Generic Hero BannerGeneric Hero Banner
Latest market news

Coal loses ground in Brazil's energy mix

  • : Coal, Emissions
  • 24/09/09

Brazil's recently launched national energy transition policy barely mentions coal, highlighting the steady decrease of its usage in the country, slipping to just 4.4pc of Brazil's energy mix in 2023, according to energy research firm EPE.

Since 2014, Brazilian coal usage has declined steadily, losing 5.7 percentage points of its share of the energy mix. From 2022 to 2023 coal usage fell by 5pc, ​according to the latest national energy balance report.

Brazil's total energy consumption in 2023 grew by 3.5pc from the previous year, reaching 282.5mn metric tonnes of oil equivalent (mtoe).

The industrial sector was responsible for 31.8pc of all energy consumption in 2023. Sugarcane bagasse is the sector's main energy source, with a more than a 20pc share. But 11.6pc of Brazil's steel sector still uses coking coal as a feedstock, although that fell by 5pc from the previous year.

Natural gas has averaged a 10.4pc share of industrial energy demand over the past 20 years, oscillating between 8.8-11.4pc, according to EPE data, and reached 9.5 in 2023.

Overall, renewable energy sources account for 49pc of the Brazilian energy mix, against a worldwide average of 15pc, according to the International Energy Agency data.

Brazil's new energy transition policy will involve a flurry of renewable sources, such as wind, solar, hydro, biomass, biodiesel, ethanol, green diesel, carbon capture and storage, sustainable aviation fuel and green hydrogen, mines and energy minister Alexandre Silveira said.

Brazilian industrial energy sources, 2023 pc

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.

25/03/06

US withdraws from S Africa’s JET Partnership: Update

US withdraws from S Africa’s JET Partnership: Update

Updates throughout, details on funding Cape Town, 6 March (Argus) — The US has withdrawn from the Just Energy Transition Partnership (JETP) with South Africa under which it pledged $1.56 billion for the country's decarbonisation. The US' pledges to South Africa's JET investment plan comprised $56mn in grant funds and $1bn in potential commercial investments by the US International Development Finance Corporation (DFC). No concessional loans were offered by the US to South Africa. The move follows US president Donald Trump's executive order in January to pull out of the landmark Paris climate agreement and other global climate pacts. The South African government was notified of the decision by the US Embassy on 28 February. The US' withdrawal from the JETP reduces the current overall international JET pledges to South Africa to $12.8bn from $13.8bn, said the JET project management unit (PMU) located in the presidency. These pledges represented a fraction of the 1.5 trillion rand ($84bn) that South Africa in its 2022 investment plan said it needed over a five-year period to implement a just energy transition. "South Africa remains steadfast in its commitment to achieving a just and equitable energy transition," said JET PMU head, Joanne Yawitch. All other JETP partners remain firmly committed to supporting South Africa's transition, she said. Germany, France, the UK, the Netherlands and Denmark, have confirmed they were still part of the partnership and will continue to provide support. But South Africa's international relations and cooperation department noted that "grant projects that were previously funded and in planning or implementation phases have been cancelled." Meanwhile, the JET PMU said it was "actively engaging with other grant-making organisations to source alternative funding for JET projects previously designated for support from the US grant funding." The UK, France, Germany, the US and EU in 2021 pledged $8.5bn under the JETP to support South Africa's transition to a low-carbon economy and, specifically, to accelerate its phase-out of coal-fired power. Denmark, the Netherlands and Spain subsequently joined the partnership. The US has withdrawn from the International Partners Group, an international alliance that includes UK, the EU, Canada, Denmark, France, Germany, Italy, Japan and Norway. This decision will affect other countries such as Indonesia and Vietnam, which had previously agreed their own JETP with IPG partners including the US. Indonesia climate envoy Hashim Djojohadikusumo earlier this year criticised the JETP process, saying it had "failed" and alleging that "not a single dollar has been disbursed by the US government". At present, South Africa lacks investible non-coal energy projects, risking fund disbursal from partner countries. South Africa's grid remains heavily reliant on coal-fired power and so far the country has not developed any substantial non-coal generation capacity, while at the same time it has extended the life of coal-fired plants that were previously due to be retired. Eskom's decision to delay the decommissioning of the Camden, Grootvlei and Hendrina coal-fired power plants from 2027 to 2030 required the investment plan for an accelerated coal phase-out to be updated. By Ashima Sharma and Elaine Mills Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Ireland risks €8bn-26bn costs for missed climate goals


25/03/06
25/03/06

Ireland risks €8bn-26bn costs for missed climate goals

London, 6 March (Argus) — Ireland could be subject to fines of €7.5bn-26.4bn ($8.1bn-28.6bn) if it fails to implement climate measures to meet its 2030 targets under EU regulations, a joint report by the country's Fiscal Advisory Council and Climate Change Advisory Council found. Missing Ireland's commitments could lead to costs of €5.4bn-16.2bn under the EU's effort sharing regulation (ESR), €1.6bn-5.8bn under the land use, land use change and forestry (LULUCF) regulation, and €0.5bn-4.4bn under the renewable energy directive (RED), the report found. Fully implementing the government's climate action plan by 2030 could reduce these costs, but they would still stand at €3.4bn-11.9bn, the report said — €2.7bn-7.6bn under the ESR, €0.5bn-1.7bn under the LULUCF regulation, and €0.2bn-2.6bn under RED. Ireland is on track to exceed its targeted 2030 emissions levels in the sectors covered by the ESR — domestic transport, buildings, small industry, waste and agriculture — by 57pc with existing measures, or by 28pc if additional planned measures are implemented, the report said. Ireland has the fifth-largest gap towards its ESR targets of any EU member state after Germany, France, Italy and Romania, according to the report. Overstepping the target would require Ireland to purchase emissions allowances from member states that have gone beyond their mandated cuts. The report projects the country's emissions under the LULUCF regulation to stand at more than double the targeted level in 2030 based on existing measures, or 7pc above with additional measures. And its renewable energy share under RED is expected to be 12 percentage points below mandated levels with existing measures, or marginally below without. Investing less than half of the maximum potential cost of non-compliance with the regulations in emissions-saving measures could lead to significant progress towards meeting the targets, the report found. Some €4bn could reduce the cost of 700,000 new electric vehicles — representing a third of households — to €15,000 per car and increase charging infrastructure, €7bn could upgrade the country's energy grid, and €1bn could support land improvements such as forestry and peatland restoration. "By not taking actions like these, Ireland faces a colossal missed opportunity to both reduce emissions in line with its commitments and deliver significant improvements in Irish society," the report said. By Victoria Hatherick Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US clean energy growth hits new high in 2024: Report


25/03/05
25/03/05

US clean energy growth hits new high in 2024: Report

Houston, 5 March (Argus) — The US added a record amount of clean energy capacity last year, driven by gains in utility-scale solar and energy storage, according to an industry report. Developers added about 48,700MW of zero-emissions generation to the US grid last year, an increase of 33pc from the previous record additions set in 2023, according to a quarterly report from the American Clean Power Association (ACP), a trade group. Clean energy — which, for ACP's purposes, includes utility-scale solar, wind and energy storage — accounted for 93pc of all new capacity in the US during 2024, surpassing the 75pc average over the previous five years. A record amount of new utility-scale solar, 33,000MW, fueled the 2024 growth. Energy storage grew by nearly 11,300MW, also a record. At the same time, onshore wind grew by just over 3,900MW, the lowest total since 2013. While the industry expected slower growth last year as a consequence of lengthy interconnection queues and delayed guidance on federal tax credits , the final tally was even lower than anticipated after multiple projects delayed commissioning until 2025, ACP said. The total US clean energy fleet now sits at almost 313,400MW. While onshore wind remains the largest source of zero-emissions generation at about 154,600MW, solar is closing the gap with almost 129,700MW. Energy storage and offshore wind trail at 28,900MW and 174MW, respectively. The US added about 18,900MW of clean energy capacity during the fourth quarter, the second highest increase for any three-month period behind only October-December 2023. About 14,000MW came from photovoltaic projects, the most ever for a three-month period. Texas' clean energy fleet remained the largest in the US at almost 79,300MW, followed by California at about 41,300MW. Iowa, Oklahoma and Florida rounded out the top five, with roughly 13,900MW, 12,900MW and 11,500MW, respectively. By Patrick Zemanek Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

UK govt consults on ‘clean energy future’ for North Sea


25/03/05
25/03/05

UK govt consults on ‘clean energy future’ for North Sea

London, 5 March (Argus) — The UK government has launched a consultation on the North Sea's "clean energy future", seeking to balance "continued demand for oil and gas" with the natural decline of the North Sea basin, the country's energy security and climate science. The government has proposed an end to new onshore oil and gas licences in England — as onshore licensing is a devolved matter — and once again confirmed its manifesto pledge for no new oil or gas licences for North Sea exploration. It also confirmed a previous commitment to end the so-called windfall tax on oil and gas producers in 2030. Further oil and gas licences "would not meaningfully increase UK production levels, nor would they change the UK's status as a net importer of oil and gas", the government said. It flagged the North Sea basin's maturity, which means that an absence of new licences makes only "a marginal overall difference to future North Sea production". The "vast majority of future production is expected to come from producing fields or fields already being developed on existing licences", the government said. It noted that while offshore licensing rounds have resulted in up to 100 permits each time, under 10pc of recently issued licences "have progressed to active production". But its halt on new exploration licences would not preclude any licence extensions being granted, the government said. It aims to provide "certainty to industry about the lifespan of oil and gas projects by committing to maintain existing fields for their lifetime". The decision does not affect the issuing of new gas or carbon storage licences, it added. Focus on 1.5°C The consultation also doubles down on the government's previous commitments to "clean power" by 2030 — which would entail a small role for gas-fired power generation, of under 5pc — and its determination to be a leader in climate action. "The science is clear that the world needs to take urgent action and that current plans for global production of oil and gas are not compatible with limiting global warming to 1.5°C," the government said. The Paris climate agreement seeks to limit global warming to "well below" 2°C above pre-industrial levels and preferably to 1.5°C. The government has requested views on its plans to ensure a "prosperous and sustainable transition for oil and gas" and to make the UK a "clean energy superpower", focused on technologies such as offshore wind, hydrogen and carbon capture, use and storage (CCUS). This will boost the UK's economy and energy security, the government said. "Clean energy" is key for energy security, as a reliance on fossil fuels leaves the UK at "the mercy of global energy markets", it added. "CCUS will be a critical component of the UK's energy transition," the government said. It also noted the geological advantage the UK holds for CO2 storage. There is "significant potential for CO2 import", likely from Europe, it said. The government has also sought extensive feedback on the transition for the country's oil and gas workforce. An "offshore renewables workforce" could stand at between 70,000 and 138,000 in 2030, it said, while oil and gas jobs are set to decrease, alongside the North Sea's fossil fuel production. Today's consultation will close on 30 April. And the government will publish its final guidance on an updated environmental framework for oil and gas "in good time", it said. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Mexican peso dips, recovers on tariff hopes


25/03/04
25/03/04

Mexican peso dips, recovers on tariff hopes

Houston, 4 March (Argus) — The Mexican peso weakened on the US decision to go ahead with the 25pc tariff on all imports from Mexico and Canada Monday, but it recovered some losses today, suggesting the market is hopeful the tariffs may be short-lived. The Mexican peso lost 1.3pc to close at Ps20.71 to the US dollar Monday afternoon, according to data from Mexico's central bank. The declines came as US president Donald Trump late Monday reaffirmed that he intended to impose 25pc tariff on all products coming from Mexico, effective early 4 March. The peso on Tuesday continued its slide to the dollar, reaching Ps 21/$1 briefly in the intraday market before paring its losses and ending the day stronger at Ps 20.74/1$, according to Mexican bank Banco Base and Mexico's central bank data. Sentiment in the market is that the US administration will lift the tariffs sooner rather than later because of deep implications for the US economy. "The exchange rate and volatility have not skyrocketed, as the market speculates that the US government could withdraw the tariffs soon and that their imposition is mainly intended to give credibility to Donald Trump's threats," said Gabriela Siller, head of the financial analysis department at Banco Base, on her X account. The tariff will especially affect Mexican agricultural exports such as tomatoes, avocados or some vegetables, as well as the automobile industry, which heavily relies on Mexico to build cars that are sold in the US. In the energy sector, tariffs could partially disrupt Pemex's crude exports to the US, which would need to be diverted to other countries, especially to Asia, to avoid the 25pc tariff. Pemex primarily sells crude under evergreen or long-term contracts, allowing it to set prices and volumes buyers must accept. These agreements vary in duration, with some being indefinite and others requiring a minimum purchase period. The 25pc tariff imposed by Trump's administration could simply be added to Pemex's benchmark price and leave US buyers to decide whether to accept it. If they decline, Pemex could offer its crude at a discount to other buyers. Last week, Pemex management said it is prepared to change its commercial strategy in case the tariffs enter into effect. Pemex exported about 505,000 b/d of crude to the US last year, or 60pc of Mexico's crude exports in 2024, vessel tracking data show. The state owned company is likely to also be affected through its exports of high-sulphur fuel oil (HSFO) to US Gulf coast refiners, which are also optimized to convert HSFO — a low-value byproduct — into higher-value fuels like gasoline and diesel. The state-owned company exported around 130,000 b/d of HSFO to the US in 2024, down from 163,000 b/d in 2023, according to Vortexa. By Édgar Sígler 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