would reach the breakeven point at 41,000 km – or in around two years of driving, assuming an average annual distance traveled of around 19,000 km. In China, meanwhile, the breakeven distance would fall at 118,000 km, or after roughly 10 years, due to the region’s fossil-fuel-heavy grid.

A cleaner grid creates a virtuous cycle of cleaner EVs

With zero-emission generation on the rise worldwide, that breakeven point could come a lot sooner by the end of the decade.

Across the five markets surveyed, the lifecycle breakeven falls to between one and four years for a BEV manufactured in 2030. A driver in the US will only need to travel about 21,000 kilometers, or around a year’s worth of driving, for a BEV to be cleaner than an ICE. A driver in China would still need longer than drivers in other areas surveyed, but it would take them only 53,000 km – or slightly over four years – to reach the breakeven point.

BNEF’s analysis assumes an average emissions intensity for each region per year. But in reality, EV charging emissions intensity will vary depending on the regional energy mix – and even the time of day charging takes place.

For instance, an EV driver in California who charges during daytime hours will be produce half as many grams of CO2 per kilowatt-hour charged as a driver who charges at night. The gap between daytime and nighttime charging grows even wider by the end of the decade.

Utilities currently offer tariffs to encourage overnight charging, but in the future they may get a better “green bang for their buck” by incentivizing charging at peak renewable hours.

Improvements to the EV manufacturing process could make electric vehicles even greener. Recycling batteries could help reduce the lifecycle emissions of new EVs, while on-shoring or near-shoring the full battery manufacturing process – which laws like the US’s Inflation Reduction Act have encouraged – could reduce emissions associated with global transport.

BNEF clients can access the full report here.

(Second chart corrected to display correct ICE and BEV data for Germany and China. Title of third chart updated to specify daytime charging can save emissions.)

About BloombergNEF

BloombergNEF (BNEF) is a strategic research provider covering global commodity markets and the disruptive technologies driving the transition to a low-carbon economy. Our expert coverage assesses pathways for the power, transport, industry, buildings and agriculture sectors to adapt to the energy transition. We help commodity trading, corporate strategy, finance and policy professionals navigate change and generate opportunities.

CLEVELAND, April 9, 2024 /3BL/ – KeyBank secured $54.9 million for Hudson Valley Property Group to refinance Grandview Terrace Apartments, a 283-unit affordable multifamily property located in Jersey City, New Jersey. Grandview Terrace will target family households with incomes between 60% and 90% of area median income (“AMI”).

KeyBank Commercial Mortgage Group’s Affordable Housing Team arranged the HUD Section 223(f) program loan, structured with a 35-year fully amortizing term. The subsidy granted by the Jersey City Housing Authority provides assistance to 267 units (94%) via project-based vouchers.

Grandview Terrace was formerly designated as a HUD Section 202 development, which helps expand the supply of affordable housing with supportive services for the elderly. The property was also subject to flexible subsidy loans, pursuant to Section 201. Hudson Valley Property Group has extended the term of the Section 201(p) flexible use agreement to preserve and extend Grandview Terrace’s affordability for decades to come and avoid tenant displacement.

The HUD 223(f) loan was used to refinance a KeyBank Community Development Lending and Investment (CDLI) acquisition/construction loan, which facilitated renovations of approximately $50,000 per unit. This rehabilitation was undertaken to preserve the long-term viability of this valuable affordable housing asset and included unit upgrades to flooring, appliances, and finishes. Common area upgrades include façade repairs, elevator upgrades, new ACs, repainting and providing access control to residents.

Grandview Terrace Apartments are located in the Journal Square neighborhood, approximately five miles west of Manhattan across the Hudson River. The property is readily accessible by public transportation. The PATH rail system provides service to midtown and downtown Manhattan. The New Jersey Transit bus line contains multiple stops near Grandview Terrace along John F. Kennedy Blvd. Newark Liberty International Airport is located approximately 9 miles away. Recent development of large-scale residential and mixed-use properties have been key to the revitalization of the city’s central business district.

Leslie Meyers of KeyBank Commercial Mortgage Group’s Affordable Housing Team structured the financing for the transaction to pay off the acquisition/construction loan financed by Eric Steinberg of KeyBank CDLI.

About KeyBank Community Development Lending and Investment

KeyBank Community Development Lending and Investment (CDLI) finances projects that stabilize and revitalize communities across all 50 states. As one of the top affordable housing capital providers in the country, KeyBank’s platform brings together construction, acquisition, bridge-to-re-syndication, and preservation loans, as well as lines of credit, Agency and HUD permanent mortgage executions, and equity investments for low-income housing projects, especially Low-Income Housing Tax Credit (LIHTC) financing. KeyBank has earned 10 consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency, making it the first U.S. national bank among the 25 largest to do so since the Act’s passage in 1977.

About KeyCorp

KeyCorp’s roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $188 billion at December 31, 2023. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

Authored by Joel M. Laubenstein, Tyler Inda, Serena Walters

What implications does the Greenhouse Gas Reduction Fund (GGRF) hold for the renewable energy landscape, and how can organizations strategically prepare for it?

The GGRF, with its substantial $27 billion allocation, presents an opportunity for stakeholders in the renewable energy sector, including states, investors, developers and tribal entities. By leveraging this fund, organizations can accelerate the deployment of energy generation and energy efficiency solutions. The GGRF will lead to the emergence of green banks and increased capital investment in renewable energy solutions, thereby creating a robust pipeline for real estate and energy projects. Our discussion will delve into the GGRF timeline and offer actionable guidance for developers, investors and energy leaders to position their projects effectively and stay ahead of federal compliance requirements. As interest in renewable energy grows, we will also explore strategies for identifying the right project partners and assembling a reliable project team.

Watch the recording

Tune in as Joel Laubenstein, Jeannine Jacokes, Rob Hazelton, and Serena Walters discuss key takeaways and important next steps for considerations. This webinar provides:

An overview of the GGRFPractical steps to enhance project readinessAvailable resources for training and capacity developmentAn understanding of project compliance requirements

Next steps

Identify Qualified Projects that we are already engaged or potentially engaged in.Work with developers, non-profits or other entities to build Qualified Projects.Design an easy-to-use compliance collection to monitor and report on program performance.Find capital solutions that apply to your Qualified Projects.

Baker Tilly is here to help

Program administration and complianceCDFI technical assistance and advisory servicesWorkforce development advisoryEnergy feasibility and technical assistanceProject advisoryProject managementInflation Reduction Act tax credit advisoryHousing and real estate development advisory service

Connect with Baker Tilly to learn more

BIRMINGHAM, Ala., April 9, 2024 /3BL/ – Regions Bank on Tuesday announced the launch of its 15th annual Share the Good® initiative, a company-wide volunteer effort that benefits communities served by Regions throughout the Southeast, the Midwest and Texas. To complement the bank’s Financial Literacy Month activities this April, Regions’ 2024 Share the Good theme is Helping Students Build Financial Confidence.

Regions associates will work with community organizations, youth programs and schools to deliver Regions Next Step® financial wellness curriculum, teach financial education workshops, and more.

According to Gina Sian, who leads the Regions Making Life Better Institute® program, aligning Share the Good initiatives with Financial Literacy Month integrates volunteerism with a key pillar of Regions Bank’s community engagement strategy – financial wellness.

“We believe building positive money habits needs to start early,” Sian said. “Our middle and high schoolers are the next generation of savers, spenders and investors. If our associates can help students understand the power of their financial choices at a young age, then we can help jump-start their journey toward financial wellness and success.”

The Share the Good program is part of an ongoing commitment to community outreach. In 2023, Regions associates volunteered 104,000 hours in the areas where they live and work. More than 1,300 associates were named Regions Community Champions for dedicating at least 16 hours of service to the community – a 54% increase from the prior year.

“The Share the Good program is an opportunity to further use our experience and financial insights in ways that benefit people beyond the four walls of the bank,” said Brett Shaffer, head of Community Relations at Regions. “It’s another example of how Regions can rally around locally driven service opportunities and make a meaningful impact on others.”

Share the Good activities will continue through April 30. Examples include:

Birmingham, Ala.: Regions teams in Jefferson and Shelby counties are organizing several financial wellness events:

On April 17, GEAR UP Jefferson County is hosting Regions Day. Volunteers will present Banking Basics for Students, part of the Regions Next Step curriculum. There will also be a Regions Next Step Reality Check budget simulation.Later in the month, associates will teach Money Basics for Life to students with disabilities at Tarrant High School.Opportunities will also be available to conduct financial education courses at the Birmingham Housing Authority and at the Pinson Valley High School Cosmetology Program.Additionally, more than a dozen Regions volunteers will participate in Junior Achievement’s “JA in a Day” at Grantswood Community School.

Shreveport, La.: Regions associates are excited about facilitating Reality Check budget simulations several times throughout the month:

On April 9, 10 and 11, teams will work with Volunteers of America North Louisiana and Broadmoor STEM Academy to host these fun, educational exercises for students in VOA’s Lighthouse after-school program.Another group will lead Reality Check simulations, which replicate real-life financial situations, at Booker T. Washington High School.

Houston, Texas: Regions associates will work with Junior Achievement of Southeast Texas, including by participating in JA in a Day at League Elementary in Pasadena and assisting with JA Finance Park, a program emphasizing personal financial planning and career exploration.

Raleigh, N.C.: Regions Market Executive Terry Hoey is leading by example, teaching financial literacy courses at the Boys and Girls Clubs of Wake County, and he’s passionate about Sharing the Good. “Helping more people understand the essentials of money management is one of the most powerful ways we can help our communities,” Hoey said. “Reaching students at an early age, especially those from families that may be unbanked or underbanked, helps build a foundation for future success.”

Across Iowa: Regions associates are connecting with Iowa Jobs For America’s Graduates (iJAG) to present virtual financial education classes to 155 schools throughout the state. The students will review basic banking concepts and learn about money management, saving, creditworthiness and the importance of safeguarding financial information.

Jackson, Tenn.: Kathy Lovell, Regions’ Disability Outreach and Services manager, will be on hand at the STAR Center in April to present a Regions Next Step Money for Life course. The STAR Center is a community organization that provides services for education, employment and independence for people with disabilities in West Tennessee.

Community engagement is a significant part of the culture at Regions and is fostered through a variety of ongoing programs. For example, every year, Regions offers associates a paid day off to volunteer in their community. Further, as part of its Making Life Better Institute, the bank connects associates with a wide range of ongoing volunteerism opportunities that align with their skills and experience. Examples of the bank’s involvement are available in the annual Shared Value Report and the Community Engagement section of Regions’ news website, Doing More Today.

Watch this brief video and be inspired as Leroy Abrahams, head of Community Affairs at Regions Bank, reads the book “The Berenstain Bears’ Trouble with Money” to preschool children at Pathways in Birmingham, Alabama. According to Abrahams, introducing concepts such as saving and responsible spending to young kids lays the foundation for building positive money habits as they get older.

About Regions Financial Corporation 
Regions Financial Corporation (NYSE:RF), with $152 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,250 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.