Today’s ESG Updates
- Meta Agrees $18bn Child Safety Settlement: Nearly all U.S. states will receive payments over the next decade, while Meta introduces tighter limits on teen use of Facebook and Instagram.
- U.S. Secures Partial Control of Venezuelan Oil Reserves: Trump says the deal covers more than 65 billion barrels of proven reserves and aims to attract investment and increase crude supplies to U.S. refineries.
- Nepal Estimates Up to $5bn Needed for Flood Recovery: Finance minister says the initial reconstruction bill could equal almost 10% of the economy as more than 2000 people remain missing.
- Ecuador Convicts Former President Moreno in Hydro Plant Bribery Case: Moreno receives a five-year prison sentence and lifetime ban from public office over corruption linked to the Coca Codo Sinclair project.
Meta agrees record $18bn child safety settlement
Meta has agreed to pay up to $18 billion over the next decade to settle lawsuits brought by nearly all U.S. states over claims that Facebook and Instagram were designed to addict children, resulting in harm to their wellbeing.
The agreement requires Meta to limit teenagers’ use of Facebook and Instagram to two hours a day and block access from midnight to 6 a.m. without parental consent. Most push notifications will also be disabled during school hours, alongside tighter controls on age-restricted content.
About $12.7 billion of the settlement is guaranteed, with a further $5 billion dependent on similar protections being adopted by Snapchat, TikTok and YouTube. Meta denied wrongdoing and said the measures will help provide a “safe and productive experience” for teens.
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Trump announces partial U.S. control of Venezuelan oil reserves
President Donald Trump has announced an unprecedented agreement giving U.S. interests majority control over more than 65 billion barrels of Venezuela’s proven oil reserves, as Washington seeks to revive the country’s struggling oil industry and secure new crude supplies.
The deal could open 17 strategic fields to investment. Venezuelan interim leader Delcy Rodriguez expects nearly $100 billion in private investment and $209 billion in tax revenue. Venezuela currently produces about 1.25 million barrels a day, far below its potential.
The agreement’s legal and financial structure remains unclear. Analysts warn that constitutional hurdles, weak infrastructure and limited export capacity could slow investment. They also question whether the deal will lower U.S. gasoline prices in the short term.
Caption: A large crowd waves Venezuelan flags during a protest in Buenos Aires, Argentina. Photo Credit: Renan Braz
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Nepal estimates up to $5bn needed to rebuild after floods
Nepal could need $4 billion to $5 billion to rebuild after devastating floods this week, Finance Minister Swarnim Wagle told Reuters, equivalent to almost 10% of the economy. He stressed the figure is an initial estimate, with the full scale of losses still being assessed.
A glacier collapse unleashed rock, ice, mud and debris through Himalayan river systems on Wednesday, killing more than 600 people in Nepal and China’s Tibet. More than 2,000 remain unaccounted for.
The floods destroyed bridges and roads, leveled towns and damaged major hydropower stations. The affected projects account for more than 12% of Nepal’s national generating capacity, threatening an economy reliant on hydropower, tourism and remittances.
Ecuador’s former President Moreno jailed over hydro plant bribery
Former Ecuadorian President Lenin Moreno has been sentenced to five years in prison after being found guilty of bribery linked to the construction of the country’s largest hydroelectric plant, Coca Codo Sinclair.
Prosecutors said Chinese construction firm Sinohydro paid about $76.1 million in bribes between 2009 and 2018 through fraudulent consulting contracts. More than $1 million allegedly reached Moreno and his relatives while he was vice president.
Moreno, who served as president from 2017 to 2021, denied the allegations and said prosecutors were targeting the wrong people. His wife, daughter and other relatives were also convicted and sentenced to two years and six months. China’s former ambassador to Quito received a five-year sentence.
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Dave Adamson
