Today’s ESG Updates:
- Google Signs Geothermal Energy Deal Set to Power Taiwan with 24/7 Clean Electricity: The power purchase agreement is a positive stride in securing a clean energy transition in Asia.
- U.S Oil Supply Due to Decelerate Following Trump’s Tariffs: Global oil demand tapers as well as U.S oil production
- Net Zero Banking Alliance Drops 1.5C and Net-Zero Emissions Target: The binding net zero emissions 2050 target has been neglected.
- Gasmet Technologies Assesses Carbon Footprint of Gas Analyser: The gas monitoring systems company has calculated the climate impact of its GT5000 Terra Gas Analyser.
Google Signs Geothermal Energy Deal Set to Power Taiwan with 24/7 Clean Electricity
Google has signed a groundbreaking deal, its first corporate power purchase agreement for geothermal energy in Asia with Baseload Capital. The deal is a huge moment for Google as it signals a significant stride in its transition to clean energy across Asia. The first ever corporate geothermal deal in Taiwan is particularly significant given that the country is located on the Pacific Ring of Fire which has huge untapped subsurface energy potential. In order to escalate the execution of this deal, Google has also made an equity investment in Baseload Capital which perpetuates its commitment to long term clean energy innovation and supply chain development in the region. Google is also looking for future geothermal solutions through its partnership with Fervo Energy and Project InnerSpace. For businesses looking to navigate ESG guidelines and achieve carbon net zero goals, see ESG solutions.
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Further reading: Google Signs First Geothermal Energy Deal in Asia to Power Taiwan with 24/7 Clean Electricity
U.S Oil Supply Due to Decelerate Following Trump’s Tariffs
According to the International Energy Agency, global oil demand is expected to grow at a slower rate this year and U.S. production increases will also decelerate following President Trump’s tariffs. A spike in supply from OPEC+ producers has caused a decline in oil prices which has cut revenues for producers. The IEA predicts that world oil demand will rise by 730,000 barrels, and the agency which advises industrialised countries stated a sharp cut from 1.03 million bpd expected last month. Following trade tensions and the OPEC+ producers’ decision to accelerate a supply hike in May, global oil prices have dropped by 13% this month with a barrel costing $64. Instability in global markets can be reflected in these predictions from the IEA.
Photo Credit: Zbynek Burival
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Further reading: World oil demand, U.S. supply to grow more slowly on tariff tensions, IEA says
Net Zero Banking Alliance Drops 1.5C and Net-Zero Emissions Target
The Net-Zero Banking Alliance (NZBA) has announced that its members have voted to drop the requirement for banks to set requirements aligned with limiting global warming to 1.5C and net-zero emissions by 2050. NZBA which is a UN backed climate coalition with the aim of bridging banking activity and carbon emission targets. Instead of mandatory alignment with the 1.5C, due to the most recent vote, member banks’ strategies must align with the goal of “well below 2C, aiming for 1.5C”. The vote was backed by 129 members, effectively transforming key climate requirements into an ideal.
Photo Credit: Erol Ahmed
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Further Reading: ‘A giant leap backwards’: Net Zero Banking Alliance drops binding 1.5C net-zero target
Gasmet Technologies Assesses Carbon Footprint of Gas Analyser
Gasmet Technologies, a Finnish based company and leading supplier of gas monitoring systems has calculated the impact of its GT5000 Terra gas analyser. This tool is a portable device used to measure gas emissions. Gasmet used two methods to calculate the carbon footprint including a) cradle-to-gate and b) cradle-to-grave. Nenne Nordström, CEO of Gasmet Technologies stated that, “Calculating the carbon footprint of GT5000 Terra is a significant step in our dedication to innovation and sustainable development.” For businesses looking to navigate ESG guidelines and achieve carbon net zero goals, see ESG solutions.
Photo Credit: Tim van der Kuip
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Further reading: Gasmet Tech Assesses Carbon Footprint of GT5000 Terra Gas Analyser
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Pawel Czerwinski
