- Green Digest
- Posts
- What's Happening in Sustainability & ESG (Week Recap 01.10 - 07.10) 🌎
What's Happening in Sustainability & ESG (Week Recap 01.10 - 07.10) 🌎
EU presses ahead with Chinese EV tariffs, proposes 1-year delay to deforestation law, and other news

Today’s newsletter is brought to you by GRI Academy - a dedicated learning platform for sustainability professionals.

This week’s read time: 8 minutes
Welcome to this edition of Green Digest, where you will get updated about everything happening in the Sustainability & ESG space in less than 10 minutes. 🌎
We go through tons of articles and data from the most reliable sources, filter & simplify them, and serve them to you in bite-sized chunks every week. 🍀
In this edition, we’ll cover:
• EU presses ahead with Chinese EV tariffs & also proposes 1-year delay to deforestation law 🇪🇺
• Britain promises up to $28.5 billion for carbon capture projects 🇬🇧
• California Governor Gavin Newsom signed a new law requiring large companies to disclose their emissions 🇺🇸
• The US Supreme Court declined to block new EPA regulations aimed at reducing mercury, methane, and other pollutants 🇺🇸
• JPMorgan executive states that the political backlash against ESG in the US is overstated and has little impact 📈
• and other news 🌍
THIS WEEK’S TOP NEWS
Regulatory Oversight & Industry Insights

🇪🇺 The European Commission gained the necessary support to impose tariffs of up to 45% on EVs imported from China, in response to Chinese subsidies. The tariffs, set to be applied for five years starting in November, are part of the EU’s broader investigation into unfair competition from Chinese industries. The EU is also investigating Chinese subsidies in sectors such as clean tech, tinplate steel, wood flooring, medical devices, and wind turbines, aiming to prevent market distortion. China has criticized the measures, calling them protectionist. In related news, Chinese firms have invested over $100 billion in overseas clean energy projects in 2023 to avoid such tariffs imposed by the EU, US, and Canada, according to Climate Energy Finance (CEF). China, a global leader in producing EVs, lithium batteries, and solar panels, dominates these markets, raising concerns about potential price dumping and undermining competitors. Chinese companies, like BYD and CATL, are building plants in other countries to bypass trade barriers. China warns that these restrictions could increase global energy transition costs by 20%.
The EU Commission also plans to propose delaying the implementation of the EU’s Deforestation Regulation (EUDR) by a year, following concerns from industries and governments worldwide. EU member states and industries have warned that the regulation could disrupt supply chains and raise prices. Environmental groups criticized the delay, with Greenpeace and WWF questioning the EU’s commitment to its environmental goals. The law, originally set to take effect on Dec. 30, would have required companies importing products like soy, beef, and palm oil to prove their supply chains do not contribute to deforestation, a complex task due to global supply chains.
SPONSORED BY GRI Academy
Boost your Sustainability Reporting skills with the GRI Academy!
The GRI Academy is a dedicated learning platform for sustainability professionals. It provides access to online, self-paced courses focusing on the most recent developments in sustainability. From the Professional Certification Program to courses on the reporting landscape, biodiversity, and mining, the trainings are designed to meet the needs of every GRI reporter and other sustainability professionals.
Start learning today.
MORE INTERESTING NEWS
Latest developments, reports, insights, and trends

Photo: Independent People
🇬🇧 Britain announced funding of up to £21.7 billion (around $28.5 billion) over 25 years to develop carbon capture and storage (CCS) projects aimed at reducing industrial emissions and creating jobs in northern England. The government sees CCS as crucial to achieving its net-zero emissions target by 2050, with the potential to attract £8 billion in private investment and create 4,000 jobs. Two key CCS projects in Merseyside and Teesside will capture 8.5 million metric tons of carbon annually, equivalent to removing 4 million cars from the road. While the government touts CCS as a way to clean up industry and stimulate regional growth, Greenpeace criticized the funding, arguing it prolongs oil and gas production. On the other hand, carbon market proponents believe that strategic regulatory frameworks can guide these markets to maturity, restoring trust, fostering innovation, and incentivizing impactful decarbonization efforts.
In the past week, the WSJ also reported that two former executives of carbon-credit project developer CQC Impact Investors, Kenneth Newcombe and Tridip Goswami, have been charged with manipulating data to fraudulently obtain carbon credits and deceive an investor into committing over $100 million. The US Attorney for the Southern District of New York revealed that the executives falsified data to verify emissions reductions that hadn’t occurred from 2021 to 2023. Former COO Jason Steele has pleaded guilty and is cooperating with the government. CQC, also known as C-Quest Capital, avoided criminal charges by quickly disclosing the misconduct, cooperating with the investigation, and agreeing to cancel the fraudulently obtained carbon credits.
🇺🇸 California Governor Gavin Newsom signed a new law requiring large companies operating in the state to disclose their value chain emissions and climate-related financial risks. The law, which affects most large US businesses, mandates emissions reporting from Scope 1, Scope 2, and Scope 3. Despite earlier concerns about the timeline, the law keeps the initial reporting start dates, with Scope 3 reporting beginning in 2027. The law allows parent companies to consolidate reports and removes filing fees.
🇺🇸 The US Supreme Court declined to block new EPA regulations aimed at reducing mercury, methane, and other pollutants, despite challenges from Republican-led states and industry groups. The rules, which tighten limits on emissions from coal plants and oil and gas production, were issued under the Clean Air Act. Challengers argue the EPA exceeded its authority and threatens the US energy supply, while the EPA maintains the rules will benefit public health and help combat climate change. Lawsuits continue in lower courts, though previous requests to pause the rules were denied.
📈 JPMorgan executive Chuka Umunna stated that the political backlash against ESG in the US is overstated and has little impact on the growing green economy. Speaking at the Reuters Energy Transition conference, Umunna noted that while US companies may avoid using ESG labels as much as in Europe, their investment strategies remain similar. Despite political pressures and anti-ESG resolutions, few have passed, and large global clients maintain consistent investment policies. Umunna emphasized that US companies face bigger challenges from inflation, supply-chain issues, and high interest rates rather than ESG-related controversies.
WHAT ARE COMPANIES DOING?
Corporate sustainability, new tools and services & companies in the news

🛢️ BP abandoned its target to cut oil and gas output by 25% by 2030, marking a shift in its energy transition strategy under new CEO Murray Auchincloss. This change aims to regain investor confidence by focusing more on profitable oil and gas investments, particularly in the Middle East, Gulf of Mexico, and US shale. Auchincloss, who took over in January, is set to unveil a revised strategy in February, emphasizing returns over renewables, while maintaining BP’s long-term goal of net-zero emissions by 2050. BP is also exploring new projects in Iraq and Kuwait, seeking to boost production in key regions.
🔋 Northvolt, a key player in European climate tech, is facing significant challenges in 2024, including financial struggles, debt issues, and customer problems. The company hit major obstacles when BMW canceled a $2 billion deal due to delivery delays, leading to internal reorganization and strategic reviews. In the following months, Northvolt closed its San Francisco R&D center, laid off 1,600 employees, and accumulated over $4 billion in debt. While Northvolt is focusing on its Swedish operations and the automotive market, its future remains uncertain, with the possibility of bankruptcy looming. Despite its critical role in European decarbonization and battery supply, both the Swedish and German governments have shown reluctance to bail out the company. Northvolt’s failure could threaten EV battery supplies for European automakers and disrupt its overseas projects, particularly in Canada.
⚙️ Thyssenkrupp is reviewing its plans for green steel production, following reports that it might halt a major decarbonization project. The company is reconsidering its hydrogen-based direct reduction project, aimed at making its steel production climate-neutral, amid rising costs. The steel division warned the project could exceed its initial €3 billion estimate, although €2 billion is funded by the German government and the state of North Rhine-Westphalia. Thyssenkrupp Steel Europe, which is partly owned by billionaire Daniel Kretinsky, remains in conflict with the parent company over its financial needs, leading to the steel division’s leadership resigning in August.
🔋 Sweco, a Swedish engineering consultancy, has been tasked with designing one of Europe’s largest battery energy storage systems, called Green Turtle, in Belgium for GIGA Storage Belgium. The project will help stabilize the energy grid by storing renewable energy for use during low solar and wind production, reducing Belgium’s reliance on gas power. With a 700 MW capacity and 2,800 MWh storage, it will power the equivalent of 385,000 households annually. Construction starts in 2025, aiming for completion by 2028. The project is crucial for Europe’s energy transition and its goal to achieve 42.5% renewable energy by 2030.
🟢 A.P. Moller Holding announced the launch of Vioneo, a venture focused on developing fossil-free plastic to reduce the carbon footprint of plastic production. Vioneo aims to produce biodegradable polypropylene and polyethylene at scale using green methanol and renewable electricity, resulting in 100% fossil-free plastics. The initiative will require €1.5 billion in investment and support from updated regulations and stakeholder partnerships. Vioneo’s first facility will be in Antwerp, leveraging the region’s chemical industry expertise.
EVERYTHING FINANCE
Sustainable finance, funding rounds, acquisitions & private equity deals

Joby Aviation S4 2.0 (pre-production prototype) | Photo: Joby Aviation
🛩️ Joby Aviation, an electric air taxi startup, secured a $500 million investment from Toyota, bringing Toyota’s total investment in the company to $894 million. Toyota will own over 20% of Joby by 2025. Joby aims to produce one electric vertical takeoff and landing (eVTOL) per month by the end of 2024 and plans to launch a public air taxi service that users can access via apps like Uber.
⚡️ Equinor acquired a 9.8% stake in one of the largest renewable energy companies in the world, Orsted, valued at approximately $2.5 billion, making it the second-largest shareholder after the Danish government. Equinor stated that it views the investment as long-term but has no plans to increase its stake beyond 10%. Orsted, the world’s leading offshore wind developer, has faced rising costs and delays, causing its shares to drop 65% since 2021. Equinor, benefiting from surging oil and gas prices, aims to grow its renewables portfolio and supports Orsted’s strategy without seeking board representation.
🟢 The Climate Investment Funds (CIF) announced plans to invest up to $1 billion to support the development of technologies aimed at reducing industrial sector emissions in developing countries. The initiative, funded through CIF’s $8.6 billion Clean Technology Fund, will focus on decarbonizing high-emission industries like cement, steel, iron, and chemicals, which account for about a quarter of global GHG emissions. CIF, working with the World Bank and other lenders, will allow joint public and private investment pitches for the first time, with applications open until January 17. The program aims to drive a 20% reduction in emissions by 2030 and a 93% reduction by 2050.
📈 The International Finance Corporation (IFC) and HSBC Asset Management (HSBC AM) expanded their partnership by establishing a specialized fund aimed at boosting sustainable financing for corporate bond issuers in emerging markets. With a $100 million anchor investment from IFC, the fund supports HSBC’s Global Emerging Market Corporate Sustainable Bond Strategy, targeting publicly listed bonds from corporations and financial institutions.
📈 BNP Paribas Asset Management (BNPP AM) listed four ESG equity ETFs on the London Stock Exchange, expanding its global presence and leveraging the UK’s strong ETF market. The newly listed ETFs are part of BNPP AM’s ICAV, launched in early 2023, and aim to increase accessibility for international clients. The strategic launch enhances BNPP AM’s focus on ESG and thematic investments, reflecting the growing demand for sustainable options.
📈 Sponsored by ConsciESG: "We are in Paris and looking forward to helping European Asset Managers create economic value through sustainable investments. We just joined the Techstars family and are proud to add Techstars as a partner & valued investor! Alongside 11 other global peers at the Techstars Sustainability Paris, we are on a mission to redefine sustainability solutions.
❄️ Submer, a Barcelona-based startup, raised $55.5 million at a $500 million valuation to expand its innovative data center cooling technology, which uses biodegradable liquid immersion cooling to submerge server racks, addressing the heat challenges of high-performance computing like AI workloads. This method is more efficient than traditional cooling systems and can even capture heat for reuse. Submer’s growing client list includes major hyperscalers, telecoms, and corporates.
🔌 Amsterdam-based EV charging company Pluq raised €50 million to expand its destination-based charging network across Europe. Pluq focuses on slower, cost-effective charging at locations where users spend more time, such as hotels and offices, promoting sustainability by reducing strain on the electricity grid. The company’s Charging-as-a-Service model covers installation and maintenance, allowing property owners to offer EV charging without upfront costs.
⚡️ Newcleo, Europe’s leading nuclear energy startup, raised an additional €48 million, bringing its total funding to €535 million, as part of its ongoing effort to close a €1 billion round. The company, which specializes in developing lead-cooled small modular reactors (SMRs) fueled by radioactive waste, is relocating its headquarters from the UK to France to attract EU funding and strengthen European partnerships. Newcleo aims to have a research facility in Italy by 2026, a demonstrator reactor in France by 2030, and commercial reactors operational by 2033. Despite challenges, including tripled losses in 2023, the company reported €26 million in revenue in the first half of 2024.
🟢 GeoPura, a clean power solutions provider, raised £22 million (around USD $29 million) in its first debt financing round to support the manufacturing and deployment of over 3,600 hydrogen power units (HPUs) by 2033. The company, which uses renewable energy to produce hydrogen fuel for off-grid power, aims to displace over 10 million tons of CO2 emissions through HPU operations.
Did you like today's newsletter? |
PARTNER WITH US

Increase your brand awareness and visibility by reaching the right audience and target market. Showcase your company, solutions, services, products, reports, surveys, events, or other content in front of our highly targeted audience of +3,700 Sustainability & ESG professionals. Contact us at [email protected] if you think we can partner in some way.