US Tariffs Reach Up to 3,521% on South East Asian Solar Panels

Today’s ESG Updates:

• US Tariffs Set to Reach 3,521% on South East Asian Solar Panels: Trade officials have announced their tariff intentions targeting companies in South East Asia.
  
• Google Signs Offshore Wind Purchase Agreement in Asia Pacific with CIP: Copenhagen Infrastructure Partners and Google join forces in wind power purchase agreement.
  
• Equinor Must Explain its Climate Disparity: The Norwegian oil group must explain the company’s intentions in adhering to the Paris agreement.
  
• LEGO Launches its Most Sustainable, Renewable Energy Powered Factory: Its sixth factory worldwide, opened in Vietnam and is its most environmentally sustainable to date.

US Tariffs Set to Reach 3,521% on South East Asian Solar Panels

The US commerce department announced these new tariffs which will specifically target companies based in Cambodia, Thailand, Malaysia and Vietnam. This follows an investigation which began a year ago when American solar panel manufacturers accused Chinese companies of dominating the market by producing subsidised, cheap goods. Cambodia will take the biggest hit with tariffs of 3521% as its companies refused to cooperate with the US investigation. However, products made in Malaysia by the Chinese manufacturer Jinko Solar will face tariffs of just over 41%. The case was first brought to the US’s attention by Korean company Hanwha Qcells, Arizona-based First Solar and other small solar panel makers in the US. Critics of the tariffs have outlined how these tariffs could in fact harm US solar panel companies. 

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Further reading: US to impose tariffs of up to 3,521% on south-east Asia solar panels

Google Signs Offshore Wind Purchase Agreement in Asia Pacific with CIP

Google announced its first offshore wind power purchase agreement in Asia where it will buy a renewable energy farm in Taiwan developed by the energy infrastructure investment manager Copenhagen Infrastructure Partners. This announcement follows a series of Taiwan-based clean energy agreements for Google as it announced a partnership with BlackRock last year and a geothermal energy purchase deal with Baseload Capital last week. These green movements will contribute to Google adhering to its goal to power all of its operations on 24/7 carbon free energy by 2030.

Photo Credit:  Pawel Czerwinski

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Further reading: Google Signs its First Offshore Wind Purchase Deal in Asia Pacific with CIP

Equinor Must Explain its Climate Disparity

A group of minority shareholders have demanded that the Norwegian oil group must explain how the company’s recent announcements to raise oil and gas production align with its commitment to the Paris agreement on tackling climate change. Equinor which is 67% government owned has also joined energy giants such as Shell and BP in raising petroleum output, growing reliance on non-renewables and scaling back on investment in renewables.  During Equinor’s general meeting, minority shareholders pointed out “material inconsistencies” between the company’s climate strategy and policy expectations expressed by the Norwegian government. Equinor’s board of directors has asked that minor owners reject the motion and claims that Europe’s largest supplier of pipeline gas is still in line with Paris agreement goals. The Paris agreement did not foresee complete eradication of oil and gas for years to come, so they are still technically aligning to global climate goals according to the board. Results on the vote will be announced at the annual general meeting on May 14th 2025.

Photo Credit: Delfino Barboza

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Further Reading: Oil Group Equinor Must Explain Climate Discrepancy, Minority Owners Say

LEGO Launches its Most Sustainable, Renewable Energy Powered Factory

The LEGO Group opened its sixth factory worldwide which it described as its “most environmentally sustainable factory to date”. The factory includes two first LEED (Leadership in Energy & Environmental Design) Platinum certified buildings. The group also described plans for the factory to rely on 100% renewable energy by early 2026. Construction of the factory in southern Vietnam started in 2022 and LEGO has invested $1B in the 44 hectare site. This factory has clearly been constructed with sustainable practices at the heart and a greener future in mind. For companies wishing to stay in line with ESG guidelines and follow more sustainable practices, see ESG solutions.

Photo Credit: Danny Salazar

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Further reading: LEGO Group Opens its Most Sustainable, Renewables-Powered Factory

Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit:  American Public Power Association