Iraq plans to increase its oil output to six million bpd by 2029 despite a global shift to clean energy, while a new website connects businesses to landowners for carbon offsetting. The EU has delayed setting its 2040 climate targets, and British startup Longbow has announced a lightweight electric sports car to compete with Tesla’s Roadster.
In recent developments regarding environmental, social, and governance (ESG) initiatives, Iraq has announced plans to boost its oil production to six million barrels per day (bpd) by 2029. This decision arises despite the ongoing global shift towards clean energy in the Middle East. Iraq aims to solidify its position as a significant player in the global oil market by investing heavily in oil and infrastructure projects, including the Grand Faw Port.
In contrast, a new platform called LINC: Cornwall’s Natural Capital Exchange has been launched to facilitate connections between landowners and businesses seeking to offset their carbon emissions. This innovative website targets smaller enterprises looking to comply with stringent sustainability regulations by providing carbon credits through funding ecological restoration projects. Developed by Exeter University, it represents a transformative approach to financing nature recovery.
Additionally, the European Commission has postponed the introduction of new climate targets for 2040, which were initially expected this quarter. Political opposition has hindered progress, causing concern among EU member states. While the EU claims to uphold its commitment to climate goals, the current political climate creates challenges for consensus among governments and businesses navigating energy transition strategies.
In the electric vehicle sector, a British startup, Longbow, has unveiled a lightweight sports car intended to rival Tesla’s Roadster. Weighing only 995 kg and characterized by its affordability compared to competitors like the BMW M2, this new offering has stirred interest as it is backed by former employees of prominent electric vehicle companies. Priced starting at £64,995, the Longbow seeks to demonstrate the excitement of lightweight electric driving.
This article summarizes significant recent developments in the ESG landscape, highlighting Iraq’s focus on expanding oil production amidst a global shift towards sustainability, the introduction of a new platform connecting landowners with businesses for carbon offsetting, the EU’s delay in establishing 2040 climate goals due to political challenges, and a new entrant in the electric vehicle market that seeks to challenge established players like Tesla. Each of these points illustrates the complex interplay between economic growth, environmental responsibility, and political dynamics in today’s world.
Original Source: impakter.com
