Today’s ESG Updates
- CO2 Soars to Record 424ppm in 2024: Surge of 3.5ppm marks largest annual rise; experts cite fossil fuels, wildfires, failing carbon sinks
- Hungary Defies EU on Russian Energy: Rejects 2027 phase-out plan; says cutting Moscow ties would cripple economy
- UK Sanctions Russian Oil Giants, Fleet: Lukoil, Rosneft, 51 tankers hit with asset freezes; crackdown aims to limit Kremlin war funds
- Indonesia Reopens Carbon Trade Markets: New decree ends 4-year ban; allows UN-backed offset trading, supports 2060 net-zero goal
Record-high CO2 levels in 2024 signal accelerated global heating
UN data shows that atmospheric CO2 levels had soared by a record amount in 2024 to break another record, indicating a worsening climate crisis. Reports show that the global average concentration of CO2 surged by 3.5 parts per million (ppm) to 424ppm in 2024, which is the largest increase since modern measurements began in 1957. Factors such as unrelenting fossil fuel burning and the increased number in wildfires have all contributed to this significant increase in CO2 levels. Scientists are concerned that the failure of the planet’s carbon sinks may be another factor, as they usually contribute to the absorption of CO2. Atmospheric concentrations of methane and nitrous oxide, other key greenhouse gases related to human activities, have also hit record levels in 2024. Experts are urging for more emission reduction efforts to be taken. To combat the climate crisis, businesses can turn to ESG solutions to transition towards a greener future.
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Further reading: Record leap in CO2 fuels fears of accelerating global heating
Hungary targets EU energy policy at Moscow conference
Budapest’s foreign minister has stated that Hungary would suffer if it was cut off from Russian energy, and reiterated that the country would not accept outside pressure when it came to decisions regarding its energy supplies. Hungary has maintained its reliance on Russian energy since Moscow’s invasion of Ukraine. It has also pushed back against plans by the European Commission to phase out the EU’s imports of all Russian gas and liquefied natural gas by the end of 2027, increasing tensions with Brussels over relations with Moscow. Hungary signed a 15-year deal in 2021 with Russia to buy 4.5bcm of gas annually, and increased purchases from Gazprom last year, importing approximately 7.5bcm of Russian gas via the Turkstream pipeline. The country imports most of its crude from Russia via different pipelines, and its Prime Minister has stated that dropping Russian energy would threaten Hungary’s economy.
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Further reading: Hungary attacks EU energy policy at Moscow conference
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UK targets two of Russia’s largest oil companies and their shadow fleet with sanctions
Britain has recently sanctioned two of Russia’s largest oil companies, Lukoil and Rosneft, and 51 shadow fleet tankers in a new bid to tighten energy sanctions and choke off Kremlin revenues. The UK government states that the two companies are considered strategically significant to the Kremlin, and their activities are of economic importance to Russia, which contribute to state revenues to help sustain its war in Ukraine. Under the sanctions, they are subject to an asset freeze, director disqualification, transport restrictions, and a ban on UK trust services. The sanctions target 51 ships, including 44 within the shadow fleet, alongside individuals and entities across sectors including energy and defence. The U.S. has stated that they would be willing to work with European countries to consider steeper sanctions on Russian entities. Britain has asserted that all necessary steps would be taken to stop Moscow from funding its war in Ukraine.
Photo Credit: Wiki Commons
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Further reading: UK sanctions Russia’s Lukoil and Rosneft, targets shadow fleet
Indonesia to resume international carbon trade after four years
Indonesia’s President Prabowo Subianto has issued a new decree to restart international carbon emissions trading after a four-year hiatus. The country previously issued carbon market rules in 2021, which focused on compliance carbon markets rather than transactions in voluntary markets. These rules had effectively ended all cross-border carbon emissions-credit trading, including those generated from big projects. The new presidential decree allows international trade in carbon-offset units to resume in accordance with Indonesian national standards, or with standards set by the UN Framework Convention on Climate Change and other international certifiers. It also calls for the establishment of a decentralised registry for carbon units that will be transparent and run in real time to prevent the double counting of carbon emissions reductions. Indonesia has committed to net-zero goals for 2060 or earlier. To keep up with more industry developments, companies can turn to ESG tools.
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Further reading: Indonesia allows resumption of international carbon trade after four years
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Maxim Tolchinskiy
