Today’s ESG Updates
- Elliot Investment’s Biggest Short Since 2016 : The firm has a 5% stake in BP and now pushes for a reduction in renewable spending to boost returns.
- Elon Musk Brings DOGE to SEC for Spending Cuts: Instructed to treat them as internal staff, the SEC adopts new leadership in Elon’s DOGE.
- Google Purchases A Decade of Wind Farm Energy: The Cascante wind facility will supply Google, directly bolstering their clean energy initiatives.
- Persefoni Makes Moves to Profitability: Raising $23 Million, the AI-driven software provider plans for profitability in mid-2025.
Elliott Management adopts short position, forwarding their global hedging program
The hedge fund has taken a short position of 0.5% in Shell, betting on a decline in their share value. This is following an announcement of cost cuts by Shell at an investor update on Tuesday. Elliott Management also has a 5% stake in BP and has met with shareholders to discuss their own potential cost reductions and leadership changes. BP has underperformed compared to rivals like Shell and Exxon due to its 2020 strategy focusing on renewable energy. New changes suggested by Elliott Management could boost BP shares but risk undermining renewable energy spending and ESG solutions.
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Further reading: Elliott takes big short position in Shell amid BP campaign
Musk’s Department of Government Efficiency takes root at SEC amid concerns
Elon Musk’s Department of Government Efficiency (DOGE) has begun working with the U.S. Securities and Exchange Commission (SEC) to implement government cuts. Musk’s advisers are to reduce programs, freeze spending, and reduce staff. The SEC anticipates these reductions however, with 500 employees accepting buyouts. Having historically generated more revenue than its operating costs, the SEC’s budget cuts may be counterproductive. Additionally, there may be legal complications; lawmakers concerned about Musk’s influence due to his past legal battles with the SEC, have raised alarms about DOGE’s potential impact on the agency.
Photo Credit: Wikicommons
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Further reading: Musk’s DOGE staffers arrive at SEC to hunt for spending cuts
Google and Exus Renewables partner on 10-year clean energy deal for wind farm
Exus Renewables has signed a 10-year Power Purchase Agreement with Google for 35MW of the 51MW of energy produced by the Cascante wind farm in Navarra, Spain. This deal helps support Google’s sustainability goals in reaching carbon-free energy by 2030. The partnership also supports decarbonizing Europe’s economy while stabilizing energy prices. The wind farm will generate over 136GWh annually, enough to power 41,000 homes and reduce CO₂ emissions by 17,000 metric tonnes per year in favour of Spain’s National Energy and Climate Plan. The agreement was facilitated through LevelTen Energy’s LEAP™ program.
Photo Credit: Brett Jordan
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Further Reading: Google Signs 10-Year Agreement with Exus Renewables to Power Spanish Operations with Wind Energy
$23 million raised by sustainability software provider, Persefoni
Persefoni has raised $23 million in a Series C funding round, bringing its total funding to $179 million. Founded in 2020, Persefoni offers AI-driven tools for managing carbon footprints and sustainability reporting. These new funds will help expand its product offerings, including Persefoni Pro for SMBs and AI advancements like emission factor matching and utility bill management. The company anticipates reaching profitability by mid-2025 when they also plan to launch a Product Carbon Footprint tool among other features. Companies can keep up to date with sustainability using AI-driven software and ESG tools.
Photo Credit: ThisisEngineering
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Further reading: Carbon Accounting and Reporting Software Provider Persefoni Raises $23 Million
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Jethro Carullo
