Today’s ESG Updates
- South Korea Fines Banks: FSS fines JPMorgan, Morgan Stanley, Nomura, and UBS for short-selling violations; new detection system launches in March 2024.
- India-US Trade Deal: Both nations settle tariff disputes and strengthen defense, energy, and AI collaboration.
- NY’s $150M Clean Energy Plan: SUNY & CUNY receive grants for solar, EV charging, and fossil fuel phase-outs.
- BNP & EIB’s €8B Wind Investment: EIB’s €500M guarantee enables BNP Paribas to drive EU wind energy projects.
JPMorgan, Morgan Stanley, Nomura and UBS face scrutiny from South Korea for short-selling breaches
South Korea’s Financial Supervisory Service (FSS) imposes fines on JPMorgan, Morgan Stanley, Nomura, and UBS for violating short-selling rules in the domestic stock market. This decision was enforced by the Securities and Futures Commission but did not disclose further details. Naked short-selling is banned under South Korea’s Capital Markets Act. The country will lift its market-wide short-selling ban in March 2024, once a system to detect illegal trades is established. Businesses can integrate ESG solutions into practices to boost growth.
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Further reading: South Korea fines JPMorgan, Morgan Stanley, Nomura and UBS for short selling breaches
India and the US consent to settle trade and tariff rows after Trump-Modi talks
India and the US have agreed to initiate talks on a trade deal, resolve tariff disputes, and strengthen cooperation on defense, energy, and illegal immigration. After talks between President Trump and Prime Minister Modi, India pledged to buy more US oil, gas, and military equipment. The two leaders discussed security in the Indo-Pacific and potential joint AI production. India aims to double trade with the U.S. by 2030, while tariffs remain a key issue. Both nations committed to addressing illegal immigration and human trafficking through stronger law enforcement collaboration.
Photo Credit: Wikimedia Commons
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Further reading: India, US agree to resolve trade and tariff rows after Trump-Modi talks
New York is investing $150M to decarbonize public college campuses
NY’s Governor Hochul Announces $150M in Clean Energy Project Grants for public college campuses, with SUNY receiving $100 million and CUNY $50 million for clean energy projects. Funded by the $4.2 billion Environmental Bond Act, initiatives include thermal energy networks, solar, EV charging, and geothermal systems. SUNY projects prioritise energy efficiency and fossil fuel phase-outs, while CUNY upgrades enhance electrification. New York’s budget commits over $1 billion to climate efforts, reinforcing its leadership in clean energy initiatives.
Photo Credit: Olu Famule
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Further Reading: NY’s Governor Hochul Announces $150M in Clean Energy Project Grants for New York Public Colleges
BNP Paribas and EIB ally to drive up to €8 Billion in EU wind energy investments
BNP Paribas and the European Investment Bank (EIB) have partnered to generate €8 billion in wind energy investments across the EU. The initiative upholds the European Wind Power Package and the EU’s renewable energy targets for 2030. EIB’s €500 million backing guarantee enables BNP Paribas to create a €1 billion portfolio of bank guarantees, leveraging further investments. This deal reinforces BNP Paribas’ low-carbon financing strategy. Corporations can use ESG solutions to support sustainable investments.
Photo Credit: Zbynek Burival
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Further reading: BNP Paribas and EIB Partner to Generate €8 Billion in EU Wind Energy Investments
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Precious Madubuike
