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Hello!
Today’s newsletter turns its attention to the United States and the plans laid down by former president and Republican candidate Donald Trump that affect environment, social and governance (ESG) policies.
Reuters’ correspondent David Shepardson examines the ways in which a second Trump presidency would hinder emission-cutting efforts in two deep-dive features.
In the first feature, Shepardson details the plan to end a $7,500 tax credit for electric vehicle (EV) purchases if he were elected.
“Tax credits and tax incentives are not generally a very good thing,” Trump told Reuters in an interview after a campaign event in York, Pennsylvania, when asked about the EV credit.
Trump said that he would rescind the Biden administration rules that will prod automakers to build more EVs and plug-in hybrids to meet stricter emissions standards and said he sees a “much smaller market” for EVs because of cost and battery range issues.
Also on my radar today:
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Republican presidential nominee and former U.S. President Donald Trump during a visit to the Livingston County Sheriff’s Office in Howell, Michigan, U.S. REUTERS/Rebecca Cook
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Elon Musk in a cabinet or advisory role
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He also said that he would be open to appointing Tesla CEO Elon Musk to a cabinet or advisory role.
Musk last month publicly endorsed Trump in the U.S. presidential race. Tesla did not immediately respond to a request for comment.
Lest we forget, Musk was seen as exacerbating tensions on his platform X (formerly Twitter) during the week of far-right rioting in Britain, posting that civil war was “inevitable” as rioters clashed with police in some towns and cities.
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Protectionism for U.S. Steel, automakers
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In his second feature, Shepardson teams up with Reuters correspondent Gram Slattery to examine Trump’s pledge to rescind a Biden administration rule limiting power plant pollution in a speech to a crowd of supporters on a factory floor in the working-class city of York, Pennsylvania.
Trump in February had signaled he would move to block the Nippon-U.S. Steel deal, a potential merger that has stirred anxiety among some unionized workers, a key voting bloc in Pennsylvania and the other “Rust Belt” swing states likely to determine the results of the election.
“I will stop Japan from buying United States Steel,” Trump said. “They shouldn’t be allowed to buy it.”
U.S. Steel said in a statement after Trump’s remarks that it is “committed to the transaction with Nippon Steel, which is the best deal for our employees, shareholders, communities, and customers.”
Trump also said he would take steps to discourage exports of vehicles produced by the Detroit Three automakers and others from Mexico for U.S consumers by imposing new tariffs and would prevent Chinese automakers from building new plants in Mexico for U.S. market vehicles. He made similar threats during his presidency.
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This type of protectionist and nationalist rhetoric is the kindling to the fires I have spoken about in previous newsletters concerning the far-right riots seen in Britain.
It also galvanizes and emboldens conservative groups such as America First Legal which was founded by ex-Trump administration officials who are claiming again that corporate diversity policies violate federal anti-discrimination laws.
The ex-Trump team is backing a lawsuit filed in Michigan, Detroit against the multinational tech company IBM, which is accused of forcing out a high-performing white consultant to further the company’s goals of building a more diverse workforce.
The plaintiff Randall Dill says he was placed on a performance improvement plan in July 2023 despite receiving only positive feedback in his seven years as a senior managing consultant at IBM. The plan was impossible to complete and Dill was fired last October, according to the complaint.
Dill says IBM had race and sex quota systems that guided hiring and promotion decisions and that it based executives’ bonuses in part on whether they had met those goals, giving them a strong incentive to push out white men like him. IBM did not immediately respond to a request for comment.
I searched IBM’s annual report to check its diversity performance.
IBM said in its report it marginally improved its numbers of women and Hispanic employees in 2023, but representation of Black executives declined.
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A resident collects water from a tank as tap water has been declared undrinkable as a result of the drought in Teulada, Alicante, Spain. REUTERS/Eva Manez
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- Water watch: Several towns along Spain’s Costa Blanca are facing a severe drought which has rendered tap water undrinkable, forcing holidaymakers and locals to queue at distribution points for bottled water to cover their basic needs. As water levels have dropped, salinity has increased, prompting authorities in some areas to deem tap water unsafe for drinking or cooking.
- At least 15 people were killed in an explosion at a privately held Escientia Advanced Sciences’ 40-acre pharmaceuticals manufacturing plant in southern India’s Andhra Pradesh state, a district government official said.
- CO2 cutting: For some positive emissions-busting news we turn to Indonesia which is looking at shutting down a portion of a coal-fired power plant near Jakarta to reduce air pollution affecting the city, according to Luhut Pandjaitan, Coordinating Minister of Maritime Affairs and Investment. Click here for the full Reuters story.
- In keeping with CO2 busting developments in Asia, a report by the environmental group Greenpeace found that China, the world’s largest builder of coal-fired power stations, has cut the number of permits for new plants by nearly 80% in the first half of 2024.
- Major developments are taking place for U.S. workers who didn’t want to sign non-compete clauses as a federal judge in Texas barred a U.S. Federal Trade Commission rule from taking effect that would ban such agreements. This ruling could impact the broader push for fair labor practices and worker rights, as non-compete agreements often limit employees’ mobility and economic opportunities.
- Women’s rights: Romanian police raided misogynist social media influencer Andrew Tate’s home after launching four searches in an investigation into crimes including human trafficking and sex with a minor. ESG emphasizes the protection of human rights, gender equality, and ethical labor practices. Tate’s alleged actions — exploiting and trafficking women — are antithetical to these principles.
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Gina McCarthy, former White House national climate advisor, and one of the architects of the Inflation Reduction Act (IRA), shares her thoughts on the second anniversary of the signing of the Act:
“I can see, feel, and taste that a clean energy future is not only possible – it’s underway thanks to the Inflation Reduction Act. In two years, we’ve created more than 330,000 jobs – all while helping hard-working families breathe cleaner air and save money on their energy bills. Just imagine what we can do in ten years of this law.
“Republicans, Democrats, and business leaders all across the country support the IRA because we’re bringing Made in America back. Skills are growing. Companies are growing. Local economies are growing. Hundreds of new manufacturing facilities are being built and investments are pumping in throughout the supply chain.
“This progress is proof that we can achieve our climate goals, cut pollution, and improve health when the federal government, cities, states, and businesses are working together.”
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In keeping with the anti-sustainability and anti-diversity rhetoric seen in a potential Trump presidency in the United States, Reuters sustainable finance editor Simon Jessop writes about the decline in pro-ESG shareholder resolutions by one of the world’s largest asset managers, Blackrock.
Blackrock cut its support for shareholder proposals linked to environmental and social issues to a low of 4.1% in the most recent annual general meeting season. Click here for more on the story.
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An undated photo shows gentoo penguins Sphen (R) and Magic, at Sea Life Sydney Aquarium in Sydney, Australia. Sea Llife Sydney Aquarium/Handout via REUTERS
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When Sphen, one half of the gay penguin couple whose love captivated the world, died earlier this month in Sydney, Australia, his partner Magic began to sing.
Gentoo penguins Sphen and Magic became symbols for same-sex love in 2018 after aquarium staff noticed the two males building a nest together and gave them an egg to incubate.
“The team’s focus is now on Magic, who will soon prepare for his first breeding season without Sphen,” said Rachel Dilly, general manager at SEA LIFE Sydney Aquarium.
In tributes on the Aquarium website, people spoke about the joy and inspiration the penguin lovers had brought to their lives.
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Sustainable Switch was edited by Elaine Hardcastle.
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