Today’s ESG Updates
- BP Shares Rise From Activist Fund: Elliott Management has invested in BP, which has led to a bump in share value.
- Porsche Invest in ICE Engines: Porsche abandons full EV plans in favour of refocusing on combustion and hybrid engines.
- HSBC Allocate New Sustainability Officer: HSBC announces Julian Wentzel as the new group chief sustainability officer.
- EU’s €422 Million Alternative Fuel Scheme: The EU has allocated €422 million towards alternative fuel infrastructure projects.
Activist hedge fund Elliott Management boosts BP shares
BP’s shares rose following reports that activist hedge fund Elliott Management has acquired a stake and aims to push for changes to enhance shareholder value. BP’s shares have underperformed those of its European and US peers due to strategic missteps. Elliott hopes to push BP to undertake transformational measures to refocus on core oil and gas activities and abandon targeted low-carbon strategies. Businesses focused on staying low-carbon and sustainable can use ESG solutions to manage targets.
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Further reading: BP shares jump after activist hedge fund Elliott takes stake
Porsche to continue development of combustion engines despite EV push
Porsche is scaling back its electric shift in favor of more combustion power, which will come with significant costs. For 2025, the company expects to spend $831 million on expanding production and developing hybrid and combustion powertrains. The developmental shift projects lower profit margins of 10-12%. Porsche also plans to continue V-8 production beyond 2030 and explore hybrid or combustion versions of vehicles initially slated as electric. Delays in launching the next-gen 718 and Macan EV could further affect these plans.
Photo Credit: Justus Menke
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Further reading: Porsche Is Pivoting Back to Combustion. It Will Cost Them Dearly
HSBC names Julian Wentzel as group chief sustainability officer
HSBC has appointed Julian Wentzel as Group Chief Sustainability Officer, confirming his interim role since November. Wentzel, previously head of global banking for HSBC’s Middle East, will report to CFO Pam Kaur instead of the executive committee. Activists worry this shift reflects a change in priorities, as Wentzel is a career banker rather than a sustainability expert. This comes amid HSBC’s ongoing efforts to meet its net-zero goals and broader changes in its leadership under CEO Georges Elhedery.
Photo Credit: Joshua Lawrence
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Further Reading: HSBC appoints Julian Wentzel as group chief sustainability officer
EU allocates €422 million towards alternative mobility projects
The EU is allocating nearly €422 million to 39 projects under the 2024-2025 Alternative Fuels Infrastructure Facility, aimed at decarbonising transport. The new investment aims to support the introduction of more alternative fuels infrastructure, including recharging points and hydrogen refueling stations. The selected projects will support approximately 2,500 light-duty vehicles and 2,400 heavy-duty electric recharging points, along with 35 hydrogen refueling stations. Not all businesses can invest in sustainable infrastructure; however, ESG software can assist in sustainable transition.
Photo Credit: Filipe T. Soares
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Further reading: Alternative fuels: €422 million of EU funding to boost zero-emission mobility
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Simon Cheung
