Today’s ESG Updates:
- Trump’s USAID Cuts Will Drastically Impact Global Climate Finance: The Trump administration’s withdrawal of US Overseas aid will devastate vulnerable nations
- Spiritus Signs $32M Series A Investment For Large-Scale Carbon Removal: The climate-tech innovator secures funding round led by Aramco Ventures
- US Supreme Court Refuses Challenge To Democratic State Climate Suits Against Oil Firms: 19 Republican-led states’s bid to block lawsuits against oil companies is rejected
- Former AMV Creative sues agency for “detrimental treatment”: Polina Zabrodskaya sues her former employer following unfair treatment as she objected to greenwashing advertising claims
Trump’s USAID cuts will decimate global climate finance
The Trump administration’s recent decision to withdraw USAID overseas will devastate global climate finance from the developed world. According to the data analysis organisation Carbon Brief, the US was responsible for about $8 in every $100 that flowed from developed countries to developing countries, dedicated to helping them cut greenhouse gas emissions and deal with the impacts of extreme weather conditions. Following a series of anti-sustainability moves from Trump’s administration, there is no shock factor in Trump’s method but does not negate the shocking impacts this will have on the people in developing countries. For companies looking to assess and adhere to ESG goals, visit: ESG tools.
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Further reading: Trump’s USAID cuts will have huge impact on global climate finance, data shows
Spiritus signs $32M Series A investment from Aramco Ventures
The climate-tech innovator has secured a Series A investment with hopes of scaling cost-effective Direct Air Capture (DAC) and reducing costs of carbon removal by 90%. Given the recent AI boom in America, there has been an increased demand for vast energy infrastructure but this simultaneously risks huge carbon emissions. Spiritus’ DAC technology allows growth whilst not neglecting environmental commitments. Following this investment, Spiritus will expedite the deployment of three flagship facilities in New Mexico, Wyoming and even internationally starting in Saudi Arabia. This development presents innovation in counteracting the potentially destructive environmental impacts of increasing AI demands.
Photo Credit: Phlair
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Further reading: Spiritus Secures $32M Series A to Launch Large-Scale Carbon Removal
US Supreme Court rejects challenge to cancel state lawsuits against oil firms
Today, the U.S. Supreme Court rejected the proposal from 19 Republican-led states to block five Democratic-led states from pursuing lawsuits against major oil companies. The lawsuits accuse major oil companies of lying to the public regarding the role fossil fuels have had in causing climate change. These lawsuits seek financial compensation, based on the accusation that these energy companies consistently concealed from the public that burning fossil fuels would lead to climate change. The Republican states argue that these lawsuits are unlawful since only the federal government can regulate interstate gas emissions.
Photo Credit: Brad Weaver
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Further Reading: US Supreme Court nixes challenge to state climate suits against oil firms
Former AMV creative sues Mars following unfair treatment due to contesting greenwashing
Polina Zabrodskaya, former AMV BBDO creative is accusing the advertising agency of “detrimental treatment” in an employee tribunal after she objected to greenwashing ad campaigns for Mars brands Galaxy and Sheba. Zabrodskaya objected to the greenwashing slogan for a TV advertisement of Mars’ Galaxy chocolate that claimed, “making chocolate better, one piece at a time”. She argued that this slogan overlooked significant environmental and labour issues for farming communities in West Africa. Upon raising this issue, she claims she was excluded from client meetings, and unfairly treated.
Photo Credit: Brian Yurasits
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Further reading: Former AMV senior creative sues over Mars ad claims
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Vaishnav Chogale
