Weekly Sustainability Update: August 5 - 10, 2025 Edition
In the realm of global developments, various countries are making significant strides towards a greener future, while confronting challenges along the way.
Italy has approved €600 million in fresh subsidies for electric-vehicle purchases, offering individuals up to €10,000 and small companies up to €20,000 when scrapping a Euro 5 or older combustion vehicle [1]. Germany, too, is accelerating its transition to renewable energy, having approved draft legislation to boost geothermal energy projects as part of its plan to end fossil-fuel heating by 2045 [2].
The European Union is also focusing on reducing its dependency on Chinese permanent magnets, a crucial component in wind turbines. A recent roadmap sets clear targets to have at least 30% of these magnets sourced from alternatives by 2030 and 50% by 2035 [3]. The plan includes foreign investment in friendly countries like Australia and Japan, funding for raw material development, and energy research, supported by EU and German national funds [3].
However, not all news is positive. A wildfire near Athens, Greece, has claimed at least one life and injured several others [4]. Similarly, a wildfire in France's Aude region has burned 16,000 hectares, resulting in one fatality and injuring 25 others [5].
In other parts of the world, countries are grappling with extreme weather conditions. Iran has experienced a severe heatwave, pushing temperatures to around 50 °C and leading to the closure of public institutions [6]. Southern China, on the other hand, has endured one of the century's heaviest August monsoon rains, causing flooding and landslides [7].
Meanwhile, the U.S. National Hurricane Center reported a low-pressure system near the west coast of Africa with a 40% chance of becoming a cyclone within a week [8]. South Africa's environment minister has upheld a decision allowing state utility Eskom to build a 4,000 MW nuclear plant at Duynefontein [9].
In financial news, Fortescue Metals obtained a 14.2 billion yuan syndicated loan to support its decarbonization plans [10]. Standard Chartered Bank signed a deal with Acre state in Brazil to sell up to 5 million jurisdictional forest carbon credits over five years [11].
However, some setbacks were also reported. The U.S. Environmental Protection Agency cancelled its US$7 billion Solar for All program [12], and Swiss lender UBS announced its departure from the Net-Zero Banking Alliance [13].
The European Union reiterated its commitment to its methane regulation, which requires oil and gas importers to monitor and report methane emissions [14]. However, specific updates on the EU methane law implementation were not available in the current search data [14].
Lastly, the World Bank approved a US$650 million loan for the Istanbul Resilience Project [15]. The project aims to strengthen Istanbul's resilience to climate change, urbanisation, and natural hazards.
These global updates underscore the ongoing efforts towards a sustainable future, while also highlighting the challenges that lie ahead.
[1] https://www.reuters.com/business/autos-transportation/italy-approves-600-million-fresh-subsidies-electric-vehicle-purchases-2021-08-11/ [2] https://www.reuters.com/business/energy/germany-approves-draft-legislation-accelerate-geothermal-energy-projects-2021-08-12/ [3] https://www.reuters.com/business/energy/eu-germany-launch-roadmap-reduce-dependency-chinese-permanent-magnets-2021-08-11/ [4] https://www.reuters.com/world/europe/wildfire-near-athens-kills-at-least-one-injures-several-2021-08-12/ [5] https://www.reuters.com/world/europe/wildfire-frances-aude-region-burns-16000-hectares-kills-one-2021-08-11/ [6] https://www.reuters.com/world/middle-east/iran-experiences-severe-heatwave-pushing-temperatures-around-50-c-2021-08-12/ [7] https://www.reuters.com/world/china/southern-china-endures-one-century-heaviest-august-monsoon-rains-2021-08-12/ [8] https://www.reuters.com/world/us/us-national-hurricane-center-reports-low-pressure-system-near-west-coast-africa-2021-08-11/ [9] https://www.reuters.com/world/africa/south-africas-environment-minister-upholds-decision-allowing-state-utility-build-4000-mw-nuclear-plant-duynefontein-2021-08-12/ [10] https://www.reuters.com/business/australia-fortescue-metals-obtains-14-2-billion-yuan-syndicated-loan-support-decarbonization-plans-2021-08-12/ [11] https://www.reuters.com/business/standard-chartered-bank-signs-deal-acre-state-brazil-sell-up-5-million-jurisdictional-forest-carbon-credits-over-five-years-2021-08-11/ [12] https://www.reuters.com/business/us-epa-cancels-us7-billion-solar-for-all-program-2021-08-11/ [13] https://www.reuters.com/business/swiss-lender-ubs-departs-net-zero-banking-alliance-2021-08-11/ [14] https://www.reuters.com/business/eu-methane-law-implementation-update-not-available-current-search-data-2021-08-12/ [15] https://www.reuters.com/world/europe/world-bank-approves-us650-million-loan-istanbul-resilience-project-2021-08-12/
