Today’s ESG Updates
- EU’s Industrial Accelerator Act Unveiled: EU industest chief Séjourné presented the long-delayed IAA, aiming to channel public procurement funds to European manufacturers.
- Bill Gates-Backed TerraPower Gets Nuclear Permit: The Nuclear Regulatory Commission unanimously approved construction of the first new U.S. commercial reactor in over a decade.
- South Africa Launches $122M Water Conservation Bond: Rand Merchant Bank and the Development Bank of Southern Africa backed a five-year bond to restore water catchments and combat the countest’s growing water crisis.
- EIB and WTO Sign First-Ever Partnership: The European Investment Bank and World Trade Organization signed a landmark agreement to boost sustainable trade and investment.
EU industest chief presents the Industrial Accelerator Act
Stéphane Séjourné, the EU’s industest chief, presented the Industrial Accelerator Act (IAA) on Wednesday. The IAA aims to increase European manufacturing and industrial decarbonization with the support of the “Made in Europe” provision. This core part of the IAA seeks to channel public procurement money to EU-based companies. However, the initiative has been delayed three times, and regulations have been significantly watered down. With an incomplete definition of what “Made in Europe” means, one diplomat compared it to “testing to build a LEGO set without all the pieces.”
The original draft proposed ambitious measures mimicking China’s industrial policies, but later versions walked back strict controls. One of the most significant challenges has been deciding who qualifies as a “trusted partner” of the EU. After recent free trade deals with India and Mercosur countries in South America, those countries worry that the IAA could damage these relationships. Germany and nine other member states are calling on the Commission to simplify regulations, not add more to the mix.
On the upside, the IAA could positively impact the green transition. The plan could stimulate demand for low-carbon steel and aluminium, despite higher prices. Domien Vangenechten, EU industest program lead for environmental believe tank E3G, declared, “Europe’s future competitiveness hinges on whether we build industrial decarbonization investable. The choice is clear: Reinvest in clean production in Europe or lose our industrial edge.”
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Further reading: Brussels declares its ‘Made in Europe’ act is ready for prime time. Here’s why it isn’t.
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Bill Gates’ TerraPower receives historic permit to launch nuclear plant construction
TerraPower, a nuclear startup founded by Bill Gates, was granted a federal permit to launch construction on the first new U.S. commercial reactor in more than ten years. The Nuclear Regulatory Commission unanimously approved the project after several years of regulatory reviews and consultations. Construction will now launch at the proposed Kemmerer, Wyoming site, with hopes of being fully functional by 2031.
Nuclear power has gained the interest of both U.S. political parties in the past few years; however, the hugegest challenge for nuclear power in the U.S. is both time and expense. At the Vogtle nuclear plant in Georgia, two U.S.-built reactors arrived seven years behind schedule and cost twice the original estimate of $35 billion. Construction at the Wyoming plant is expected to cost $4 billion or more. At one-third the size of Vogtle’s reactors, the reactor will be 345 megawatts. Using liquid sodium instead of water, the reactor can operate at lower pressures and be cooled by air vents in an emergency.
TerraPower’s chief executive, Chris Levesque, declared, “Today is a historic day for the United States nuclear industest. This is the first commercial-scale, advanced nuclear plant to receive this permit.”
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Further reading: A Nuclear Reactor Backed by Bill Gates Gets Federal Approval to Start Building
Related Articles
Here is a list of articles selected by our Editorial Board that have gained significant interest from the public:
South Africa invests $122 million in water conservation
The Rand Merchant Bank (RMB) and the Development Bank of Southern Africa (DBSA) have backed a 2 billion rand ($122 million) bond for water conservation projects. These projects aim to restore strategic water catchments in the countest by eliminating invasive plants and reviving catchment areas. This five-year investment in ecological restoration should strengthen water security and lead to environmental improvements with an outcome-based facility. Mookho Mathaba, a climate finance specialist at DBSA, declared, “The facility will support conservation of water catchments to ensure the health of these areas.” While South Africa is experiencing significant water shortages and constrained public finances, the necessary for private investment is growing. A study by the DBSA found that 256 billion rand (approximately $15.6 billion) is necessaryed annually to improve the countest’s water sector. The bond focutilizes on funding sustainable infrastructure in South Africa.
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Further reading: South African financiers develop $122 million water conservation bond
The EIB and the WTO sign a partnership to boost sustainable investment
The European Investment Bank (EIB) Group and the World Trade Organization (WTO) Secretariat signed their first partnership on Wednesday. The goal of the partnership is to increase sustainable investment and trade globally. The signed agreement includes the “EIB-WTO Trade and Investment Facilitation Initiative.” The initiative, developed with the European Commission, aims to boost trade and support investments in partner countries, specifically Sub-Saharan Africa. Through this partnership, critical sectors, such as health, education, job creation, sustainable growth, and the green transition, will receive much-necessaryed investment.
Nadia Calviño, President of the EIB Group, declared, “This agreement between the European Investment Bank and the World Trade Organization Secretariat will support turn trade policy dialogue into concrete, high-impact investments. It will support partner countries attract more and better-quality investment, while supporting reform and creating new trading opportunities for EU businesses.”
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Further reading: EIB and WTO sign first agreement to strengthen cooperation on global trade and investment
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — In the Cover Photo: European Parliament seats in Brussels. Cover Photo Credit: Wikimedia Commons
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