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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.

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25/06/26

UK to set in law GHG cuts of 87pc over 1990-2042

UK to set in law GHG cuts of 87pc over 1990-2042

London, 25 June (Argus) — UK parliament has agreed on the country's seventh carbon budget, and will set into law greenhouse gas (GHG) emissions reductions of 87pc by 2042, from a 1990 baseline. The vote, which took place in the evening of 24 June, passed with 332 votes for and 94 against. The UK's Labour government has pursued ambitious decarbonisation policies since it won a landslide victory in July 2024. The government earlier this month set out its proposal for the emissions cuts, in line with recommendations from the parliamentary advisory Climate Change Committee (CCC). Carbon budgets, which are legally-binding in the UK, cap the total GHG emissions that the UK can emit over five-year periods. The seventh carbon budget, which covers 2038-42, will have a limit of 535mn t/CO2 equivalent (CO2e), including the UK's share of international aviation and shipping emissions. This is "consistent with the Paris Agreement" and its most ambitious target to curb the global rise in temperature to 1.5°C above pre-industrial levels, the government said. The CCC welcomed the results of yesterday's vote. It "provides the long-term certainty that businesses, investors, and communities need to accelerate the transition away from fossil fuels… this legislation will help unlock innovation, drive clean investment, and strengthen the UK's competitiveness in a low-carbon world", CCC chair Nigel Topping said. The UK is on track to meet its fourth and fifth carbon budgets, which cover 2023-27 and 2028-32, respectively, the CCC said this week in its annual assessment of government progress on climate targets . But the government must accelerate electrification to hit climate goals beyond that, the committee added. The UK met its first three carbon budgets, which covered 2008-2022 collectively, largely through power sector decarbonisation, including shutting coal-fired power generation. The country has a legally-binding target to reach net zero GHG emissions by 2050. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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UK must speed electrification to hit climate goals: CCC


24/06/26
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24/06/26

UK must speed electrification to hit climate goals: CCC

London, 24 June (Argus) — The "slow pace of electrification is putting the UK's climate targets at risk", the UK parliamentary advisory Climate Change Committee (CCC) said today, in its annual progress report, which assesses government progress in reducing emissions. The CCC noted "good progress in a range of areas", including contracting a record amount of new renewable energy in the latest auction, and on electric vehicles (EVs). Nearly one in four new car sales is now electric, the CCC said. Moving faster to electrify the UK could be "an opportunity to enhance UK energy security in the face of rising threats", as well as hitting climate goals, the committee said. Reliance on fossil fuels for transport and gas boilers for domestic heating leaves the UK "exposed to geopolitical shocks", it added. Of the UK's emissions, 93pc are now outside the electricity supply sector, the report noted. Surface transport is the highest-emitting sector. The government should prioritise a "more rapid transition to EVs" and speed up heat pump installations, the CCC said. A "typical UK household will see lower and less volatile bills" by switching to an EV and heat pump from fossil-fuelled alternatives, it said. The net cost for the UK to reach net zero greenhouse gas (GHG) emissions by 2050 is lower than "a single fossil fuel price shock", the committee found in March. The government should take "further action to reduce the cost of electricity", and ensure faster industrial electrification, including by speeding grid connections, the report found. The committee found that progress in the agriculture, land use and aviation sectors "has also been too slow". UK GHG emissions were 407mn t/CO2 equivalent (t/CO2e) in 2025, down by 1.8pc or 7.3mn t/CO2e, compared with 2024, provisional estimates show. The UK is on track to meet its fourth and fifth carbon budgets — which cover 2023-27 and 2028-32, respectively — the CCC said. Carbon budgets, which are legally binding in the UK, cap the total GHG emissions that the UK can emit over five-year periods. The UK met its first three carbon budgets, largely through decarbonising the power sector and shutting down coal-fired power generation. The country has a legally-binding target to reach net zero GHG emissions by 2050. But the UK is not on track to achieve its national climate plan — known as a nationally determined contribution (NDC) under the UN climate process — for 2030, the CCC found. It flagged "a significant gap" between government plans and the UK's 2030 NDC commitment to reduce GHG emissions by at least 68pc compared with 1990 levels. "Credible plans" and plans with "some risks attached" exist for 44pc and 15pc, respectively, of the required GHG reductions to reach the NDC target, the CCC said. For the rest, "significant risks" are attached for 19pc of required cuts, and 4pc have "insufficient plans" in place. The remaining 17pc of emissions reductions required are not covered, the committee said. The UK must reduce its GHG emissions to 291mn t/CO2e by 2030 to meet its NDC. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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EU methane rules need swift amendment: export countries


24/06/26
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24/06/26

EU methane rules need swift amendment: export countries

London, 24 June (Argus) — Gas-exporting countries have urged the EU "to take swift, necessary actions to clarify and to adopt targeted amendments to the EU methane regulation" (EUMR), they said in an open letter to leaders of the EU and member states. Before any amendments are passed, "a stop-the-clock mechanism" should be introduced to allow time to develop necessary methodologies and ensure compliance, along with the grandfathering of new contracts signed while legislative adjustments are under way and the removal of penalties for non-compliance during this transitional period, ministers of energy from exporting countries — among them the US and Qatar, Argus understands — said. The letter was addressed to European Commission president Ursula von der Leyen, European Council president Antonio Costa and leaders of EU member states. Under the EUMR, importers must from 1 January 2027 demonstrate that they meet the bloc's monitoring, reporting and verification standards and from 2028, importers must submit methane intensity reports. By 2030, importers will be required to meet the EU methane intensity requirement. "Relying on discretionary non-enforcement across all 27 EU member states fails to address the financial and legal risks" firms face, the letter said. Exporters and importers are unwilling to enter into contractual agreements that knowingly violate EU law, notwithstanding recommendations, the letter continued. This comes in reaction to the expected non-binding recommendation from the commission that EU member states should not apply penalties for importer infringements in 2027-29. The commission has so far ruled out reviewing the regulation agreed in 2024. The intention is to "solidify" the EUMR rather than reopen it, EU climate commissioner Wopke Hoekstra told Argus today. "The stance of the commission has been that the regulation is there for a clear reason," Hoekstra said, adding that he is "more than happy" to continue diplomatic efforts. The ministers of exporting countries also encouraged a pragmatic approach to clarifying missing elements of the EUMR and adopting changes needed to enable effective implementation while reducing untenable risks. A representative of the US Department of Energy already called for revisions last month , saying that the EU methane rules were "impossible to meet". Market participants across LNG supply chains and importing groups have also expressed concern about the EU methane guidelines and their impact, calling for the regulation to be paused . By Lucas Waelbroeck Boix Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Indonesia to issue 30mn t REDD+ credits in July: Update


24/06/26
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24/06/26

Indonesia to issue 30mn t REDD+ credits in July: Update

Adds details on launch of Indonesia's carbon registry and remarks by UK's special representative for climate London, 24 June (Argus) — The Indonesian government will issue more than 30mn t of CO2 equivalent (CO2e) of forestry carbon credits on 6 July, forestry minister Raja Juli Antoni said at the Net Zero Delivery Summit 2026 today as part of London Climate Action Week. "I will issue a ministerial approval and facilitate the issuance of forestry carbon credits exceeding 30mn t CO2e," the minister said, adding that this represented one of the "most significant milestones" in the development of the country's forest carbon markets. The issuance has been long-awaited from the market, as forestry projects located in Indonesia stopped issuing credits following a government ban in 2022, which was removed late last year. This is likely to weigh on prices for Indonesian carbon credits generated form forestry projects in the country. Prices for credits generated in 2020 from the Verra-listed Katingan Reducing Emissions from Deforestation and Forest Degradation (REDD+) project have fallen from record highs reached in early March, in anticipation of the bulk issuance. Indonesia will officially launch its national carbon unit registry, SRUK, on 9 July, the minister said. "Our objective is simple — to create an ecosystem where climate ambition can be matched by investor confidence." The future of carbon markets "will not be determined solely by the volume of credit", but rather by the level of trust these give to investment, mobilisation and the climate and development outcomes that they deliver, he said. The minister called for strengthening integrity and transparency to allow confidence in carbon credit markets to grow, further developing market infrastructure; liquidity mechanisms and risk-sharing instruments and ensuring that delivered carbon finance benefits on the ground, "particularly for indigenous people or local communities and those who safeguard forests and natural ecosystems". Indonesia expects its CO2 emissions to peak in 2030 and aims to achieve net zero by 2060 "or sooner". 'Make it work' Governments and private investors need to "roll up their sleeves" and make carbon markets work, UK special representative for climate Rachel Kyte said at the summit. "We are in overtime… And I have to tell you that the mood has changed," she said, adding that while governments keep working on making market infrastructure more robust, the message from the private sector is also "less whiny than it used to be", being more pragmatic to solve issues where the carbon market stumbles. She also stressed the importance of interoperability between permit and carbon credit markets, which is particularly important for emerging markets and developing economies that are trying to build a carbon market framework. "The UK can announce that we are joining the Open Coalition for the Interoperability of Compliance Markets" in addition to the intergovernmental Coalition to Grow Carbon Markets (CGCM), which the UK established with Kenya and Singapore last year, Kyte said, adding that it was crucial to think how compliance, international markets — such as activity under Article 6 of the Paris agreement — and voluntary carbon markets interoperate. "Increasingly the pragmatism [for developing economies] is that, if I've got a high integrity credit that I can generate from my mangroves, my seagrasses, my forests, my retired coal plant or whatever it is, then I should be able to set up a framework whereby that credit can be used in the voluntary markets, under Article 6 or in the compliance markets," she said. In November, the CGCM will publish a playbook which advises governments on the policy instruments they can use to generate the greatest impact in supporting private sector action into carbon markets. By Erisa Senerdem Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Stegra closes €1.4bn funding for low-carbon steel plant


24/06/26
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24/06/26

Stegra closes €1.4bn funding for low-carbon steel plant

New Delhi, 24 June (Argus) — Sweden's Stegra has closed a €1.4bn ($1.6bn) financing round to fund construction of its low-carbon steel plant in Boden, Sweden, it said today. This completes a funding package that was announced in principle in April. The funding was led by a consortium headed by Wallenberg Investments and included Singapore's Temasek, Sweden's Bolero and SEB-Stiftelsen, as well as IMAS. Existing shareholders private equity firm Altor, hydrogen-focused investment manager Hy24 and climate investment platform Just Climate also took part. A group of its second-lien lenders, led by AIP Management, joined the round as equity investors, Stegra said. The company has also received approval from its lenders to maintain access to debt facilities put in place under its 2024 financing package. The additional capital strengthens Stegra's financial position as it continues construction of its steel plant in Boden, Sweden, it said. But the project timeline is "under review", Stegra said. The firm previously said that it was targeting to start operations in 2027. The plant is set to produce 2.5mn t/yr of low-carbon steel in its first phase, potentially doubling that output later on. The first phase will use over 700MW of electrolysis capacity, provided by German technology firm Thyssenkrupp Nucera. By Anmol Choubey Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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