Today’s ESG Updates
- DOJ Probe Threatens Fed Independence: The investigation into Fed Chair Jerome Powell over building renovations has sparked concern about political interference and risks to central bank independence.
- Trump Wind Halt Faces Legal Pushback: Ørsted and other developers are challenging the Trump administration’s suspension of U.S. offshore wind projects.
- Stegra Signs Non-Prime Steel Deal With thyssenkrupp: Stegra signed a multi-year non-prime steel supply agreement with thyssenkrupp Materials Processing Europe.
- Ghana Clears $1.47 Billion in Energy Debt: Ghana repaid a significant portion of its long-standing energy-sector debts, easing power shortages and strengthening fiscal stability.
DOJ probe into Federal Reserve raises alarm over the central bank’s independence
The U.S. Department of Justice (DoJ) has opened an investigation into Federal Reserve Chair Jerome Powell regarding costly renovations of Federal Reserve buildings. Powell described the investigation as “unprecedented,” claiming it is a retaliatory effort by Trump, who has repeatedly criticised the Fed for not cutting interest rates more aggressively. Powell warned that the DoJ subpoenas could threaten the independence of the United States’ central bank. In a statement, Powell said, “This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead monetary policy will be directed by political pressure or intimidation.”
The probe into the reserve chair raises questions of transparency and corruption within the U.S. government. Elizabeth Warren, a Democratic senator from Massachusetts, stated that the investigation was part of Trump’s effort to push Powell out of the Fed permanently and “install another sock puppet to complete his corrupt takeover of America’s central bank.” The investigation has already unsettled markets, contributing to record highs in gold and silver prices.
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Further reading: US justice department opens criminal probe into Fed chair Jerome Powell
Hearings begin for Ørsted’s U.S. lawsuits
On December 22, the Trump administration halted offshore wind projects across the United States, including Ørsted’s $5 billion Revolution Wind project off the coast of Rhode Island. The project was 87% completed and expected to begin operations this year. The company has filed a lawsuit, which a U.S. judge is considering as of Monday. Several other lawsuits have been filed for offshore wind projects after Trump ceased all operations, citing national security risks. The hearing on Monday is the first of three preliminary injunction hearings, including Ørsted’s Sunrise Wind and Equinor’s Empire Wind projects off the coast of New York and Dominion’s Virginia offshore wind project.
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Further reading: US judge to consider Orsted’s challenge to Trump offshore wind pause
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Stegra and thyssenkrupp Materials sign multi-year agreement
Swedish steel producer Stegra has signed an agreement with thyssenkrupp Materials Processing Europe for long-term non-prime steel supply. Steel deliveries are expected to begin in 2027 across Europe and will be in the six-digit range. Stegra has begun construction of a new steel mill in Boden, Sweden, that will produce steel using green hydrogen. Heather Wijdekop, thyssenkrupp’s CEO of Business Unit Processing, said that the partnership with Stegra will “support the ramp-up of their large-scale facilities in Boden and their efforts to decarbonize the steel industry.” Nevertheless, the non-prime steel provided to thyssenkrupp Materials will not be considered CO2-reduced.
Non-prime steel, while durable, does not meet the highest quality standards. Stephan Flapper, Head of Commercial at Stegra, said, “A partner for non-prime steel is important for the ramp-up of our steel mill, and we see this as the start of a long-term partnership with thyssenkrupp Materials Services as a key player in the market.” Stegra will sell prime, CO2-reduced steel to other customers with respective certificates.
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Further reading: thyssenkrupp Materials Services and Stegra agree on significant multi-year non-prime steel supply
Ghana pays $1.47 billion of energy debts
Crippling energy debt has led to an increase in power outages in the West African nation of Ghana. The government paid $1.47 billion of the $2.5 billion owed to gas suppliers and power companies. The country’s finance ministry released a statement saying, “The era of uncontrolled energy sector debt accumulation is over.” Of the $1.47 billion, $597 million was paid to the World Bank, and $480 million to the Italian energy company ENI and the commodities trader Vitol. The government paid the remaining $393 million to independent producers, such as Turkey’s Karpowership and the country’s own Cenpower Generation. Moving forward, Ghana hopes to reduce its reliance on foreign energy sources by increasing gas production domestically.
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Further reading: Ghana clears $1.47 billion in energy debts, finance ministry says
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — In the Cover Photo: President Donald Trump speaks to Fed Chair Jerome Powell during a tour of the Federal Reserve in Washington, D.C., Thursday, July 24, 2025. Cover Photo Credit: Wikimedia Commons / Daniel Torok
