Today’s ESG Updates
- ADB Launches $70bn Infrastructure Push: Power grid integration and digital highway expansion will boost clean energy flows and expand data networks across developing economies.
- Canadian Banks Roll Back Climate Targets: RBC and Scotiabank scrap 2030 financed emissions goals, citing uncertainty in public policy, energy demand, and technology development.
- U.S approves $8.6bn in arms sales to Middle East allies: State Department authorizes huge defense deals for Israel, Qatar, Kuwait, and UAE, using emergency powers to bypass Congress.
- New Berkshire Hathaway CEO Makes Annual Meeting Debut: Greg Abel pledges continuity on capital strategy as investors weigh change in leadership tone.
Asian Development Bank unveils $70bn plan for cross-border energy and digital infrastructure
The Asian Development Bank (ADB) will back $70 billion in energy and digital infrastructure investment by 2035.
The plan centers on two flagship programmes. The Pan-Asia Power Grid Initiative will link national and subregional electricity systems, allowing renewable energy to flow across borders and improve regional balancing of supply and demand. The Asia-Pacific Digital Highway will expand fiber and data networks. It is designed to close connectivity gaps and support AI-driven growth across developing economies.
ADB said about $40 billion will come from its own resources, with the remainder raised through cofinancing, including private-sector investment.
The initiatives are intended to accelerate economic development, improve energy security, and reduce emissions by enabling cleaner electricity trade and deeper digital integration across the region.
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Further reading: ADB Launches $70 Billion Push to Connect Asia’s Power Grids, Digital Networks
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Canada’s top banks retreat on climate targets amid political uncertainty
Two of Canada’s largest banks have reset their climate strategies, retreating from interim emissions targets set just three years ago.
Scotiabank and RBC have scrapped their 2030 financing goals for high-emitting sectors such as oil and gas, power, and automotive. Introduced in 2022, the targets aimed to align lending with net-zero pathways. The banks now diverge on their long-term ambitions: RBC has reaffirmed its 2050 net-zero goal, while Scotiabank has dropped it.
Both cite external constraints, including policy shifts, energy demand, and slow technology deployment. A key driver is the changing direction of U.S climate policy, with weaker federal support and political pushback on ESG goals raising regulatory uncertainty and legal risk for North American banks, complicating long-term target-setting.
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Further reading: Scotiabank Drops Net Zero Goal As RBC Retains 2050 Target In Climate Reset
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U.S Fast-Tracks $8.6bn Arms Deals for Middle East Allies Amid Fragile Ceasefire
The United States has approved more than $8.6 billion in military sales to Middle Eastern allies, using emergency powers to bypass congressional review.
The State Department cleared the immediate approval of major arms sales to Israel, Qatar, Kuwait, and the United Arab Emirates, citing emergency conditions to avoid the standard review window. The package includes $4.01 billion in Patriot air and missile defense replenishment services for Qatar, $992.4 million in Advanced Precision Kill Weapon Systems for Israel, and $2.5 billion for Kuwait’s integrated air and missile defense system.
The move comes three weeks into a fragile ceasefire in the US–Israeli war with Iran, a conflict that has killed thousands and displaced millions since its beginning in February.
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Further reading: U.S bypasses congressional review for military sales of $8.6 billion to Middle East allies
CEO Greg Abel takes center stage in first Berkshire annual meeting of post-Buffett era
Berkshire Hathaway held its first annual meeting since Warren Buffett stepped down as CEO four months ago, with Greg Abel leading proceedings for the first time in Omaha, Nebraska.
Abel sought to reassure shareholders by emphasizing continuity, pledging to preserve Berkshire’s decentralized culture and disciplined investment approach. He directly addressed concerns about the company’s growing cash pile—now exceeding $150 billion—and pressure to deploy it, saying Berkshire would remain patient and only pursue deals that meet its strict value criteria. He also rejected calls to break up the conglomerate, stating “absolutely not,” and struck a cautious tone on artificial intelligence.
While shareholders broadly backed Abel’s steady approach, the gathering was notably more subdued than in previous years, lacking the energy and spectacle of the Buffett era, which had long drawn large crowds and global attention.
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Further reading: CEO Greg Abel moves to assure Berkshire shareholders in a post-Buffett world, with record cash
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — In the Cover Photo: Locals travel past power lines in Kampong Cham, Cambodia. Cover Photo Credit: Kimms
