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Chevron set to invest $10b in new energy

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Chevron, one of the world’s largest oil companies, has announced plans to invest $10 billion in new energy technology over the next decade. This move demonstrates the company’s recognition of the growing importance of renewable energy and the need to diversify its portfolio beyond fossil fuels.

The money will be used to fund research and development into areas such as solar, wind, energy storage, and advanced fuel cells. The investments will focus on renewable energy and low-carbon technologies, the development of new fuels and energy efficiency solutions, as well as carbon capture and storage.

President, Chevron New Energies at Chevron, Jeff Gustavson, while speaking on the future of energy and Chevron’s action to accelerate lower carbon solution at the Yahoo Finance studio said: “From oxygen and renewable fuels to CCUS and carbon offsets, we need all solutions in order to meet the growing demand for reliable, affordable and ever cleaner energy.”

He added that, there are three key elements to the energy system. First is that, energy needs to be reliable to support energy security. Second, energy needs to be affordable to support economic prosperity and third, energy needs to be ever cleaner.

“We are focused on all of these aspects in both our traditional business and now, these new businesses.”

The company also stated that it plans to reduce its emissions by 25 percent by 2035 and by 50 percent by 2050. The announcement came as part of a larger effort by the oil giant to transition to a more sustainable energy future.

Through this, Chevron aims to achieve a significant reduction in its carbon footprint by investing in clean energy solutions. Chevron’s commitment to investing in new energy aligns with global efforts to combat climate.

Commenting on the development, Ritesh Parakkal, managing director at Harvard Business School, Iker II said that “this is a great initiative by Chevron to accelerate lower carbon solutions and bring about energy security, economic prosperity and better environment.

Also speaking on the new introduction by Chevron, Jeff Krimnel, Chief Strategist Officer at Pinnacle said: the initiative by Chevron is a welcome development and it will bear more fruits on hard to abate emission industries, and on economies that are difficult or impossible to electrify.

This investment is an important step for Chevron as it acknowledges the increasing demand for cleaner energy alternatives. It also positions the company to stay competitive in a rapidly changing energy landscape, which is shifting towards renewable sources and away from traditional fossil fuels.

With this $10 billion investment, Chevron is signaling a strategic shift in its business model towards sustainability and renewable energy. It highlights the company’s recognition of the urgent need to address climate change and reduce greenhouse gas emissions.

Chevron’s decision to invest in new energy is a positive development for the energy industry and the planet as a whole. It demonstrates the potential for even the biggest oil companies to adapt and contribute to a more sustainable energy future.

 

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BREAKING: Tinubu Appoints Ayodeji Gbeleyi as BPE DG

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President Tinubu
– Ayodeji Gbeleyi appointed as Director-General of Bureau of Public Enterprises
– Renowned financial expert and award-winning chartered accountant
– Over 30 years of experience in diverse sectors

President Bola Tinubu has appointed Ayodeji Ariyo Gbeleyi as the Director-General of the Bureau of Public Enterprises (BPE).

According to the President’s spokesman, Ajuri Ngelale, Gbeleyi is expected to bring his vast experience and competence to bear in this role.

Gbeleyi is a fellow of both the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Taxation of Nigeria.

He has also attended executive programmes at the prestigious London Business School, Harvard Kennedy School of Government, and Lagos Business School.

With over 30 years of post-qualification experience in diverse sectors, Gbeleyi is well-equipped to strengthen the agency as the national resource centre for capacity building and sustenance of reforms.

The President expects him to promote a competitive private sector-driven economy and ensure social accountability and efficient deployment of public resources.

“The new Director-General is expected to bring his vast experience and competence to bear in this role,” said Ajuri Ngelale. “He will advance effective corporate governance and fiduciary discipline in the public and private sectors.”

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AGUSTO & CO UPGRADES WEMA BANK’S RATING TO Bbb+ WITH ESG SCORE OF 2

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AGUSTO & CO UPGRADES WEMA BANK’S RATING TO Bbb+ WITH ESG SCORE OF 2

…Confirms Stable Financial Outlook for the Bank

Following its strong 2023 financial performance, Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has received an upgraded rating from Agusto & Co, validating the Bank as Bbb+ rated with an ESG Score of 2 and confirming a stable outlook for the Bank.

Agusto & Co is a Pan-African credit rating agency and leading provider of industry research and knowledge in Nigeria and Sub-Saharan Africa.

By upgrading Wema Bank’s rating from BBB to BBB+, Agusto has confirmed that Wema Bank is of stable financial standing and more equipped than ever to keep fulfilling its duties as a commercial bank with National authorization.

This development is unsurprising as Wema Bank’s financial strength is reflected in the Bank’s FY 2023 Audited Financial Report. Among the outstanding results achieved by Wema Bank was a 196% increase in Profit Before Tax (PBT) from N14.75bn to N43.59bn translating to higher pre-tax return on average equity (ROE) and pre-tax return on average assets (ROA) from 21.5% to 43.9% and 1% to 2.1% respectively. The Bank also recorded a 220.4% increase in Profit After Tax (PAT) from N11.21bn to N33.66bn, 70.63% increase in Gross Earnings from N132.30bn to N225.75, 53.64% increase in Loans disbursed from N521.43bn to N801.10bn, a reduction in cost-to-income ratio (CIR) from 80.1% to 64.4% due to significant earnings growth despite economic fluctuations and 220.53% increase in Earnings per share from N87.2 to N279.5, among other indices.

According to Agusto & Co, “The upgrade of Wema Bank’s rating to Bbb+ is underpinned by improved profitability despite macroeconomic headwinds, lower impaired loan ratio, better deposit mix, strong shareholders’ support as reflected in the successful rights issue exercise and perpetual bond issuance. We have also attached an ESG score of ‘2’, reflecting our view that environmental, social, and governance issues have a minimal impact on Wema Bank’s rating”.

Affirming the Bank’s commitment to providing stakeholders with optimum returns, Moruf Oseni, Wema Bank’s MD/CEO, expressed the Bank’s gratitude to Agusto & Co for acknowledging the strong progress made by the Bank. “Wema Bank is on a journey to the top and we are driven by a commitment to delivering exceptional value, exceeding expectations, and providing optimum returns to every stakeholder—shareholders, customers, employees, and partners alike. It is this commitment that has reflected positively in our numbers and will propel our growth over the next decade”.

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