Welcome back. Global demand for electricity is outpacing how quickly companies can produce clean energy, according to environmental organization Ember's latest report covering the first half of this year.

While wind turbines and solar panels contributed more than one-tenth of global electricity generated, overtaking nuclear reactors for the first time, it wasn't enough to keep up with the surge in power use, according to the Ember report, which includes data from 63 nations and covers 87% of global electricity production.

Global demand for power rose by 5% in the first half of 2021 compared with the same period in 2019, the report said. Wind and solar power met roughly 57% of that demand increase, while coal power accounted for 43%. 

Greenhouse-gas emissions from power were 5% higher in the first half of the year compared with 2019. The report notes countries with rising power needs also saw higher emissions, especially among developing countries in Asia that are burning more coal to meet their energy needs. “Developing Asia can leapfrog fossils and move straight to cheap, clean renewables," said Muyi Yang, electricity policy analyst at Ember. "But this is contingent on whether the region can further accelerate its inexorable march [toward] clean electricity while at the same time use electricity more efficiently."

This week: Iberdrola's $88 billion investment; steel manufacturers go green; SEC wants more worker data.

Power broker. Since Ignacio Galán became chief executive of Iberdrola SA 20 years ago, the Spanish company has transformed from a predominantly local operator of hydroelectric and fossil fuel power plants to a global wind and solar powerhouse. Iberdrola plans to invest $88 billion to double its renewable-energy capacity by 2025, with a third of that money destined for the U.S.

Not a windfall. Top wind-turbine makers are struggling with lower earnings as rising raw-material costs, problems shipping the hulking machines, and uncertainty over the future of U.S. subsidies pressure their businesses. Siemens Gamesa Renewable Energy and Vestas Wind Systems lowered profit guidance for the rest of 2021, and General Electric reported growth in turbine sales but didn't turn a profit in that division this year.  

Purchasing power. Renewable-energy middleman LevelTen is attracting more investment. This time, from Google. The Seattle-based startup raised some $35 million in a series C funding round, drawing money from European oil-and-gas companies and the search engine giant. LevelTen helps companies navigate the complex market of renewable-energy power-purchase agreements that businesses are buying up to meet their climate-change ambitions.

Green ship. Container-shipping giant A.P. Moller-Maersk A/S has ordered the first megaships powered by biofuels, as the industry moves to a new generation of vessels that will cut carbon-dioxide emissions. The ships will cost $160 million each, about 15% more than conventional vessels, The Wall Street Journal reported, citing people familiar with the matter.

Environmentalists vs. renewable energy. Property owners in the windy and sunny parts of the U.S. are pushing back against large-scale renewable-energy development, opposition that researchers say could slow the transition to a cleaner economy. ▶Watch the video

Even in states with a high level of solar-power capacity, such as Georgia, farmers aren’t big fans of large renewables projects as plots of agricultural land usually need to be cleared for the installation of solar panels. Solar developer Silicon Ranch’s Chief Commercial Officer Matt Beasley says working with local farmers to incorporate agricultural practices in solar projects helps.

Cleaning up steel. Steelmakers are escalating efforts to cut carbon emissions, but doing so is expensive and may result in higher prices. Progress is slow, especially in the developing world, where the majority of steel is made.

With the industry emitting 7% of carbon dioxide related to energy consumption world-wide, according to the International Energy Agency, which also says the industry’s emissions need to halve by 2050 for the world to hit global climate goals.

Companies are overhauling the steelmaking process and pouring billions of dollars into decarbonization. Sweden’s SSAB shipped its first batch of steel made with no fossil fuels to truck maker Volvo last week. The company replaced coal with hydrogen to produce the metal. It declined to say how much the shipment to Volvo cost or was sold for.

Carbon-removal deal. Reinsurer Swiss Re has signed a 10-year, $10 million agreement with Swiss startup Climeworks to capture carbon dioxide and turn it into underground rock.

Sustainability claims. The Justice Department and the Securities and Exchange Commission are investigating whether Deutsche Bank asset management arm DWS overstated how much it used sustainable investing criteria to manage its assets, the WSJ reported, citing people familiar with the matter. 

More worker data. Securities and Exchange Commission Chairman Gary Gensler is looking at asking public companies for more information on their workers. These disclosures, which are likely to be compulsory, could include a number of metrics, including turnover, skills and development training, compensation, benefits, workforce demographics including diversity, and health and safety. Many large companies started providing diversity data driven partly by demand from investors following 2020 protests over racial inequity and partly by changes under way at the SEC.

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On Nov. 17 WSJ Pro will be hosting the first Sustainable Business Forum, looking at the critical issues facing business professionals as they incorporate sustainability into their strategy and operations. Discussion topics will include innovation, reporting, governance, green finance, supply chain and risk models. Register to attend here.

Companies in China are making fewer deals for sustainability-linked loans, which penalize borrowers for failing to meet their green goals. (Bloomberg)

Madagascar’s worst drought in four decades could lead the country  to experience the world’s first climate-change-induced famine, the United Nations said. (BBC)

Local planning agencies in Chinese provinces approved 24 new coal-fired power plants in the first half of the year, bringing the total planned new coal capacity to more than 100 gigawatts in the country, environmental group Greenpeace said. (Reuters)

The United Nations’ recent climate change report puts the onus on fashion brands to reduce their emissions, especially within their supply chains. (Vogue Business)

Wells Fargo has named a new executive, Clarence Nunn, to to focus on expanding the diversity of its wealth management clients and services it offers to new and existing clients. (Wealth Management)

James Turitto from nonprofit Clean Air task Force has found more than 70 methane gas leaks in pipes, oil fields and storage units using an infrared camera in eastern Europe. (Bloomberg)

We would like to hear your tips, suggestions and feedback.

This newsletter was written by Catherine Lindsay and Dieter Holger. Ed Ballard is on vacation. 

Contact the WSJ ESG research team at ESGresearch@wsj.com