Today’s ESG Updates
- EU Considers Industry Support in Carbon Market Overhaul: The European Commission is exploring options to protect industries from carbon leakage while revising the EU carbon market to meet 2040 climate targets.
- Portugal Faces $4.7B in Storm Kristin Damage: Preliminary estimates show the storm caused more than $4.7 billion in direct reconstruction costs, with impacts on factories, homes, and infrastructure.
- Greenpeace Protests Eni at Milan Winter Olympics: Environmental activists highlighted the impact of fossil fuel sponsorship on climate, calling for the Games’ organizers to cut ties with Eni.
- Indonesia Raises Bioethanol Mandate to 10% by 2028: The country plans to increase the mandatory bioethanol content in gasoline, advancing energy transition and fuel self-sufficiency.
EU sets industry support for carbon market overhaul
The European Union is planning an EU carbon market overhaul to strengthen its climate policies and help meet the bloc’s 2040 emissions targets. As part of the redesign, the Commission is exploring ways to support industries and prevent “carbon leakage,” where companies relocate to countries with lower environmental standards. Options under consideration include continuing free carbon permits or other incentives to ensure businesses remain competitive while transitioning to greener operations. The overhaul aims to drive investment and innovation in clean technologies, ensuring that Europe reduces emissions cost-efficiently without harming its industrial base.
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Further reading: EU weighing options to support industry in carbon market overhaul
Storm Kristin leaves Portugal facing €4.7 billion in damage
Portugal faces over €4.7 billion in direct costs from Storm Kristin, with indirect losses likely higher. The storm, hitting on January 31, brought winds over 200 km/h, heavy rain, and extensive damage to homes, factories, and infrastructure, killing at least six people. Leiria and Marinha Grande, major industrial hubs, were hardest hit. To prevent layoffs, a government-supported scheme guarantees workers’ net wages, with Social Security covering 80% and firms 20%. Authorities approved a €2.5 billion loan and incentive package for rebuilding, while some companies plan to construct entirely new factories due to irreparable damage.
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Further reading: Portugal says direct costs of Storm Kristin exceed $4.7 billion
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Greenpeace protests Eni at Milan olympic torch event
Greenpeace staged a protest in Milan against Eni, a fossil-fuel sponsor of the 2026 Winter Olympics. Activists installed a display depicting Olympic rings dripping oil to highlight global warming threats to winter sports. Greenpeace has filed a climate-change lawsuit against Eni, urging organizers to cut ties with the company. Eni stated its commitment to the energy transition and net-zero emissions by 2050. The protest coincided with the Olympic torch’s arrival in Milan, which travels across Italy ahead of the Games from February 6–22. The demonstration emphasizes growing scrutiny of fossil-fuel sponsorship in global sporting events.
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Further reading: Greenpeace stages protest in Milan as torch arrives in the city
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Indonesia to require 10% bioethanol in gasoline by 2028
Indonesia plans to raise the mandatory bioethanol content in gasoline to 10% by 2028, aiming to reduce fuel imports and increase energy self-sufficiency. Supply constraints delayed the 2027 target, and the 2025 goal of 5% bioethanol content was unmet. The government will expand infrastructure, improve gasoline quality, and diversify feedstocks, including palm oil and sugarcane. By 2028, bioethanol production is expected to reach 0.8 million kilolitres, supporting nearly 40 million kilolitres of national gasoline demand. The policy aligns with Indonesia’s energy transition, promoting renewable fuels and decreasing dependence on fossil fuels.
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Further reading: Indonesia to raise mandatory share of bioethanol in gasoline to 10% by 2028, official says
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — In the Cover Photo: Exterior of the European Commission headquarters in Brussels, Belgium, with EU flags fluttering, representing the EU carbon market overhaul. Cover Photo Credit: Wikimedia Commons
