Today’s ESG Updates
- Bolsonaro Creates Uncertainty Over Carbon Market Plans: Industry representatives express concern over market volatility and capital flight over Presidential Candidate Bolsonaro’s potential climate plans. Bolsonaro pledges to keep much of President Lula’s policies, but his Senate track record suggests otherwise.
- Democrats Bring to Light White House Official’s Connections to Oil Company: A former White House energy official, now working for an offshore oil company, has been singled out by Democratic Senators for having played a role in helping said company during her role.
- EPA Rolls Back Methane Reporting Policy: The EPA has rolled back a Biden-era climate policy initiative intended to combat large methane leaks.
- American Express Fined Over Anti-Money Laundering Practices: Officials say American Express failed to adequately comply with anti-money laundering standards.
Industry worries over Bolsonaro climate plans
Flavio Bolsonaro came atop the first round of the Brazilian presidential elections, sparking worries about the future of the country’s climate policy. The younger Bolsonaro pledged to strengthen the regulated carbon market, but failed to criticise the extreme rise in deforestation under his father, former President Jair Bolsonaro.
Flavio faces incumbent left-leaning President Lula da Silva, who has launched programs to attract private capital into green projects, and begun the first stages of a regulated carbon market for Brazil. Bolsonaro has pledged to not abandon the program, as industry has pushed against any move that could harm the growing $2.6 trillion economy under Lula. Lula has positioned Brazil as a leader in global climate finance.
Bolsonaro has campaigned on expanding the bioeconomy, using Brazil’s vast natural resources for pharmaceutical and cosmetics products. But investors and executives are concerned over his previous stances on Climate Change. In an interview in August with Brazil’s Globo, he described weather events as cyclical and denied that they were solely caused by human influence.
Climate advocacy group Observatorio do Clima says Bolsonaro’s plan largely ignored emissions-reduction targets, calling his senate record “starkly at odds” with any proposed anti-deforestation or environmental protection plans.
A spokesperson for the senator’s campaign said his climate agenda would be developed during the interim period between governments, declining to comment on whether a Bolsonaro administration would maintain Lula’s green finance initiatives. Instead, Bolsonaro would make his priority market-based conservation incentives, strengthening efforts to tackle environmental crimes and eliminate illegal deforestation by 2029.
Between 2019 and 2022, the older Bolsonaro’s administration weakened environmental protections, causing deforestation to expand across Brazil’s Amazon. Lula’s administration has encouraged the carbon-removal industry through loans and investments through the Brazilian National Development Bank (BNDES). Lula pledged during his campaign to expand climate finance tools such as Eco Invest, which has mobilized $37.83 billion of investment into the country since 2024.
The Brazilian Council for Sustainable Development (CEBDS), whose members include the oil producer Petrobras and the miner Vale, told candidates that uncertainty over the carbon market is a key issue. Daniela Mignani, CEBDS executive director for corporate management, noted that in 2025, $2.2 trillion was invested in clean energy technologies, but that capital could flee in the face of regulatory uncertainty.
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Democrats examine former White House official’s oil industry connections
Democrats in the Senate signal intention to scrutinize and oversee Trump’s White House picks before the election. A letter was sent to former White House senior energy adviser on the National Energy Dominance Council, Brittany Kelm, alerting her of intentions to begin an inquiry into her connections to oil companies.
The letter contained references to Kelm’s relationship with Sable, an oil company overseen by her former department, and asked her to keep records of communications between the two parties.
Kelm left the White House in August to join Sable Offshore as a vice president of policy and commercial. Previously, Kelm had worked closely with Sable, helping Sable restart production of its oil platforms in California. Opposition to the project came from California government officials after an oil spill. Sable and the White House are currently in a legal battle to determine the outcome.
Democrats may intend to begin a Senate oversight committee over Trump’s administration officials, if they are able to seize control of Congress in November’s midterm elections.
Related Articles
Here is a list of articles selected by our Editorial Board that have gained significant interest from the public:
EPA to roll back policies targeting oil and gas-related methane leaks
The EPA said on Wednesday it would propose scrapping a Biden-era rule aimed at preventing large methane leaks from oil and gas operations. The move is part of a broader Trump agenda to reduce regulations it claims burden businesses, especially fossil fuel operations.
EPA’s “super emitter” program requires companies to react when third parties report suspected methane leaks. The Trump administration delayed implementation of the policy until next year. EPA said rescinding the rule would save $45 billion a year. EPA Administrator Lee Zeldin said in a statement after making the announcement: “Americans must be able to afford to heat their homes in the winter and fill up their car and drive to work. They can’t do that when the people producing the energy are weighed down by unnecessary burdens.”
Environmental groups criticised the move. Mayhar Sorour, director of the Sierra Club’s Beyond Fossil Fuels campaign, said in a statement: “This giveaway to fossil fuel executives is foolish and short-sighted, and reveals who the Trump administration really works for – its political donors.”
Bank regulators fine American Express $350 million over insufficient anti-money laundering program
American Express has been fined $350 million after US bank regulators determined programs to identify money laundering were insufficient, and that the company could potentially have missed billions of dollars of suspect money.
Among the failures stated by the US Office of the Comptroller of the Currency and the Federal Reserve were inadequate resources, inexperienced staff, weak training, and internal control gaps. The OCC said American Express focused on deposit products, while not devoting enough attention to its larger credit card business. The OCC attributed roughly $13 billion in suspicious activity over the past decade to “systematic breakdowns” in monitoring and reporting.
In a statement, American Express CEO Stephen Squeri said the bank is “fully committed” to addressing concerns and compliance issues. “While we have made meaningful progress, we know there is more work to do,” he said.
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Pok Rei
