Today’s ESG Updates
- Global Energy CO2 Emissions Reached Record High in 2024: Wind and solar soared last year, but with record-breaking energy use, fossil fuels also grew.
- Slovenia Launches Sovereign Sustainability-Linked Bond (SLB): On Tuesday, the country became the first in the EU to issue an SLB.
- Meta Wins AI Copyright Lawsuit Over Book Use: Fair use ruling marks the second major legal win for AI developers in a week.
- One-third of Tuvalu’s population applies for Australia’s Climate Visa: Australia provides a legal migration pathway as climate change threatens the Pacific island nation’s future.
Global emissions pushed to an all-time high for fourth consecutive year
The Energy Institute’s annual report shows global energy demand reached a record high last year, rising 2%. Wind and solar grew a combined 16%, nine times faster than overall demand. Yet fossil fuel use also increased slightly, contributing to a fourth consecutive year of record CO₂ emissions. The world hit consumption records across all energy types, illustrating that while renewables are successfully growing, global demand is rising even faster. While electrification accelerates, especially in emerging economies, renewables are adding to fossil fuels rather than replacing them. As Europe faces rising interest rates and supply chain costs slowing progress on renewables, emerging markets like China continue to drive growth at scale.
***
Further reading: Renewables soar, but fossil fuels continue to rise as global electricity demand hits record levels
Slovenia raises €1B from the first EU sustainability-linked bond
On Tuesday, Slovenia became the first European country to issue a sovereign sustainability-linked bond (SLB), raising €1 billion on international markets. The bond links its interest rate to Slovenia’s greenhouse gas reduction goals: if the country achieves a 45% emissions cut by 2030 (compared to 2005), investors receive a 50 bps step-down; failure to meet a 35% reduction could trigger a 50 bps penalty. The SLB framework, aligned with the International Capital Market Association’s (ICMA) 2024 guidelines and validated by S&P Global, underscores the country’s climate ambition. BNP Paribas served as the ESG Structuring Agent in the development of the SLB framework.
***
Further reading: The Republic of Slovenia: EUR 1.0bn 3.125 percent 10-year Sustainability-Linked notes
Meta wins AI copyright lawsuit over book use
A case against Meta brought about by authors challenged how the social media giant used millions of online books and academic articles to train its Llama AI models. On Wednesday, A U.S. federal judge ruled that Meta’s use of these millions of copyrighted books qualifies as “fair use,” marking a major legal win for AI developers. While the judge criticized the plaintiffs’ legal strategy and emphasized that the ruling does not broadly legalize AI training on copyrighted content, the decision reinforces tech firms’ legal footing in ongoing generative AI disputes. This ruling underscores the rapidly evolving legal landscape between protecting creators’ rights and fostering technological innovation.
***
Further reading: Meta wins artificial intelligence copyright case in blow to authors
Nearly one-third of Tuvalu’s population applies for Australia’s Climate Visa
Nearly one-third of Pacific island nation Tuvalu’s population has applied for Australia’s new climate visa, a historic program offering 280 visas annually to Tuvaluan citizens facing the existential threat of rising seas. The Falepili Union, signed in 2024, legally commits Australia to support Tuvalu during natural disasters and health crises while allowing citizens to live, work, and study in Australia. While the visa program is a landmark response to climate-forced migration, some fear it risks the island nation’s long-term viability, as it may be rapidly drained of skilled professionals and young talent.
***
Further reading: Nearly one-third of Pacific nation Tuvalu seeks Australian climate visa
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Pexels.
