Today’s ESG Updates
- Norway Pauses UNEP Funding: Norway has halted key funding to the UN Environment Programme, increasing uncertainty around delayed global plastic treaty negotiations that are now expected to resume in 2027.
- Saudi Aramco Shifts Exports: Saudi Aramco is rerouting up to 70% of crude exports through Red Sea infrastructure amid Strait of Hormuz disruptions, warning oil market recovery could be delayed until 2027.
- Australia Targets Datacentre Energy Use: Australian ministers want datacentres to fully offset rising electricity demand with renewable energy and storage investments as sector power consumption is set to triple by 2030.
- EPA Accelerates Pollution Permits: The U.S. EPA will fast-track clean air permit reviews for major industrial polluters, reducing approval timelines as part of a broader effort to ease regulatory burdens.
Norway pauses funding to UN Environment Programme as plastic treaty faces prolonged delay
Norway, the largest donor to the United Nations Environment Programme (UNEP), has paused its funding to the body ahead of a revised budget on 12 May. Norway has given about $12m (£9m) a year to the fund over the three years to 2025, along with $19m to the Planetary Fund and $7.8m in earmarked funds in 2025. The pause in funding casts significant uncertainty over the global plastic treaty talks, which have not reached any agreement since talks began in 2022, after six rounds of discussions. The Norwegian Agency for Development Cooperation (Norad) has also postponed a funding call valued at £4m- £6m per year for projects to combat plastic pollution in developing countries.
Negotiations for the global plastic treaty are expected to resume in early 2027 following the election of a new chair this year.
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Further reading: Norway puts UN project funding on hold raising fears for plastics treaty talks
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Saudi Aramco navigates Hormuz blockade with Red Sea export shift
Saudi Aramco CEO Amin Nasser warned that continued disruption to oil exports via the Strait of Hormuz could delay market stabilization until 2027. The market is currently losing approximately 100 million barrels of oil a week due to the blockade.
Aramco has ramped up exports via the East-West pipeline to the Red Sea port of Yanbu to sustain 60-70% of its crude export volumes. The company is exploring ways to expand the 5 million barrels per day export capacity at the Yanbu terminal. Aramco is exporting almost 900,000 barrels per day of refined products via separate western terminals to capture higher margins during the…
Read More: Norway Suspends Funding to UN Environment Programme
