Today’s ESG Updates
- Europe Sets August Deadline for Iran Nuclear Talks: France, UK, and Germany warn Iran to resume diplomacy or face restored UN sanctions by the end of summer
- Slovakia Clears Path for New EU Sanctions on Russia: Slovakia ends its blockade on the EU’s 18th sanctions package after securing energy guarantees
- UK and Germany Sign Major Bilateral Treaty: New agreement boosts cooperation on defence, economy, and migration, strengthening post-Brexit EU ties
- Zelestra to Invest Billions in Peru Renewable Projects: Spanish firm targets 1GW of clean energy to power copper mines, backed by strong lender interest
Iran receives a warning of UN sanctions due to a lack of concrete progress in nuclear talks
France, Britain and Germany have informed Iran that they want Tehran to resume diplomacy immediately over its nuclear programme. They warned that if no concrete steps were made by the end of summer, UN sanctions would be restored. Alongside China and Russia, the three countries are the remaining parties to a 2015 deal with Iran that lifted sanctions on the country in return for restrictions on its nuclear programme. A UN Security Council resolution which preserves this deal expires on October 18. Under its terms, the UN sanctions can be reimposed beforehand, and the process would take about 30 days. While Iran has suggested that it is open to diplomacy, there are no indications of a sixth round of nuclear talks between Washington and Tehran resuming imminently. The Europeans have imposed a final deadline of the end of August, which diplomats say may be unrealistic, given the absence of inspectors in Iran.
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Further reading: Europeans warn Iran of UN sanctions unless concrete progress on nuclear talks
PM Fico says Slovakia is to approve new EU sanctions on Russia
Slovakia’s PM Robert Fico has stated that Slovakia will stop blocking the approval of the 18th package of EU sanctions against Russia. After Slovakia blocked the EU’s approval of the sanctions multiple times, Mr Fico said that the country had achieved as much as it could, and it would be counterproductive to continue blocking the 18th sanctions package. The European Commission proposed this package against Russia for its 2022 invasion of Ukraine, targeting Moscow’s energy revenue, banks, and military industry. It included a floating price cap on Russian oil, bans on transactions with specific gas pipelines, as well as banks that engage in sanctions circumvention. The Commission said in a letter to Slovakia that it would intervene in potential litigation and clarified how an “emergency break” can be triggered if gas prices spike due to scarcity. Companies can rely on ESG solutions to keep up with changing policies and regulations.
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Further reading: Slovakia to allow approval of new EU sanctions on Russia on Friday, PM Fico says
UK and Germany sign a friendship treaty, signalling deeper ties
UK’s PM Keir Starmer and German Chancellor Friedrich Merz have declared a major treaty to deepen ties in sectors ranging from defence to immigration. This is part of Britain’s efforts to reset UK relations with the EU. This treaty is the first major bilateral agreement between Britain and Germany to deepen defence cooperation and to boost economic growth in both nations. The two leaders have discussed detailed plans to send more weaponry to Ukraine following Trump’s signal to sell weapons to NATO countries. The treaty includes a clause on mutual assistance and builds on a defence deal agreed last year, which included the joint development of long-range strike weapons. Britain and Germany have also pledged to pursue joint export campaigns to gather orders from other countries for jointly produced equipment, which can significantly boost sales. An agreement to develop a new direct rail link between the countries is included, promoting mobility and tourism in the two nations. Furthermore, they have jointly pledged to combat irregular migration.
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Further reading: UK and Germany hail wide-ranging treaty, deepening ties in face of threats
Spain’s Zelestra to power Peru mine with $1B renewables investment
Spain’s Zelestra has announced plans to invest between $1B-1.5B in renewable energy plants to power mines in southern Peru over the next five years. The company, which is owned by Swedish firm EQT, aims to produce 1GW of renewable energy in Peru as part of its expansion in Latin America. Zelestra has recently inaugurated its $177M San Martin solar park, the largest solar plant in Peru with approximately 300MW. The next project is the 238MW Babilonia solar plant with an estimated investment of $140M. Data indicates that Zelestra has at least three other renewable energy generation projects in the south, totalling approximately 450MW. Agreements with transmission companies such as Kallpa Energy are currently in place to deliver energy to mining clients. Regionally, Zelestra aims to have solar, hybrid and battery-powered renewable energy plants generating approximately 3GW within five years. Companies can keep up with the latest industry developments using ESG solutions.
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Further reading: Spain’s Zelestra aims to power Peru mines with $1 billion renewables investment
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — In the cover photo: Image of road signage, Dec. 10, 2019. Cover Photo Credit: Vladyslav Cherkasenko
