Malaysia’s Prime Minister Announces $10.1B in Grid Modernization

Today’s ESG Updates

• Malaysia Commits to  $10.1 B Grid Upgrade: TotalEnergies, Petronas announce important developments at the Energy Asia conference in Malaysia.
• New York Debates Packaging Waste Reduction Bill: NYC is pushing for a bill to curb overflowing landfills, but faces fierce opposition from businesses.
• World Bank Report on Carbon Pricing: Carbon pricing covered 28% of emissions and mobilized over $100B for public budgets in 2024.
• California v. Trump: The Golden State leads the country in its fight for clean air under the Trump administration.

Malaysia’s prime minister announces $10.1B commitment in national grid updates

The Energy Asia conference opened today in Malaysia, bringing together representatives from 60 countries and 30 global CEOs across oil, gas, and renewable sectors to help shape Asia’s energy transition. Malaysia’s prime minister kicked off the conference by unveiling a $10.1B investment by Tenaga National to modernize the national electricity grid. The upgrade aims to accommodate the growth of AI-driven services and battery energy storage systems, enabling a more flexible, low-carbon power network. Additionally, Petronas signaled interest in monetizing carbon capture and storage, while TotalEnergies announced ongoing plans to allocate 30% of its capital expenditure to electricity, targeting a 20% power-portfolio share by 2030.

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Further reading: Malaysia PM says $10 bln committed to national grid upgrade

New York City introduces bold new bill to target packaging waste

New York City is combating surging municipal trash volumes with a proposed law that limits single-use packaging across retailers and services. The bill aims to drive adoption of reusable, refillable, or compostable alternatives, addressing the increasingly dire issue of overflowing landfills in surrounding states. The legislation’s opposition is composed mainly of businesses with links to the petroleum and chemical industry, such as the New York State Business Council, ExxonMobil, and Amazon. Companies complain about the bill’s “unworkable mandates,” scope and potential cost. Proponents say upfront changes will reduce long-term waste and municipal expenses, and laws that demand producers have a direct role in reducing waste already exist in California and Colorado. If passed, the law would reduce the amount of non-recyclable packaging in the city by 30% over the next 12 years. 

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Further reading: New York City Has a Trash Problem. A Packaging Reduction Bill Could Help

World Bank report reveals carbon pricing covers 28% of global emissions

The World Bank’s 2025 carbon pricing report reveals that over 28% of global emissions are now covered by carbon taxes or emissions trading systems (ETS), with revenues from these mechanisms exceeding $100 billion for the second year in a row. China’s expansion of its national ETS to industry sectors helped drive this increase. While global average carbon prices remain below what’s needed to meet climate targets, the report highlights the growing adoption of rate-based ETSs and voluntary carbon markets. Demand for nature-based carbon credits is rising, but many carbon markets are still oversupplied, limiting their overall impact.

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Further Reading: State and Trends of Carbon Pricing 2025

California sues Trump administration for blocking its clean-air rules

California and several environmental organizations sued the Trump administration this weekend, challenging its decision to freeze billions in funding allocated under the Clean Air Act. The lawsuit argues that halting the disbursement of funds California has intended for state clean-air initiatives violates federal law, and is one of the many ways that Trump has overstepped federal powers this past week. The funding freeze will worsen air quality, especially in disadvantaged communities, and delay improvements to public health.  ESG solutions help investors and companies stay informed about increasing tensions between federal and state priorities in the U.S. and their implications for ESG investing. 

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Further reading: California Sues Trump Administration Over Right to Clean Air

Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Wikimedia Commons