Today’s ESG Updates
- Philippines Turns to Sanctioned Oil Amid Energy Emergency: Manila seeks waivers and resumes Russian imports to address supply shortages.
- California Plans Scope 3 Emissions Rollout: Regulators propose phased reporting for large companies, starting in 2027.
- China’s Coal Chemicals Gain from Oil Price Surge: Higher oil prices boost coal-based producers while petrochemical firms decline.
- Pranos Fusion Raises $6.8M for Clean Energy Tech: The Indian startup advances compact fusion reactors toward carbon-free power.
Philippines turns to sanctioned oil and Russian crude amid energy emergency
The Philippines is working with the U.S. to get permission to import oil from countries that have been sanctioned, like Iran and Venezuela, to secure supply. This comes after the government declared a national energy emergency due to the war in the Middle East, which is affecting its oil supplies. The government has about 45 days of fuel supply and is seeking an additional 1 million barrels to build its buffer stock. The energy emergency will last one year, allowing faster procurement and advance payments.
At least two cargoes of Russian ESPO crude are bound for the Philippines this month, marking the country’s first imports of Russian crude in five years, made possible by a 30-day waiver granted by the United States.
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Further reading: Philippines says working with Washington to obtain oil from U.S.-sanctioned countries
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California considers phase-in options for scope 3 GHG reporting
The California Air Resources Board (CARB) proposed several options for how to phase in Scope 3 greenhouse gas (GHG) emissions reporting for large companies under California’s new corporate climate reporting regulation. The options are being discussed at the public workshop to gather feedback on how best to implement reporting obligations that extend beyond direct emissions to include value-chain emissions. The companies subject to this new regulation are those that do business in California and have revenues greater than $1 billion.
The first-year disclosure deadline for corporate GHG reporting (Scope 1 and Scope 2) is August 10, 2026. Scope 3 reporting is scheduled to begin in 2027.
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Further reading: California Weighs Approaches to Phase in New Scope 3 GHG Emissions Reporting Requirements
Related Articles
Here is a list of articles selected by our Editorial Board that have gained significant interest from the public:
Iran war drives up oil prices, benefits China’s coal-to-chemicals sector
China’s coal-to-chemicals sector is benefiting from Iran’s war disruption of global oil shipments through the Strait of Hormuz, which has driven up oil prices and made coal-based production more cost-competitive. Coal-based chemical producers in China can turn domestic coal into petroleum products without relying on imported crude, making them more competitive compared with traditional petrochemical firms reliant on oil.
Chinese firms like Ningxia Baofeng Energy and Shenhua Energy have risen in stock price: the former by about 30% and the latter by about 15%. Meanwhile, established petrochemical companies have seen their share prices decline: Rongsheng, Hengli, and Wanhua have fallen about 27%, 21%, and 17%, respectively.
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Further reading: China’s coal chemicals sector cashes in as Iran war crushes petrochemical competitors
Indian startup Pranos Fusion raises $6.8m to advance fusion energy
Pranos Fusion, an Indian nuclear fusion startup founded in 2024, has raised $6.8 million to accelerate the development of its fusion energy technology. The company is creating small, compact fusion systems that use magnetic fields to generate clean, carbon-free energy.
With the first plasma for its PRAGYA prototype reactor scheduled for later this year, the funds will aid in the development of its three primary technology verticals. The funding round was co-led by pi Ventures and Ankur Capital, with existing investor Industrial47 and other investors, including Lalit Keshre and Bhukhanwala Industries, participating.
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Further reading: India-based Fusion Tech Startup Pranos Raises $6.8 Million
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Wikimedia Commons
