Today’s ESG Updates
- Tesla and BMW Sue the EU: Tesla and BMW AG have sued the EU in response to imposing 45% tariffs on China-made EVs, threatening competitiveness.
- Water Companies Greenwashing in England: A recent study has highlighted water companies in England are using greenwashing tactics to appear green.
- Swedish Energy Agency Fund Bio-CCS Project: Stockholm Exergi has received $1.8 billion in backing for its bioenergy-fueled carbon capture project.
- Shift4Good Raises €220 million: Shift4Good has raised €220 million to fund companies working towards global transportation decarbonisation.
Tesla and BMW sue the EU after China-made EVs receive tariffs
Tesla and BMW AG have sued the European Union’s executive because tariffs of up to 45% on China-made EVs are damaging the European EV market. Both automakers manufacture EVs in China and risk losing out on market share with the imposed tariffs. BMW mentions that the tariffs do not strengthen the competitiveness of European manufacturers but rather harm their businesses. Businesses wanting to stay aligned with changing EU regulations can do so with ESG solutions.
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Further reading: Tesla, BMW Sue EU After China-Made EVs Hit by Tariffs
Water companies in England adopt greenwashing to hide environmental damage
A recent study titled ‘Water Industry Strategies to Manufacture Doubt and Deflect Blame for Sewage Pollution in England’ revealed water companies greenwashing practices in England. The study highlighted 22 greenwashing tactics used by water companies to downplay their environmental harm. Researchers called to attention the softening language and rebranding tactics used to hide much more damaging sewage practices. More transparent methods are needed to increase public trust in businesses advertising themselves as sustainable.
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Further reading: Water companies in England ‘use greenwashing playbook to hide environmental harm’
Swedish Energy Agency has awarded Stockholm Exergi $1.8 billion for bio-CCS project
Stockholm Exergi has received significant funding to advance its bioenergy carbon capture and storage project. The Swedish Energy Energy awarded $1.8 billion through a reverse auction to develop a facility capable of capturing 800,000 tonnes of carbon annually. The project works by combining bioenergy-fueled power and carbon capture methods to store carbon in sediment under the North Sea floor. With this method, the project aims to capture more carbon than is emitted by Stockholm traffic annually.
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Further Reading: Swedish Energy Agency Funds Stockholm Exergi’s Large-Scale Bio-CCS Facility
Shift4Good raised €220 million for sustainable transport solutions
Shift4Good, a venture capital fund manager, has successfully raised €220 million to decarbonise the transportation sector. This venture makes it one of the largest funds secured for sustainable transport, with its proceedings going to companies working on global sustainable transportation. So far, the fund has invested in 13 companies within Europe and Southeast Asia with the fund adhering to EU sustainability standards. Businesses aiming to adhere to EU sustainable standards can apply ESG tools to their strategies.
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Further reading: Shift4Good’s First Fund Closes at €220m to Drive Sustainable Transportation Solutions
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Paul Steuber
