Carbon Emissions








Asia

North America

Climate Change

US to conduct more than 30 offshore oil auctions by 2040

The U.S. administration of President Donald Trump announced on Tuesday a comprehensive plan to sell more than 30 oil and gas leasing rights in the Gulf of Mexico, Alaska's Cook Inlet and the Gulf of Mexico over the next fifteen years. Why it's important The plan is in line with the energy dominance agenda of Trump's administration to increase domestic fossil fuel production. This schedule is a major departure from the former president Joe Biden's administration, which had planned to auction a small number of drilling right auctions in order to combat climate change. KEY QUOTE Interior Secretary Doug Burgum...

Carbon Emissions

Groups sue Trump agencies over a'secret report' used to reverse US climate rules

On Tuesday, two major environmental groups filed a lawsuit against the Trump administration. They claim that the Trump administration secretly convened a group made up of climate skeptics who prepared a document which was used to reverse the U.S. regulations on greenhouse gas emission without prior public notification. The Environmental Defense Fund, along with the Union of Concerned Scientists, filed the lawsuit at a federal district in Massachusetts. They argued that the so-called Climate Working Group, which Energy Secretary Chris Wright assembled, avoided public view, produced erroneous findings, and was illegally used by the Environmental Protection Agency to inform its...

Environment

Official: EU won't change methane regulations but there is flexibility

A senior EU official stated on Tuesday that although the EU's methane regulations has been discussed in U.S. negotiations, the EU "firmly" stands behind its legislation. Officials said that energy questions still need to be clarified in a statement about EU-U.S. Trade that will be finalised shortly. The EU will require importers of gas and oil to report and monitor the methane associated with their imports starting this year. The second biggest cause of climate changes is methane emissions from leaky gas pipelines. The official stated, "We are firmly behind this regulation. It is the first one of its kind."...

Carbon Emissions

US reverses key climate findings, creating uncertainty for businesses

Lawyers and trade groups say that the Trump administration's plan to undo U.S. Climate Regulation is a way for them to save money, but this could backfire and force automakers, utilities and manufacturers to face a future filled with regulatory uncertainty and litigation risks. The Republican administration of President Donald Trump announced Tuesday that it would rescind a long-held finding that greenhouse gases endanger the health of humans, thus removing the legal basis for U.S. regulations on greenhouse gas emissions. Environmental Protection Agency Administrator Lee Zeldin stated that the move would save companies up to $52 billion on environmental compliance...

Environment

Barclays generates 500 million pounds of revenue from sustainable finance

Barclays' sustainability chief said on Tuesday that the bank expects to increase its efforts in climate planning with clients and has made 500 million pounds ($666.20 millions) from transition finance and sustainable low-carbon financing by 2024. The bank stated that it would adhere to its target of net-zero emission by mid-century - despite the political backlash in the United States against climate-related measures - but the pace of the change in the economy is being tested by diverging policies, the continued reliance on conventional energy by many economies, and other factors. Daniel Hanna said that Barclays was committed to the...

Energy Markets

Sources say that Citigroup's head for energy transition has moved to Moelis.

Citigroup's global director of clean energy investment banking will leave the U.S. bank to advise on mergers and acquistions at boutique Moelis. This was confirmed by people familiar with this matter on Friday. Serge Tismen will officially join Moelis at the end of September after a gardening leave. One source said that he will advise clients of the bank on all aspects of dealmaking and will be reporting to Anton Sahazizian who is the head of Moelis mergers and acquistions. I was unable contact Tismen to get a comment. Citi and Moelis spokespeople declined to comment. LinkedIn shows that Tismen...

Carbon Emissions

Trump EPA aims at repealing vehicle emission regulations after revoking the greenhouse gas endangerment findings

According to the summary of the proposal, the U.S. Environmental Protection Agency (EPA) plans to repeal the greenhouse gas emissions standards for light, medium, and heavy duty vehicles and engines within the next few days, after removing the scientific findings that justified these rules. The agency will likely state in a draft summary of its upcoming proposal that the Clean Air Act doesn't authorize it to impose emissions standards to address concerns about global climate change and that they will rescind their finding that GHG emission from new motor vehicles or engines is harmful to public health and welfare. The...

Fossil Fuels

AGL Energy purchases South Australia's Virtual Power Plant (VPP) from Tesla

AGL Energy announced on Friday that it has acquired South Australia's Virtual Power Plant from Tesla. The Australian power retailer is looking to increase its battery storage to help drive the green energy transition. AGL is aiming to achieve zero net carbon emissions in 2035 by implementing grid-scale storage projects of 1.4 gigawatts. AGL will be able to access residential solar and battery system networks consisting of approximately 7,000 Powerwall batteries. More are expected to be installed in this year. SAVPP is an extensive network of Powerwall and solar home battery systems installed in South Australian community and social housing....

Carbon Emissions

Senate Republicans want to end the EV tax credit before September 30

The U.S. Senate Republicans released a revised budget and tax bill late Friday that would eliminate the $7,500 credit for new electric vehicles and leases as well as $4,000 credit for used EVs by September 30. Prior to the new version, the credit would have been terminated 180 days after it was signed into law for new vehicles, 90 days after that for used vehicles. It would also have been terminated immediately for vehicles that were not assembled in North America or those that met other requirements. The Republicans have targeted EVs in a variety of ways, reversing former president...

Climate Change

Gresham House CEO says US clients are looking for green investments in Europe

Tony Dalwood said that U.S. investors and Asian investors were looking at Europe as a result of the U.S. government's decision to withdraw support for projects in the United States related to the transition to low-carbon economies. Since assuming office, U.S. president Donald Trump has taken steps to reduce various environmental initiatives and regulations, as well as standards, that were championed by the predecessor. This includes ending tax credits for projects involving green energy years earlier than originally planned. Other countries are also feeling the pressure to slow down their transition to zero emissions, but many governments still remain committed...

Pollution

Canadian Carbon Tech Startup attracts US Interest Post-Trump

After Donald Trump was elected, a Canadian startup has reported an increase in inquiries from U.S. firms. Deep Sky, a startup, recently finished construction of its "Alpha Direct Air Capture" test ground, in Alberta. It will allow 10 companies to fine-tune and deploy technologies as they work towards developing commercial-scale plants. Deep Sky CEO Alex Petre stated that due to the Trump administration’s decreased focus on climate and uncertainty regarding the future funding support of DAC technology in the U.S., Deep Sky has received more inquiries from U.S. carbon tech developers than they expected. She said that the changes south...

Power Markets

Fuel producers can challenge California emission standards in US Supreme Court

The U.S. Supreme Court agreed on Friday that the legal challenge against California's vehicle emission standards and electric cars, under a federal law on air pollution, should not have been dismissed. In a 7-2 decision, the justices overturned a lower-court's dismissal of a lawsuit filed by a Valero Energy affiliate and groups from the fuel industry. The lower court concluded that plaintiffs did not have the legal standing required to challenge the 2022 U.S. Environmental Protection Agency's decision to allow California to set its own regulation. The majority wrote: "The government cannot target an industry or business through a stringent,...

Europe

Environment

Daimler Volvo and other truck manufacturers sue California for blocking emissions regulations

Four major truckmakers including Daimler, Volvo and others sued California in order to prevent the state from enforcing the strict emission standards that U.S. president Donald Trump declared null in June. Daimler Volvo Paccar and International Motors, formerly Navistar said that they were "caught in crossfire" when Trump revoked waivers granted during the Biden Administration which allowed California to set its own standards. In a Monday complaint, truckmakers claimed that Trump's decision to revoke the U.S. Environmental Protection Agency's approval of California’s plan to increase zero-emissions heavy-duty trucks sales and reduce nitrogen dioxide emissions preempted state enforcement. The truckmakers said...

Energy Markets

Standard Chartered signs deal with Brazilian forest credit authority

Standard Chartered will sell millions of credits to protect the Amazon rainforest for the Brazilian state Acre, as part of its efforts to expand the carbon credit business and build trust in a nascent industry. Standard Chartered said that its agreement with Acre to sell exclusively forest carbon credits over a five-year period is the first time a major international financial institution has worked in such a way to support the conservation of forests. The involvement of the bank could give legitimacy to a market that has been struggling in recent months, after Brazilian prosecutors sought to cancel a similar...

Climate Change

German cabinet approves bill for carbon storage infrastructure

The German cabinet approved Wednesday reforms that will accelerate the development and deployment of infrastructure to capture carbon dioxide. Berlin is aiming to be carbon neutral by 2045, while maintaining its difficult-to-decarbonise sectors. Carbon capture and Storage (CCS) is the process of removing carbon dioxide from the air that has been produced by industrial processes. It can also capture it at the source and store it underground. If individual federal states permit it, industries that are difficult to decarbonise like cement and lime production or gas power plants can store CO2 in the oceans, beneath the seabed, or on land....

Western Europe

East Asia

Renewable Energy

Japan announces two offshore wind auction sites in Hokkaido

Japan's land and industry ministers designated Matsumae, and Hiyama areas, off the northern island Hokkaido as promotion zones for offshore wind auctions. The goal is to boost the country's goals of renewable energy. In a joint announcement, the Ministry of Land, Infrastructure, Transport and Tourism and the Ministry of Economy, Trade and Industry announced that the government would develop guidelines for using the zones and hold a public auction to select operators for energy project. The next auction date was not provided. By 2040, Japan wants to reach 45 gigawatts in offshore wind power, which will help reduce the country's...

Environment

BHP and CATL work together to reduce emissions by using more batteries

BHP, the world's largest listed miner, announced on Monday that it had signed preliminary agreements with China's battery giants CATL & BYD in order to explore battery options for mining equipment & transport across all its global operations. The companies will research and develop joint battery solutions for heavy equipment, such as locomotives and mining trucks. BHP's Western Australian operations transport millions of tons iron ore from mine sites all the way to the coast. Both companies will be involved in the study of battery recycling and fast charging infrastructure. The new products could also be a model for reducing...

Carbon Emissions

Australia PM promotes green steel when iron ore miner meets Chinese steelmakers

Australia and China need to work together more closely on green steel, said Anthony Albanese, the Prime Minister of Australia, in Shanghai, on Monday. He also called for China, the world's biggest steelmaker, to reduce its excess production capacity. China depends on Australia for two-thirds or its iron ore consumption by its massive steel industry. This trade will bring Canberra A$105 Billion ($68.90 Billion) in this financial year according to the most recent government estimates. Decarbonisation, which requires higher-grade iron ore from countries such as Guinea and Brazil, puts this trade at risk for Australia. Green steel is metal that's...

Climate Change

HSBC has joined US banks in quitting the Climate Coalition

HSBC, the British bank, joined major U.S. banks in leaving the climate coalition as the ambitions of some governments to achieve net zero dwindled. HSBC stated that while it acknowledged the role played in the development of guiding frameworks for banks to set emission-reduction goals by the Net Zero Banking Alliance (NZBA), the foundation had now been established and the bank decided to withdraw as it prepared to update its net zero transition plan. "We are resolutely committed to supporting our clients in achieving their transition goals and making progress toward our Net Zero by 2050 goal," said an HSBC...

Environment

Brazil's Piaui State plans to use carbon credits for rainforest protection

It was announced on Tuesday that the Brazilian state of Piaui would issue carbon credits as a reward for actions taken to combat deforestation. This will give momentum to other regional initiatives to protect the country's forest. Brazil wants to keep its ambitions in reducing emissions, as it prepares for the next round of climate talks to be held in the Amazonian town of Belem this November. Piaui, unlike traditional forest protection plans proposed by private landowners and involving government and local communities, is focused on public sector efforts. These efforts cover a larger area and are aimed at avoiding...

Environment

EU delays signing climate pledge with China, FT reports

A top climate official said in comments published by the Financial Times on Monday that the European Union will not sign a joint climate pledge with China during a summit to celebrate a half-century diplomatic relationship. EU climate targets are some of the most ambitious in the world, but have always been based on domestic emission reductions. The bloc has a deadline of mid-September to submit to the UN a new climate target for 2035. Officials from the EU said that Brussels refused Beijing's repeated demands for a climate agreement after the summit between the second and third largest economies...

Environment

EU delays signing climate pledge with China, FT reports

A top climate official said in comments published by the Financial Times on Monday that the European Union will not sign a joint climate pledge with China during a summit to celebrate a half-century diplomatic relationship. EU climate targets are some of the most ambitious in the world, but have always been based on domestic emission reductions. It faces a deadline of mid-September to submit to the United Nations a new climate target for 2035. Officials from the EU said that Brussels refused Beijing's repeated demands for a climate agreement after the summit between the second and third largest economies...

Environment

German nuclear fusion company Proxima raises development funding of 130 million Euros

Proxima Fusion is a Munich-based company that specializes in nuclear fusion technologies. It announced on Wednesday that it had raised 130 million Euros ($148.8 Million) to move it closer to its goal to develop a novel power station. Why does it matter? Around the world, dozens are exploring nuclear-fusion technology, which is a newer form of energy generation that harnesses the same intense process that powers our sun. There is fierce competition between private and public companies, governments of European countries, United States, and China and technology options such as Plasma confinement used by Proxima or lasers. The new conservative...

Refined Products

US to declare Biden fuel efficiency rules beyond legal authority

Automakers said that the U.S. Transportation Department will declare that the fuel economy regulations issued by then-President Joe Biden, which included electric vehicles when setting the rules exceeded the legal authority of the government. Sean Duffy, Transportation Secretary, said that the National Highway Traffic Safety Administration of the Department submitted to the White House on Friday its interpretive rule "Resetting Corporate Average Fuel Economy Program". He said that the previous administration "illegally" used CAFE standards to impose a mandate for electric vehicles, which drove up car prices. The reduction in fuel efficiency requirements could be achieved by removing EVs as...

Pollution

EU legislators set to accelerate softer CO2 emissions targets for cars

The European Parliament has cleared the way for a rapid approval of EU CO2 emission targets for cars and vans, which will give automakers more time and reduce potential fines. European automakers warned that failing to meet existing targets this year could lead to fines up to 15 billion euro ($17.0 billion), as the goals depend on selling more electric cars, a segment in which they are behind their Chinese and U.S. competitors. After heavy lobbying by automakers, the European Commission has proposed that they meet their targets using the average emissions for the period of 2025-2027 rather than this...

Oil & Gas

Republican lawmakers are faced with a clean-energy dilemma as they work on a tax bill

Republican lawmakers who are working to extend President Donald Trump’s tax cut legislation face a clean-energy dilemma at home. Major clean energy investments are being made in their districts, but Trump’s skepticism about the industry is at odds. The Ways & Means committee of the House of Representatives, which is responsible for drafting the tax legislation to extend the 2017 tax cuts, has 11 Republicans who represent regions that have seen green energy investments of hundreds of millions or billions of dollars over the past few years. Clean energy investments boomed after former President Joe Biden's Inflation Reduction Act passed...

Mining

Stellantis Chairman: US tariffs and EU rules put auto industry at risk

John Elkann, Chairman of Stellantis, said on Tuesday that the U.S. Tariffs and strict European Union emission standards put automakers in danger at a time they are facing increased competition from China. Elkann, at a shareholder's meeting, said that the American and European auto industries were at risk due to the current course of tariffs and regulations. He said: "That would be tragic as the car industry is a source for jobs, innovation, and strong communities." Elkann is leading the group as it searches for a new chief executive officer after Carlos Tavares departed late last year. He said that...