September 2024 update - Our ESG Endeavours

In early August, the United States Securities and Exchange Commission defended its new climate reporting rule in court, asserting that the proposed disclosures are “directly relevant to the value of investments” and fall within the Commission’s authority. The SEC had announced the adoption of these rules in early March, marking the first time public companies in the United States are required to disclose climate risks affecting their businesses. However, the rule faced immediate legal challenges, with nine court petitions filed within 10 days, including a lawsuit from 25 Republican state attorneys general. Given the ongoing legal battle, the implementation of the SEC’s climate reporting rule is unlikely to happen soon.

On 21st August, the Chinese National Development and Reform Commission (NDRC) and the National Energy Administration released a plan to promote large-scale equipment renewal and technological upgrades in key energy sectors. By 2027, the country aims to increase investments in these sectors by over 25% compared to 2023. The plan focuses on upgrading coal-fired power units, power transmission and distribution, wind power, photovoltaics, and hydropower. Key tasks include enhancing energy efficiency, promoting equipment recycling, and improving standards for technological transformation.

Also, within China’s utility sector, nuclear energy development has been noteworthy, with 11 new nuclear reactors approved for construction in August. This is the highest number of approvals in a single year since 2008. Since 2022, China has moved past its post-Fukushima hesitation and resumed its rapid pace of nuclear power development, approving 10 new reactors in both 2022 and 2023.