Latest News
-
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 report is expected to cast doubt on the scientific evidence used to reach the conclusion. The summary states that "We propose as an alternative to rescinding the Administrator's conclusions because the EPA analyzed the scientific records in a way that was unreasonable and because recent developments have cast serious doubts on the reliability" of the findings. In its landmark Massachusetts v. EPA decision in 2007, the U.S. Supreme Court said that the EPA had authority under the Clean Air Act, to regulate greenhouse gases emissions. The court also required the agency make a scientific determination on whether these emissions endanger the public's health. In 2009, under the former president Barack Obama, the EPA issued a conclusion that emissions from motor vehicles contributed to pollution and endangered public health and welfare. The EPA's findings were upheld by several legal challenges, and they influenced subsequent greenhouse gas regulations. In the summary, it is also stated that the rationale for the repeal of the vehicle standards was that the technology required to reduce emissions could cause greater harm to the public's health and welfare. The administration of former President Joe Biden said that the standards would increase upfront vehicle prices, but save consumers money over time after taking into account lower fuel costs. According to a source who requested anonymity, the agency will announce its proposal in the next few days. The EPA announced that it sent its proposal for reconsidering the endangerment findings to the White House on June 30, for review. The agency announced that the proposal would be made public for public comment and notice once it had been reviewed by all agencies and signed by the administrator. The agency has not commented on the tailpipe regulations. The rescinding all vehicle emissions standards is the latest – and most comprehensive – attempt to end EPA tailpipe regulations that were predicted to reduce greenhouse gas emission by 49% in 2032 compared to 2026 levels. According to EPA statistics, 29% of U.S. emissions are from the transportation industry. To meet the requirement, the EPA predicts that between 35 and 56 percent of all vehicles sold between 2030 and 2032 will be EVs. The Trump administration has adopted a multi-pronged strategy to undo rules that were designed to increase vehicle efficiency, reduce fuel consumption and promote electric vehicles. This includes ending the $7.500 new EV credit and $4,000 for used EVs on September 30. It has also frozen billions in funding to states to support EV charging. According to legislation signed by Donald Trump in early August, automakers will not be fined for failing to meet fuel-efficiency standards dating back to 2022. In 2018, Chrysler's parent company Stellantis, which is owned by Chrysler, paid nearly $400 million in penalties between 2016 and 2019. GM paid $128.2 millions in penalties between 2016 and 2017. In June, Trump approved three congressional resolutions that barred California's mandates for electric vehicle sales and diesel engine regulations. Trump has approved a resolution that will bar California's historic plan to stop the sale of gasoline only vehicles by 2035. This plan was adopted by 11 states, representing one third of the U.S. automobile market. California has filed a lawsuit to reverse the repeal. (Reporting and editing by David Gregorio, Valerie Volcovici, and David Shepardson)
-
Kew Gardens in London opens carbon garden to highlight the climate crisis
Kew Gardens in London will unveil a new garden devoted to carbon. The garden will not only highlight the importance of carbon in maintaining life but will also examine the role carbon dioxide plays in the current climate crisis, and how plants are able to combat it. The Carbon Garden, a permanent feature at the Botanical Gardens, will include 6,500 plants and 35 new trees, as well as a central structure inspired by fungi. It was first opened in 1759, and is now a UNESCO World Heritage Site. Richard Wilford, manager of garden design for Royal Botanic Gardens Kew, said, "The garden is intended to demonstrate the importance of carbon while also warning about the harm caused by increased carbon dioxide emissions." The year 2024 has been the hottest ever recorded, with global CO2 emissions from the energy industry reaching a record-high. The area will also feature signs that explain concepts like photosynthesis, a process in which plants convert carbon dioxide into organic material. It will also include a "dry garden" filled with plants such as the lavender, which can withstand heat. The garden was built by Wilford and his team in four years. It includes trees that were chosen for their ability to absorb CO2 and their resistance to future climate projections. Amanda Cooper, a PhD researcher who advised on the garden, suggested that planting more trees of this type would help combat climate change. Cooper stated that "by reestablishing woodlands and stopping deforestation we can hopefully reduce the amount of carbon dioxide being released into the atmosphere." It's still not enough because our factories and cars emit fossil fuel emissions. It's still a good start. (Written by Sachin Ravikumar, edited by Toby Chopra).
-
Peru seizes four tons of black-market mercury destined for illegal gold mines
The Peruvian authorities stopped a shipment of four metric tonnes of mercury heading to Bolivia, allegedly for use in illegal gold-mining. This is the latest indication of the growing black market to meet the soaring demand of the precious metal. The container was passed off as crushed rock. However, the customs agency in Peru, SUNAT, said that an analysis revealed it to be laced with toxic mercury. In a press release, SUNAT stated that "we could determine that the mercury was being shipped in its natural form, concealed in shipments of crushed gravel." It was discovered at the Callao Port and it came from Mexico. According to an analysis of previous seizures conducted by the Environmental Investigation Agency, a Washington advocacy non-profit, the seizure is the largest ever recorded in the Amazon region where illegal gold mining has been widespread. According to the EIA, until now, the largest known shipment of gold in the region was about half its size. Gold prices have been soaring in recent months due to global trade uncertainty, which has made gold a particularly attractive investment. Gold prices have risen 28.5% this year, and reached a record-high of $3.500 per troy inch in April. Gold fever has caused deadly clashes in West Africa and Peru. The EIA alerted Peruvian officials to the shipment when it was researching illicit mercury shipments to Bolivia, Colombia, and Peru where miners used mercury to leach out gold from the sediment of the Amazon Riverbanks. The report said that higher mercury prices are driving illegal mercury production, and a spike has been seen in Mexico since the beginning of this year when traffickers paid an all-time high price per kilogram. The EIA released a report on Thursday that stated, "According the traffickers, the gold miners demand for mercury drove the sophisticated operation. It made it profitable." The investigation revealed that 200 tons were smuggled between April 2019 and 2025 from Mexico into Bolivia, Colombia, and Peru, resulting in an estimated $8 billion worth of illegal gold. Officials in Peru did not discuss the role played by the EIA when the contaminated gravel was discovered from Mexico. Reporting by Marco Aquino and Daina Beth Solon in Lima; Additional reporting by Polina Devtt; Editing done by Les Adler
-
Sources say that the US is considering limiting authorizations to oil companies in Venezuela
Four sources familiar with the situation said that the U.S. administration of President Donald Trump is in talks with key partners, including Chevron, of Venezuela's PDVSA state-run oil company, to allow them to continue to operate within certain limits, in the sanctioned OPEC nation. The Washington pressure strategy adopted earlier in the year would be radically altered if Chevron and perhaps also PDVSA's European Partners were granted authorizations. In a statement, a senior State Department official stated that they couldn't speak about specific licenses granted to PDVSA partners. However, the U.S. wouldn't allow the government of President Nicolas Maduro to profit from oil sales. Two sources stated that the U.S. may now allow energy companies to pay contractors for oilfields and import necessary items to ensure operational continuity. A spokesperson for the company said that Chevron conducted its global business in compliance with the laws and regulations applicable in its industry, as well as sanctions frameworks set up by the U.S. Government, including Venezuela. These discussions are in response to a prisoner exchange that took place this month. Washington accused the socialist government of Nicolas Maduro's of violating democratic standards. Trump announced in February the cancellation of several energy licenses in Venezuela including Chevron’s and gave a deadline of late May for all transactions to be completed. Two sources said that the U.S. State Department imposed conditions on any modifications to authorizations this time, as it had done in May, when Grenell, a special presidential envoy, tried to extend licenses. This was to ensure no money reaches Maduro’s coffers. The Secretary of State Marco Rubio may decide to change the scope or ban the action at any time. Reporting by Marianna Pararaga and Timothy Gardner in Washington and Matt Spetalnick and Sheila Dang in Houston.
-
Canada's First Quantum explores gold prepayment deal with Zambian mines
First Quantum Minerals, a Canadian mining company, is looking at a gold prepayment deal to boost its balance, according to CFO Ryan MacWilliam, who spoke to analysts on Thursday. The company is also exploring other options for raising funds, beyond selling a stake. Last year, the company explored a minority stake sales of its two Zambian mining operations. First Quantum announced on Thursday that while a stake sale was not off the table it would be looking at gold streaming deals for its Kansanshi Mine in Zambia. MacWilliam, speaking on an analyst conference call to discuss the company's quarter results, said: "We have seen record high gold price, which means that the gold prepayment or streaming market has been strong. It is an active market and it gives a variety options from a monetary perspective." A gold stream is a type of financing that a company offers to a miner as a way to finance future production. This is usually done at a fixed price. The shares of First Quantum rose 1% at the Toronto Stock Exchange last week. First Quantum's two mines in Zambia will be crucial assets after its Cobre Panama copper mining shuts down in 2023 due to a dispute between the Panamanian government and the company. The company stated that it is in active discussion with Panamanian officials for a possible resolution. Panama's highest court closed the mine following large protests. After months of negotiation, Panama President Jose Mulino granted the company permission to export copper concentrator from the mine, which was mined prior to the previous government ordering the shutdown. First Quantum has revealed that it spends $15 million a month on maintenance and care of the Cobre Panama Mine. This figure is expected to rise to $17 to $18 millions by the end this year. RBC Capital Markets reports that the company had $745 million of cash at the end the first quarter and $6.2 billion of debt. This compares to $751 millions of cash and $6.65 billion of debt in the same quarter in 2025. (Divyarajagopal, Toronto; editing by Nia William)
-
EDF reports 17% decline in first-half profits due to low power prices
EDF, France's nuclear energy company, reported a 17% decline in its core profit for the first half of this year on Thursday. Low European power prices had eroded earnings due to higher nuclear output. The utility reported earnings before interest taxes, depreciation, and amortization (EBITDA) of 15.5 billion euro ($18.24billion) for the six-month period ending June, down from 18.7billion a year ago. The net debt was 50 billion euros at the end last year, a decrease from 54.3 billion euro at the same time. As it prepares for the construction of six new nuclear reactors in the next 15 months, Europe's largest nuclear power producer is impacted by low power prices. Prices continue to fall from the highs reached in 2022 and 203, as a result of a weakening industrial demand and boosted renewable energy production. The prices are now below what France's energy regulator estimates it costs to operate a nuclear power plant. EDF warned that the price declines would cause its EBITDA to fall by up to 9 billion euro this year. The CEO Bernard Fontana said that the company would provide a cost estimation for the new plants before the end of the year. A final investment decision will be made in the second half 2026. EDF said in a press release that the financing costs had been "under control" with the new bond issues worth around 7,4 billion euros, and a decrease in short-term interest rates.
-
The EU's deforestation regulations could bankrupt small cocoa producers in Ivory Coast
The small players in the cocoa industry of Ivory Coast fear that they will be forced out of business by the costs of complying with the new European Union regulations regarding the importation of commodities related to deforestation. Companies importing cocoa, coffee, soy and beef must prove that their supply chain does not contribute to deforestation. Otherwise, they will be fined. Ivory Coast, in order to comply with the regulations has chosen a digitalised system for sales and purchases to facilitate verification. Cooperatives and small exporters in the West are worried that they won't be able compete with multinational companies who have more financial and human resources and can handle additional costs and workload. Two sources from the Ivory Coast Coffee and Cocoa Council regulator stated that 900,000 of the 1 million cocoa growers had received their digital cards. These cards will also be used as bank cards. Exporters will pay farmers via mobile money operators after buyers or cooperatives have delivered their beans to port - effectively eliminating the cash payments that are usually made to middlemen. One source said that the card would guarantee 100% traceability for Ivorian Cocoa. Second source: The new system will be implemented and mandatory as of October 1, according to the second source. It was first tested with a small sample of exporters, producers and cooperatives. After complaints from trading partners and criticism by the industry, the EU delayed the implementation of the law for a full year to December 2025. The director of a trading company in Ivory Coast, who is worried about going bankrupt, said: "Compliance to the regulations requires investments that we can't make." According to the president of an export co-op, multinationals plan to spend 200 CFA Francs ($0.3604) for each kilogram in order to comply with these regulations - which is a cost that cooperatives cannot bear. Cocoa players warn that the new rules could kill local exporters or cooperatives if Ivory Coast government does not protect them. "We do not oppose traceability or sustainability. We are not against traceability and sustainability, but we do criticize the fact that the EU protects only its own industries and citizens and does not protect those of other nations. This regulation will kill local business, says the director of an Ivorian Export company. Director of another cocoa co-op: "If we do not get government help, in two years there will be no local exporters or cooperatives left." "We'll all disappear." They did not want to be identified for fear of being threatened or facing pressure. ($1 = 555.000 CFA Francs) (Reporting and writing by Ange Aboua, Editing by Alison Williams).
-
Six students die in China mine accident
According to a filing made on Thursday by the Shanghai Stock Exchange, six university students drowned while visiting a copper-molybdenum mine owned by Zhongjin Gold Corp. in northern China. After protective grates collapsed, students from Northeastern University of Shenyang fell in a flotation chamber - mining equipment that uses liquid to extract copper from crushed ore. According to Zhongjin Gold's filing, which is a subsidiary owned by the state-owned China National Gold Group Co., an injured teacher also suffered injuries in the accident. The company reported that it had activated a plan of emergency and notified the local authorities about the incident. In a second filing to the stock exchange later on Thursday, Zhongjin Gold said that the operator of the mine had halted the production. Zhongjin Gold shares closed Thursday down 4.4%. According to Henan Radio and Television's social media page, a teacher at Northeastern University said that such field trips have been organized for years and this incident was unplanned. The teacher claimed that the university sent staff on the scene to deal with the incident. Reporting by Beijing Newsroom; Editing and rewriting by Raju Gopalakrishnan, Joe Bavier
The prize is worth billions of dollars, but winning it is the key: Russell
Decarbonising steel is one of the biggest challenges to meeting climate goals. However, it could be extremely profitable for those companies and governments willing to take on the risk.
Steel value chain is responsible for 7 to 9% global carbon emissions. It is the biggest industrial contributor, and therefore a primary target for many countries' and companies' goals for net-zero in 2050.
About 80% of the steel emissions are caused by one single process. This is the removal of oxygen and other impurities from iron ore to produce pig iron, or crude iron. The process now requires vast amounts of coal.
While the final steel product will not be emission-free, the carbon intensity can be reduced to about 300 kg (661 pounds) per ton, which is one-seventh the current 2.2 tonnes of emissions.
The bad news is, it will take massive amounts of green energy, coordinated government regulations, and incentives from all countries - from resource producers such as Australia, to steelmakers like China and Japan - in order to adopt these technologies on a large scale.
Australia is the largest iron ore producer in the world, exporting nearly 1 billion metric tonnes a year. Of this, more than 80% go to China, which is the biggest steel maker and importer of the world.
Australia is the world's largest exporter of iron ore and the metallurgical coal that is used to produce steel is also in the top five. This means the country is highly exposed to any shift in global steel production in order to reduce emissions.
The Green Iron and Steel Forum, held in Perth this week, put the importance of a shift to low-emissions steel and the size of the challenge at the forefront.
Australia's exports of iron ore and metallurgical coke are valued at $85 billion each year, while metallurgical coke is worth another $34 billion. However, the value increase that could be achieved by producing green iron to export has been estimated as high as $252 billion per year.
This assumes that most of the iron ore volume is converted to green iron by using hydrogen produced from renewable energy sources such as wind and solar.
The value of green iron, which is 40% of the iron ore production by 2050, would still be around $110 billion annually. To this value you could add the 60% of iron that's still being shipped.
The capital required to build the infrastructure for energy production and processing will be huge, reaching hundreds of billions.
Costs of solar panels and wind turbines will likely continue to fall, particularly if massive quantities are demanded in China, resulting in increased economies of scale.
Investors will still need some degree of certainty before they deploy such large amounts of capital.
COMMITMENTS ARE NEEDED
Steel mills from existing heavyweights such as China, Japan and South Korea must commit to buying green iron.
The steel industry will need to invest in electric arc smelters, which are capable of converting green iron to steel without the use of coal.
Steelmakers will also be required to invest in Australian green-iron plants and share upfront capital costs.
The mining industry is good at shipping and digging iron ore. However, they need to find partners who have expertise in the construction of renewable power plants, hydrogen production plants, and other green technologies to transform this raw ore.
The challenge is to bring all parties together and kick-start a brand new industry using a raw material that is already available.
The governments of Australia and Asia also have a significant role to play.
The production of low-emissions products will be more costly than the high-emissions version.
The experience suggests that consumers will not pay more for low-emissions products. Therefore, the steel industry must either be penalized by carbon taxes or encouraged by subsidies to make the switch.
There are carbon taxes in some Asian countries and incentives for green projects. However, there is still no coordinated regional framework to provide investors with certainty and encourage investment.
The Perth conference revealed that Australia has the technology to go green and is willing to do so.
The switch from the dig-and ship model to beneficiating green iron in Australia will likely be as big a snowball.
The green iron dream looks like a snowball on top of a hill. It needs to gain some initial momentum before it can start rolling downhill.
It will take time for the avalanche to gain speed and size. However, if you can avoid hitting obstacles on the way down the mountain it could turn into an actual avalanche.
These are the views of the columnist, who is also an author. Clarence Fernandez edited this article
(source: Reuters)