Today’s ESG Updates
- New Draft Reveals Europe’s Massive Wind Power Push: Nine European nations are defying U.S. criticism by signing a pact to significantly expand offshore wind capacity and financial support by 2050.
- German Prosecutors Probe 16 in Heraeus Metals Fraud: Authorities are investigating 16 suspects regarding a decade-long theft scheme at metals trader Heraeus that forced the company to reserve $540 million for damages.
- Western Australia Secured for 4GW Offshore Wind Boost: The Australian government has approved three new offshore wind projects backed by European energy firms to generate 4 gigawatts of clean electricity for the state’s grid.
- Citigroup plans new round of layoffs in March, targeting senior roles: Citigroup is preparing to cut more managing director and senior roles in March following bonus payouts as part of an ongoing restructuring plan to reduce costs.
A new draft reveals Europe’s massive wind power push, despite Trump’s criticisms
Nine European nations, including Germany and the UK, are pushing ahead with major plans for wind energy, ignoring Trump’s criticisms and recent attacks on the technology. Leaders meeting in Germany on Monday are set to sign an agreement to significantly increase offshore wind power by 2050.
Trump recently called EU turbines ‘losers’ that would harm the EU economy. However, Europe disagrees. Their new agreement indicates that wind power actually creates jobs and makes energy supplies more secure. To help wind companies with rising costs, EU governments have promised to provide better financial support. This decision follows a significant milestone. Last year, wind and solar power produced more electricity in the EU than fossil fuels for the first time.
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Further reading: Europe commits to wind energy expansion despite Trump criticism, draft shows
German prosecutors probe 16 in Heraeus Metals fraud
German prosecutors are investigating 16 suspects accused of stealing customer materials from Heraeus, a major German metals trading firm owned by 200 members of the founding family. The alleged fraud, which took place between 2015 and 2025, came to light after a whistleblower alerted the company.
In response to the scandal, Heraeus, the metals giant, set aside $540 million to cover potential damages. On Friday, the company confirmed that it is fully cooperating with the investigation to uncover the truth and that it has already compensated the affected customers. A spokesperson said, “We have taken the necessary measures and precautions to prevent a recurrence and strengthen our compliance system.”
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Further reading: German prosecutors probe 16 suspects in alleged metals fraud
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Western Australia secured for 4GW offshore wind boost
Australia has approved three major offshore wind projects near Western Australia. These projects are backed by major European energy firms. The projects aim to generate 4 gigawatts of clean electricity for the local power grid. This is a significant victory for the wind industry. Recently, high costs forced some companies to cancel major projects on Australia’s east coast. At the same time, the Australian government needed to keep the old coal plants running just to meet demand and keep the lights on.
Climate Change and Energy Minister Chris Bowen says that wind power is essential for a reliable energy supply. The government is working hard to achieve its goal of generating 82% of Australia’s electricity from renewable sources by 2030.
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Further reading: Australia offers three new offshore wind permits
Citigroup plans new round of layoffs in March, targeting senior roles
According to insider sources, Citi is preparing for a new round of layoffs in March, specifically targeting managing directors and senior employees across various divisions. These cuts will follow a reduction of approximately 1,000 roles earlier this month, and are expected to be announced after annual bonuses are distributed.
This is the latest step in CEO Jane Fraser’s turnaround plan to cut costs and streamline the bank’s structure. Although Citi has already reduced its workforce from 240,000 to 226,000 since 2022, the bank has confirmed that further reductions are planned until at least 2026. CFO Mark Mason cited “efficiencies gained through technology” as a key driver. Despite the workforce reductions, this strategy appears to be paying off for the investors. Citi shares (ticker symbol: C), jumped nearly 40% in one year, and U.S. regulators have recently begun to ease their oversight of the bank.
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Further reading: Exclusive: Citigroup to lay off more employees in March, sources say
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — In the Cover Photo: Trump Dancing. Cover Photo Credit: Wikimedia Commons
