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Latest market news

Australia’s Fortescue signs EV, renewable energy deals

  • Market: Emissions
  • 26/09/25

Australian iron ore producer Fortescue has signed agreements with global energy, battery and vehicle producers to support its goal of eliminating terrestrial scope 1 and 2 CO2 equivalent emissions from its iron ore operations by 2030.

The agreements — which were signed with four different companies — include one electric vehicle and three energy-related deals. The tie-ups will help Fortescue integrate technology into its operations and deliver green energy operations effectively, it said on 25 September.

Fortescue's initial agreements with Chinese electric vehicle maker BYD, renewable energy producer Envision and solar technology producer LONGi will provide the company with a supply of energy storage, solar generation and wind turbine equipment.

BYD has agreed to provide Fortescue with battery technology, while LONGi and Envision will provide solar and wind power solutions.

Fortescue has also signed an agreement with Chinese producer XCMG to secure 150–200 zero emission haul trucks over 2028-30. Fortescue's deal with XCMG builds on its September 2024 decision to buy 360 battery-electric trucks from Swiss-German producer Liebherr for $2.8bn.

Decarbonisation

Fortescue's recent deals may support its own decarbonisation projects.

The company sought permission to build a 2.1GW wind farm and 200kV transmission line to support its Iron Bridge magnetite mine in June. It is also currently building a 190MW solar farm at its Cloudbreak mine to support fleet electrification projects.

The company's renewable energy and electric vehicle deals come alongside its shift away from hydrogen-based decarbonisation solutions. It tested hydrogen fuel cell-powered haul trucks in 2024-25 but does not plan to use them to cut vehicle emissions. Fortescue also scrapped two renewable hydrogen projects in Australia and the US in July.

Fortescue surrendered 240,000 Australian Carbon Credit Units (ACCUs) or Safeguard Mechanism Credits (SMCs) over the 2024-25 financial year to 30 June to address its excess obligations under Australia's Safeguard Mechanism. It will not need to surrender carbon credits from 2030 if it meets its targets.

By Avinash Govind

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08/12/25

Court asks US for update on biofuel quota timing

Court asks US for update on biofuel quota timing

New York, 8 December (Argus) — A US court told President Donald Trump's administration today to provide an update within a week on its plans for finalizing long-delayed biofuel blend mandates. The Environmental Protection Agency (EPA) must file an update "briefly detailing the agency's progress toward finalizing and promulgating the 2026 renewable fuel standards" within seven days, a three-judge panel on the US District of Columbia Circuit Court of Appeals ordered Monday. The court added that the government should provide "an estimated time frame for issuing those standards" if possible. Under the Renewable Fuel Standard, EPA requires oil refiners and importers to annually blend different types of biofuels or buy credits from those that do. The Trump administration — after proposing major changes to how the program treats biofuel imports and exempts some small refiners — is now months behind schedule on finalizing new quotas. Agency decisions around the program are highly influential for biofuel production margins, crop demand and ultimately retail fuel prices. The Trump administration told a separate DC court in September that it expected to finalize new biofuel quotas "this winter 2025-2026", but that was before a partial government shutdown sidelined many federal workers. EPA was supposed to provide another update in November, but that court gave the government more time to respond in civil cases because of the funding lapse. The DC Circuit case involves a Delek refinery and an HF Sinclair refinery that argue they were unfairly deemed ineligible for exemptions from 2024 blend mandates because they processed too much crude the year before. They pushed for a quicker case, noting that the credits EPA could compensate them with will soon be worthless. EPA's current policy is to return credits to refiners that complied with past mandates but are given retroactive exemptions, but these credits can only be used the year they were generated or the subsequent compliance year. The Monday order notes that the DC Circuit is curious about EPA's progress since the timing of new biofuel mandates will impact the date when credits from 2024 expire. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Australia’s Carbon2Nature launches ACCU project

05/12/25
News
05/12/25

Australia’s Carbon2Nature launches ACCU project

Mumbai, 5 December (Argus) — Carbon2Nature Australia, a subsidiary of Spanish utility Iberdrola's nature-based solutions company, has launched the Talia project to generate Australian Carbon Credit Units (ACCUs) under the Environmental Plantings (EP) method. The project will be developed as a joint effort between Carbon2Nature and Land Life, an Amsterdam-based social enterprise. The first ACCUs are expected to be issued in 2027, Iberdrola Australia told Argus on 4 December. The project is estimated to generate approximately 114,000 ACCUs over its 25-year crediting period in South Australia. EP ACCUs trade sporadically and in limited volumes, but recent transactions have achieved prices in the mid-A$50s/t CO2e — well above the range for generic ACCUs. Argus assessed generic ACCU prices at A$35.70/t CO2e on 5 December. Carbon2Nature is targeting projects capable of providing high-integrity ACCUs such as EP, the firm said. Voluntary demand for these ACCUs is growing, and the value of such projects appear to be long term, it added. By Shribalaji Shenbagaraj Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Arab region warming at twice the global average: WMO

04/12/25
News
04/12/25

Arab region warming at twice the global average: WMO

London, 4 December (Argus) — The Arab region is warming at twice the global average, with temperatures increasing by 0.43°C per decade from 1991 to 2024, a report from the World Meteorological Organisation (WMO) found today. The world experienced the hottest year on record in 2024. The average temperature across the Arab region in 2024 was 1.08°C higher than the 1991-2020 average, the WMO said. The Arab region saw "intense heatwaves and droughts as well as extreme rainfall and storms", the WMO added. The WMO's report, the inaugural State of the Climate in the Arab Region , covers 22 countries across north and east Africa and the Middle East and was compiled with the Economic and Social Commission for Western Asia and the League of Arab States. The Middle East and north Africa "are among the hottest regions in the world, and climate projections indicate a continued intensification of summer heat extremes in both subregions", the WMO said. The report also included regional climate projections from the UN Intergovernmental Panel on Climate Change. "If the current warming rate continues, mean temperature increase in the Arab region could reach 1.8°C with respect to the 1991-2020 average by 2050", the report found. A handful of climate plans — known as nationally determined contributions (NDCs) — submitted recently by Arab region countries underline the challenges that climate change poses for the region. NDCs submitted over the past few weeks by Bahrain, Qatar and Yemen all note the countries' vulnerability to climate change, including water scarcity. Of the 20 most water-scarce countries globally, 15 are in the Arab region, and climate change is compounding this, the WMO said. Qatar and Bahrain flagged in NDCs their water sectors as a source of emissions , including through power-intensive desalination processes. Bahrain this week noted its "water vulnerability as a challenge that is further intensified by climate change impacts", in its third NDC. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Qatar presents 2040 climate target to UN

04/12/25
News
04/12/25

Qatar presents 2040 climate target to UN

Edinburgh, 4 December (Argus) — Qatar has pledged to reduce its emissions by 42mn t of CO2 equivalent (CO2e) by 2040 from a 2019 baseline, with the oil and gas sector "at the forefront of national mitigation efforts". Qatar does not provide its total greenhouse emissions for 2019, but said its climate plan encompasses CO2, methane and nitrous oxide gases. It covers the energy sector — oil and gas, power and water — construction and industry, transport, waste and agriculture, forestry and other land use. Parties to the Paris Agreement were required to submit climate plans, known as nationally determined contributions (NDCs), for 2035 to the UN climate body UNFCCC this year. Qatar had previously targeted emission reductions of 25pc, or 37mn CO2e, by 2030, compared with a business-as-usual (BAU) scenario. BAU scenarios typically assume emissions based on current policies, leaving room for potential increases. The country's emission cuts in its oil and gas sector will rely on "deploying cleaner fossil fuel technologies, developing engineered sinks to store emissions, diversifying the energy mix, and driving operational excellence across existing facilities and infrastructure", according to its climate plan. Qatar is the world's largest LNG producer, with a production capacity of 77mn t/yr, according to QatarEnergy, and its economy is heavily reliant on hydrocarbon revenues. The country's climate plan highlights the country's vulnerability to response measures to mitigate climate change, resulting from its economy's reliance on hydrocarbons. "Qatar is actively working to reduce the socio-economic effects of global climate action," the plan said, adding that it seeks to balance climate goals with national sustainable development. "Despite many efforts and considering its role as a leading producer and exporter of natural gas, Qatar remains significantly vulnerable to climate response measures," it said. Qatar is part of the Arab Group, a negotiating group in UNFCCC climate talks, which is seeking to focus on cutting emissions from fossil fuels, rather than hydrocarbon production and consumption, through increased adoption of carbon capture technologies. The country said it plays "a pivotal role" in supporting other countries' targets by "reliably supplying them with a cleaner alternative to coal and oil and providing a critical backup for intermittent renewables". Qatar's climate plan sees the secure and affordable supply of lower-carbon energy as well as the deployment of carbon capture and storage (CCS) and the management of emissions of energy production as the focus to pursue sustainable development and climate action. The country considers itself to be among the leaders in CCS with its Ras Laffan project, and aims to capture 11mn t/yr of CO2 by 2035. Engineering firm Samsung C&T was recently awarded a contract to build a 4.1mn t/yr CO2 facility to process and store emissions from Qatar's LNG liquefaction plants. Qatar, in its climate plan, highlighted the country's water supply vulnerability to temperature increases and heat. The power and water sector accounts for a large share of the country's emissions. Water scarcity is also responsible for increasing greenhouse gas emissions (GHG) in Bahrain through desalination, although its energy sector remains the main source of emissions, according to the country's new climate plan. The country is heavily reliant on fossil fuels for its energy and revenues, while "limited land availability and competing land-use demands constrain large-scale deployment" for the development of solar energy. Rising demand over the peak summer months this year meant that Bahrain had to import LNG for the first time since commissioning its 800mn ft³/d onshore LNG receiving and regasification terminal in 2020. But it is looking at renewables options and is in talks with Saudi Arabia for a link to a large-scale solar facility. Bahrain said that response measures to climate change "may lead to economic losses that, in turn, hinder Bahrain's ability to pursue effective climate action and achieve broader sustainable development objectives." By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Australia proposes native forest management ACCU method

04/12/25
News
04/12/25

Australia proposes native forest management ACCU method

Mumbai, 4 December (Argus) — Australia's carbon market statutory body the Emissions Reduction Assurance Committee (Erac) has today released a proposal for a new carbon crediting method to enhance native forest management. The proposed Improved Native Forest Management in Multiple-use Public Native Forests (INFM) method aims to abate greenhouse gas (GHG) emissions by mitigating or reducing harvesting in multiple-use native public forests. Projects registered under the proposed method can generate Australian Carbon Credit Units (ACCUs), if approved. The government proposes at least a 20pc reduction in harvesting relative to baseline levels for INFM projects to receive ACCUs. Projects may have to cover a minimum of one entire forest region to reduce the risk of "carbon leakage" caused by harvesting from another area. Projects under the proposed methodology would have a reduced crediting period of 15 years, compared to the typical 25-year period for other land-based approaches. INFM projects would be required to ensure a 100-year permanence period to ensure long-term carbon sequestration. Stakeholder consultation on the proposed method will open from 2 January 2026 and will conclude on 30 January 2026. The INFM method is one the four new carbon crediting project methodologies proposed outside of government and prioritised for the ACCU scheme in October 2024 under a proponent-led model . The Australian carbon credit industry has been focusing on boosting future issuances to address an expected shift in the supply-demand balance within a few years. This has prompted the authorities to prioritise method approvals. By Shribalaji Shenbagaraj Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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