Inside: Chevron says it will cut emissions in line with the Paris agreement. Lines blur between activists and ESG investors. Dubai wants a solar-powered desalination plant. PG&E faces a fight over its board slate; SEC taps Roisman to oversee proxy plumbing overhaul. — Emily Chasan 

Sustainable Finance

Jeff Tannebaum, the former chairman of hedge fund Fir Tree Capital Management, is investing his own money in a new firm that advocates for clean energy to address climate change, write Bloomberg's Brian Eckhouse and Chris Martin. 

Shareholder activists are back in the boardroom and more active than ever, according to a review by law firm Schulte Roth and Zabel. The firm tracked 922 activist targets in 2018, up almost 8 percent from 856 in 2017 Shareholder rights proposals were up and the lines between financial and ESG activism are blurring, the firm said. Calstrs said this week it would invest $250 million with a new investment management firm, Impactive Capital, that aims to marry long-term activist investing with a focus on improving ESG policies. 

In Brief

• KKR made its global impact fund a co-investor in a $510 million deal for a 60 percent stake in Indian waste collector Ramky Enviro Engineers.
• Pimco's Mike Amey, a London-based managing director overseeing sustainable investing strategies, is retiring from the firm. Lupin Rahman, an executive vice president, will take over his ESG investing duties, according to an internal memo.
• GM and Amazon are in talks to invest in electric truck maker Rivian Automotive. A deal could value the Michigan startup at $1 billion to $2 billion. 
• T. Rowe Price Group cut its Tesla stake by almost half during the fourth quarter.
• JPMorgan is adding $6.65 million to a loan program for minority business owners. 

Environment

The U.S. solar industry is forecast to add 17,000 jobs this year, growing again in 2019 after contracting for two consecutive years due to tariffs. 

California's plan to require rooftop solar on all new homes is looking prescient after PG&E warned many more customers could see their electricity shut off in the future as part of the utility's wildfire season safety plan. Los Angeles is also trying to speed up its switch to renewables, ditching a plan to spend billions rebuilding three natural gas-fired power plants.

Ontario proposed that large polluters should pay for excessive greenhouse gas emissions.

Dubai will seek partners this year to build its first solar-powered desalination plant as the emirate tries to diversify away from burning fossil fuels to increase its water supply, the head of the Dubai Electricity and Water Authority said in an interview.

Dominion Energy said it plans to slash its methane leaks from its natural gas pipelines and distribution network by 50 percent over the next decade. 

The first U.S. coal-fired power plant in years has opened in Alaska where there is no gas, little sun and few winds. 

Mackerel fisheries in Europe are losing their sustainable fishing logos.

Social

New York City Comptroller Scott Stringer is urging U.S. securities regulators to investigate whether Oracle misled investors about alleged pay bias across its workforce. Despite a Labor Department lawsuit that claims Oracle systematically shorted women and minorities, the investor said that Oracle's board painted a rosier picture of its efforts to avoid gender pay gaps while trying to squash a shareholder proposal on the issue. 

Google is facing a shareholder resolution over its exploratory work on a censored Chinese search product. 

Bill and Melinda Gates warned in their annual letter that "data can be sexist." While data usually leads to better decisions it is often missing for women and girls, they said.

Japanese women who want to raise families, work and get promoted need more options than just office jobs, writes Bloomberg Opinion's Nobuko Kobayashi.

Governance

Jeff Bezos' selfie leak is triggering an alarm for billionaires and wealthy executives who often focus on physical safety but overlook digital security, write Bloomberg's Devon Pendleton and Anders Melin. Bezos said he won't be distracted by his fight with the National Enquirer publisher after he accused the company of trying to blackmail him. 

PG&E this week told a bankruptcy court that only half its board would remain after the utility's bankruptcy, but hedge fund Blue Mountain Capital says it wants a "clean slate" of 13 new directors and will nominate them.

U.S. SEC Commissioner Elad Roisman agreed to lead the agency's efforts to update infrastructure behind the proxy system and shareholder voting, write Bloomberg Law's Andrew Ramonas and Andrea Vittorio.

Lyft's founders might take near-majority voting control of the ride hailing company when it goes public this year, according to the Wall Street Journal. After the uproar around shares with no voting rights at Snap, you would have thought there would be a different outcome, writes Bloomberg Opinion's Matt Levine. 

Shareholder Harrington Investments is pressing Coca-Cola on sugar-related health risks from its products with a new shareholder resolution. 
 

Note: Please send tips, suggestions and feedback to Emily Chasan at echasan1@bloomberg.net.

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