Generic Hero BannerGeneric Hero Banner
Latest market news

UK govt consults on shift to zero emission vehicles

  • Market: Battery materials, Electricity, Emissions, Oil products
  • 27/12/24

The UK government this week opened a consultation on moving to zero emission vehicles (ZEVs), seeking views from the industry on how to deliver a 2030 end date for sales of new gasoline and diesel-fuelled cars.

The consultation "is focused on how, not if, we reach the 2030 target", and is largely technical in scope, the government said. "All new cars and vans will need to be 100pc zero emission by 2035. And no new petrol or diesel cars will be sold after 2030," it added.

The consultation seeks views "on the treatment of new cars and vans from 2030 that are not required to be zero emission under the current ZEV mandate targets", the government said. It has invited industry responses on a technological definition, which would set out which cars are permitted by how the vehicle is powered. The consultation also seeks views on measures to support demand for ZEVs.

The country's ZEV mandate came into force in January. Manufacturers will be required to produce a certain percentage of zero emission new cars and vans — 22pc in 2024 and rising by 5-6 percentage points over each of the following three years to 38pc in 2027. The target will then rise more rapidly to 2030, to hit 80pc for new cars and 70pc for new vans in England, Wales and Scotland.

The government, which took power in July, committed in its manifesto to restore the 2030 phase-out date for sales of new gasoline and diesel-fuelled cars. The UK government in November 2020, under former prime minister Boris Johnson, announced that sales of new gasoline and diesel-fuelled cars would end by 2030. But this was then pushed back to 2035 by then-prime minister Rishi Sunak in September 2023.

The auto sector expressed concern at the pushback. But the current government reiterated its commitment to policy clarity. "Vehicle manufacturers representing 67pc of the UK's new car market have already committed to being fully zero emission by 2030", the government said.

UK automotive trade association SMMT welcomed the consultation. "It is imperative we get an urgent resolution, with a clear intent to adapt the regulation to support delivery, backed by bold incentives to stimulate demand", it said.

The UK has a legally binding target of net zero greenhouse gas (GHG) emissions by 2050. The country halved its emissions between 1990 and 2022, but much of this reduction was from closing down coal-fired power. Domestic transport has been the UK's largest emitting sector for several years, and accounted for 28pc of GHGs in 2022.

The consultation closes on 18 February.


Sharelinkedin-sharetwitter-sharefacebook-shareemail-share

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

News
09/01/25

Mexico inflation ends 2024 near 4-year low

Mexico inflation ends 2024 near 4-year low

Mexico City, 9 January (Argus) — Mexico's consumer price index (CPI) eased to an annual 4.21pc in December, the lowest in nearly four years, as slowing agricultural prices offset increases in energy, consumer goods and services. This marks the lowest annual inflation since February 2021 and a significant slowdown from July's annual peak of 5.57pc, which was driven by weather-impacted food prices. Inflation slowed from 4.55pc in November, marking four months of declines in the past five months. It closed 2024 below the December 2023 reading of 4.66pc, as CPI continues to cool from its peak of 8.7pc in August/September 2022at the height of the global inflation crisis. The December headline rate slightly exceeded Mexican bank Banorte's 4.15pc forecast but aligned with its consensus estimate. Following the results, Banorte revised its end-2025 inflation projection to 4pc from 4.4pc and its core inflation estimate to 3.6pc from 3.7pc. The bank suggested that the data supports the possibility of earlier cuts in 2025 in the central bank's target rate, currently at 10pc. Citi Mexico's January survey of 32 analysts estimated a target rate of 8.50pc by the end of 2025, with the next cut of 25 basis points expected at the next central bank policy meeting on 25 February. The central bank is targeting annual CPI of 2-4pc. Core inflation, excluding volatile food and energy prices, accelerated to 3.65pc in December from 3.58pc in November, marking the first uptick after 22 consecutive months of deceleration, according to Mexico's statistics agency (Inegi). Services inflation sped up to 4.94pc from 4.9pc, while consumer goods inflation ticked up to 2.47pc from 2.4pc. Agricultural inflation moved to 6.57pc from 10.74pc in November, supported by favorable weather conditions. Banorte noted that the developing La Nina phenomenon could significantly impact meat prices in the coming months. Meanwhile, energy inflation accelerated to 5.73pc in December from 5.25pc the previous month, driven by higher LPG prices. The industrial association Coparmex called for a review of Mexico's LPG pricing model, citing risks to supply and distribution. Electricity inflation decelerated sharply to 2.65pc from 22pc in November, reflecting the end of seasonal summer subsidies, while natural gas prices fell 5.67pc year over year. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Find out more
News

UAE commits $40mn to Brazil enviro initiatives


09/01/25
News
09/01/25

UAE commits $40mn to Brazil enviro initiatives

Sao Paulo, 9 January (Argus) — The UAE's Erth Zayed Philanthropies committed $40mn to back Brazilian projects to protect the environment and advance sustainable development. The organization said it plans to support multiple projects in Brazil, including programs to restore ecosystems and eliminate plastic waste in the Amazon, as well as projects that support sustainable farming. It also reaffirmed its commitment to support the Tropical Forests Forever Facility (TFFF), which was launched by Brazil in 2023 and aims to raise funds to protect tropical forests and help countries combat deforestation. The UAE was one of five countries that committed to backing the fund during the biodiversity summit in Colombia in October. The organization announced its plans to support Brazil's environmental protection efforts during the G20 summit in November , following a meeting between Brazilian President Luiz Inacio Lula da Silva and the Crown Prince of Abu Dhabi, Sheikh Khaled bin Mohamed Al Nahyan. Erth Zayed Philanthropies was launched in October and will be used as a vehicle for the UAE to invest in a broad range of charitable projects in sectors including health, education, food security as well as energy and sustainability. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Damaged Iver bitumen tanker set to return end-Jan


09/01/25
News
09/01/25

Damaged Iver bitumen tanker set to return end-Jan

London, 9 January (Argus) — A bitumen tanker damaged after a collision with a bulker five months ago is set to finish lengthy repair work by 23 January, and be back with its time charterer TotalEnergies at the firm's Donges refinery and export terminal on the French Atlantic coast on 26 January. The 6,189dwt Iver Blessing — part of Dutch Vroon Group's Iver Ships unit — was under time charter with TotalEnergies and was offshore the French Atlantic port of Nazaire when the accident that caused serious damage to the bitumen tanker happened. The vessel was en route to the company's 219,000 b/d Donges refinery to load its next bitumen export cargo in August 2024. The tanker has since undergone repairs at a shipyard in Flushing, Netherlands, that had been due to last 1-2 months, but there have been repeated delays, including difficulties in obtaining replacement parts. TotalEnergies is a key player in northwest European and Nordic bitumen cargo markets, and the prolonged repair work forced it to seek spot or other short-term tanker charters, mainly with Iver Ships, to maintain its shipping programme. By Fenella Rhodes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Viewpoint: Trump tariffs could affect US asphalt supply


09/01/25
News
09/01/25

Viewpoint: Trump tariffs could affect US asphalt supply

Houston, 9 January (Argus) — US president-elect Donald Trump's threat to impose tariffs on Canadian goods could restrict asphalt supply and lift prices for US buyers this year. Trump announced plans to put a 25pc tariff on all imports from Canada and Mexico after he takes office on 20 January. Asphalt market participants said a potential tariff on Canadian imports could just be a "bargaining chip," and the Canadian Association of Petroleum Producers noted the tariff would push energy costs higher for American consumers. But Trump doubled-down on his threat on 7 January, insisting "we are not treated well" by Canda. If he sticks to his plan , market participants fear asphalt prices could "go through the roof." Kpler data show about 73pc of US Atlantic coast waterborne asphalt imports originated in Canada in 2024. The US east coast is net short asphalt, with just one domestic producer — independent refiner PBF Energy. PBF shut a crude distillation unit in late October because of poor refining economics. East coast waterborne imports of Canadian asphalt reached their highest level in June 2024, according to Kpler data going back to 2017. This helped push cif New York prices down by $95/st from June to early October, an unusual trend for the summer and early autumn. Railed asphalt volumes could also be affected, with monthly US imports of Canadian railed asphalt totaling 5.23 mn bl through the first 10 months of 2024, US Energy Information Administration (EIA) data show. A potential trade war and possible labor disputes could also cut into asphalt volumes. US importers could turn to other supply sources, but some supply uncertainty stretches across the Atlantic with multiple refinery shutdowns in the Mediterranean expected in 2025. This comes, however, alongside weaker asphalt demand . Rising asphalt flows from Venezuela could also help moderate affects from potential US tariffs. But market participants are more cautious of Venezuelan supply and the potential return of sanctions under Trump . The planned restart of an asphalt unit at Curacao's idled 335,000 b/d Isla refinery this year could also slightly temper a potential supply shock. Feedstocks uncertain Trump's tariffs could also alter heavy crude flows and reduce US asphalt production. Canada is the top supplier of crude to the US and accounts for 65pc of all crude runs in the midcontinent. Monthly PADD 2 imports of Canadian crude oil totaled about 863mn bl in January-October 2024, up by 8pc compared with the same period last year, according to EIA. Meanwhile, asphalt production in the region rose by about 7pc over the same period. Potential tariffs could divert Canadian crude from the US to Asia-Pacific via the Trans Mountain Expansion pipeline and boost heavy crude costs for US refiners. Further south, potential tariffs on Mexican imports could also hit asphalt production. Mexico is the second-largest supplier of crude to the US and produces a heavy grade with most volumes landing on the US Gulf coast. By Cobin Eggers Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Union, US ports reach tentative deal to avert strike


09/01/25
News
09/01/25

Union, US ports reach tentative deal to avert strike

New York, 9 January (Argus) — Unionized port workers and operators of US east and Gulf coast ports and terminals have reached a tentative agreement on a new work contract, averting a strike that would have started next week. The International Longshoremen's Association (ILA) and the United States Maritime Alliance (USMX) said the new six-year contract still needs to be reviewed and approved by members of both sides before it will be ratified. They have agreed to continue to operate under the current contract until the agreement is finalized. "This agreement protects current ILA jobs and establishes a framework for implementing technologies that will create more jobs while modernizing East and Gulf coasts ports — making them safer and more efficient and creating the capacity they need to keep our supply chains strong," the ILA and USMX said in a joint statement. Details of the agreement will not be released until after members have had time review and approve the deal, ILA and USMX said. The current contract was set to expire on 15 January after the parties struck a temporary agreement to end a three-day port strike in October 2024 . By Luis Gronda Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more