World Court is poised to mark the future course of climate litigation
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Diverging Reports Breakdown
Fed’s Bowman: Fed independence is very important with respect to monetary policy-CNBC
Michelle Bowman says central bank’s ability to set monetary policy without political interference is “very important” Bowman was appointed to the Fed Board of Governors by President Donald Trump in his first term. Trump has ramped up his criticism of the Fed and of its leader, Chair Jerome Powell, for not lowering interest rates as Trump wishes.
July 22 (Reuters) – Federal Reserve Vice Chair for Supervision Michelle Bowman on Tuesday said the central bank’s ability to set monetary policy without political interference is “very important.”
“It’s very important … that we maintain our independence with respect to monetary policy,” Bowman said in a CNBC interview ahead of a day-long conference she is hosting at the Fed on bank regulation.
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“But we also, as part of that independence, have an obligation for transparency and accountability as well. But we also have an obligation, in my view, as we have throughout my time on the board here since 2018, to listen to a broad range of voices to understand how others are viewing the economy and how that should influence our decisions in monetary policy making.”
The remarks from Bowman, appointed to the Fed Board of Governors by President Donald Trump in his first term and recently elevated by him to be the top banking regulator at the central bank, come as Trump has ramped up his criticism of the Fed and of its leader, Chair Jerome Powell, for not lowering interest rates as Trump wishes.
Reporting by Dan Burns; Editing by Andrew Heavens
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Record heat in China strains power grid, stirs health fears
Power supply suffers while demand surges, exceeding 1.5 billion kilowatts for the first time last week. The number of days when temperatures hit 35 degrees Celsius (95 degrees Fahrenheit) or more is the highest on record. Temperatures have hit new highs since mid-March in the central provinces of Henan and Hubei, Shandong in the east, Sichuan in the southwest, and northwestern Shaanxi and Xinjiang. The national average is now the second highest on Record.
BEIJING, July 23 (Reuters) – China warned on Wednesday against the risk of power supply disruptions as people struggled to keep cool in record heat baking large swathes of the country, which also spurred warnings to the elderly to guard against heat stroke.
Power supply suffers while demand surges, exceeding 1.5 billion kilowatts for the first time last week, energy officials said, in a third new record for China this month, when its first nationwide alert on heat-related health risks also went out.
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“High-temperature weather will … have an impact on power generation and supply,” weather official Chen Hui told a press conference on Wednesday, adding that it would hit hydropower output and reduce the efficiency of photovoltaic generation.
Authorities will send alerts to notify electricity suppliers if tactics such as peak-shaving and cross-regional dispatching of power are called for, added Chen, an official of the China Meteorological Administration.
Since mid-March, the number of days when temperatures hit 35 degrees Celsius (95 degrees Fahrenheit) or more is the highest on record, said Jia Xiaolong, deputy director of the National Climate Centre.
Authorities asked the elderly to stay indoors unless necessary, while urging outdoor workers to scale down activity on such “sauna days”.
Temperatures have hit new highs since mid-March in the central provinces of Henan and Hubei, Shandong in the east, Sichuan in the southwest, and northwestern Shaanxi and Xinjiang,
pushing the national average to the second highest on record.
During the last two weeks, 152 national weather observatories tracked temperatures above 40 degrees C (104 F) with one in Xinjiang reaching 48.7 degrees C (119.7 F), Jia said.
He did not rule out the chance of more record-breaking heat, saying August could prove as warm as, or even hotter than, in recent years.
Reporting by Xiuhao Chen and Liz Lee; Editing by Christopher Cushing and Clarence Fernandez
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ESG News Recap: UN’s Advisory Opinion To Shape Climate Action
The World Court is expected to deliver an advisory opinion to determine the worldwide course of future climate action. France’s EDF will be reducing its headcount overseas and scrapping bids on some nuclear projects abroad to focus on a major local construction programme. EU regulators are likely to approve Apple’s App Store policy changes, helping it sidestep €50M daily fines under the Digital Markets Act. A third severe heatwave halts labour, closes tourist attractions, and worsens wildfire risks in Greece and the Balkans. ESG tools can be used to provide further insights into industry developments and to keep up with policies amid evolving regulatory landscapes. For more ESG updates, visit the ESG News desk. Back to the page you came from. Follow us on Twitter @ESG_News and @Elle_Laurie or on Facebook at Elle-Laurier-Report. For confidential support call the Samaritans in the UK on 08457 90 90 90, visit a local Samaritans branch or click here for details.
UN World Court to Shape Climate Litigation: The World Court’s upcoming advisory opinion is expected to heavily influence future global climate cases and legal standards
EDF Refocuses on Domestic Nuclear Projects: France’s EDF to cut overseas jobs and exit select international bids under new CEO, prioritising its domestic nuclear program
Apple to Avoid EU Fines with App Store Reforms: EU regulators are likely to approve Apple’s App Store policy changes, helping it sidestep €50M daily fines under the Digital Markets Act
Heatwave Disrupts Greece and Balkans: A third severe heatwave halts labour, closes tourist attractions, and worsens wildfire risks
UN World Court to determine the future course of climate litigation with advisory opinion
The World Court is expected to deliver an advisory opinion to determine the worldwide course of future climate action. The advisory opinion is legally non-binding, but experts note that it carries significant legal and political weight, which cannot be ignored in future climate cases. Wealthy countries of the Global North have told judges that existing climate treaties, which are mostly non-binding, should be the basis for deciding their responsibilities, while developing nations and small island states have argued for stronger measures, some legally binding, to curb emissions and for the biggest emitter countries to provide financial aid. Experts state that national and regional courts will turn to this advisory opinion as a persuasive authority which helps inform judgments with binding consequences under their legal systems. Companies can rely on ESG solutions to keep up with policies amid evolving regulatory landscapes.
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Further reading: World Court is poised to mark the future course of climate litigation
Sources say France’s EDF may withdraw from several overseas projects and cut jobs
Sources state that under a new CEO, Bernard Fontana, France’s EDF will be reducing its headcount overseas and scrapping bids on some nuclear projects abroad to focus on a major local construction programme. Fontana has stated that he will target the development of domestic nuclear projects rather than its international business, and changes to the overseas businesses include pulling back from some bids to build reactors outside of Europe. EDF will now focus on tenders for nuclear projects in the Netherlands, Sweden and Finland, while deprioritising projects outside Europe, including those in Poland, India, and Canada. EDF states that the new French nuclear programme is the group’s priority, though the company is still heavily indebted after expensive repairs to its nuclear fleet. The company is also looking to sell some of its renewable energy assets in North America and Brazil. ESG tools can be used to provide further insights into industry developments.
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Further reading: Exclusive: France’s EDF to withdraw from some overseas projects, cut jobs, sources say
Sources say the EU is to accept App Store changes, and Apple will avoid daily fines
Sources reveal that Apple’s changes to its App Store rules and fees are likely to secure the approval from EU antitrust regulators, and this will help Apple avoid potentially hefty fines of approximately €50M per day. The company stated that developers will pay a 20% processing fee for purchases made via the App Store, but fees may drop to 13% for Apple’s small-business program. Furthermore, developers who send customers outside the App Store for payment will pay a fee between 5% to 15%, and they can use as many links as they wish to send users to external payment methods. These changes were made following a €500M fine in April, when the EU antitrust enforcer said that its technical and commercial restrictions breached the Digital Markets Act (DMA) as they prevented app developers from steering users to cheaper deals outside the App Store. Though the timing could still change, the European Commission is expected to approve the changes in the coming weeks.
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Further reading: Exclusive-Apple set to stave off daily fines, EU to accept App Store changes, sources say
Heatwave hits Greece, Balkans, affecting both labourers and tourists alike
The third heatwave of the summer had hit Greece and the wider Balkans, barring labourers from work, keeping tourists away from the ruins and leaving firefighters to battle scattered blazes in the countryside. Couriers, food delivery riders, and builders in and around Athens and other regions were ordered to pause work from midday until 5 PM as the temperature was expected to surge as high as 43°C. The Acropolis ruins were also to be shut by authorities for five hours from midday on both Tuesday and Wednesday. Climate change has resulted in longer, more severe heat waves, as well as destructive floods and wildfires in Greece. Large parts of Western Europe also suffered from a severe heatwave that killed many, and triggered regional forest fires and health alerts. Globally, 2024 was the warmest year on record, and temperatures exceeded 1.5°C above the pre-industrial era for the first time.
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Further reading: Labourers barred from work, tourists kept from ruins as heatwave sears Greece, Balkans
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Frederic Köberl
Taiwan says trade delegation in Washington for talks on potential tariff and trade deal
A trade delegation led by the vice premier is in Washington, D.C., for a new round of in-person negotiations with U.S. officials. The delegation, led by Vice Premier Cheng Li-chun, seeks to safeguard Taiwan’s industrial interests, public health, and food security. The talks aim to promote balanced trade, and improve the overall economic and trade framework between the two sides. The outcome of the negotiations could play a key role in shaping the island’s future trade strategy.
TAIPEI, July 23 (Reuters) – Taiwan’s government said on Wednesday that a trade delegation led by the vice premier was in Washington, D.C., for a new round of in-person negotiations with U.S. officials this week.
U.S. President Donald Trump has proposed imposing tariffs of as much as 32% on Taiwan. No new tariffs have yet been announced for the democratically-governed island, although the 90-day pause on worldwide tariffs Trump proposed in April has already expired.
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The delegation, led by Vice Premier Cheng Li-chun, seeks to safeguard Taiwan’s industrial interests, public health, and food security, according to a cabinet statement. The talks aim to promote balanced trade, and improve the overall economic and trade framework between the two sides, it added.
“The team will continue working under the principles of protecting Taiwan’s industries and public welfare,” the statement said. “We hope to optimise the trade system and lay the groundwork for a stronger partnership in the future.”
The Taiwan talks come as trade negotiations in the region accelerate. On Wednesday, the United States and Japan announced a trade agreement that includes a 15% U.S. import tariff on all Japanese goods, lower than the 25% Washington had proposed previously.
The Japan deal , opens new tab is seen as one of the most significant among several agreements reached ahead of the August 1 tariff deadline the White House set after the original 90-day deadline expired with only a few successfully negotiated agreements.
Taiwan has been seeking to strengthen its trade ties with major partners, particularly the U.S., Taiwan’s second-largest trading partner after China, amid growing geopolitical and economic challenges.
The outcome of the negotiations could play a key role in shaping the island’s future trade strategy and its position in the global supply chain, and is crucial to Taiwan’s export-driven economy.
Reporting by Faith Hung and Jeanny Kao; Editing by Kate Mayberry
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Ukraine’s Zelenskiy promises joint plan to fight corruption
Ukrainian President Volodymyr Zelenskiy promised the creation of a joint plan to fight corruption within two weeks. He said after nationwide protests on Tuesday over limits to the independence of anti-graft bodies.
KYIV, July 23 (Reuters) – Ukrainian President Volodymyr Zelenskiy met anti-corruption and security officials on Wednesday and promised the creation of a joint plan to fight corruption within two weeks.
“We all hear what society is saying. We see what people expect from state institutions — ensured justice and the effective functioning of each institution,” he said after nationwide protests on Tuesday over limits to the independence of anti-graft bodies.
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Reporting by Anastasiia Malenko, Editing by Timothy Heritage
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