Today’s ESG Updates
- New Research Ties Top Emitters to Rising Heat Wave Risks: Fossil fuel and cement giants face growing legal and policy pressure.
- Austria Fails to Overturn EU Green Label for Gas and Nuclear: The ruling deepens energy policy rifts as Austria warns of greenwashing risk.
- Norway’s $2 Trillion Sovereign Fund: Offshore wind, solar, and grid investments reflect Norway’s broad energy transition strategy.
- India Pushes Carbon Capture Amid Coal Expansion: New CCS program offers up to 100% support for storage projects.
Fossil fuel and cement giants linked to half of heat wave intensity
A landmark study in Nature has traced roughly half the recent increase in heat wave intensity to emissions from the world’s 180 largest fossil fuel and cement producers. Researchers at ETH Zurich analyzed over 200 extreme heat events between 2000 and 2023, combining climate attribution with company-level emissions data. They found that carbon majors were responsible for intensifying heat waves by up to 2°C and making them hundreds of times more likely than in preindustrial times. The top 14 companies alone accounted for 28% of the increase. The findings provide a powerful evidentiary basis for climate litigation already underway, while reinforcing calls for urgent fossil fuel phaseouts to limit corporate-driven climate harms.
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Further reading: World’s Largest Fossil Fuel and Cement Producers Are Responsible for About Half the Intensity of Recent Heat Waves, New Study Shows
Austria loses legal case to EU’s green natural gas and nuclear rules
Austria has lost its case against the European Union’s decision to classify natural gas and nuclear power as sustainable investments under the EU taxonomy. The General Court ruled on Wednesday that the European Commission was entitled to deem these energy sources as contributors to climate mitigation under certain conditions. Austria has long argued that nuclear power violates the basic “do no significant harm” principle of sustainable power sources, due to radioactive waste, and that gas is incompatible with long-term decarbonization. The ruling highlights deep divisions within the EU, with countries like Spain opposing gas’s inclusion, while coal-dependent nations supported it. Those opposing the decision argue it risks greenwashing by directing capital toward contested technologies instead of renewables, thereby complicating the EU’s climate goals up to 2050.
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Further reading: Austria’s push to scrap nuclear from taxonomy snubbed by EU court
Klimado – Navigating climate complexity just got easier. Klimado offers a user-friendly platform for tracking local and global environmental shifts, making it an essential tool for climate-aware individuals and organizations.
Norway wealth fund eyes global expansion in renewables and grid infrastructure
Norway’s $2 trillion sovereign wealth fund is accelerating its push into renewable energy and related infrastructure, targeting not just wind and solar but also power grids. The fund has so far allocated $8 billion of the $38 billion earmarked for renewable energy, spanning 10 investments across five countries. Recent acquisitions include a 49% stake in RWE’s Nordseecluster and Thor offshore wind projects and solar assets in Spain. Harald von Heyden, the fund’s global head of energy and infrastructure, said the fund plans to diversify into other technologies and geographies beyond Europe and is actively seeking strong strategic partners, highlighting the strategic fit of grid investments in supporting Europe’s energy transition.
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Further reading: Norway’s $2 Trillion Fund Looks to Expand Renewables Investments
India plans carbon capture incentives to offset continued reliance on coal
India is preparing to launch a national initiative to scale up carbon capture and storage (CCS) technologies, offering subsidies covering up to 100% of select projects. The program aims to align the country’s rising power demand, which is currently dominated by coal, with its climate commitments. India is expected to remain highly dependent on coal for at least two decades, with 97 GW of new capacity expected by 2035. Officials say CCS could help decarbonize coal-to-gas conversion projects, reducing import dependence on natural gas. With continued global momentum towards CCS as an offset strategy, the new incentives highlight India’s effort to balance energy security with decarbonization pathways. While the strategy bodes well for India’s climate commitments, CCS diverts resources from proven clean energy solutions, and research suggests the Earth has very limited storage capacity for carbon. To be updated on the latest industry regulations and updates, businesses can rely on ESG solutions.
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Further reading: India to offer large carbon capture incentives as coal remains major part of energy mix
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Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — In the Cover Photo: Chevron gas station in California, January 14, 2021. Cover Photo Credit: kevin turcios
