EU Commission Chief Announces EU Ocean Pact

Today’s ESG Updates:

• EU Commission Chief Announces EU Ocean Pact: The pact aims to restore natural habitats and encourage competitiveness of the maritime industry.
• Development Banks Set to Invest €3B in Fight Against Ocean Plastics: A group of development banks join forces aiming to tackle plastic pollution in the sea.
• India’s $80B Coal-Power Boom is Struggling as Water Sources are Depleted: Ambitious coal power targets struggle as water sources dwindle.
• UN Reports 150% Rise in Data Centre Emissions Fuelled by AI: The report notes the rise in carbon emissions from tech giants following the rise of AI.

EU Commission Chief announces EU Ocean Pact

The EU has established a new ocean pact which is intended to protect Europe’s coasts as well as encourage competitiveness in the maritime industry. The announcement was made by EU Commission President Ursula von der Leyen at the UN Ocean Conference hosted in Nice. The EU aims to revive 20% of Europe’s marine ecosystems back to life by 2030. As part of an initiative to increase competitiveness in the maritime industry, the president announced some grants to support small-scale fisheries. There will also be €1B allocated for 50 projects around the world for scientists and conservationists, a third of which is due to financially support research and scientific projects. The commission also stated that this ocean pact should lead to legislation that will be proposed by 2027.

***

Further reading: European Commission chief von der Leyen unveils EU ocean pact at UN conference

Development banks set to invest €3B in fight against ocean plastics

A group of development banks are set to invest at least €3B by the end of the decade in order to tackle plastic pollution in the sea. According to UN estimates, based on current trends, plastic waste entering the sea could triple up to 37 million metric tonnes per year by 2040, where it was around 11 million tonnes in 2021. The growth in microplastics is one of the top concerns as they have contaminated all major oceans as well as the soil and air, ultimately finding their way into animals, plants and humans. The European Investment Bank is a key player in the Clean Oceans Initiative, with their project lead, Stefanie Lindberg stating that the amount could increase as further partners join. This is certainly a positive initiative which will help tackle one of the world’s largest environmental problems.

***
Further reading: Development banks to invest 3 billion euros in ocean plastics fight

India’s $80B Coal-Power Boom is struggling as water sources are depleted

In 2017, NTPC (National Thermal Power Corporation), one of India’s leading power producers, launched a 1,320 megawatt coal-fired power plant in Solapur, Mumbai. Residents claim that before this power expansion, water flowed every other day. However, due to the combination of depleting water resources related to climate change and water demands supporting the local coal industry, in peak summer, residents may wait for taps to flow for a week or more. Solapur manifests India’s dilemma where growth and sustainability collide. India has 17% of the planet’s population but access to only 4% of its water resources. India plans to spend nearly $80B on coal plants which require huge amounts of water, by 2031 to power growing industries like data centre operations. While economic growth is a priority, one must ask at what human and environmental cost?

***

Further Reading: India’s $80 billion coal-power boom is running short of water

UN reports 150% rise in data centre emissions fuelled by AI

A UN report noted that indirect carbon emissions from the world’s largest tech companies rose by an average of 150% between 2020 and 2023. Although AI has been championed as a huge potential aid for sustainability in technological operations, there are still many obstacles to face, as data centres consume copious amounts of electricity. The United Nations’ International Telecommunications Union report revealed that carbon emissions increased considerably due to increased focus on artificial intelligence. According to the report, Amazon tops the list with emissions rising by 182%, closely followed by Microsoft, Meta and Alphabet. Although sustainability reports from such large companies have emphasised their green investments, this report does raise the question of how positive AI actually is for sustainability.

***

Further reading: UN: AI Fuelled 150% Rise in Tech Giants’ Data Centre Emissions

Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit:  Guillaume Périgois