Latest News
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Three clean cookstoves approved by the Global Carbon Offset Standard
The global standard-setter for voluntary carbon projects approved three new methods to reduce emissions through the use of cleaner fuels in household cookstoves. This is to increase buyer confidence in credits generated. Carbon trading is a way that richer countries can meet their emission reduction targets while also helping the poorer countries transition to greener energy. Ecosystems Market data shows that the global voluntary carbon market is expected to be worth $723 million by 2023. Cookstove advocates say that in addition to reducing emissions caused by burning kerosene and coal for cooking food, these projects also benefit households' health because they reduce exposure to air pollutants. Critics have said that these programmes overestimate their benefits in terms of emission reduction and their use. Integrity Council for the Voluntary Carbon Market, an independent governance organization, is working to address concerns through the Core Carbon Principles (CCP) and assessing the validity for carbon offset projects. The clean cookstove method approved by the EPA requires a more rigorous approach for determining the baseline fuel to be replaced and monitoring usage. It said that this would reduce the risk of excessive credit. This will give communities the confidence they need to invest in these projects and deliver the social, environmental, and health benefits that they offer. Amy Merrill is the CEO of ICVCM. ICVCM stated that there are a number of projects in its pipeline, and it is expecting to update their methods so they can meet the new criteria. This could result in hundreds of thousands credits being issued this year. The ICVCM approved a household bio-digester, a sealed container that is designed to convert household waste like food scraps into usable cooking fuel. (Reporting and editing by Louise Heavens, Susanna Twiddale)
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Italian and Norwegian Associations Deepen Offshore Wind Ties
Norway’s offshore wind association Norwegian Offshore Wind has signed a memorandum of understanding (MoU) with ANEV, the Italian National Wind Association to increase offshore wind cooperation.The signing of the MoU sets a framework for extensive cooperation between the two organizations and is a natural next step for the offshore wind cooperation between these two markets.The MoU covers cooperation in areas such as offshore wind, and power-to-x and energy storage from offshore wind.Envisaged activities are conferences, workshops, market visits and networking activities for the companies in the two organizations.“The Italian offshore wind market is attractive for our member companies, with a strong pipeline of floating offshore wind projects, an offtake model ready to be implemented into auctions this year and strong regional supply chains,” said Saverio Ventrelli, leader of the Working Group for Italy in Norwegian Offshore Wind.“ANEV is fruitfully working with Italian companies and policy makers to make the most of the potential of offshore wind for the decarbonisation and energy independence of our country, and the signing of this MoU represents an important opportunity for Italian and Norwegian companies to work synergistically to achieve these goals,” added Davide Astiaso Garcia, Secretary General of ANEV.
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UK to Revise Windfall Oil and Gas Tax
Britain plans to overhaul its windfall tax regime on oil and gas producers once current levies run out in 2030, it said on Wednesday as it vowed to transform the North Sea into a renewables hub.The government is asking industry players and others to provide feedback until May 28 on policy options including taxing what it calls "excess revenue". It did not announce specific price thresholds in this consultation.Any new regime would likely apply to the price producers receive after the use of financial products commonly employed to shield them from price fluctuations, according to the consultation document.In October, Britain's Labour government upped its windfall tax on oil and gas producers to 38% from 35% and extended the levy by a year to March 2030, bringing the headline tax rate on the sector to 78%, among the highest in the world.A 25% windfall tax was first introduced by the previous Conservative government in May 2022 in the wake of soaring energy prices following Russia's invasion of Ukraine. The tax was subsequently increased to 35% in November 2022, and extended by one year in March 2024.Oil and gas producers have argued that the windfall levy has hit profits and brought uncertainty over investments, hastening an already advanced decline of oil and gas output in the British North Sea.Energy minister Ed Miliband said that oil and gas production would continue to play an important role in the energy mix, and the government was committed to maintaining existing fields for their lifetime.Wednesday's plans reiterate the government's intention not to allow any new oil and gas licenses.Alongside oil and gas production, the government also wants to ensure that clean energy sources such as hydrogen, carbon capture and wind start to thrive, creating new jobs.(Reuters - Reporting by Muvija M, Sam Tabahriti, Shadia Nasralla; Writing by Shadia Nasralla and Sarah Young; Editing by Sachin Ravikumar and Christina Fincher)
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The biggest weekly oil drop since October due to tariff uncertainty and supply gains
The oil price was little changed on Friday, but is set to have its biggest weekly drop since October due to the uncertainty surrounding U.S. Tariff policy creating concern about the growth of demand at the same time that major producers are planning to increase their output. Brent futures were up 17 cents or 0.24% to $69.63 per barrel at 0315 GMT. U.S. West Texas Intermediate Futures rose 12 Cents, or 0.1%, to $66.48 per barrel. Brent, however, is set to drop 4.9% this week, its largest weekly decline since October 14. WTI will also drop by 4.8% this week, which is its largest weekly decline since the week of October 14. The U.S. trade policy, which is the largest oil consumer in the world, has caused a whipsawing effect on the oil markets. Vandana Insights, a provider of oil market analyses, said: "It appears that the financial markets have entered a panic mode. They are no longer easily calmed by Trump's postponements for one month and exemptions from import tariffs." She added, "Crude is now stuck at four-month lows. It's vulnerable to further declines." The U.S. president Donald Trump has suspended 25% tariffs on the majority of goods imported from Canada and Mexico, until April 2. However, steel and aluminum tariffs will still be in effect as planned on March 12. The amended order doesn't cover all Canadian energy products. These are subject to a separate 10% tax. Tariffs are seen as a hindrance to economic growth, and by extension the growth of oil demand. The uncertainty surrounding the policy also impacts the economy. The BMI research unit of Fitch said that the risks for oil prices are still to the downside, as new supply from OPEC+ producers and non-OPEC ones is expected to push the markets well into oversupply. Brent prices fell on Wednesday to their lowest level since December 2021, after U.S. crude stocks rose, and following the Organization of the Petroleum Exporting Countries (OPEC+) decision to increase its output quotas. The group announced on Monday it would proceed with its planned increase in April production, which will add 138,000 barrels of oil per day to market. As the U.S. considers steps to halt Iran's exports, some of the downward pressure on prices has ebbed. In his first major address to Wall Street executives, U.S. Treasury secretary Scott Bessent stated that "we are going to shut Iran's oil industry and drone manufacturing capability." Sources told Reuters on Thursday that Trump was considering a plan for inspecting Iranian oil tanks at sea, using an agreement aimed at weapons or mass destruction. This is part of his "maximum" pressure to reduce Iranian oil exports to zero. (Reporting and editing by Christian Schmollinger, Sonali Paul and Mohi Nrayan)
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Couche-Tard considers selling US stores if a deal is struck with Seven & i
Alimentation Couche-Tard, a Canadian company, said that it was in exploratory discussions with third parties regarding a possible sale of U.S.-based stores. This would allow it to gain regulatory approval if it were to reach a deal for the takeover of Japan's Seven & i Holdings. Circle-K, the operator that has bid $47 billion to buy 7-Eleven, has said that it has identified an American portfolio and is currently in discussions to "identify potential acquirers". A spokesperson for Couche-Tard said, "We are committed to working with 7&i to obtain regulatory approvals. We have presented a strong proposal to 7&i to demonstrate our commitment." Seven & i opposes the bid, claiming that U.S. Antitrust Law would make a deal impossible. Both companies have about 20,000 convenience stores between them. Seven & i appointed its first non-American CEO on Thursday and gave him the job of reorganizing the company to fend the bid. Stephen Dacus, the new chief executive, said that he spoke with Couche-Tard on that particular day. He added that the talks would continue. However, there were significant regulatory obstacles, especially in the United States, that stood in the merger's way.
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Iron ore prices rise, but a weekly loss is expected due to tariff issues
Dalian iron ore prices rose on Friday, ending a nine session losing streak. However, they were still set to fall by a significant amount each week, due to reports of a reduction in steel production in China, and a escalating trade war between Washington DC and Beijing. By 0302 GMT, the most traded May iron ore contract at China's Dalian Commodity Exchange rose 0.65% to 777.50 yuan ($107.28). The contract is down 3.12% this week. The benchmark iron ore for April on the Singapore Exchange is 0.14% higher, at $100.5 per ton. This week it has lost 1.89%. Analysts at ANZ said that Beijing's efforts in supporting economic growth had boosted sentiment on commodity markets. China announced more fiscal stimuli on Wednesday and promised to increase efforts to boost consumption and domestic demand. Chinese officials left the door wide open on Thursday to add more stimulus measures to those announced this week at the annual parliament meeting, if economic growth falters. Washington increased tariffs on Chinese products by 20%, and Beijing retaliated with a 10% increase. Hexun Futures said that the steel production cutbacks in China could increase iron ore supplies, increasing pressure on ore price. China will restructure the giant steel industry by cutting output, despite not announcing any targets in its latest intervention to reduce overcapacity. Hexun, in a separate report, citing the China Iron and Steel Association, said that despite this, steel daily production increased by 13% month-on-month in February. Crude steel output also increased 5%. Coking coal and coke, two other steelmaking ingredients, rose on the DCE, by 1.88% and 1.00 %, respectively. The benchmarks for steel on the Shanghai Futures Exchange were flat. The Shanghai Futures Exchange traded sideways.
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China's coal exports increase in January and February despite the risks to outlook
China's coal exports increased 2.1% in the past year, according to official data released on Friday. The import arbitrage was still open, despite the risks that could affect the outlook of imports. China releases data for both months together to reduce the impact of Lunar New Year which can fall in either month. Data from the General Administration of Customs shows that imports from January to February were 76.12 millions metric tons. This is up from 74.52million tons the previous year. Two major industry groups last week called for limits on coal imports from China, especially low-quality coals, due to an oversupplied marketplace. A warm and unseasonably dry winter has affected both the demand for coal as well as domestic prices. Shenhua, a major coal miner, also suspended its spot imports in order to protect domestic sales from port stocks. The plan of Indonesia, a major supplier, to begin using its government-set benchmark prices for international transactions on March 1 will create uncertainty for buyers and could cause further imports this month. Analysts at Guosheng Securities stated in a report that the requirement to use government index – which ranges between $1.5 and $14 higher than the ICI index based on the grade coal – is expected to raise the cost of China’s coal imports. In a recent note, LSEG analysts stated that this will likely reduce China's coal demand and lead buyers to switch to domestic coal. Analysts at the China Coal Transportation and Distribution Association predict that imports of coal will drop by 1.9% this year to 525 millions tons, down from a record high in 2024. Guosheng Securities reported that thermal coal imports fell even more dramatically, falling 4.9% to 385 millions tons due to a weaker yuan as well as a narrowing of import arbitrage. China has also imposed 15% tariffs on U.S. imports of coal as tensions in trade between the two largest economies increase. Analysts say that shipments from the U.S. make up only a small part of imports, and could be replaced by other foreign suppliers. According to the Statistics Bureau, China's coal consumption will increase by 1.7% annually in 2024. (Reporting and editing by Christopher Cushing; Colleen howe)
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Weather-related disruptions in Australia have affected iron ore supplies to China for January and February.
China's imports of iron ore in the first half of 2025 dropped by 8.4% compared to the same period last year, due to weather-related disruptions in Australia, a major producer. Customs data released on Friday showed that the world's largest consumer of iron ore imported 191 million metric tonnes during January and February. This number equates to an average monthly of 95.5 millions tons. This compares to 112,49 million tons for December and 103.2 million tonnes in 2024. China combines data on imports for January and for February in order to reduce the impact of the Lunar New Year, which is a week-long holiday that changes every year. Analyst Shan Peng of trading company China Base Ningbo Group said that the annual drop is due to weather-related disruptions in Australia and Brazil, two major suppliers. The cyclone Zelia - the worst cyclone to hit Western Australia since April 2023 - has forced the suspension of operations at the major iron ore hubs in the state, Port Hedland & Dampier. Rio Tinto, world's biggest iron ore producer expects to lose 13 million tons from the cyclones which have affected Australia's westcoast and disrupted ore shipments in this year. (Reporting and editing by Amy Lv, Lewis Jackson)
Singapore to impose green fuel levy on flights from 2026
Travellers will need to pay of the shift towards green jet fuel, Singapore's transportation minister said as he announced the city state's prepare for a levy on flight ticket rates as the air travel industry seeks a practical funding design.
The plans revealed at an industry top on the eve of the Singapore Airshow go for all leaving flights to utilize 1%. sustainable air travel fuel (SAF) from 2026, rising to 3-5% by. 2030, based on international developments and the broader availability. and adoption of SAF.
It will injure our air center and our economy, and raise the. expense of travel for travelers if we are excessively enthusiastic with. our sustainability goals, Transport Minister Chee Hong Tat stated. of the requirement for modest targets at first.
Air travel produces about 2% of the world's emissions but is. considered one of the hardest sectors to decarbonise.
European regulators have been the most active in trying to. increase using SAF, presenting guidelines that require airline companies to. fulfill minimum requirements for its use. Fuel suppliers are. required to ensure 2% of fuel at EU airports is SAF by 2025,. increasing to 6% in 2030 and 70% in 2050.
Under the European model, the carrier spends for the combined. fuel and chooses whether the expense will be handed down to. travelers in ticket costs.
Singapore's levy will vary based upon elements such as the. flight range and travel class.
For instance, in 2026 the rate of economy class tickets on. direct flights from Singapore to Bangkok, Tokyo and London will. rise by an approximated S$ 3 ($ 2.23), S$ 6 and S$ 16 respectively. to pay for the SAF, said the Civil Air travel Authority of. Singapore, which developed the strategy in assessment with. industry and other stakeholders.
However if SAF prices rise throughout the year, Singapore will. not have raised sufficient cash from the levy - the level of which. is set at the start of the year - to fund the full 1% and it. might miss target, Tat said.
SAF, which can be made synthetically or from biological. materials such as used cooking oil or wood chips, presently. represent 0.2% of the jet fuel market and costs up to 5. times more than traditional jet fuel.
A huge obstacle that is contributing to the high costs is. really protecting bio-derived feed, said Ong Shwu Hoon, Asia. Pacific fuels vice president at ExxonMobil Asia Pacific.
HIGH COSTS
Singapore's only present SAF manufacturer, Neste, has. capacity of up to 1 million metric tons of the fuel annually at. the Singapore refinery that began operations last year, a. company representative said. That is more than 10 times the. volume required to the reach the 2026 target.
Neste produced 251,000 tons of SAF worldwide in 2023, its. latest monetary report said.
The air travel industry says SAF use needs to increase to 65% by. 2050 as part of plans to reach net no emissions already,. though that will require an estimated $1.45 trillion to $3.2. trillion of capital spending.
There will be a cost connected with transitioning to web. no. And ultimately that cost will need to be reflected in the. ticket rates that we charge our consumers, which will have a. dampening impact on the level of development, IATA Director General. Willie Walsh stated at the Singapore summit.
IATA, which represents about 320 airlines, approximates that. the international airline market will grow at about 3.3% annually. over the next 20 years, substantially lower than in between 2010. and 2019, due to the fact that of ecological challenges and supply chain. issues, Walsh stated.
Walsh likewise stated that taxation to spend for air travel. sustainability measures might not decrease the variety of flights. but could price some people out of flying and lead to empty. seats, which is bad for the environment.
It's got to be a conversation: economics and practicality, and. environment sustainability, Walsh said.
Luis Felipe de Oliveira, director general of Airports. Council International, stated governments require to purchase new. SAF refineries to assist bring down the expense.
The solution is not capability restrictions, the solution is. not tax; the service is finding ways that you can work. together to increase production that will then be used by the. airlines in the system, he stated.
Sustainability will be a key style at the Singapore Airshow,. which opens on Tuesday.
During the program, Airbus will fly its A350-1000. widebody airplane with a 35% blend of SAF provided by Shell. Aviation and made with cooking oil and tallow.
Singapore Airlines' Chief Sustainability Officer,. Lee Wen Fen, stated that using contemporary airplanes to replace older. jets that use more fuel is the most efficient choice while the. market waits on SAF production to ramp up. ($ 1 = 1.3446 Singapore dollars)
(source: Reuters)