Today’s ESG Updates
- Global Green Steel Delays: Industry leaders warn that steel emissions will not fall without increased green steel production, with over half of global green steel projects delayed.
- Trump Pays $765M to Cancel Offshore Wind: The Interior Department is reimbursing Invenergy to voluntarily terminate four offshore wind leases.
- Cameroon Launches Circular Economy Plan: The country has implemented a ten-year roadmap targeting waste management, agribusiness, forestry, and plastics.
- EU Opens €1.1B Transport Infrastructure Funding: The EC is accepting proposals for projects focused on inland waterway connectivity, high-speed rail, and military mobility.
Experts warn of a green steel slowdown
At a meeting in Singapore this week, steel industry leaders emphasized a delay in green steel production across the sector. They warned that without these projects, the steel industry will fail to cut emissions. Currently, steel production accounts for around 7% to 9% of global emissions. Three factors are driving this green steel delay: premium pricing, green hydrogen shortages, and government shortcomings.
Green steel, while better for the environment, is much more expensive than traditional steel. Industry executives are finding that many customers refuse to pay such a high price for steel. Additionally, governments are failing to provide proper funding for the green steel transition. According to the World Steel Association, governments worldwide have only committed $20 billion of the $1.5 trillion necessary to decarbonize the steelmaking industry. As a result, over half of global green steel projects have been delayed.
***
Further reading: Steel industry sounds alarm over slow progress on green steel
Klimado – Navigating climate complexity just got easier. Klimado offers a user-friendly platform for tracking local and global environmental shifts, making it an essential tool for climate-aware individuals and organizations.
Trump administration allocates $765 million to cancel four offshore wind projects
The U.S. Department of the Interior announced that it would be canceling four offshore wind leases off the coasts of Maine, New York, and California. The projects, led by Invenergy, will be voluntarily terminated following a $765 million reimbursement by the Trump administration. The administration asks that the power operator reinvest in natural gas and geothermal infrastructure, specifically in the states of Missouri, Indiana, Kansas, Iowa, Wisconsin, and the Western U.S.
The agreement is part of Trump’s broader push to increase fossil fuel use in the United States. When speaking about the deal, Secretary of the Interior Doug Burgum said, “Under President Trump, companies are shifting investment back toward dependable, secure energy infrastructure that can power our economy and lower utility costs.”
Part of President Donald Trump’s “Energy Dominance Agenda,” this is the third offshore wind cancellation of this kind. The New York Times reported that the U.S. government has spent around $2.5 billion to cancel offshore wind projects.
***
Further reading: Interior Announces New Energy Agreement to Strengthen American Energy Security and Lower Costs
Related Articles
Here is a list of articles selected by our Editorial Board that have gained significant interest from the public:
Cameroon commits to circular economy roadmap
The circular economy is becoming a significant driver of Cameroon’s economic policy. Joining Ethiopia, Chad, and Benin in the African Development Bank Group’s Circular Economy Roadmap Development Programme, Cameroon has officially launched a ten-year circular economy plan. The plan aims to combat the country’s annual six million tonnes of waste, while strengthening urban, agricultural, and forestry resources.
The circular economy roadmap has 32 objectives and 102 actions across the following sectors: forestry and timber, agribusiness, plastics, and waste management. The country hopes to increase the waste collection rate to 80% in cities and 60% in rural areas, and to increase the recycling rate to 25% nationwide. Cameroon also hopes to increase jobs by formally registering 300 circular economy enterprises by 2035.
***
Further reading: In Cameroon, the circular economy is becoming a driver of economic transformation with the support of the African Development Bank
EC opens proposals for €1.1 billion of transport infrastructure projects
The Connecting Europe Facility (CEF) for Transport aims to connect Europe by improving existing transport infrastructure, identifying gaps, and building new infrastructure across the continent. The CEF is the flagship instrument for the EU’s trans-European transport network (TEN-T), which plans to build and modernize transport infrastructure across Europe.
The European Commission launched a last call for proposals today under a €1.1 billion budget. Selected projects will focus on strengthening maritime connectivity and upgrading high-speed rail services connecting EU countries. An additional percentage of funding will be allocated to implementing the EU’s military mobility package. The package will ensure the quick and secure movement of troops and equipment across the EU.
Proposals will be accepted until October 6, 2026.
***
Further reading: CEF Transport: €1.1 billion available for infrastructure projects across the EU
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — In the Cover Photo: Close-up of coiled metal sheets in an industrial factory. Precision engineering materials. Cover Photo Credit: Nithina Palanisamy.
