Andy Home, recycling pioneer, races to close rare earths scrap gaps
This question is more urgent now than ever after China restricted its exports in the first half of this year. The move sent shockwaves throughout Western manufacturing chains. The race to create domestic mine-to magnet supply chains is accelerating, especially in the United States. Here, the Department of Defense has taken a direct stake, MP Materials, the operator of the only rare earths mining facility in the country, and guaranteed a minimum price for the products.
Andy Home, recycling pioneers racing to close rare earths scrap gaps
This question is more urgent now than ever after China restricted its exports in the first half of this year. The move sent shockwaves throughout Western manufacturing chains. The race to create domestic mine-to magnet supply chains is accelerating, especially in the United States. Here, the Department of Defense has taken a direct stake, MP Materials, the operator of the only rare earths mining facility in the country, and guaranteed a minimum price for the products.
As the price cap increases by 2%, millions of Britons will see their energy bills increase.
After Ofgem raised its price cap to 2% in October, millions of British households who are already struggling with tight budgets will be faced with higher energy bills. This is despite the fact that the government is trying to reduce energy costs. The regulator, which is a non-ministerial department of the government, has raised prices after the inflation rate reached its highest level in 18 months…
UN urges Australia and Turkey to resolve host dispute for COP31
On Monday, the UN climate chief urged Australia to settle its long-running dispute with Turkey over hosting next year's COP31 Summit. He called the delay unhelpful. Both Australia and Turkey have submitted bids for the highly-publicized conference in 2022, but neither has conceded to the other since. Simon Stiell said that the deadlock undermined preparations. He is the executive secretary of UN Framework Convention on Climate Change which oversees COP Summits.
UN calls on Australia to increase climate action
The UN climate chief called on Australia set an ambitious emissions target for 2035 and to accelerate its clean energy transformation, warning that failure to act could undermine living standards and regional stabilty. Simon Stiell said that Australia should "go big" and do what is smart. "Don't settle with what is easy. "Bog standard is beneath you", he said, at an event organized by the Smart Energy Council in Sydney.
Equinor Q2 Core Profit drops as expected due to lower oil prices
Equinor reported on Wednesday that its second-quarter profits fell by 13% compared to a year ago, as expected, due to the decline in oil prices, which outweighed an increase in gas. Equinor's poll of 21 analysts predicted that the adjusted earnings for April-June would be $6.54 billion, down from $7.48 billion in the previous year. Equinor has maintained its projections that oil and gas production will increase by 4% in this year's compared to the previous year.
Official: US withdrawal from Indonesian coal phase-down program will have limited impact
Indonesia's top official in the initiative, who is also the United States' representative to the international collaboration to assist developing countries transition away from coal, said that the withdrawal will only have a minimal impact. As part of the President Donald Trump’s plan to reduce foreign aid, the U.S. resigned from the Just Energy Transformation Partnership (JETP), a group of 10 donors. A U.S.
Guatemala wants 700 Megawatts of gas to power its electricity in a tender
Guatemala has announced a tender for 1500 megawatts of new capacity in electricity generation to meet the growing demand. Around 700 MW will be awarded to LNG-based projects. "Guatemala anticipates contracting at least 700 MW firm power in one or more facilities, located on the coasts of either the Atlantic Ocean, or the Pacific Ocean, that will receive LNG vessels. The government of Guatemala…
Baker Hughes sells sensor unit to Crane at $1.15 billion
Baker Hughes announced on Monday that it would sell its Precision Sensors and Instrumentation (PSI), product line to aerospace parts and defense parts manufacturer Crane, for $1.15 Billion. The oilfield services provider is looking to optimize its portfolio. Lorenzo Simonelli, the CEO of Baker Hughes, has been reshaping the company to adapt to global energy transformation. He has shed non-core assets and invested in cleaner energy solutions.
Germany examines energy system to lower costs
Katherina Reiche, Germany's Economy Minister, said that the government would analyze Germany's energy consumption and supply in order to reduce costs and integrate more gas production. The impact of energy prices on the economy, industrial competitiveness and the environment were some of the top issues at the federal election in February. Germany relied for many years on Russian gas that was cheap, but the Ukraine conflict forced it to switch to renewable energy.
Alterra, the UAE’s climate fund, supports Absolute Energy’s renewable energy project in Italy
Alterra, one the largest private climate funds in the world, has invested its second direct money in Europe via Italian renewable energy company Absolute Energy. It plans to do more deals, according to its CEO. The fund, which was set up by the United Arab Emirates in 2023 with $30 billion and has invested so far $6.5 billion, mainly through climate and transformation funds managed by global investment firms BlackRock Brookfield and TPG.
Wood Mackenzie warns that Australia will not meet its renewable energy target.
Wood Mackenzie, a consultancy, said that Australia will fall well short of its target to generate 82% of electricity from renewable sources by 2030, due to state-level rollbacks and grid connection delays, as well as inadequate investment. Australia is one of the most polluting countries in the world per capita because it produces coal-powered electricity. It has plans to close all coal-fired power stations by 2038.
Japan's oil refiners reduce decarbonisation and refocus on fossils fuels
Japanese oil companies have scaled back their decarbonisation projects, including ammonia and hydrogen, as the world shifts towards fossil fuels that are more cost-effective and stable. This move is a reflection of the growing concerns about energy security and U.S. policies risks. It also reflects rising costs for materials due to inflation. All these factors undermine project profitability.
The Crown Estate of the UK gives its approval to increase capacity at offshore wind farms
The Crown Estate of King Charles III, which controls the seabed in Britain, has approved the expansion of high-density offshore wind farms. They are looking for a space-efficient and rapid way to increase capacity and support Britain's energy transformation. This Capacity Enhancement Programme will see seven projects, including RWE Rampion 2 and SSE, Equinor and Dogger Bank D increase their capacity by 4.7 gigawatts.
World Bank supports Bosnia's energy transformation with $90.7 Million loan
The World Bank approved a $90.7-million loan to help Bosnia and Herzegovina "justly transition" from coal to renewable energy, as part of the country's National Energy and Climate Plan. The Board of Executive Directors of the bank also approved a grant of $3.3 million to increase energy independence in the country, create new jobs and strengthen local economies of former coal regions.
Indonesia is planning to build 10 GW of nuclear power as part of a major push for renewable energy, a presidential adviser says
In an interview, a senior adviser to President Prabowo said that Indonesia is planning a major expansion of renewable energy in Indonesia by 2040. This will include the introduction of nuclear power of 10 GW. Contracts are expected in the next five year, the aide added. Hashim Djojohadikusumo is Prabowo’s brother, and the President’s Special Envoy for Energy and Climate. He said that this would double the current capacity…
Equinor Q1 profits rise more than expected
Equinor announced a higher than expected increase in its first quarter profit on Wednesday. This was boosted by an increase in European gas prices compared to the same period last year. Equinor's poll of 20 analysts predicted that the Norwegian oil and gas company would earn $8.51 billion in January-March, but it actually increased to $8.65 from $7.53. Equinor has maintained its projections…
Xi said that China's climate action will not be slowed down despite the global political changes.
According to the official Xinhua News Agency, President Xi Jinping stated on Wednesday that China's efforts to combat climate change would not be slowed down despite political developments around the world. Xinhua reports that Xi spoke at a video conference organized by the United Nations, Brazil and other countries to discuss climate changes and "just energy transformation". "History will always progress in unexpected ways…
Argentina wants to increase lithium production by 75% by 2025 and sees no danger from trade war
The Argentine Chamber of Mining Companies said that Argentina, which is the fifth largest lithium producer in the world, will produce 130,800 metric tonnes of lithium carbonate (LCE) by 2025. This represents a 75 percent increase over 2024. According to Alejandra Cardona of CAEM, the executive director, a major boost in production will come from the expansion of operations in Catamarca, Jujuy and Salta, which are the provinces north with the biggest lithium operations.
Equinor, Norway's largest oil company, scales back its climate ambitions due to wind change
Equinor, the Norwegian energy company, has weakened its plan for energy transition as it struggles with delivering on promises to invest in renewable energy technologies and low-carbon technology. It cited practical difficulties and shifts in political priorities. In 2022, the oil and gas producer laid out short and medium term steps to achieve net zero emission, including those from using its products, by 2050.