Today’s ESG Updates:
- EU Aims to Improve Sustainability for Specific Products: Initially revealed in March 2022, the new plan will bolster product sustainability.
- BP Shuffle Leaders to Pivot Away from Climate Investment: After focusing on renewables, BP shareholders are now voting in the opposite direction.
- Crux Accumulates $77 Million in Funding: The 90+ entities under Crux have issued over $1 billion for debt products in the previous quarter alone.
- Bhutan Makes Millions in Green Crypto Investments: Running off renewable energy, green crypto has paid for government salaries and more in Bhutan.
EU boosts product sustainability and clarity for consumers with new plan
The EU has adopted a 2025-2030 plan under the Ecodesign for Sustainable Products Regulation (ESPR), aiming to boost product sustainability across the EU. It sets requirements for durability, reparability and energy efficiency alongside a new Digital Product Passport to inform consumers. Priority product categories include steel, textiles, furniture, and tires. Critics like the European Environmental Bureau argue the plan falls short by excluding key categories such as footwear and chemicals, potentially weakening the regulation’s impact. The initiative is intended to drive the circular economy, foster innovation, and strengthen EU competitiveness. Investors can utilize the ESG index to stay up to date on the latest regulations and legislations.
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Further reading: EU to Set Ecodesign Requirements for Apparel, Steel, Furniture
BP leadership re-elected amid investor backlash over climate strategy reversal
BP CEO Murray Auchincloss and Chair, Helge Lund were re-elected at the company’s AGM, though Lund received only 75.7% shareholder support; a figure lower than expected that may signal early departure for Lund amid mounting pressure. Activist investor Elliott Management, holding nearly 5% of BP, and climate-focused shareholders criticized governance and the company’s recent pivot back to oil and gas. BP had previously committed to major emissions cuts under Bernard Looney, but Auchincloss reversed course in February. Some investors expressed frustration over the lack of a vote on BP’s climate strategy shift. Despite criticism, major proxy advisers backed the board’s re-election.
Photo Credit: Simon Cheung
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Further reading: BP shareholders punish chair Helge Lund with low support
Clean energy fintech Crux raises $50M to expand capital markets platform
Clean energy fintech Crux has raised $50 million in a Series B funding round to expand its capital markets platform. Launched in 2023, Crux helps clean energy developers and manufacturers access financing by facilitating tax credit transfers and debt products. Its network of over 90 financial institutions has issued $1 billion in term sheets in the past quarter. With total funding now at $77 million, Crux aims to grow its team, enhance its technology (including AI integration), and broaden financing options. The round was led by Lowercarbon Capital, with support from a16z, Liberty Mutual Strategic Ventures, and others.
Photo Credit: Karsten Würth
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Further Reading: Fintech Startup Crux Raises $50 Million to Build Capital Market Platform for Clean Energy Developers
Bhutan taps hydropower to become global hub for green cryptocurrency mining
Bhutan is exploring green cryptocurrency mining using its 100% hydropower-based energy to boost its economy, reduce youth unemployment, and curb brain drain. Through its sovereign wealth fund, Druk Holding and Investments, Bhutan began investing in cryptocurrencies in 2019 and has used profits to support government spending. Officials see green crypto as a way to attract ESG-focused investors and create jobs in blockchain and AI. With plans to expand hydropower capacity from 3.5 GW to 15 GW in the next 10–15 years, Bhutan aims to become a hub for sustainable digital currency while promoting its Gross National Happiness philosophy. To track developments like these and navigate the evolving landscape of sustainability, see ESG solutions.
Photo Credit: American Public Power Association
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Further reading: Bhutan turns to ‘green’ cryptocurrency to fuel economy
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Michael Lechner
