Climate policy and UN Cop meetings
Overview
Argus provides key insights on how global climate policies will affect the global energy and commodity markets. We shine a light on decisions made at UN Cop meetings, which have far-reaching effects on the markets we serve. Progress at Cop 30 in Brazil will be crucial in transforming ambitions into actions aligned with the goals of the Paris Agreement. Countries must produce new climate plans this year.
Follow the key developments in energy transition field with our Net zero page and keep up to date with ongoing coverage of these issues by following Argus Media on LinkedIn and on X.
News
Australian PM reaffirms climate priority in new cabinet
Australian PM reaffirms climate priority in new cabinet
Sydney, 12 May (Argus) — Australian prime minister Anthony Albanese has reaffirmed renewable energy commitments with cabinet picks after the Labor party's election victory on 3 May. Chris Bowen, who led key changes to the safeguard mechanism , the capacity investment scheme (CIS) and fuel efficiency standards for new passenger and light commercial vehicles, remains minister for climate change and energy. Madeleine King, the minister for resources and northern Australia, retains her cabinet position, while Tanya Plibersek, previously the minister for environment, is now the minister for social services and is replaced by Murray Watt, formerly the minister for workplace relations. In the previous term, Plibersek failed to establish an environment protection authority and reform the Environment Protection and Biodiversity Conservation Act, which was an election promise in 2022, after intervention from Western Australian state minister Roger Cook. Environmental lobby group the Australian Conservation Foundation (ACF) has welcomed Watt, who was also the minister for agriculture for two years to 2024, into his new role. "Having a former agriculture minister in environment increases the opportunities for co-operation on the shared challenges facing nature protection and sustainable agriculture," the ACF said. The ACF also welcomed Chris Bowen in returning to his role as environment minister for his "clear mandate" to continue the energy transition. Josh Wilson remains assistant minister for climate change and energy. Participants in the renewable energy carbon credit industry are urging the new Department of Climate Change, Energy, the Environment and Water to speed up the creation of new Australian Carbon Credit Unit (ACCU) methods in the new government term. They are also seeking greater transparency in ACCU data base , which requires legislative change. And renewable energy companies and lobby groups will be closely following a review of Australia's National Electricity Market wholesale market settings , which will need to be changed following the conclusion of the CIS tenders in 2027 and as Australia transitions to more renewables from its ageing coal-fired plants. By Grace Dudley Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Minister eyes German energy transition 'reality check'
Minister eyes German energy transition 'reality check'
London, 9 May (Argus) — Germany's energy transition needs a "reality check", the country's new energy minister Katherina Reiche has said, stating that the government will prioritise security of power supply over climate protection. The government must strike the right balance between climate protection, security of supply and costs, Reiche said at the Ludwig Erhard Summit earlier today, arguing that the focus in recent years has been disproportionately on the former. The new government will put security of supply "first", while also focusing on keeping system costs — such as redispatch and grid expansion costs, which previous governments "underestimated" — as low as possible. The government is aiming to "quickly" hold tenders for the construction of "at least" 20GW of new gas-fired capacity, Reiche said, citing the recent blackout in the Iberian peninsula as evidence that Germany cannot become complacent over its power supply. While she acknowledged that the reasons for the blackout are not yet fully determined, she said that a lack of inertia in the power system is likely to have contributed to it, and that more flexible gas-fired plants "could have helped" Spain avoid the blackout. She called for Germany to agree "long-term delivery contracts" for natural gas, to ensure security of supply in the coming years. And Reiche emphasised the importance of "technology openness", particularly when it comes to Germany reaching its goal of becoming climate-neutral by 2045. There may be new technologies that are yet to be invented or fully harnessed that could aid the country in fulfilling its goal, she noted. Hydrogen has the potential to play a role in a "mix" of other technologies in the energy transition, she said, but the expectations for it have become too high for a product that is "not even on the market". Reiche also called for more patience with regard to electrification in Germany, stating that "the transformation of an entire economy [to become climate friendly] in a linear, year-on-year path is not feasible". And the minister reiterated previous CDU/CSU-SPD coalition pledges to reduce the electricity tax and to introduce an industry power price. CDU party member Reiche became the new energy minister on Tuesday, when CDU leader Friedrich Merz was voted in as chancellor, replacing the SPD's Olaf Scholz. By John Horstmann Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Cop 30 head urges upgraded climate co-operation: Update
Cop 30 head urges upgraded climate co-operation: Update
Updates with comments from Copenhagen climate ministerial London, 8 May (Argus) — The incoming president of the UN Cop 30 climate summit today called for climate co-operation to be "better equipped" to implement the Paris climate agreement and Cop decisions, including "upgraded global governance" on climate action. Cop 30 president-designate Andre Correa do Lago has called for "innovative governance approaches" and for the aggregation of "currently fragmented" efforts. This would reinforce the decision-making process for UN climate body the UNFCCC and support the implementation of the Paris agreement, he noted. Climate advocates including former UN secretary general Ban Ki Moon last year wrote an open letter to the UN calling for a reform of the Cop climate change summits which they said have failed to deliver change at the speed and scale required. "Climate change will increasingly supervene and disrupt political and socioeconomic agendas", Correa do Lago wrote in a second letter outlining his priorities for the summit, which will be held in November in Belem, Brazil. The president-designate has previously set out his hopes for Cop 30 to be "a Cop of action". Minister and leaders are "still committed to finding solutions together", Danish climate minister Lars Aagaard said today. He co-hosted a climate ministerial this week in Copenhagen, Denmark, alongside Correa do Lago, at which country representatives "worked to lay the foundation" to Cop 30. "Even though the international backdrop is marked by war and unrest, and even though we are experiencing nations pulling in a darker direction, there is still momentum for global climate action," Aagaard said. Correa do Lago acknowledged "serious geopolitical, socioeconomic, and environmental challenges", calling for reinforced multilateralism. And he set out his vision for a "Global Mutirao" — an "unprecedented" global mobilisation of "self-driven" climate action. Brazil's Cop 30 presidency has set up four "circles of leadership", including one comprised of previous Cop summit presidents, and a "circle of finance ministers". The latter, chaired by Brazil's finance minister Fernando Haddad, will offer advice to the Cop 30 presidency on climate finance issues, from "policy-making perspectives", Correa do Lago wrote. Climate finance dominated Cop 29 in Baku, Azerbaijan, last year , where countries agreed that developed nations would provide at least $300bn/yr to developing nations by 2035 for climate action and their energy transitions. Countries will this year discuss a promised "roadmap", intended to forge a path to climate finance of $1.3 trillion/yr, but this will likely lie outside formal negotiations. Correa do Lago today pointed to recent data from the World Meteorological Organisation , which confirmed that 2024 was the hottest year on record. It surpassed the previous record set in 2023. But his letter failed to mention the key driver of climate change — greenhouse gas emissions from fossil fuel consumption. Correa do Lago's first letter also neglected the topic , provoking criticism from environmental campaigners. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Cop 30 president urges ‘upgraded’ climate co-operation
Cop 30 president urges ‘upgraded’ climate co-operation
London, 8 May (Argus) — The incoming president of the UN Cop 30 climate summit today called for climate co-operation to be "better equipped" to implement the Paris climate agreement and Cop decisions, including "upgraded global governance" on climate action. Cop 30 president-designate Andre Correa do Lago today called for "innovative governance approaches" and for the aggregation of "currently fragmented" efforts. This would reinforce the decision-making process for UN climate body the UNFCCC and support the implementation of the Paris agreement, he noted. Climate advocates including former UN secretary general Ban Ki Moon last year wrote an open letter to the UN calling for a reform of the Cop climate change summits as they said they have failed to deliver change at the speed and scale required. "Climate change will increasingly supervene and disrupt political and socioeconomic agendas", Correa do Lago wrote in a second letter outlining his priorities for the summit, which will be held in November in Belem, Brazil. The president-designate has previously set out his hopes for Cop 30 to be "a Cop of action". Correa do Lago acknowledged "serious geopolitical, socioeconomic, and environmental challenges", calling for reinforced multilateralism. And he set out his vision for a "Global Mutirao" — an "unprecedented" global mobilisation of "self-driven" climate action. Brazil's Cop 30 presidency has set up four "circles of leadership", including one comprised of previous Cop summit presidents, and a "circle of finance ministers". The latter, chaired by Brazil's finance minister Fernando Haddad, will offer advice to the Cop 30 presidency on climate finance issues, from "policy-making perspectives", Correa do Lago wrote. Climate finance dominated Cop 29 in Baku, Azerbaijan, last year , where countries agreed that developed nations would provide at least $300bn/yr to developing nations by 2035, for climate action and their energy transitions. Countries will this year discuss a promised "roadmap", intended to forge a path to climate finance of $1.3 trillion/yr, but this will likely lie outside formal negotiations. Correa do Lago today pointed to recent data from the World Meteorological Organisation , which confirmed that 2024 was the hottest year on record. It surpassed the previous record set in 2023. But his letter failed to mention the key driver of climate change — greenhouse gas emissions from fossil fuel consumption. Correa do Lago's first letter also neglected the topic , provoking criticism from environmental campaigners. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Analysis
Trump coal plant bailout renews first term fight
Trump coal plant bailout renews first term fight
Washington, 9 April (Argus) — President Donald Trump's effort to stop the retirement of coal-fired power plants is reminiscent of a 2017 attempt that faltered in the face of widespread industry opposition. Trump, in an executive order signed on Tuesday, directed the US Department of Energy (DOE) to tap into emergency powers to stop the retirement of coal-fired plants and other large plants it believes are critical to grid reliability. The order sets a 30-day deadline for DOE to decide which plants are critical based on a new methodology that will analyze if reserve margins, or the percent of unused capacity at peak demand, are at an "acceptable" level. The initiative shares similarities to Trump's unsuccessful effort in his first term to bail out coal and nuclear plants. In the 2017 effort, Trump backed a "grid resiliency" proposal to compensate power plants with 90 days of on-site fuel. But an unusual coalition of natural gas industry groups, manufacturers, renewable producers and environmentalists united against the idea, warning it would upend power markets and cost consumers billions of dollars each year. The US Federal Energy Regulatory Commission voted 5-0 to reject the proposal. It remains unclear if a similarly sized coalition will emerge to fight Trump's latest proposal, under which DOE would use emergency powers in section 202(c) of the Federal Power Act to keep some coal plants and other large power plants operating. Industry groups have largely been avoiding taking positions that could be seen as critical of Trump. Environmentalists say they strongly oppose keeping coal plants operating using emergency powers. Doing so would mean more air pollution and greenhouse gas emissions, they say, and higher costs for consumers. Environmental groups say they are hoping other industries affected by the potential bailout will eventually speak out against the initiative. "The silence from those who know better is deafening," Center for Biological Diversity climate law institute legal director Jason Rylander said. "I hope that we will start to see more resistance to these dangerous policies before significant damage is done." DOE said it was "already hard at work" to implement Trump's executive order, which was paired with other orders that were meant to support coal mining and coal production. US energy secretary Chris Wright said today that reviving coal will increase the reliability of the electrical grid and bring down electricity costs, but he has not shared further details on the 202(c) initiative. Trying to litigate the program could be "tricky", and section 202(c) orders have never successfully been challenged in court, in part because they are usually short-term orders, Harvard Law School Electricity Law Initiative director Ari Peskoe said. But opponents could challenge them by focusing on "numerous legal problems", he said, such as not allowing public comment or running afoul of a US Supreme Court precedent that prohibits agencies from attempting to decide "major questions" without clear congressional authorization. "Here DOE would use a little-used statute explicitly written for short-term emergencies in order to PREVENT a change in the US energy mix," Peskoe said. A projected 8.1GW of coal-fired generation is set to retire this year, equivalent to nearly 5pc of the coal fleet, the US Energy Information Administration said last month. Electric utilities often decide which plants to retire years in advance, allowing them to defer maintenance and to forgo capital investments in aging facilities. Keeping coal plants running could require exemptions from environmental rules or pricey capital investments, the costs of which would likely be distributed among other ratepayers. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Global energy mix evolves as electricity demand surges
Global energy mix evolves as electricity demand surges
Climate change is becoming a bigger factor behind electrification, but cleaner energy use is slowing the growth in global emissions, writes Georgia Gratton London, 28 March (Argus) — A substantial increase in electricity demand — boosted by extreme weather — drove an overall rise in global energy demand in 2024, lifting it well above the average pace of increase in recent years, OECD energy watchdog the IEA announced this week. This led to a rise in natural gas consumption, although renewables and nuclear shouldered the majority of the increase in demand, leaving oil's share of total energy demand below 30pc for the first time. Global energy demand rose by 2.2pc in 2024 compared with 2023 — higher than the average demand increase of 1.3pc/yr between 2013 and 2023 — according to the Paris-based agency's Global Energy Review . Global electricity consumption increased faster, by 4.3pc, driven by record-high temperatures — that led to increased cooling needs — as well as growing industrial consumption, the electrification of transport and the rapid growth of power-hungry data centres needed to support the boom in artificial intelligence, the IEA says. Renewables and nuclear covered the majority of growth in electricity demand, at 80pc, while supply of gas-fired power generation "also increased steadily", the IEA says. New renewable power installations reached about 700GW in 2024 — a new high. Solar power led the pack, rising by about 550GW last year. The power generation and overall energy mix is changing, as economies shift towards electrification. The rate of increase in coal demand slowed to 1.1pc in 2024, around half the pace seen in 2023. Coal remained the single biggest source of power generation in 2024, at 35pc, but renewable power sources and nuclear together made up 41pc of total generation last year, IEA data show. Nuclear power use is expected to hit its highest ever this year, the agency says. And "growth in global oil demand slowed markedly in 2024", the IEA says, rising by 0.8pc compared with 1.9pc in 2023. A rise in electric vehicle (EV) purchases was a key contributor to the drop in oil demand for road transport, and this offset "a significant proportion" of the rise in oil consumption for aviation and petrochemicals, the IEA says. Blowing hot and coal Much of the growth in coal consumption last year was down to "intense heatwaves" — particularly in China and India, the IEA found. These "contributed more than 90pc of the total annual increase in coal consumption globally", for cooling needs. The IEA repeatedly noted the significant effect that extreme weather in 2024 had on energy systems and demand patterns. Last year was the hottest ever recorded, beating the previous record set in 2023, and for CO2 emissions, "weather effects" made up about half of the 2024 increase, the watchdog found. "Weather effects contributed about 15pc of the overall increase in global energy demand," according to the IEA. Global cooling degree days were 6pc higher on the year in 2024, and 20pc higher than the 2000-20 average. But the "continued rapid adoption of clean energy technologies" restricted the rise in energy-related CO2 emissions, which fell to 0.8pc in 2024 from 1.2pc in 2023, the IEA says. Energy-related CO2 emissions — including flaring — still hit a record high of 37.8bn t in 2024, but the rise in emissions was lower than global GDP growth. Key "clean energy technologies" — solar, wind and nuclear power, EVs and heat pumps — collectively now prevent about 2.6bn t/yr CO2 of emissions, the IEA says. But there remains an emissions divide between advanced and developing economies. "The majority of emissions growth in 2024 came from emerging and developing economies other than China," the agency says, while advanced economies such as the UK and EU cut emissions last year and continue to push ahead with decarbonisation. Global energy suppy by fuel EJ Growth ±% 2024 2023 2022 24/23 23/22 Total 648 634 622 2.2 1.8 Renewables 97 92 89 5.8 3.1 Nuclear 31 30 29 3.7 2.2 Natural gas 149 145 144 2.7 0.7 Oil 193 192 188 0.8 1.9 Coal 177 175 172 1.2 2.0 Global power generation by fuel TWh Growth ±% 2024 2023 2022 24/23 23/22 Total 31,153 29,897 29,153 4.2 2.6 Renewables 9,992 9,074 8,643 10.0 5.0 Nuclear 2,844 2,743 2,684 3.7 2.2 Natural gas 6,793 6,622 6,526 2.6 1.5 Oil 738 762 801 -3.2 -4.8 Coal 10,736 10,645 10,452 0.9 1.8 Global power generation by country TWh Growth ±% 2024 2023 2022 24/23 23/22 World 31,153 29,897 29,153 4.2 2.6 US 4,556 4,419 4,473 3.1 -1.2 EU 2,769 2,718 2,792 1.9 -2.6 China 10,205 9,564 8,947 6.7 6.9 India 2,059 1,958 1,814 5.2 7.9 Global CO2 emissions by country mn t Growth ±% 2024 2023 2022 24/23 23/22 World 37,566 37,270 36,819 0.8 1.2 US 4,546 4,567 4,717 -0.5 -3.2 EU 2,401 2,455 2,683 -2.2 -8.5 China 12,603 12,552 12,013 0.4 4.5 India 2,987 2,836 2,691 5.3 5.4 *includes industrial process emissions — IEA Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Lula visits Japan to talk ethanol, Cop 30, beef
Lula visits Japan to talk ethanol, Cop 30, beef
Sao Paulo, 25 March (Argus) — Brazilian president Luiz Inacio Lula da Silva traveled to Japan on Tuesday in search of energy transition agreements and new market opportunities to improve trade relations between the countries. Bilateral Japan-Brazil trade fell to around $11bn in 2024, down from $17bn in 2011, the Brazilian government said. Brazil exported $730mn in goods to Japan in January-February, while importing $995mn from the Asian country in the period, according to Brazil trade ministry data. Exports dropped by almost 13.5pc from a year before in the two-month period, while imports grew by nearly 25pc. "Firstly, we have [a shortfall] to turn around," Lula said. Brazil will also ask Japan to join its growth acceleration plan . He is accompanied by 11 ministers and four members of congress, including senate president Davi Alcolumbre and lower house president Hugo Motta. Ethanol market Brazil aims to sell more ethanol to Japan, as the Asian country expects to increase its ethanol blend to 10pc from 3pc by 2030. "If Japan blends 10pc of ethanol into gasoline, it will be an extraordinary step not only for us to export to them but for them to be able to produce in Brazil," Lula said. Japan received 3.4pc of Brazil's ethanol exports in 2024, according to Brazil's development and trade ministry. Cop 30 and energy transition Lula's visit also seeks to attract investment in renewable energy, forest revamps and new donations to the Amazon Fund, as well as a "strong commitment" from Japan at the Cop 30 summit, to be held in Brazil later this year. Brazil aims to export clean fuels to generate power to Japan, as power imports account for more than 80pc of all Japanese power demand and "a large share of it comes from fossil sources," according to the Brazilian foreign relations ministry's Asia and Pacific secretary Eduardo Saboia. Brazilian and Japanese companies announced earlier this year plans to produce biomethane in Brazil . The renewable fuel would supply both countries. Brazil and Japan should also sign a deal to help recover the Cerrado biome, which is the second largest biome in Brazil and the second most endangered. It comprises of savanah grasslands and forest and makes up about 25pc of the nation's territory. The Cerrado lost 9.7mn hectares to wildfires in 2024, up by almost 92pc from 2023, according to environmental network MapBiomas' fire monitor researching program. Deforestation is one of Brazil's flagship issues for Cop 30 this year. The country has been pushing for forest protection and recovery initiatives as most of Brazil's past Cop pledges cannot be met with only its remaining forests. Japan and Brazil should talk about the Amazon Fund as well because Brazil "wants more", Saboia said. Japan was the first Asian country to donate to the fund with $14mn, which Saboia said was "too little." Where's the beef? Lula is also targeting opening Japan's beef market to Brazilian exports, as the Asian country imports over 70pc of all its beef. Lula met with members of the beef exporters association Abiec in his first day in Japan to discuss the matter. The bulk of Japan's beef imports — 80pc — come from the US, the Brazilian government said. Brazil does not currently export beef to Japan. "Brazil has the logistic capacity to increase exports and double beef exports every four years," transport ministry Renan Filho said. Brazil has been trying to enter Japan's beef market for over two decades. This time, Lula expects to achieve a technical visit from Japan to inspect Brazil's beef producing conditions as a first step toward accessing the Japanese market. Lula will depart to Vietnam on 28 March to debate a plan to turn the country into one of Brazil's strategic partners. Only Indonesia is considered a Brazil strategic partner in southeast Asia. By Maria Frazatto Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Aid cuts suggest a rocky period for climate finance
Aid cuts suggest a rocky period for climate finance
Western countries' potential retreat may open the field wider for countries such as China, writes Georgia Gratton London, 7 March (Argus) — A renewed focus on defence spending in Europe and swingeing aid cuts from major western donors create a gloomy outlook for international climate finance. It has been less than four months since developed countries settled a deal at the UN Cop 29 climate summit to ramp up climate finance to developing countries to $300bn/yr by 2035 — the highest ever agreed. Climate finance is unlikely to take centre stage at this year's Cop 30 in Brazil in November, but the topic underpins all climate talks and plays a large role in the speed at which the global energy transition proceeds. There have been steady, if modest, increases in climate finance in recent years. Developed countries delivered $115.9bn in climate finance to developing nations in 2022, the most recent OECD data show. This was a rise of just under a third on the year, and the first time developed countries hit their target of providing $100bn/yr in climate finance over 2020-25. But recently announced and expected cuts to aid are likely to slow progress. Official development aid typically encompasses climate finance. US president Donald Trump in January announced a pause to all US foreign aid through the country's international development agency, USAID, while UK prime minister Keir Starmer said last month that he would fund a rise in UK defence spending entirely through cuts to the country's aid budget from 2027. Starmer said the UK would continue to provide climate finance, as well as aid in other areas, but former UK international development minister Anneliese Dodds — who resigned over the cuts — said that it would be "impossible to maintain these priorities". Other European leaders are also focused on rapidly expanding defence spending — notably Germany's incoming chancellor Friedrich Merz — although there is no sign as yet that aid or climate finance will be diverted for this purpose. But both France and Sweden have indicated they will spend less on aid from this year, non-profit Donor Tracker says. The US, the UK, Germany, France and Sweden collectively provided $142.33bn in aid in 2023, OECD data show. Filling the finance gap Hitting the $300bn/yr climate finance goal by 2035 "is very much in reach", despite the challenging geopolitical landscape, research organisation World Resources Institute (WRI) says. The majority of climate finance is public — bilateral finance and funding from institutions such as multilateral development banks (MDBs). There are several options to ensure that financing from public institutions rises, WRI says. If countries pay in more capital to MDBs, it will increase the base amount against which they can lend. "While such increases may be unlikely today with current political dynamics, they could feasibly happen before 2035," WRI says. But significant private investment would be needed to move beyond the $300bn/yr goal and towards the wider roadmap for $1.3 trillion/yr in climate finance by 2035, as agreed at Cop 29. The retreat of wealthy western countries from contributing aid and climate finance is likely to erode some of the soft power these countries hold. This will allow other actors to step in. China portrayed itself as a reliable leader on climate at Cop 29, including making new concessions in the language used to describe its climate finance contributions. And the UAE committed $30bn to a new climate fund during Cop 28, which it hosted in 2023. UN biodiversity talks, which reconvened last week, proved a bright spot, as countries agreed on a strategy to boost biodiversity finance to $200bn/yr by 2030. But Brazil is well aware of the fractured developed-developing country relationship at climate talks, and of the divide it must bridge at this year's Cop 30. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Country focus
Canada’s Liberals ahead on election homestretch
Canada’s Liberals ahead on election homestretch
Both parties push the need for new investment to tap non-US energy markets, but project permitting policy is a key differentiator, writes Brett Holmes Calgary, 25 April (Argus) — Canada's Liberal party is positioning itself to receive a fourth straight mandate on 28 April, but it must first fend off a late push by the Conservatives in an election campaign that has been closely watched by the energy sector. The Liberals have benefited from the selection of a new leader in Mark Carney last month, combined with a considerable foe to rally against — US president Donald Trump and his verbal and economic attacks on Canada. While campaigning, Carney has tried to keep the focus on Trump's annexation and economic threats, but momentum has seemingly stalled. The Liberals led the Conservatives by a 42:38 margin on 24 April, but this is three points less than 10 days earlier, according to poll aggregator 338Canada. The tight race has already motivated a record 7.3mn electors to cast their vote at advance polls, and the energy industry has kept a close eye on promises made by both Carney and his challenger, Conservative leader Pierre Poilievre. Both agree that pivoting away from a hostile US is critical, and that new trade corridors to Canada's coasts are key to reaching more reliable partners. But executives from major Canadian energy companies point out that there is likely to be lower-hanging fruit that can attract investment in a country where productivity has been lagging its peers. Industry leaders have pleaded for government to "reset its policies", which Carney seems less inclined to do than Poilievre. Carney sees a future where foreign countries will demand less carbon-intensive oil and gas, meaning a proposed cap on the industry's emissions would be implemented as planned, and support for carbon capture projects would continue under a Liberal government. An overhaul of Canada's Impact Assessment Act is unnecessary, Carney says, suggesting the legislation sets major project proponents up for success because its rigour helps to avoid court battles. But the Canadian Association of Petroleum Producers (Capp) points to that legislation as the top reason why C$280bn ($200bn) of oil and gas projects were cancelled over the past decade. Repealing the law was among the "demands" Alberta premier Danielle Smith made to Carney in March, but the latter seems content to hang on to many of former prime minister Justin Trudeau's energy policies. Carney was born in Alberta , but familiarity has yet to translate into co-operative relations between federal and provincial government. Yet his desire to build new conventional energy projects marks a key departure from Trudeau. Build, baby build "I'm interested in getting energy infrastructure built," Carney said during the 18 April leaders' debate. "That means pipelines, that means carbon capture and storage, that means electricity grids." And the Liberals are prepared to use federal emergency powers, but consent from provinces would still be required. The Conservatives pitch an accelerated six-month regulatory review period to "unleash" Canada's energy so as to stand up to the likes of Trump from a position of strength. The Conservatives tout shovel-ready projects that would kick-start construction as soon as they are approved by a new government. Capp estimates that Canada has C$50bn of energy investment waiting approval. "For three Liberal terms, Canada has had the worst GDP per capita in the G7," Poilievre says. The National Bank of Canada says this primarily reflects Canada's lacklustre investment and productivity over the past decade. Canadian think-tank CD Howe Institute says this cycle can be corrected by a full overhaul of government policy, including the acceleration of permitting for major private-sector projects. Eliminating current and proposed Liberal policy would be among Poilievre's first moves to resurrect investment. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
EU red tape ‘unsustainable burden’ for transition
EU red tape ‘unsustainable burden’ for transition
London, 6 February (Argus) — EU regulations in their current form are hindering rather than enabling the energy transition, limiting access to funding and slowing renewable installations, delegates at the Financial Times International Energy Policy Forum in Brussels heard this week. EU regulation has become "duplicative", Anthony Gooch Galvez, secretary general of the European Round Table for Industry (ERT), told delegates this week. "The burden is unsustainable" even for ERT members, which tend to be big companies, he said, pointing to the additional problems this would cause small to medium-sized businesses. The EU is "too prescriptive" and expects perfection from day one, Ann Mettler of Bill Gates-founded Breakthrough Energy said, leading to low-carbon technologies not being deployed. The "regulatory tsunami did not lead to the desired outcome", and the bloc should give more space to the private sector to support their development, she said. A lack of policy planning has contributed to the problem, Mettler said, pointing to the low number of final investment decisions that have been taken on hydrogen projects. Companies need to be able to implement their plans, she said. "Very cumbersome licensing and permitting processes" are also impeding progress in the region, IEA executive director Fatih Birol told delegates, calling for these to become "much more nimble". And while funding is technically on the table, it is often difficult to access, Gwenaelle Avice Huet of French firm Schneider Electric said, of which the EU's Recovery and Resilience Facility is a prime example. "It's not just about the level of money available." US presents opportunity But the stability of the EU's Green Deal, which was announced in 2021 and remains in place, does offer a stark contrast to the US, said Sebastien Treyer, executive director of think-tank the Institute for Sustainable Development and International Relations. Other speakers also noted the importance of stability and predictability within regulatory frameworks. "You need to have rules to play a good game", Galvez said. In the US, policy has fluctuated wildly between regimes, with president Donald Trump pausing some funding from the country's Inflation Reduction Act in the first days of his new term. This shift could mean US-based investors in the transition look to the EU for opportunities, said Marcin Korolec, president of the Green Economy Institute. "The federal government is not the whole of America. Many other economic players are still very willing to collaborate," Treyer agreed. But a lack of urgency from the European Commission could see the EU fail to capitalise on this, Korolec warned. He criticised in particular the bloc's planned competitiveness fund, announced last week, which would be funded under the EU's next budget starting in 2028, towards the end of Trump's term. "Sitting in a chair for three years waiting is absurd," he said. By Victoria Hatherick and Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Trump tries again at faster energy permitting
Trump tries again at faster energy permitting
Washington, 27 January (Argus) — President Donald Trump is moving early in his second term to fast-track federal permitting by tapping into emergency powers he hopes will expedite approval of oil and gas infrastructure projects and electric transmission lines. Trump spent his first term promising a "massive" permitting overhaul that never materialised, after he was unable to achieve comprehensive updates through regulatory changes or a legislative deal in Congress. But in an executive order he signed on his first day in office that declares a "national energy emergency", he directed his administration to use emergency powers usually used to respond to issues such as natural disasters or short-term fuel shortages, to make it easier to build oil and gas pipelines, refineries and power plants. Trump's order argues that swift government action is needed because former president Joe Biden's policies have created an "emergency" under which energy supplies have become "precariously inadequate and intermittent" and the electric grid is "increasingly unreliable". It directs government agencies to use emergency powers to expedite issuance of water permits under the Clean Water Act and fast-track project reviews under the Endangered Species Act. It also asks regulators to "use all lawful emergency" powers to support the supply, refining and transportation of energy in the US west coast, northeast US and Alaska. But the White House will not offer expedited permitting for wind farms, which Trump detests and says should no longer be built. His administration has issued orders to stop leasing federal lands for wind farms, prompting an outcry from offshore wind group Turn Forward, whose executive director Hillary Bright sees a disconnect between declaring an energy emergency while impeding the buildout of wind power capacity, which is on track to grow by 60pc by 2028. Trump also rescinded a 1977 executive order supporting binding government-wide regulations for issuing environmental reviews of projects under the National Environmental Policy Act (NEPA). This provides a chance to overhaul processes under NEPA, a decades-old law that often requires time-consuming reviews of projects that can take years to prepare and are regularly challenged in court. Where's the emergency? But tapping emergency powers to expedite permitting and overhaul NEPA processes could face substantial risks in court. Energy projects approved using novel processes would almost certainly face a barrage of lawsuits from environmentalists, who see no legal justification to jettison standard permitting rules that have been in place for decades. "There is no energy emergency. There is a climate emergency," environmental group NRDC's president, Manish Bapna, says. Republicans in Congress are considering ways to expedite permitting using a filibuster-proof manouevre called ‘budget reconciliation', which they also intend to use to cut taxes, expand fossil fuel leasing and push through other parts of Trump's agenda. Arkansas Republican representative,and chairman of the House of Representatives Natural Resources Committee, Bruce Westerman says "certain parts of permitting" could qualify for that bill, so long as they affect the federal budget. Industry officials are urging lawmakers to create durable energy policy. But Trump's efforts to roll back wind, solar and other clean energy projects — one executive order pauses disbursement of all funds enacted under Biden's signature climate laws — could threaten the bipartisan support required to pass comprehensive permitting changes. Democrats last year were willing to support permitting changes to help pipelines, in exchange for fast-tracking the electric grid buildout needed to deploy vast amounts of renewable energy. Blocking clean energy projects would remove an incentive for compromise. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Trump puts US climate risk disclosures on the outs
Trump puts US climate risk disclosures on the outs
Houston, 21 January (Argus) — US President Donald Trump revoked an executive order by his predecessor on Monday that required federal agencies to take steps to assess climate-related risks to the country's economy. The order revocation comes as part of a flurry of repeals and executive orders from Trump in his first days in office. The move, along with withdrawing the US from the Paris Climate Agreement, is in line with Trump's plans to distance his administration from former president Joe Biden's environmental goals, following campaign promises to focus on a deregulatory agenda and increase US oil production. "Climate extremism has exploded inflation and overburdened businesses with regulation," the executive order said. Biden issued his executive order in 2021 directing the federal government to take steps to assess climate risk impacts on the financial system, homeowners and businesses and then help inform the government and investors of those risks. It also required the identification of public and private financing needs to meet the Biden administration's net-zero emissions target for the US economy by 2050. But some of Biden's plans were already on their way out in the final days of his administration, while others are likely to be revisited by the government under Trump. The US Department of Defense (DOD), National Aeronautics and Space Administration (NASA), General Services Administration (GSA) on 13 January withdrew their proposed rule to amend the Federal Acquisition Regulation, which would have required major federal suppliers to publicly disclose GHG emissions and climate-related financial risk along with setting science-based GHG reduction targets in line with the executive order. The agencies cited a lack of time to finalize the rule, first proposed in 2022, before the end of the Biden administration. The lack of Trump support for federal climate-change disclosures is likely to slow progress on creating a national framework for measuring the impact of climate-change on US financial systems, investments, and housing among other sectors. The impact is likely to leave federal agencies unprepared to handle the aftermath, according to non-profit group Ceres. "Without comprehensive data and planning frameworks in place, federal agencies will be ill-equipped to protect taxpayer investments, ensure continuity of critical services, and build resilience against growing climate-related threats," said Steven Rothstein, managing director of the Ceres Accelerator for Sustainable Capital Markets. With the departure of US Securities and Exchange Commission's (SEC) chairman Gary Gensler on Monday, Trump's Republican replacement, acting chairman Mark Uyeda, will likely revisit the SEC's related disclosure requirements . Under a rule finalized last year, companies publicly listed in the US must begin disclosure of climate-related information by March 2026. But state-level action will continue even if the federal government unravels the previous administration's disclosure requirements. California has already mandated these disclosures. SB 261, signed by governor Gavin Newsom (D) in 2023 , requires companies operating in the state with revenues of $500mn/yr or more to biennially report, starting in 2026, the immediate and long-term climate-related financial risks within their operations and supply chain. The California Air Resources Board is taking public feedback to develop the regulations through July, with disclosures beginning in 2026. New York is also considering similar requirements. By Denise Cathey Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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