Today’s ESG Updates
- COP 16 Concludes with Key Biodiversity Agreements: COP 16 set a target to mobilize $200 billion annually by 2030 to close the biodiversity finance gap.
- Blackstone Closes $5.6 Billion Energy Transition Fund: Blackstone raised $5.6 billion for its BETP IV fund to invest in clean energy and grid modernization.
- BP Expands Oil & Gas Investment: BP increases oil and gas spending by $10 billion through 2030, scaling back its fossil fuel output cuts.
- US Senate Blocks Proposed Methane Tax: The US Senate blocked the Biden administration’s proposed methane tax on natural gas producers.
COP 16 concludes with key biodiversity agreements
The second session of the Conference of the Parties to the Convention on Biological Diversity (COP 16) was completed Thursday, with agreements reached on all outstanding issues. The convention concluded with the goal of closing the global biodiversity finance gap and achieving the target of mobilizing at least 200 billion dollars a year by 2030. The COP also enhanced the global system for tracking biodiversity progress, ensuring accountability across both governments and private sector actors. Businesses can stay ahead of changing compliance expectations like these using ESG Solutions.
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Further reading: Governments agree on the way forward to mobilise the resources needed to protect biodiversity for people and planet
Blackstone closes $5.6 billion energy transition fund
Blackstone has secured $5.6 billion for Blackstone Energy Transition Partners IV (BETP IV), its energy transition-focused private equity fund. The private equity giant plans to continue investing in companies that advance clean energy and grid modernization, strengthening ESG measures in tandem with delivering strong returns to investors. The fund is 33% larger than its predecessor, making this a strong move that emphasizes the importance of private sector involvement in financing the energy transition.
Photo Credit: Biel Morro
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Further reading: Blackstone Announces $5.6 Billion Final Close for Blackstone Energy Transition Partners IV at Hard Cap
BP expands oil & gas investment
On Wednesday, BP announced plans to increase oil and gas spending by $10 billion through 2030, a decision that scales back on the company’s earlier pledge to cut fossil fuel output. This move makes BP the latest energy giant to return focus to oil and gas and abandon previous climate commitments. CEO Murray Auchincloss cited that the changes contribute to an “unwavering focus on growing long-term shareholder value”. The company maintains its low-carbon goals, but this move raises concerns about long-term ESG commitments.
Photo Credit: Zbynek Burival
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Further Reading: BP cuts renewable investment and boosts oil and gas in strategy shift
US Senate blocks proposed methane tax
On Thursday, the US Senate overturned the Biden administration’s proposed Environmental Protection Agency (EPA) rule to implement a fee on methane emissions. The EPA’s proposed rule aimed to place a tax on liquefied natural gas imports and onshore and offshore natural gas production for facilities emitting more than 25,000tpa of CO2e. The decision to disapprove the rule aligns with the Trump administration’s commitment to scale back renewables and greatly increase oil and gas drilling. Businesses can stay on top of shifting regulatory changes and create actionable strategies using ESG Solutions.
Photo Credit: Anne Nygård
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Further reading: US Senate overturns Biden-era methane fee on oil and gas producers
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Mathias Reding
