Today’s ESG Updates
- Iraq Goes Big on Oil: Iraq announced plans to increase oil production to 6 million bpd by 2029 despite a push for clean energy in the Middle East.
- LINC Websites Profits Both Landowners and Businesses: A new website links landowners with businesses to save nature and provide carbon credits.
- EU Delay 2040 Climate Goals: The EU has postponed its 2040 climate goals past Q1 as politics clash with sustainable commitments.
- Tesla-Beating New EV Roadster: British EV startup Longbow has announced a new featherweight sportscar to troll Tesla.
Iraq plans to raise oil production past 6 million bpd despite Middle East’s sustainability plan
The Iraq Oil Ministry announced plans to increase oil production past 6 million barrels per day (bpd) by 2029 despite falling oil prices.
In an effort to assert itself as a key global player, it is heavily investing in oil and other trading projects (including the Grand Faw Port) to boost its economy. The strategy is in direct contrast to its neighbouring countries which are making headlines with pioneering sustainability projects. Current market trends mean that companies are diversifying energy supplies but balancing profits with fossil fuel investments. Companies aiming to benefit the most from market changes can rely on ESG solutions to provide updated market trend strategies.
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Further reading: Iraq plans to raise oil production capacity above 6 million bpd by 2029
Website to connect businesses with landowners to offset carbon emissions
A new website has been launched to connect landowners with businesses wanting to offset their carbon footprint. Linc: Cornwall’s Natural Capital Exchange connects people who own land with businesses willing to pay for projects that benefit nature with a carbon credit compensation.
The initiative is a unique proposition for smaller businesses to comply with ever stricter sustainability measures. The system works by matching organisational projects with landowners and agreeing on a fair price. The project, developed by Exeter University, is part of a fundamental rethinking of funding nature recovery, involving private investment with local ecosystem restoration and farming support.
Photo Credit: Anna Jiménez Calaf
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Further reading: LINC: Cornwall’s Natural Capital Exchange
EU re-adjusts climate goals with delayed 2040 climate proposal
The European Commission has pushed back plans to propose new 2040 climate targets due to political opposition. The plans, originally expected to be announced this quarter, are a cause for concern for member states and lawmakers reluctant to cut the 90% emissions target for 2040. Despite setbacks, the EU continues to express commitment to its climate goals but has been met with increasing opposition from governments and businesses struggling to keep up. Some EU officials also note reluctance to negotiate the 2040 goals whilst Poland (a country on the fence for energy transition) holds the EU presidency. The turbulent economic and political landscape means it is ever more important for businesses to stay fresh with ESG tools.
Photo Credit: Chris LeBoutillier
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Further Reading: EU delays 2040 climate target proposal beyond Q1
New EV company trolls Tesla with the announcement of the ultra-light Roadster
Attention: there is a new EV manufacturer on the market, and they mean business. Longbow, a British EV startup, has revealed a 995 kg lightweight electric sports car aiming to prove that EVs can be light and fun. Lighter than an MX5 and cheaper than a BMW M2, the Longbow is the production of ex-Tesla, BYD and Lucid employees who seem to have taken a direct hit at Tesla with the Roadster naming. Tesla has failed to bring their own Roadster, with Longbow now competing to prove that lightweight and EV can be said in one sentence. Prices start at £64,995.
Photo Credit: Wikimedia Commons
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Further reading: Longbow Motors
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: WORKSITE Ltd.
