Today’s ESG Updates
- Spanish Watchdog Investigates Six Major Banks: The regulator will examine whether public statements influenced competition in mortgage pricing.
- UK to Ban Social Media for Under-16s: Prime Minister Keir Starmer says the move will restrict access to platforms like TikTok and Instagram to improve child safety online.
- CDP Announces Major Structural Overhaul: The organization will split into a commercial disclosure business backed by Permira and a separate science-led nonprofit foundation.
- Equinor Drops Renewable Capacity Target: Oil and gas group scraps 2030 gigawatt goal and cuts investment plans in latest strategy shift.
Spain launches antitrust probe into major banks over mortgage pricing signals
The CNMC, Spain’s independent competition regulator, is investigating whether executives at lenders, including Santander, BBVA, CaixaBank, Sabadell, Bankinter, and Unicaja, made public statements about future mortgage pricing, particularly regarding interest rates on fixed-rate products. According to the regulator, “such statements would have allowed entities in the sector to anticipate the future behavior of their competitors.”
The probe comes amid intense competition in Spain’s mortgage market, where rates have fallen to some of the lowest levels in the euro zone. Spain’s average mortgage rate stood at 2.81% in April, compared with a euro area average of 3.44%.
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Further reading: Spain’s antitrust watchdog probes banks over mortgage practices
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Starmer announces under-16 social media ban
UK Prime Minister Keir Starmer has announced plans to ban social media use for under-16s, in a sweeping measure aimed at tightening online protections for children and curbing the influence of major tech platforms.
Starmer said a “full ban” on platforms including TikTok, Instagram, and Snapchat would “make our children safer” and reduce exposure to “dangerous” and “addictive” content. The proposed legislation would also extend to gaming and livestreaming services where children can interact with strangers.
The government said it aims to pass the rules by late December, with implementation expected in spring next year. Officials are also considering additional safeguards for under-18s, including overnight curfews and limits on infinite scrolling, with further details due in July.
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Further reading: Fact sheet: New rules to protect children online
Related Articles
Here is a list of articles selected by our Editorial Board that have gained significant interest from the public:
CDP splits into nonprofit foundation and commercial business, backed by Permira
CDP has announced a major restructuring that will split the organisation into a commercial environmental disclosure business, backed by private equity firm Permira, and a separate nonprofit CDP Foundation focused on science-led reporting standards.
Under the new model, the commercial entity will operate CDP’s global disclosure platform, expanding its data, technology, and reporting services for companies and financial institutions. Permira will provide strategic investment to help scale the platform and strengthen its ability “to meet the scale and speed of the environmental and market challenges and opportunities ahead”.
The CDP Foundation will focus on scientific integrity, the development of environmental reporting standards, and the evolution of CDP’s disclosure framework. It will remain a shareholder in the commercial business and retain board representation, preserving a governance link between the two organizations.
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Further reading: CDP & CDP Foundation: The Next Era of Earth-Positive Decision-Making
Equinor scales back green energy ambitions
Equinor has dropped its 2030 renewable energy capacity target and scaled back investment plans, marking a further retreat from earlier ambitions to rapidly expand its green power business.
In a strategy update, the Norwegian oil and gas group said it will no longer pursue a fixed gigawatt goal for renewables and will instead report progress by overall power generation, which includes gas-fired electricity and other non-renewable sources. Chief executive Anders Opedal said the company is “not replacing one business with another” but instead “developing multiple pathways in parallel”, citing rising costs and a weaker offshore wind project pipeline.
Equinor has gradually reduced its clean energy ambitions in recent years, including earlier cuts to its 2030 capacity target and capital allocation plans. It has now also lowered planned spending on its power division to around 10% of total investment and dropped a target to store and transport 30 to 50 million metric tons of carbon dioxide per year by 2035.
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Further reading: Our Strategy Explained
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — In the Cover Photo: The Bank of Spain. Cover Photo Credit: Alex Does Pictures.
