Senate Republicans Move to Repeal Unused Climate Funds

• Senate GOP Seeks to Scrap Unused Climate Funds from IRA: Republicans target clean energy funds and pause methane fees.
• UK Watchdog Eyes DIY Claims in Car Loan Scandal: FCA plans direct payouts to avoid fees from claims firms.
• T. Rowe Price Names New Head Impact Fixed Income: Matt Lawton is to expand the firm’s sustainable fixed income efforts.
• Asia-Pacific Marine Heatwave Breaks Records, Sparks Crises:  WMO links ocean heat to floods, coral loss, and glacier melt

U.S. Senate Republicans propose repeal of unspent climate funds from Inflation Reduction Act

A Senate Republican proposal aims to rescind all unspent funds from President Biden’s 2022 Inflation Reduction Act (IRA), which supported clean energy and electric vehicles. The draft legislation would also eliminate the law’s natural gas tax, pause a methane emissions fee for 10 years, and introduce a fast-track fee for energy project developers. Though the House passed a related bill, Senate Republicans remain divided, especially over preserving some IRA tax credits that benefit their states. The proposal also includes over $250 million for repairs to the Kennedy Center for the Arts in Washington. Companies can keep up to date on the latest developments with ESG solutions. 

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Further reading: US Senate panel seeks to cut unspent US climate, clean energy funds

UK regulator plans consumer-friendly car loan redress without claims firms

Britain’s Financial Conduct Authority (FCA) is preparing for a possible compensation scheme over mis-sold car loans, potentially the next major consumer finance scandal. A Supreme Court ruling expected in July could trigger payouts to millions. The FCA wants any redress process to be simple and direct, avoiding claims management companies that took fees during the PPI scandal. Some banks, including Lloyds and Santander UK, have set aside over £1.5 billion for potential claims. While some projections suggest high compensation costs, the FCA warns these may be exaggerated. The regulator hasn’t yet decided if participation would be opt-in or automatic.

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Further reading: UK watchdog aims to make any mis-sold car loans compensation easy for claimants

T. Rowe Price names Matt Lawton head of impact fixed income

Rowe Price has appointed Matt Lawton as Head of Impact Fixed Income. Lawton, who joined the firm in 2011, currently leads the Global Impact Credit Strategy and the Global Impact Short Duration Bond Strategy. In his new role, he will continue managing these strategies while expanding the firm’s impact fixed income business and leading a dedicated team. The firm also plans to launch a global blue bond strategy to support marine-related projects in emerging markets. The appointment underscores T. Rowe Price’s commitment to responsible investing and expanding its impact-focused fixed income offerings.

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Further Reading: T. Rowe Price Appoints Matt Lawton as Head of Impact Fixed Income

Vast marine heatwave hits Asia-Pacific, fueling extreme weather and ecosystem damage

A 2024 report from the World Meteorological Organization (WMO) revealed a vast marine heatwave covering 40 million sq km in Southeast Asia and the Pacific—five times Australia’s size. Driven largely by climate change, the heatwave coincided with extreme events like deadly landslides in the Philippines, mass flooding, glacier loss in Indonesia, and severe coral bleaching in Australia’s Great Barrier Reef. Regional temperatures were 0.48°C above the 1991–2020 average, and sea levels rose faster than the global rate. The WMO warned of long-lasting damage to ecosystems and economies, calling the crisis an urgent call for stronger global climate action. Businesses can keep up to date with the latest developments by using ESG tools.

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Further reading: Marine heatwave found to have engulfed area of ocean five times the size of Australia

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