Latest News
-
The US has revoked approval for another Massachusetts offshore windfarm
According to a Wednesday court filing, the Trump administration has decided to reconsider federal approval for Avangrid’s proposed New England Wind Project off the coasts of Massachusetts. This legal maneuver is just the latest attempt by U.S. authorities in order to stymie offshore wind energy development, which Trump has described as ugly, expensive, and unreliable. The administration announced last week that it would reconsider its approval of SouthCoast Wind - another Massachusetts project. The Department of Justice announced that they will move to revoke the U.S. Bureau of Ocean Energy Management approval of New England Wind's construction and operation plan by 10 October. The lawsuit was filed in an earlier case brought in the U.S. District Court of District of Columbia in this year by local groups and individuals who were opposed to offshore wind developments. The lawsuit alleges that the government broke federal environmental laws when it approved the project. Avangrid is owned by Spanish energy company Iberdrola The company declined to comment. In 2024, the administration of former president Joe Biden approved New England Wind. Once built, the project was expected to generate enough electricity to power over 900,000 households. The lead plaintiff, ACK for Whales could not be immediately reached for comment. Reporting by Nichola Kroom in Los Angeles, and Laila Kearney from New York. Editing by David Gregorio
-
Guyana's ruling PPP party leads the partial vote tally with upstart WIN coming in second
The election commission of Guyana announced on Wednesday that the ruling People's Progressive Party had won 123,923 total votes in an incomplete tally for general elections. This translates to five districts. The official tallies of four additional districts are still pending. However, the figures look good for President Irfaan Ali who is running for reelection on behalf of the PPP. The partial results showed a shakeup in the opposition of the South American nation. The newcomer We Invest in Nationhood party (WIN), founded only three months ago by Azruddin Mohammed, came in second in the vote count, with 50,829 votes and winning one district. After a campaign focusing on how the hydrocarbon boom in the country should be used, voters chose 65 members of parliament as well as a new government on Monday. Since ExxonMobil began pumping offshore oil late in 2019, Guyana has seen its economy grow at a rate of 7.5 billion dollars. Ali's government that took power in 2020 has spent oil revenues on building roads, hospitals and schools, as well as making studying at the university free. Opposition parties have criticized what they claim is an unfair distribution of oil revenues to groups associated with the PPP. The PPP denies this allegation. The U.S. sanctioned WIN leader Mohamed last year on allegations that he, along with his father Nazar Mohamed defrauded Guyanese tax revenue and bribed officials. They deny all wrongdoing. Mohamed's philanthropy has gained him widespread support from the community, particularly among Indigenous and poor communities. WIN also calls for a fairer housing system and more opportunities for all. Reporting by Kemol Kings Writing by Julia Symmes Cobb
-
Canadian PM claims he had a good conversation with Trump on Monday
Mark Carney, the Canadian Prime Minister, said that on Wednesday he had an extensive and productive discussion with U.S. president Donald Trump about trade issues and many other topics. His remarks are yet another indication of a possible easing in bilateral tensions. Since early this year when Trump imposed tariffs on China, the two sides are locked in a fierce trade war. Tariffs Some imports are eligible for discounts Canada Ottawa retaliated with its own countermeasures. "I spoke with the president last on Monday night. We discussed a variety of topics, including trade and geopolitics. ... Carney told Toronto reporters ahead of a Cabinet meeting that it was a "good conversation". Canada announced last month that they would Remove Many r Trump praised the move to impose retaliatory tariffs on U.S. imports and intensify negotiations. Ottawa has made it clear that they will maintain their position. Tariffs Imports of U.S. autos, steel and aluminum, which the government described as strategic industries. Carney said that a team of senior Canadian officials were in Washington to take part in the latest round of trade talks. He said: "Don't look for immediate white smoke in one of these sectors. But that's what we're talking about, and that's what we'll keep on talking about."
-
Kuwait Finance Minister sees a boost in projects and diversification due to suspension of parliament
Kuwait's acting Finance Minister said that the temporary suspension will allow the government to be more flexible in its decision-making, and also carry out infrastructure projects. This is part of the efforts being made by the government to diversify their economy and implement structural changes. Kuwait's non-oil industry is expected to grow "slightly" by 3.6% in 2024. However, the Acting Minister for Finance Subaih Al-Mukhaizeem stated in his most recent economic report that it will see a stronger growth due to what he called "fiscal consolidate." Kuwait has experienced two decades of political crisis marked by clashes between appointed government and directly elected Parliaments. This resulted in a stalling of economic reforms and a delay to much needed development projects. The Emir, Sheikh Meshal al-Ahmad al-Sabah, dissolved the parliament in May to "review the democratic experience" and assumed its powers. The Kuwaiti government expects the Global Minimum Corporate Tax that came into effect on January 1 to boost growth in non-oil sectors. It also plans a new policy for repricing public services. Al-Mukhaizeem called this tax a "strategic move". The oil revenues were 19.36 billion dinars (about $63.4 billion), which is 87.8% the actual revenues for the fiscal year 2024/2025 ending March 31. However, the budget had a deficit of 1,06 billion dinars. Al-Mukhaizeem stated that "the Kuwaiti economy is still largely dependent on the oil industry", which will account for 43.4% GDP in 2024. The non-oil sectors would make up 56.6% of the GDP.
-
UN committee finds that Portugal withheld information about lithium mines from the public
A U.N. panel said that Portugal violated an international agreement by blocking the public's access to key information regarding Europe's biggest lithium mining project, during its environmental licensing procedure. The environmental agency of Portugal, APA, gave the go-ahead in 2023 to London-listed Savannah Resources, subject to certain remedies. This mine will be developed in the northern Barroso area, which is a World Heritage Site for Agriculture since 2018. Residents and environmentalists in the area have been opposed to the project. They said that Wednesday, the findings of the U.N. Aarhus Convention Compliance Committee strengthened their call for the license being revoked. In a press release, the APA stated that despite its divergent interpretations of the application, it has "always acted in strict accordance with administrative procedures and applied the law", adding that all required information was already available. Savannah Resources has declined to comment. The U.N. panel found that Portugal had failed to uphold the rights of citizens to receive environmental information, and to participate in the licensing process. These rights were enshrined by the 2001 convention which Portugal ratified in 2004. The committee also noted that the APA failed to provide environmental information to citizens within legal deadlines and, when it refused to do so, did not inform them of their rights to appeal. Two Portuguese groups served as observers during the proceedings. In 2021, the Spanish Montescola Foundation filed a complaint against the actions of the authorities. Montescola's President Joam Evans said the permit for environmental protection should be revoked. Savannah, which wants to supply Europe's electric vehicle sector, said Barroso’s deposit of spodumene, an important source for lithium, is the largest in Europe. It is estimated that there are at least 28 millions metric tons high-grade lithium in this deposit. It hopes to begin production by 2027. Reporting by Sergio Goncalves, Editing by Andrei Khalip & Frances Kerry
-
Azule Energy invests $5 billion in Angola over the next five years
Guido Brusco, Eni's Chief operating officer, said on Wednesday that Azule Energy, a joint venture between Italian oil and natural gas explorer Eni, and BP, will invest an additional $5 billion in Angola within the next 4 to 5 years. This latest investment will equal the amount invested in oil and natural gas projects in Sub-Saharan Africa’s No. 2 oil producer since the joint venture was launched three years ago. Angola's regulatory system has been overhauled to attract new investment as it aims to maintain oil production at 1 million barrels per day. Brusco, speaking at an oil and natural gas conference, said that 18 wells will be drilled in the next 4 to 5 years. Two-thirds of them are to be operated by Azule while the other third is to operate by someone else. He added that Eni was progressing on its second floating LNG platform in Mozambique, after becoming the first LNG exporter out of Mozambique with its Coral South platform. The Mozambique government approved in April the development plan of Eni's Coral Norte floating LNG platform. This cleared the way for the final investment decision. The second floating platform in the country will double the current LNG production offshore Rovuma. Once it is operational, it will produce 3.5 millions metric tons per year for a period of 30 years. Brusco stated that Coral North FLNG is "technically and financially strong" despite the fact that one partner has yet to approve the project. "We don't foresee any problems and you will hear about it before the end of the year." The majority of the current production is headed for the European market. South Africa also hopes to begin TotalEnergies’ long-delayed project on land, which has been delayed. (Reporting and writing by Miguel Gomes, Wendell Roelf, Editing by Sfundo parakozov; Jan Harvey and Tomasz Janowski).
-
Andy Home: China is feeling the ripple effects of US copper tariffs
China's net copper imports fell to an all-time low in July, as the world's biggest buyer competed with the United States for the metal. China's warehouse stocks are now included in the scramble to export copper to the U.S. before threatened tariffs. In the first seven month of 2025, China "exported 121,000 metric tonnes of copper to the U.S." The shipments began after President Donald Trump announced in February a national-security investigation into U.S. dependence on copper imports. Since U.S. Customs only counted 15 tons of Chinese refined copper in the first half 2025, we can conclude that China's so-called "exports", were re-exports from non-Chinese metals. China has been able to increase its own imports due to the depletion of bonded inventories, but it has also had to diversify the supply base in order to offset the U.S. demand for refined copper. Record Flows China's exports of refined copper in the period January-July totaled 426,000 tonnes, which is higher than any other calendar year except for last year's 458,000 tonnage. A short squeeze in the CME contract caused the mid-year spike in exports in 2024. The U.S. premium was increased over the London Metal Exchange price (LME), which was at the time an unprecedented $1100 per ton. Chinese smelters took advantage of the global price disparity by shipping metals to LME storage warehouses in Taiwan, South Korea and Taiwan. In February 2024, the LME held only 400 tons of Chinese copper. By August, they had risen to 164,000 tonnes. In retrospect, it was a practice run for the even bigger tariff disparity of this year. The CME premium over the LME reached almost $3,000 by July, before falling to less than $1,000 in August. This was when the U.S. Administration confirmed tariffs on products made of copper but delayed a decision about refined copper to next year. Chinese smelters once again sent metal to the LME where the registered stocks of Chinese Copper jumped from 25,000 to 98,000 tonnes over the month of July. In addition to the turnaround in Chinese bonded storage, there has been an increase in outright exports of metals to Thailand and Vietnam. The fact that neither country has LME warehouses suggests China is filling the supply-chain gap created by the rush to obtain the right type of copper for U.S. deliveries. CHILEAN DIVERSION CME's deliverable brand list is largely restricted to South American and domestic brands, Chilean brands in particular. U.S. copper imports in the first six months of this year exceeded 500,000 tonnes, compared to 650,000 tons by calendar 2024. The physical supply chain and LME warehouses were stripped of a large amount of the extra metal. Since the tariff trade began, China's copper imports have plummeted. For the first time in 2006, metal imports from Chile fell below 20,000 tonnes in June and July. Year-to-date, the 203,000-ton total is almost half of what it was in 2024. Chinese buyers are now looking to Russia, the Democratic Republic of Congo and Zambia as compensation for the loss of Chilean Copper. In the past two years, the Congo has become China's largest supplier of refined copper. This position was cemented in this year by the cumulative imports of nearly 820,000 tons during the period of January to July. The pace of imports from Russia to China has increased significantly in the past year. The monthly imports of Russian Copper now regularly exceed those of Chile. Cumulative arrivals from January to July of 269,000 tonnes were up 123% compared to last year. China's imports from Zambia of metal has also doubled, to 95,000 tonnes as buyers seek alternative non-Chilean materials. Import Appetites China's massive exports and reexports hide the country's continuing need for refined copper. Imports reached 2.2 million tonnes in the first seven month of 2025. This closely matched last year's level. In fact, China's appetite for imports has grown over the past couple of months as a result of the combination of reduced port stocks and direct sales from smelters to both the LME (London Metal Exchange) and other Asian consumers. A shortage of copper scrap is also affecting the country, which will increase demand for refined metal. Imports of scrap decreased by 1% between January and July compared to the previous year. China has included copper scrap as part of its reciprocal tariffs against the U.S., and the U.S. trade has been drastically reduced this year. China's imports of U.S. scrap from the United States have fallen by 49% in one year. The total of 930 tonnes for July was the lowest monthly figure since over 20 years. Chinese buyers diversify their purchases by reducing imports of refined copper from Europe. This may only be a temporary solution, as the European Union is currently considering export restrictions for recyclable metal. After the U.S. tariffs were resisted, the geopolitical disruption of the refined copper market was likely to be nearing its end. However, the disruption in global scrap flows could only have just begun. These are the opinions of a columnist who writes for.
-
Dutch fund PFZW cuts ties with BlackRock over conflict on sustainability
PGGM, the lead asset manager for Dutch pension fund PFZW, said that BlackRock's stock funds were no longer being invested in by the Dutch pension fund. This was due to concerns about BlackRock's voting record in sustainability issues. This move is part of a larger activist campaign in The Netherlands, which aims to get the large pension schemes of the country to fire managers who have shown a reduced level support for climate-change resolutions during company meetings. While some companies have reduced the importance of sustainability following the reelection of U.S. president Donald Trump, the largest Dutch pension funds continue to believe that it is the best approach for the long term. BlackRock, PFZW's spokesperson Ellen Habermehl, said that as of March 31, BlackRock had managed approximately 14.5 billion euro ($16.98billion) of the fund’s money market investments. However, this amount is now smaller and unspecified, she added. A spokesperson for PGGM said that it was becoming harder to vote with American investment managers. However, PGGM still works with U.S. managers such as Acadian and MAN Numeric who manage a part of the PFZW's listed equity portfolio. Sander Van Stijn, Director of Mandate Management for PGGM said in an NRC interview that PFZW had already decided how it would vote but wanted to make sure it was aligned with those who manage its money. "Or else things become very complex". BlackRock stated that it would support 2% of shareholder proposals for environmental and social issues in 2025. This is down from 4% proposed in 2024. The reason given was because many were too prescriptive, or had no economic merit. The Sierra Club Foundation, a U.S. asset manager, announced in June that it would sell assets worth $10.5 million because BlackRock did not press portfolio companies hard enough on climate change. A spokesperson for BlackRock responded to the PFZW decision by saying: "BlackRock customers - including Dutch clients – continue to invest with BlackRock in order to achieve their sustainable investing goals. They have entrusted us to manage more than $1 trillion of sustainable and transition assets. They added that clients could also choose how they vote on their shares. As part of its strategic shift, PFZW (the Netherlands' second largest pension fund) said that it had stopped passively investing 50 billion euros on the stock market to enable it to buy-and-sell more easily. It said that the move resulted in its selling out 2,600 companies, and it only selected 756 to invest. Habermehl, PFZW, said: "For the next 5 years, we will strive to achieve a better balance of our need for good return, acceptable risk and sustainability."
EU drafts plans to prevent carbon border tariff circumvention
A spokesperson for the European Commission said that measures will be proposed this year to stop countries from avoiding its border carbon tariff. Some in Brussels are concerned that Chinese companies could restructure their trade to avoid paying the tax.
Carbon Border Adjustment Mechanism, the first carbon border tax in the world, will begin to charge fees for CO2 emissions from imported goods, including steel, aluminum, cement, and fertilisers, starting in January.
The system is designed to bring foreign producers up to par with European manufacturers who pay for their carbon emissions through the European Carbon Market.
Brussels officials are worried that the system can be circumvented by foreign companies who send low-carbon products into Europe while producing high-carbon goods to sell on other markets. They could avoid the EU carbon tax without changing their production.
A spokesperson for the European Commission said that the Commission plans to propose measures to address this risk by the end the year and to extend the carbon border tax to other downstream products.
How can we ensure that the Chinese, in particular, will not be able to game this system? A senior EU official stated.
The Chinese Foreign Ministry did not respond immediately to a comment request.
According to the official, The Commission is looking at measures such as a system where goods are assigned a fixed value for CO2 emissions per country or company instead of calculating specific emission per shipment.
They added, "You don't want to let anyone off the hook because they sent us green stuff, but used grey stuff back home and didn't change anything."
The industries are pushing for anti-circumvention measures.
Last month, the industry group European Aluminium called on the EU to simplify its CO2 levies by assigning the same CO2 emissions rating to all aluminum imports regardless of whether they were manufactured in that country.
This would make it easier to enforce the EU levy, but foreign companies could resist. They would lose their ability to reduce their carbon border tax bill directly if they reduced their own emissions. (Reporting from Kate Abnett in Brussels, Additional reporting by Liz Lee and Joe Bavier in Beijing)
(source: Reuters)