Coal-Driven Steel Boom in India Risks $187B in Stranded Assets, Report Warns
India’s coal-based steel expansion faces $187 billion stranded asset risk, jeopardizing net-zero goals and global green steel leadership.
SEBI to Widen Scope of Sustainable Finance Through ESG Debts
This category will include social bonds, sustainable bonds, and sustainability-linked bonds, in addition to the current green debt securities.
India Needs to Increase Renewable Energy Push to Meet 2030 Target, Report Warns
The report proposes lowering the GST on hydropower components from the current range of 18-28% to 12% and reducing the GST on wind projects from 12% to 5%.
Diageo to invest €100 Million to Decarbonize Historic Guinness Brewery
The goals include achieving 100% renewable energy use, net-zero carbon emissions in direct operations, and a 50% reduction in indirect emissions from suppliers.
UAE Announces Blue Visa for Environmentalists
The Blue Residency visa targets individuals actively advocating for environmental causes. It covers sustainability efforts inside and outside the UAE.
Mahindra to Invest ₹12,000 Crore for EV Unit
The company also announced an extension to the investment timeline for British International Investment (BII). BII, a UK-based investor, had previously committed to investing up to ₹1,925 crore in MEAL.
Middle East Weekly Round Up
The main ESG related events happened in Middle East last week.
New EU Rules Crack Down on Greenwashing in Fund Names
ESMA found a fourfold increase in the use of ESG terms in European fund names over the past decade. However, this has led to some asset managers misleadingly labelling funds as “sustainable” to attract investors, which amounts to greenwashing.
Malaysia to Hold First Auction of Domestic Carbon Credits in July
The credits will come from the Kuamut Rainforest Conservation Project, a Sabah-based initiative protecting and restoring over 83,000 hectares of tropical rainforest.
Trade War: US To Introduce New Tariffs On Chinese EVs
The official announcement is scheduled for Tuesday. The specifics remain undisclosed and the White House declined to comment.