Today’s ESG Updates
- Norway Government Commission Advances Changes to Ethics Guidance: The commission has suggested the fund should invest in arms manufacturers linked to nuclear weapons, provided the companies operate in countries aligned with Norway and Nuclear Non-Proliferation.
- Italian Former Steel Plant Workers Suspend Strike: Workers from the former Ilva steel plant have been striking for five days over furlough plans related to the ongoing shutdown of the steel plant, and have now paused as the government has agreed to initiate talks.
- US Conglomerate Challenges Australian Government Damages Claim: 3M has challenged the claim, which seeks AU$2 billion over “forever chemical” pollution.
- Thames Water Requests Cash New Injection: Thames Water will seek a new lifeline to allow it to finish negotiations on the financial future of the company.
Norway government commission’s ethics overhaul
A government commission has recommended Norway’s $2.7 trillion wealth fund invest in defence companies with nuclear ties aligned with the West and NATO companies. The current rules prevent the fund from buying stocks such as Airbus, Boeing, BAE Systems and Lockheed Martin, companies that are involved in the manufacturing of nuclear weapons. The new rules propose an exemption for companies residing within a state with pre-existing nuclear capacity, which have signed the Treaty on the Non-Proliferation of Nuclear Weapons (NPT) and which are aligned with Norway.
Last year Norway paused ethics-based divestments by the fund. Previously, the fund’s watchdog, the Council on Ethics, made recommendations usually followed by the board of the central bank, who make the final decision. On Thursday, the commission said the council should no longer advise a course of action, but serve to give ethical analyses of companies.
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Italian workers at former Ilva plant suspend protest
On Friday, workers from the former Ilva steel plant in Taranto, Southern Italy, suspended protest after the government agreed to new talks to determine the future of the plant. Protestors have blocked roads near Eni’s Taranto refinery since Monday, disrupting fuel delivery over parts of Southern Italy. The protest is aimed at a plan that would make workers reliant on furlough.
Strikes have impacted regional fuel supplies, with shortages recorded at Bari and Brindisi airports.
Earlier this week, Prime Minister Giorgia Meloni’s government approved measures to keep the steel plant’s blast furnace prepared for operation, awaiting a Supreme Court ruling on which areas must be shut down.
Related Articles
Here is a list of articles selected by our Editorial Board that have gained significant interest from the public:
US Conglomerate 3M fights Australian Government over pollution claims
US conglomerate 3M will argue against a case brought by the Australian government seeking damages for the company’s use of PFAS, a form of “forever chemicals” in its firefighting foam. 3M will argue that the case is legally flawed, a court heard on Friday. The claim seeks more than $2 billion Australian dollars ($1.38 billion) in damages for the costs of contamination across 28 military bases.
The case made by the Australian government is that 3M knew or ought to have known the potential harms of the foam, but chose not to warn the government. Pollution caused by the foam caused harm to the water and land around the bases.
Research has linked PFAS to health issues including liver damage, lower birth weights and testicular cancer.
Thames Water seeks credit lifeline to finish negotiations
Thames Waters has asked its creditors for another short-term cash injection to avoid running out of cash by “the end of 2026 or the start of 2027.” The company has accrued a debt pile of about £20 billion.
Creditors have given a £3 billion lifeline to allow it to reach a resolution to negotiations meant to cut debt and inject more money. Thames Water is effectively under the control of its creditors, led by major American hedge funds and institutional investors such as BlackRock, since shareholders walked away. The plan would be to write off £9.6 billion in exchange for future penalties for several years.
Thames Water’s creditors are expected to vote on the proposals later this month.
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Shawn P. Twomey
