ESG News Recap: Trump Imposes Tariffs Amid Global Sustainability Efforts
This article discusses President Trump’s announcement of 25% tariffs on Mexican and Canadian goods, citing fentanyl concerns, alongside a 10% tariff on China. It also covers Standard Chartered’s commitment to reaching net zero emissions by 2050 with $300 billion in sustainable financing, University of Brighton’s initiative to help SMEs reduce CO₂, and the EU’s reduction of sustainability reporting requirements from the CSRD.
In a significant trade move, President Donald Trump has announced that 25% tariffs on goods from Mexico and Canada will be enacted on March 4, aimed at addressing the ongoing issue of fentanyl trafficking into the United States. Furthermore, a 10% tariff will be applied to Chinese imports, as the administration seeks to maneuver through complex trade relations. Both Mexico and Canada are actively engaged in negotiations to avert these tariffs, while China has called for a resolution via diplomatic discussions.
On the sustainability front, Standard Chartered Bank is striving towards achieving net zero emissions by 2050, bolstered by a substantial commitment of $300 billion in sustainable financing. The bank plans to mobilize $121 billion by 2023 and anticipates fulfilling this financial goal as it pursues a science-based emissions reduction strategy, particularly within the oil and gas sectors. This initiative marks Standard Chartered as a leader in sustainable finance amid a rapidly changing industry landscape.
In addition, the University of Brighton is facilitating sustainability efforts through a new educational initiative where final-year business students assist local small and medium-sized enterprises (SMEs) in lowering their carbon emissions. Utilizing actual data and the Clean Growth Platform’s carbon calculator, these students gain invaluable experience that enhances their employability in an expanding green job market. Dr. Vincent Kane emphasizes the importance of this program in linking academic training with industry demands.
Moreover, the European Commission is amending the Corporate Sustainability Reporting Directive (CSRD) by substantially reducing its scope, exempting 80% of companies from mandatory sustainability reporting. This approach is intended to relieve businesses of bureaucratic burdens, only obliging firms with over 1,000 employees to comply with the modified regulations. Nonetheless, this shift raises concerns among critics who believe it may undermine the EU’s sustainability objectives and limit investable ESG data.
In summary, key updates in environmental, social, and governance (ESG) matters highlight President Trump’s tariff imposition on Mexico, Canada, and China in response to fentanyl issues. Concurrently, Standard Chartered’s ambitious net zero strategy and the University of Brighton’s student-led initiatives enhance sustainability efforts. Furthermore, the EU’s revised reporting requirements seek to simplify compliance but draw criticism regarding their potential impact on sustainability goals.
Original Source: impakter.com
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