Today’s ESG Updates
- China’s Solar Capacity Overtakes Coal for the First Time: Installed solar capacity reached 1,288 GW in July, narrowly exceeding the country’s 1,285 GW coal power capacity.
- EPA Announces Small Refinery Biofuel Exemptions: The agency is proposing to shift the waived volumes, worth 1.76 billion RINs, to larger refiners in 2026 and 2027.
- Google Expands Geothermal Energy Partnership: Google will purchase at least 396MW from Fervo’s Cape Station project, which is expected to come online in 2028.
- New York’s $75bn Climate Superfund Blocked by Federal Judge: The ruling prevents the state from requiring fossil fuel companies to contribute $3bn annually from 2028 towards climate-related infrastructure.
Solar becomes China’s largest source of installed power capacity
China’s installed solar capacity has overtaken coal for the first time, reaching 1,288 GW at the end of July compared with 1,285 GW of coal capacity, according to energy administration data reported by state media.
Although coal remains more important for actual electricity generation, the shift marks a major milestone in China’s energy transition. Wind and solar supplied 24.6% of power in the first half of the year, while coal’s share fell below 50% for the first time, to 49.7%.
The shift reflects years of rapid investment in renewable energy, with China deploying solar and wind capacity at a scale far exceeding that of other major economies.
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EPA expands small refinery biofuel exemptions, sparking industry tensions
The U.S. Environmental Protection Agency has granted small refineries exemptions covering 1.76 billion renewable fuel credits (RINs) for the 2025 compliance year, nearly twice the amount it had previously expected to waive.
The EPA granted full exemptions to 18 refineries and 50% exemptions to 11. To maintain overall production targets, the agency plans to propose shifting 100% of the waived obligations onto larger refiners in 2026 and 2027.
Biofuel producers welcomed the planned reallocation, while the American Petroleum Institute warned that shifting the obligations would “inject uncertainty into the fuels marketplace.”
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Fervo signs 396MW geothermal power deal with Google
Geothermal developer Fervo Energy has signed a deal to supply 396 MW of power to Google from its Cape Station project in Utah, sending Fervo shares nearly 14% higher in premarket trading.
The agreement includes an option for Google to purchase an additional 600 MW, potentially bringing total capacity under the deal to almost 1 GW by June 2030. Cape Station is expected to begin operations in 2028.
The deal reflects growing demand from data centers for reliable, around-the-clock clean power as U.S. electricity consumption rises. It builds on Fervo’s existing partnership with Google, including a 115-MW power purchase agreement signed in 2024.
New York’s $75bn Climate Change Superfund law blocked by federal judge
A U.S. federal judge has blocked New York from enforcing its $75 billion Climate Change Superfund Act, ruling that the 2024 law is preempted by federal law. The scheme would have required fossil fuel companies to help fund infrastructure needed to address climate-related damage.
Judge Brenda Sannes said the federal Clean Air Act does not authorize states to impose emissions compensation schemes. She warned that addressing global warming requires “national standards and global participation” and that the law could conflict with federal policy.
The law would have raised $3 billion annually from 2028, with payments based on companies’ greenhouse gas emissions between 2000 and 2018. It applied to companies linked to at least 1 billion tonnes of emissions, with funds earmarked for roads, water systems, sewage infrastructure and coastal protection.
New York Governor Kathy Hochul’s office said it was reviewing the ruling. New York was the second state to adopt such a climate “superfund”; Vermont’s similar law is also facing legal challenges.
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Copernicus Sentinel 2 / European Space Agency.
