Today’s ESG Updates
- Green Climate Fund Approves Record $3.26 Billion for Climate Projects: The GCF approved 22 new projects across developing nations, bringing its total portfolio to $19.3 billion.
- EU Divided Over 2040 Climate Target Ahead of COP30: European ministers remain split on a proposed 90% emissions reduction by 2040, sparking fears of a deadlock before COP30 in Brazil.
- Huawei Reinstated as Passive Member of EU Solar Lobby: SolarPower Europe reinstated Huawei under a new “passive member” status to avoid legal measures.
- Deforestation Worsened Jamaica’s Devastation from Hurricane Melissa: The loss of 7.4% of Jamaica’s forest cover since 2001 magnified flooding and landslide risks during Hurricane Melissa.
Green Climate Fund approves over $3 billion in climate financing
The Green Climate Fund (GCF), the world’s largest climate fund, has approved $3.26 billion for climate projects in developing nations. The GCF Board met this week in South Korea and approved 22 climate-forward projects, increasing its portfolio total to 336 projects, equal to $19.3 billion. In addition to Jordan’s Aqaba-Amman Water Desalination and Conveyance Project, the GCF has greenlit the Fueling Green Recovery in Armenia project, which will create sustainable jobs and improve forest infrastructure. It will also fund climate resilience projects in South Sudan, Iraq, and the Guiriko Region of Burkina Faso. Mafalda Duarte, the Fund’s executive director, said, “2025 is a record-breaking year for GCF. Delivering over USD 3 billion in climate finance demonstrates that the reforms we have made are putting us on track to be the climate partner of choice for developing countries. This significant milestone generates much-needed momentum on climate action as we head towards COP30 in Belem, Brazil.”
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Further reading: The Green Climate Fund achieves record-breaking year as Board channels USD 3.26 billion to developing countries in 2025
Tensions rise over 2040 climate goals in the EU
As the UN’s COP30 summit in Brazil approaches, countries in the European Union remain divided over the bloc’s 2040 climate target. The European Commission is pushing for an emissions reduction of 90% by 2040, yet many member states are concerned that this dramatic reduction will negatively impact their domestic industries. Another topic under discussion is the EU’s use of carbon credits from developing countries. If EU governments fail to agree, the Commission’s president, Ursula von der Leyen, will have nothing to present at COP30. The ministers will meet on November 4 to finalize negotiations, aiming for support from at least 15 of the 27 EU member countries. Corporations that are focused on meeting emissions targets can seek guidance from ESG tools.
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Further reading: EU countries split over 2040 climate goal as COP30 looms
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Huawei receives passive member status in EU solar panel lobby
Chinese technology company Huawei was reinstated into SolarPower Europe (SPE), the EU’s top solar panel lobby, after threatening legal action and despite outrage from other solar companies. The company was initially expelled due to suspected involvement in corruption and bribery, while Huawei has since declared a “zero-tolerance stance against corruption.” The decision to reinstate the firm was made to avoid a costly lawsuit, creating a special “passive member” status for Huawei. As the “passive member” category doesn’t exist in SPE’s original bylaws, the Austrian firm Fronius condemned the move, claiming it undermines SPE’s credibility and transparency. Critics warn that Huawei’s influence and its solar inverter technology pose cybersecurity and energy security risks. Companies committed to clean energy and corporate transparency should use ESG solutions.
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Further reading: EU solar power lobby buckled under legal pressure from Huawei
Deforestation and climate change made Jamaica more vulnerable to Hurricane Melissa
Hurricane Melissa caused so much devastation in Jamaica this week, destroying countless properties and killing at least 19 people, according to the current death toll. The hurricane’s effects were intensified by the island’s high risk of flash flooding and landslides caused by deforestation. From 2001 to 2024, Jamaica lost 7.4% of its trees to make room for agricultural land. As oceans warm and the atmosphere changes due to climate change, the island becomes increasingly vulnerable to hurricanes and other large storms. Nicole Leotaud, executive director of the Caribbean Natural Resources Institute, said, “Around the region everybody is just very fearful every hurricane season. Everybody’s just so traumatized every year.”
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Further reading: Hurricane Melissa hit areas vulnerable to landslides because of deforestation
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — In the Cover Photo: Global climate change protest – No Planet B – 09-20-2019. Cover Photo Credit: Markus Spiske
